Brief Review: August 2026:

Through mid-August, the Euro AI Backbone saw a recovery. In mid-August, the wikifolio’s price came under pressure. Price drivers from the semiconductor and tech hardware sectors declined, in some cases significantly.

As of August 1, the certificate’s price stood at €91.81; on August 31, it closed at €90.71, representing a loss of 1.2%.

_________________________

At the start of the new month, the regular portfolio rebalancing will take place as follows.

• The weighting of the VAT Group
  $VACN (-2.15%) is reduced from 2.1% to 1.4%.
• The weighting of Enel
  $ENEL (-1.51%) will be reduced from 5.6% to 5.0%.
• The weighting of Geberit
  $GEBN (-0.87%) is being reduced from 1.3% to 0.7%.
• New addition Huber+Suhner
  $HUBN (-1.75%) at 2.1%.

_________________________

Background

VAT Group reduction / Fine-tuning in the semiconductor sector:

The position of the VAT Group will be reduced as part of the optimization of the semiconductor specialists (taking into account the existing position in Atlas Copco $ATCO B (-1.44%) ) in order to reduce concentration risk in vacuum technology.

Reduction in Enel:

For the major utilities, the reduction is intended to lock in profits and free up capital for highly specialized technology niches, while coverage of the core power grid holding remains stable.

Reduction in Geberit:

The weighting of Geberit is being adjusted to reflect its actual AI leverage (cooling water circuits/piping systems in data centers), ensuring that the physical data center infrastructure segment remains represented without tying up unnecessary capital.

Addition of Huber+Suhner:

In the Optical Interconnects and Passive Infrastructure segment, Huber+Suhner is a specialist in high-precision fiber-optic and connection technology within data centers. Huber+Suhner bridges the gap in optical signal transmission between AI servers, thereby complementing network equipment providers such as Nokia
$NOKIA (-1.35%) as well as cable giants such as Prysmian
$PRY (-1.83%) and NKT $NKT (+1.59%) .

P.S.: The Wikifolio will likely be granted "Investable" status later this month, and you'll be able to start investing in it at that time!

Hier geht es zum Euro AI Backbone-wikifolio

"Why wander far away? Look, the good is so close."

- Johann Wolfgang von Goethe

Hello my dears,

In the current tech correction, we have picked out a company from neighboring Switzerland, loosely based on Goethe.

If the correction continues, this could even be a good time for you to enter the market.

But I would be interested to know who is already familiar with the company?

And what is your assessment of it, and would it be worthwhile for you to get in?

$HUBN (-1.75%)

Huber+Suhner AGformerly Huber und Suhner AG, is a Swiss-based manufacturer of components and systems for electrical and optical connection technology for the communications, transportation and industrial markets. Together with its subsidiaries, Huber und Suhner AG operates in three divisions: Radio Frequency, Fiber Optics and Low Frequency. The Radio Frequency division comprises the development, manufacture and sale of radio frequency technology products such as connectors, coaxial cables, lightning protection, antennas as well as components and systems for communication, transportation and industrial applications. The Fiber Optics segment comprises the development, manufacture and sale of fibre optic cables as well as components and systems for communication and industrial applications. The Low Frequency segment comprises the development, manufacture and sale of copper cables and cable systems for applications primarily in transportation and industry.

Huber+Suhner AG is often regarded on the stock market as a rock-solid but somewhat inconspicuous industrial supplier. However, a close analysis of the current business figures for the year 2025 reveals that an exciting transformation is taking place here. The Group is increasingly mutating from a pure component manufacturer into an indispensable "shovel vendor" in the global gold rush of AI and data infrastructure. Accordingly, the Group succeeded in increasing incoming orders by 13.7% to over CHF 1 billion. This was driven in particular by major orders for optical components.

Management report 2025

Industry

• The Industry segment recorded strong growth across the board in 2025. A major contribution came from the aerospace and defense growth initiative, which continues to benefit from rising defense spending and ongoing investment in satellite programs. HUBER+SUHNER is ideally positioned to offer complete solutions consisting of radio frequency, fiber optic and low frequency technology in this area. The test and measurement technology sub-segment saw a significant recovery in business volume in 2025 compared to the previous year.

Positive demand momentum can currently be seen in test applications for transceivers used in data centers, among other things. Further opportunities are arising from automation in test environments. The fast-charging systems for electric vehicles sub-segment also recorded higher incoming orders and sales in the reporting year. This was due in part to greater regional diversification, which should continue in 2026. HUBER+SUHNER also won additional projects in market niches such as quantum computing and energy.

Communication

• In the Communication segment, significant progress in the data center growth initiative was offset by declining business volumes in other sub-segments in 2025 thanks to major orders for optical switches. Supported by investments in infrastructure for artificial intelligence and requirements arising from the increasing use of data, demand for technologies such as OCS is likely to increase even further. HUBER+SUHNER is working hard to ramp up production accordingly in order to fulfill existing customer orders and meet additional demand. In an environment generally characterized by restrained investment in fixed and mobile communications - particularly in Europe - there are still significant infrastructure programmes in markets such as India. Thanks to its global presence, the company is ideally positioned to benefit from these opportunities as they arise. In addition, HUBER+SUHNER is well positioned for future technology cycles such as 6G

Transportation

• In the transportation segment, the railroad and automotive businesses again showed different trends in 2025. The railroad sub-segment recorded solid demand for solutions for power and data transmission in rolling stock in the reporting year, with global investment programs in retrofitting or equipping new fleets set to continue. The growth initiative Communication Solutions for Rail addresses in particular the need of passengers for connectivity and communication between the moving train and the fixed rail infrastructure, for example through components such as active and passive antennas as well as complete solutions. In 2025, there was still no significant recovery in the automotive market. Accordingly, the

growth initiative for electric vehicles saw weaker demand for solutions for high-voltage cabling in commercial vehicles. HUBER+SUHNER expects positive momentum here in the medium term, as the new generation of e-trucks has already proven to be economically viable. The driver assistance systems business, which develops radar antennas for automated driving, particularly in passenger vehicles, could make slight progress in 2025.

Solutions in the industrial segment

• Quantum computing is developing into a promising growth area for the industrial segment. Companies such as Amazon, Google, IBM and Microsoft are investing heavily in this technology, which offers almost unlimited potential for any field of work in which data is analyzed, modeled or simulated. Bluefors is a leading manufacturer of cryogenic cooling measurement systems for quantum computers, whose temperature must be close to absolute zero. H+S' MXP-Multikoax interconnect solution enables flawless signal transmission into the cooling device - exactly where the magic happens - to accelerate groundbreaking work in science and technology. Together with Bluefors, H+S is working to develop interconnect solutions that meet the needs of the next generation of cryogenic quantum applications.
• The collaboration with Telehouse in France underlines HUBER+SUHNER's leading role in structured cabling for data centers. data centers. The data center industry is growing to meet the global demand for higher data capacity. The fiber optic backbone of Telehouse's TH2 colocation data center in Paris is an example of the advanced connectivity infrastructure that H+S can provide to data center customers worldwide. The partnership with Telehouse provides a strong position in the French market, which is developing rapidly as a global connectivity hub emerges in France. Telehouse plans to invest one billion euros to expand its presence beyond Paris.
• A new type of roof antenna for trains, developed by HUBER+SUHNER together with Motion Applied, modernizes connectivity in rail transportation. H+S expects widespread adoption of 5G by train operators. The SENCITY® Rail ACTIVE antenna can easily, reliably and cost-effectively meet the industry's 5G connectivity requirements for years to come. By combining the antenna, modem, router and SIM into one compact device, it is easy to install and upgrade and provides improved Wi-Fi performance for passengers. The passenger fleet of US train operator Amtrak was the first to deploy this solution on a large scale. Other well-known operators include Brightline in the USA and Network Rail and Great Western Railway in the UK.

Unternehmenspräsentation | Geschäftsjahr 2025

Geschäftsbericht_EN_2025.pdf

NEWS

1.04.2026 at 08:30 a.m.

EQS-News: HUBER+SUHNER stärkt die Zusammenarbeit mit Microsoft zum weltweiten Ausbau der Hollow Core Fiber-Konnektivität im Microsoft Azure-Netzwerk (deutsch)

24.03.2026 at 08:30 a.m.

EQS-News: HUBER+SUHNER und Aurora Networks unterstützen Vodafone bei der Entwicklung eines Kabelnetzwerks der nächsten Generation (deutsch)

10.03.2026 at 06:45 a.m.

EQS-Adhoc: HUBER+SUHNER erzielt 2025 Rekordaufträge und höheren Gewinn (deutsch)

22.01.2026 at 06:45 a.m.

EQS-Adhoc: HUBER+SUHNER steigert Auftragseingang im Geschäftsjahr 2025 (deutsch)

21.10.2025 at 06:45 a.m.

EQS-Adhoc: HUBER+SUHNER erzielt deutlich höheren Auftragseingang in den ersten neun Monaten 2025 (deutsch)

30.07.2025 at 06:45 a.m.

EQS-Adhoc: HUBER+SUHNER erhält Grossaufträge für POLATIS® Optical Circuit Switches (deutsch)

Sales distribution by business division:

2025 (CHF)

Industry 325 million

Transportation 255 million

Communication 274 million

Geographical distribution of sales:

2025 (CHF)

EMEA (Europe, Middle East and Africa) 434 million

Americas (North and South America) 207 million

APAC (Asia-Pacific) 183 million

Switzerland 40.21 million

🧢 Juan's summary of the key financial figures 2025-2028

Huber+Suhner looks like a Swiss precision compounder that is just warming up. Double-digit sales growth from 2026 onwards, margins pick up sharply and FCF jumps sharply again from 2027 onwards. EBIT grows faster than turnover every year - a classic operating leverageexactly what Juan loves.

The company remains consistently net debt-free throughoutand the cash buffer is even increasing. CAPEX remains moderate, but not too low - enough to support growth without burdening the balance sheet.

The margin development is textbook-clean: EBITDA margin +1 PP per year, EBIT margin +1.5 PP per year. That is quality momentumnot a coincidence. The FCF dip in 2026 is an outlier, but it will be smoothed out again in 2027/2028 with +44% and +45% growth.

Bottom line: A quiet but extremely clean riser. No hype, no twitching - simply Swiss efficiency in the four-year chart.

Market value 5,085

Number of shares (in thousands) 18,457

Date of publication 12,03,2026

🧢 JUAN-ANALYSIS - Valuation ratios 2025-2028

(Basis: your MarketScreener tab)

Huber+Suhner looks like a quality stock that is slowly but surely growing into a valuation expansion - and fully deserved.

🔹 P/E RATIO

The P/E ratio looks overheated in 2026 (52x), but then falls back cleanly: 38x → 28x. This is typical for companies that first invest, then harvest. 2028 looks like a fairly valued quality year.

🔹 P/B RATIO

3.97 → 7.00 → 6.27 → 5.52 The P/B ratio is high, but not dangerous - it shows that the market is willing to pay for stable margins + growth. Juan says: "Not a value play, but a clean quality compounder profile."

🔹 PEG

8.68 → 1.70 → 1.10 → 0.80 This is the most exciting part: growth gets cheaper every year. A PEG below 1 in 2028 is a classic under-the-radar signal.

🔹 FCF yield

2.82 % → 1.01 % → 1.46 % → 2.14 % 2026 is weak, but 2027/2028 show a clear recovery. For Juan: "The FCF is coming back - and when the FCF comes back, the price follows."

Performance

1 week +3.18 %

1 month + 20.31 %

6 months + 86.40 %

1 year + 240.54 %

3 years +269.80 %

05,06,2026, 17:30:12 -

Swiss Exchange (CHF)

260.00 CHF

05,06,2026, 22:55:49 -

Lang & Schwarz (EUR)

262.50 EUR

$HUBN (-1.75%)