Report published August 25, 2026
Arbonia (ARBN): Garant Issues Resolved with Solid Underlying Growth – ZKB Research
Source and citation context
- Issuer
- Zürcher Kantonalbank
- Report date
- August 25, 2026
- Analysis as of
- August 24, 2026
Authors / editors: Tobias Klöpper, Bernd Laux, Walter Bamert, Andreas von Arx, Martin Hüser
Finvaulta summarizes Zürcher Kantonalbank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Zürcher Kantonalbank maintains a Market Perform rating on Arbonia after management confirmed that SAP/ERP implementation issues at Garant have been resolved. Strong underlying performance, price increases, and asset sales of ~CHF 22 mn are expected to support 2026 profitability and FCF targets.
Key Takeaways
- 1.Operational disruptions from the SAP/ERP rollout at Garant have been resolved, with delivery rates returning to approximately 90%.
- 2.Underlying business performance remains solid; excluding Garant's one-off implementation issues, organic revenue growth was over 6% and EBITDA growth reached 23%.
- 3.Divestments of non-core assets are expected to generate ~CHF 22 mn, supporting full-year FCF guidance of CHF 15–20 mn despite a CHF -32.5 mn FCF in 1H26.
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
Report data
Key figures extracted from this report — as of August 24, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Arbonia Share Price | 3.88 CHF | Closing share price prior to publication |
| Garant delivery rate | 90.0% | Delivery rates almost back to pre-implementation levels following SAP/ERP resolution |
| Adjusted organic growth | 6.0% | Organic growth excluding the one-off Garant ERP effect |
| Adjusted EBITDA growth | 23.0% | EBITDA growth excluding one-off ERP effect |
| Expected Divestment Proceeds | 22.0 CHF mn | Total proceeds from divestments (CHF 20 mn Corporate Center, CHF 1.8 mn property) |
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Authors / Editors
Reported Data Context
- Arbonia Share Price: 3.88 CHF (2026-08-24)
- Garant delivery rate: 90.0 % (2026) · Source: Company Management
- Adjusted organic growth: 6.0 % (1H26) · Source: Company Management
- Adjusted EBITDA growth: 23.0 % (1H26) · Source: Company Management
- Expected Divestment Proceeds: 22.0 CHF mn (2026) · Source: Arbonia
Securities
Themes
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