Solid 4Q Trading Update and EBIT Guidance

Watches of Switzerland Group delivered a solid 4Q update with revenues and EBIT guidance ahead of consensus, supported by strong performance in the US and UK.

Key Takeaways

• 1.Watches of Switzerland reported 4Q trading results and FY26 EBIT guidance that exceeded both company guidance and analyst consensus.
• 2.Management provided an FY27 outlook forecasting cFX revenue growth of 5-10% and EBIT margin expansion of 40-80bps.
• 3.Demand for luxury watches continues to outstrip supply in the UK and US, with the US market seen as a key underdeveloped growth lever.

Table of Contents

• FY27 Outlook announced
• GS View
• WOSG 2H/FY26 results snapshot
• Valuation and Risks
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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