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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 EQ

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% (previou

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 (previou

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% (previou

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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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: 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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