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 85.00

Target price on sight of: 31.12.2026

Last rating change:

Analyst: Cosmin Filker, Marcel Goldmann

Preliminary figures for 2025: Strong increase in sales and earn-ings

achieved; price target and rating unchanged

According to the preliminary figures recently published for the 2025 fiscal

year, PFISTERER Holding SE (PFISTERER for short) recorded revenue growth of

17.5% to around EUR450 million (previous year: EUR383.1 million) and a

disproportionately high increase in adjusted EBITDA of 23.8% to around EUR80

million (previous year: EUR64.6 million).

This means that sales revenues of over EUR123 million (previous year: EUR98.0

million) and a 25.9% increase in sales are likely to have been achieved in

the fourth quarter of 2025. Our previous forecasts, in which we had expected

sales revenues of EUR114.23 million, were thus exceeded. Consequently,

preliminary sales revenues of EUR450 million for the year as a whole are also

slightly above our previous expectations (GBC forecast: EUR440.86 million).

PFISTERER had already indicated an upward sales trend over the course of the

year when it published its figures for the first nine months. While sales in

the first quarter were still affected by the relocation of production from

Wunsiedel (fire at the production facility) to Kada, which caused a 1.4%

decline in sales, sales increases of over 25% were achieved in each of the

following quarters. It can be assumed that the HVA and MVA divisions

contributed significantly to the sales momentum, while the OHL segment is

likely to have benefited from catch-up effects towards the end of the year

as production ramped up in Kada.

EBITDA adjusted for the effects of the employee participation program rose

by 12.8% to around EUR19.0 million in the fourth quarter (previous year:

EUR16.81 million). However, compared to the increase in sales achieved, this

corresponds to only a disproportionately low earnings performance. Assuming

that the effects of the employee participation program tend to become less

significant, our calculations indicate that EBITDA is likely to rise to

around EUR18.5 million in the fourth quarter of 2025 (previous year: EUR15.75

million) and thus to around EUR76.3 million for the year as a whole (previous

year: EUR60.15 million) for the full year. We had previously forecast a

slightly higher EBITDA of EUR78.00 million.

According to preliminary figures, the overall very positive development of

the past fiscal year is rounded off by a strong increase in adjusted

operating cash flow to EUR58 million (previous year: EUR42.59 million). As

expected, this is offset by investments in capacity expansions and the

construction of the HVDC laboratory, as well as cash outflows for the

acquisition of the CSL Group, which led to an increase in investment cash

flow to over EUR38 million (previous year: EUR17.92 million).

The preliminary figures are thus largely in line with our expectations,

although

EBITDA was slightly weaker than expected. Due to the slightly higher

preliminary revenue, we are raising our revenue forecast for the current

2026 fiscal year slightly to EUR496.80 million (previous GBC forecast: EUR489.95

million), but the earnings forecasts remain unchanged. A key factor in the

continuation of our growth trajectory is the renewed significant increase in

order intake. At EUR550 million (previous year: EUR423.2 million), this led to a

sharp rise in the order backlog of over 42% to EUR335 million (previous year:

EUR234.9 million). The contract awarded in February 2026 to supply connection

technology for the Nordlicht I (980 MW) and Nordlicht II (630 MW) offshore

wind farms of energy supplier Vattenfall should also be seen in this

context. With an order volume in the high single-digit million range,

PFISTER is also gaining direct contact with one of Germany's largest

electricity and heat suppliers.

Based on the unchanged earnings forecasts, we are maintaining our valuation

model unchanged and thus confirming the previously determined price target

of EUR85.00. We continue to assign a BUY rating. We will carry out a

comprehensive model adjustment following the publication of the annual

report.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=6874b8e6bafa2a8955375b16c716a0ad

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: 05.03.2026 (7:35 am)

First disclosure: 05.03.2026 (9:00 am)

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