ESAB Corp.

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

06 August 2026

ESAB Corp.

2Q26 result

ESAB (OW) posted 2Q adj. EBITDA roughly in line with consensus, although

sales modestly beat consensus. 2Q net sales increased 13% YoY to $766MM

excluding Russia (vs. consensus $749MM) including +2.5% organic (+2% price

and +0.5% volume, +2% FX). By segment, Americas organic revenue was +5%

YoY (+3% price and +2% volume) while EMEA & APAC was +1% (+2% price and

-1% volume). Adj. EPS came in at $1.33 (vs. consensus $1.38). 2Q adj. EBITDA

was up 8% YoY to $150MM (19.5% margin, down ~90bps YoY) vs. consensus

$150MM (20.1% margin). Management raised 2026 sales guidance to include

7 months of Eddify (EPS lowered; including a ~$15MM drag from transitory

price/cost neutrality, driven by logistics costs and commodity inflation), with

net sales up 11.1-14.8% to $3.00-3.10B (mp $3.05B vs. prior up 5.5-9.2% to $2.852.95B and consensus $3.03B) on core organic growth of 2.0-4.0% (unchanged)

and M&A contribution of ~9% (vs. ~4% previously), and an FX tailwind of ~0.01.0% (unchanged). It guided adj. EBITDA in the range of $615-625MM (implying

~20.3% margin at mp $620MM vs. prior $575-595MM at ~20.2% mp margin and

consensus $621MM at 20.5% margin) and lowered adj. EPS guidance of $5.405.50 (mp $5.45 vs. prior $5.70-5.90 and consensus $5.69). The 2Q print and FY26

guide imply 2H26 revenue up ~14% YoY (~4% excluding Eddify) to ~$1.57B (vs.

consensus $1.58B), adj. EBITDA at ~$335MM with margin up ~140bps YoY to

~21.3% (~31% incremental) vs. consensus $335MM at 21.2% margin, and adj.

EPS of ~$2.81 (vs. consensus $3.02). See Figure 1 for segment performance &

Figure 2 for guidance details.