Report published August 25, 2026
Arbonia (ARBN): SAP/ERP Implementation Weighs on 1H26 Earnings and Prompts FY26 Guidance Cut
Source and citation context
- Issuer
- Zürcher Kantonalbank
- Report date
- August 25, 2026
- Analysis as of
- Not stated in source
Authors / editors: Tobias Klöpper (Analyst)
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 1H26 EBITDA missed consensus by 15.3% due to SAP/ERP implementation problems at Garant. Consequently, FY26 EBITDA guidance was lowered from 15–20% growth to flat YoY at CHF 57.3 mn.
Key Takeaways
- 1.Arbonia cut its FY26 EBITDA guidance to CHF 57.3 mn (flat YoY, down from previous 15–20% growth guidance) due to severe negative impacts from the SAP/ERP roll-out at Garant.
- 2.1H26 revenue of CHF 318.2 mn (+3.6% YoY) slightly beat consensus by 1.3%, driven by non-German European growth, despite a CHF -12.6 mn drag from Garant SAP issues.
- 3.1H26 EBITDA of CHF 23.8 mn fell 14.7% YoY and missed consensus by 15.3%, heavily dragged down by an CHF 8.4 mn negative impact at Garant.
Table of Contents
- Outlook
- Conclusion
- Disclosures and Disclaimer
- Recording of remote business communications
- Financial analysts’ statement
- Disclosure of conflict of interests
- Disclosure of further conflicts of interest
- List of all ratings of the last 12 months
- Recommendation distribution of the companies in the Swiss research universe
- Fact check
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- Additional information for U.S. Persons
- Additional information for persons in the Abu Dhabi Global Market, United Arab Emirates
Report data
1H26 Results Comparison (Revenue, EBITDA, Margins)
| Metric | Estimate | Context |
|---|---|---|
| Revenue | 318.2 CHF mn | 1H26 reported revenue vs CHF 307.2 mn in 1H25 and consensus of CHF 314.2 mn |
| EBITDA | 23.8 CHF mn | 1H26 reported EBITDA vs CHF 27.9 mn in 1H25 and consensus of CHF 28.1 mn |
| EBITDA margin | 7.5% | 1H26 reported EBITDA margin vs 9.1% in 1H25 |
| Free Cash Flow | -32.5 CHF mn | 1H26 FCF |
| Net Debt | 184.0 CHF mn | Net debt standing as of 1H26 vs CHF 149 mn in 2025 |
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Swiss Number Cruncher is shown in chronological order through this edition, published on August 25, 2026.
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Authors / Editors
Reported Data Context
- Revenue: 318.2 CHF mn (1H26) · Source: Zürcher Kantonalbank
- EBITDA: 23.8 CHF mn (1H26) · Source: Zürcher Kantonalbank
- EBITDA margin: 7.5 % (1H26) · Source: Zürcher Kantonalbank
- Free Cash Flow: -32.5 CHF mn (1H26) · Source: Zürcher Kantonalbank
- Net Debt: 184.0 CHF mn (1H26) · Source: Zürcher Kantonalbank
Securities
Themes
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