Original-Research: PFISTERER Holding SE (von GBC AG): BUY

Classification of GBC AG to PFISTERER Holding SE

Company Name:	PFISTERER Holding SE
ISIN:	DE000PFSE212
Reason for the research:	Research Comment
Recommendation:	BUY
Target price:	EUR 115.00
Target price on sight of:	31.12.2026
Last rating change:
Analyst:	Cosmin Filker, Marcel Goldmann

Strong revenue and earnings growth achieved in Q1 2026; GBC earnings estimates raised slightly In the first three months of 2026, PFISTERER SE achieved an impressive 26.7% increase in revenue to €126.88 million (previous year: €100.13 million). As expected and as forecast by the company in its 2025 Annual Report, this was driven in particular by the significant rise in revenue in the HVA (High Voltage Accessories) and OHL (Overhead Lines) segments. Whilst the HVA segment saw a 23.4% increase in revenue to €49.59 million, revenue in the OHL segment rose significantly by 69.1% to €35.56 million. The strong rise in revenue in the OHL segment is primarily attributable to high demand from the Middle East and India. Here, the company benefited from high customer demand, gains in market share and the technological shift from ceramic to lighter silicone insulators, which provided additional support for demand, particularly in Saudi Arabia. In the HVA segment, the company benefited from strong demand for high-voltage cable accessories. The rise in revenue was primarily driven by “Europe & Africa” and further supported by positive developments in the “Americas” region. The sharp rise in revenue in the high-margin high-voltage segments HVA and OHL is reflected in a disproportionately strong improvement in earnings. Building on a record gross profit of €55.33 million (previous year: €42.06 million), the gross margin improved to 43.6% (previous year: 42.0%). Here too, PFISTERER benefited from a significant improvement in the gross margin in the OHL segment to 46.8% (previous year: 40.0%), which had been affected by a fire-related production stoppage in the previous year. This led to an increase in EBITDA to €27.17 million (prev. yr.: €19.73 million) and thus to an improvement in the EBITDA margin to a new quarterly record of 21.4% (prev. yr.: 19.7%). EBITDA adjusted for expenses relating to the virtual share programme amounted to €27.69 million (previous year: €20.97 million), representing a 32.1% increase on the previous year’s figure. Net profit for the period was also significantly higher than the previous year’s figure at €17.79 million (previous year: €11.53 million). With the publication of its Q1 results, PFISTERER’s management has confirmed its forecasts for the current financial year 2026 as well as its medium-term targets. Consequently, revenue growth of at least 12% is still expected in 2026, and the company is aiming for an EBITDA margin in the high teens to low twenties in the medium term. This is based, on the one hand, on the very convincing performance in the first quarter. On the other hand, as at 31 March 2026, the company had an order book of €335.8 million, an increase of 17.7% compared with the same date last year (31 March 2025: €285.3 million). Revenue for the first quarter of 2026 rose dynamically, as expected. The development of the operating result, however, exceeded our expectations. Based on both adjusted EBITDA and EBITDA ‘as reported’, the development is in line with the medium-term forecast. For the coming quarters, which are likely to be characterised by further revenue growth and thus economies of scale in terms of fixed costs, a stable trend in the gross margin is also expected compared with the first quarter of 2026. We have factored this assumption into our estimates and are raising our earnings forecasts for the financial years 2026 and 2027 respectively. We now expect EBITDA of €102.87 million for 2026 (previous forecast: €92.42 million) and EBITDA of €115.15 million for 2027 (previous forecast: €107.83 million). Our forecasts for the financial years 2028 to 2030, which also fall within the specific forecast period, remain unchanged. Based on the upward revision of the forecast outlined above, we have calculated a new price target of €115.00 (previously: €110.00). We are maintaining our BUY rating.

You can download the research here: 20260521_PFISTERER_Comment_engl Contact for questions: GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Completion: 20.05.2026 (4:47 pm) First disclosure: 21.05.2026 (09:30 am)