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Original-Research: PFISTERER Holding SE - from GBC AG

20.11.2025 / 14:30 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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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 (Update)
Recommendation: Buy
Target price: EUR85.00
Last rating change:
Analyst: Cosmin Filker, Marcel Goldmann

9-month figures exceed our expectations; forecasts and target price raised

After PFISTERER was still affected by the relocation of the Wunsiedel site
to Kada at the beginning of the year, it embarked on an impressive growth
course from the second quarter of 2025 onwards. This continued in the third
quarter of 2025 with a 25.5% increase in sales, bringing sales after nine
months to EUR326.63 million, up 14.5% on the previous year's figure of EUR285.16
million.

In line with the significant increase in sales, PFISTERER shows noticeable
improvements at all earnings levels. Gross profit increased to EUR135.36
million in the first three quarters of 2025 (previous year: EUR110.77
million), which corresponds to an increase in the gross margin to 41.4%
(previous year: 38.8%). The positive business development in the OHL
segment, where the gross margin improved significantly to 40.9% (previous
year: 31.9%), played a particularly important role in this.

Despite the significant cost increases associated with the IPO in the second
quarter of 2025, the increase in earnings continued at the EBITDA level. In
the first nine months of 2025, this rose by 30.3% to EUR57.84 million
(previous year: EUR44.40 million). This includes, for example, the higher
consulting, IT and personnel costs associated with the IPO, which
significantly increased administrative expenses to EUR28.66 million (previous
year: EUR23.13 million).

In its nine-month report, PFISTERER did not publish any specific sales or
earnings forecasts for the current 2025 financial year. According to the
company, it expects the positive trend in order intake and sales to
continue. In the medium term, the adjusted EBITDA margin, which should
gradually approach EBITDA 'as reported', is expected to be in the upper
range of the high teens margin corridor. A key argument for the expected
continuation of the positive business development is the significant
expansion of the order backlog by 46.0% to EUR338.74 million (previous year:
EUR231.96 million). At EUR431.27 million (previous year: EUR322.84 million), order
intake for the first nine months was up 33.6% on the previous year.

If the trend seen in the first nine months of 2025 continues, we estimate
that the company will generate revenue growth of 15.1% to EUR440.86 million
(previous GBC forecast: EUR427.37 million). In terms of earnings, too, the
performance in the first nine months exceeded our original expectations. We
are therefore raising our EBITDA forecast to EUR78.00 million (previous GBC
forecast: EUR72.37 million). The EBITDA margin would then be 17.7% (previous
GBC forecast: 16.9%), which would correspond exactly to the figure already
achieved after nine months in 2025. The same applies to the subsequent
earnings levels. Based on our adjusted estimates for 2025, we are also
making slight adjustments to our estimates for the coming 2026 financial
year. The medium-term forecasts (2027-2030) remain unchanged from our last
research study.

The adjustment of estimates for the 2025 and 2026 financial years, the
roll-over effect and, in particular, the use of the market approach in
determining beta have a significant impact on the result of the DCF
valuation model. The new model result is EUR85.00 per share (previously:
EUR48.00) and we continue to assign a 'BUY' rating.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=fafd1f093ca9fe5cd35e359f5416fb0f

Contact for questions:
GBC AG
Halderstrasse 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
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Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher
Interessenkonflikte finden Sie unter:
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+++++++++++++++
Completion: 19.11.2025 (4:59 pm)
First disclosure: 19.11.2025 (5:30 pm)

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2233514 20.11.2025 CET/CEST

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