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 Study (Anno)
Recommendation:	BUY
Target price:	€110.00
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 €449.88 million (previous year: €383.12 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 Kadaň. 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 €182.56 million (previous year: €151.86 million) and in EBITDA of 26.8% to €76.24 million (previous year: €60.15 million). However, ramp-up costs for the production ramp-up in Kadaň 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 €6.28 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: €88.72 million) and the high operating cash flow of €47.58 million were used to reduce bank liabilities almost entirely (net financial assets: €18.20 million). In addition, the company was able to finance its accelerated investment programme (investment cash flow: €38.78 million).

PFISTERER plans to expand its CAPEX programme by the 2030 financial year, making investments of around €270 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 €800 million and €900 million is to be achieved by 2030. For the current financial year 2026, the Executive Board anticipates a rise in revenue to between €500 million and €525 million. This is based on the positive development of the order book, which, at €334.4 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 €110.00 (previously: €85.00). 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: 20250421_Pfisterer_Anno_engl

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: 20.04.2026 (1:29 pm)
First disclosure: 21.04.2026 (09:30 am)