Kardex management expects revenue bottoming and a recovery in EBIT margins to the 10-14% range in 2H26, driven by recent improvements in order intake. The analyst firm maintains an 'Outperform' rating.
Key Takeaways
- 1.Kardex revenues are expected to have bottomed out, with EBIT margins projected to recover to the 10-14% target range starting 2H26.
- 2.Order intake showed significant recovery, averaging 25% monthly growth from March to May 2026, with a strong order backlog.
Table of Contents
- Executive Summary
- Facts / Assessment
- Conclusion
- Recommendation
- Analyst team
- Disclosures and disclaimer
- Recording of remote business communications
- Financial analysts' statement
- Personal account trading by financial analysts
- Participation in capital market transactions
- Shareholdings of Zürcher Kantonalbank
- Relationship with the Canton of Zurich
- Net purchase and net sales positions of Zürcher Kantonalbank
- Disclosure of large loans
- Paid equity research
- Disclosure of further conflicts of interest
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Authors
Walter BamertBernd LauxMartin HüslerTobias KlöpperYannik Ryf
Securities
Kardex
Themes
Earnings RecoveryOrder Backlog Momentum
Regions
GlobalUnited StatesGermany