Aalberts Key Take-aways 1H25 Analyst Call
This morning Aalberts reported 1H25 numbers. Building continued to show a minimal organic growth in 2Q (as in 4Q and 1Q). In Industry the topline decline slowed down to -2.9% and margins benefitted from footprint and cost out initiatives (+90bps q/q). Semicon suffered from an acceleration in the growth decline to -15.5% (2Q) from -11.3% (1Q). Overall, management no longer banks on a growth recovery in 2H25 and expects full year margins to be at 13-14% (previously > 15%). 2026 margin targets (16-18%) were no longer reaffirmed. Yesterday's consensus was still banking on 2025 margins of 14.5% (14.7% KBC). Considering the ongoing cost optimisation measures, recent strategic M&A (announcements) and anticipated divestments we stick to our Accumulate on valuation grounds but will revise our earnings model. Below are the main take-aways of the analyst call.Aalberts Industries is a technology company. As of Dec 31 2015, Co. is organized into four businesses: building installations, which produces and sells connection systems and valves to distribute and control water or gas in heating, cooling, drinking water, gas and sprinkler installations in residential, commercial and industrial buildings; climate control, which develops and produces complete hydronic systems-from source to emitter- for heating and cooling systems; industrial controls, which develops and produces regulation and control systems for selected niche markets; and industrial services, which provides a combination of material technology know-how and manufacturing capabilities.
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