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:	€ 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 €450 million (previous year: €383.1 million) and a disproportionately high increase in adjusted EBITDA of 23.8% to around €80 million (previous year: €64.6 million).

This means that sales revenues of over €123 million (previous year: €98.0 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 €114.23 million, were thus exceeded. Consequently, preliminary sales revenues of €450 million for the year as a whole are also slightly above our previous expectations (GBC forecast: €440.86 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 Kadaň, 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 Kadaň.

EBITDA adjusted for the effects of the employee participation program rose by 12.8% to around €19.0 million in the fourth quarter (previous year: €16.81 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 €18.5 million in the fourth quarter of 2025 (previous year: €15.75 million) and thus to around €76.3 million for the year as a whole (previous year: €60.15 million) for the full year. We had previously forecast a slightly higher EBITDA of €78.00 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 €58 million (previous year: €42.59 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 €38 million (previous year: €17.92 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 €496.80 million (previous GBC forecast: €489.95 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 €550 million (previous year: €423.2 million), this led to a sharp rise in the order backlog of over 42% to €335 million (previous year: €234.9 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 €85.00. 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: 20260305_PFISTERER_Comment_engl

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: 05.03.2026 (7:35 am)
First disclosure: 05.03.2026 (9:00 am)