Schaltbau Holding reported a strong set of results in H121, with revenue growth of 6% and a 42% increase in EBIT. The margin improvement was driven by the recovery at Bode after years of weak results. With the contribution of new segments such as new energy, new industry and e-mobility, we expect overall revenue growth to accelerate, while cost savings and efficiency efforts will continue to drive higher profitability. We expect a further improvement in the EBIT margin to 7.2% in 2023, reflecting an EBIT CAGR of 27% in 2021–23e.
