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Original-Research: PFISTERER Holding SE - from GBC AG

05.03.2026 / 09:00 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 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:
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+++++++++++++++
Completion: 05.03.2026 (7:35 am)
First disclosure: 05.03.2026 (9:00 am)

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2286068 05.03.2026 CET/CEST

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