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

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Original-Research: PFISTERER Holding SE - from GBC AG

21.04.2026 / 09:30 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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Classification of GBC AG to PFISTERER Holding SE

Company Name: PFISTERER Holding SE

ISIN: DE000PFSE212

Reason for the research: Research Study (Anno)

Recommendation: BUY

Target price: EUR110.00

Target price on sight of: 31.12.2026

Last rating change:

Analyst: Cosmin Filker, Marcel Goldmann

Strong revenue and earnings growth achieved; accelerated growth momentum

expected

In the 2025 financial year, PFISTERER Holding SE (PFISTERER) achieved a

strong increase in revenue of 17.4% to EUR449.88 million (previous year:

EUR383.12 million). The HVA (High Voltage Cable Accessories), MVA (Medium

Voltage Cable Accessories), and OHL (Overhead Lines) segments made a

significant contribution to this growth, each achieving a revenue increase

of over 20%. Particularly noteworthy here is the OHL segment, which has

returned to a growth trajectory following the successful relocation of

production to the Czech site in Kada. The relocation of production had

become necessary following the fire at the German site in Wunsiedel. The

revenue growth achieved took place particularly in the second half of the

year, thanks to the ramp-up of OHL production and the picking-up VA

business.

Their regional revenue performance underscores the company's broad market

positioning. Particularly strong growth momentum came from Europe and Africa

(+12.4%) as well as the Middle East and India (+81.7%). In these regions,

high-voltage-related products were in particularly high demand. This

development reflects rising investment in energy infrastructure as well as

the growing importance of high-growth regions outside Europe.

The 17.4% increase in revenue was accompanied by a disproportionately higher

rise in gross profit of 20.2% to EUR182.56 million (previous year: EUR151.86

million) and in EBITDA of 26.8% to EUR76.24 million (previous year: EUR60.15

million). However, ramp-up costs for the production ramp-up in Kada and at

the US site stood in the way of a better earnings performance. Furthermore,

the operating profit was weighed down by temporarily higher expenses

(including IPO costs). However, insurance payments received for the fire

incident in Wunsiedel, amounting to EUR6.28 million, had a positive impact on

earnings.

Following the successful IPO, PFISTERER now boasts very healthy balance

sheet ratios. The cash proceeds from the IPO (net: EUR88.72 million) and the

high operating cash flow of EUR47.58 million were used to reduce bank

liabilities almost entirely (net financial assets: EUR18.20 million). In

addition, the company was able to finance its accelerated investment

programme (investment cash flow: EUR38.78 million).

PFISTERER plans to expand its CAPEX programme by the 2030 financial year,

making investments of around EUR270 million. In addition to investments in

entering new markets (such as HVDC), existing production capacities are to

be expanded. According to the medium-term plan, revenue of between EUR800

million and EUR900 million is to be achieved by 2030. For the current

financial year 2026, the Executive Board anticipates a rise in revenue to

between EUR500 million and EUR525 million. This is based on the positive

development of the order book, which, at EUR334.4 million, is 42.4% higher

than the previous year's figure. We have based our forecasts on this and

expect a gradual improvement in profitability over the coming financial

years.

Using the DCF model, we have determined a new price target of EUR110.00

(previously: EUR85.00). The upward revision of forecasts, together with the

lower weighted cost of capital resulting from the lower beta, has led to the

price target increase. We maintain our "BUY" rating.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=90dcf1f6fee514457faff2eba3ac486e

Contact for questions:

GBC AG

Halderstrasse 27

86150 Augsburg

0821 / 241133 0

research@gbc-ag.de

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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

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Completion: 20.04.2026 (1:29 pm)

First disclosure: 21.04.2026 (09:30 am)

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2311350 21.04.2026 CET/CEST

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