PWO-Currency-adjusted revenue broadly stable, EBIT before FX declines-05/13/2026

Research evidence excerpt

PWO-Currency-adjusted revenue broadly stable, EBIT before FX declines-05/13/2026

PWO

SPONSORED RESEARCH NEWSFLASH | 13 MAY 2026

Currency-adjusted revenue broadly stable, EBIT before FX declines

The PWO group reported Q1 2026 revenue of EUR 125.4m (Q1 2025: EUR 137.0m), with the decline largely driven by negative

FX effects of EUR 4.5m and lower tooling revenue due to timing. On a currency-adjusted basis, series revenue was broadly

stable, down just EUR 2.1m, supported by ramp-ups from prior new business wins. EBIT before FX fell to EUR 2.8m (Q1 2025:

EUR 5.5m), reflecting restructuring provisions in the low single-digit million range at the Oberkirch site, as expected. The

company confirmed the full year outlook, which points at revenue of around EUR 500m and EBIT ex FX of EUR 13-17m. Our

last PT was EUR 37, the rating was “buy”.

Actual Pareto

PWO Q1 2025 Q1 2026 yoy Q1 2026 Delta

Revenues EURm 137.0 125.4 (8)% 139.7 (10)%

Germany " 52 44 (14)%

Czechia " 32 36 14%

Serbia " 1 1 20%

Canada " 13 12 (8)%

Mexico " 30 24 (20)%

China " 11 8 (24)%

Consolidation " 0 0 n.m.

EBIT ex FX EURm 5.5 2.8 (50)% 4.3 (36)%

margin % 4.0% 2.2% -184 bps 3.1% -87 bps

Germany EURm 0.5 0.4 (15)%

Czechia " 0.9 2.8 224%

Serbia " 0.3 -1.5 n.m.

Canada " 0.9 1.4 59%

Mexico " 1.7 0.6 (65)%

China " 1.6 0.4 (75)%

Consolidation " -0.3 -1.4 n.m.

Net income EURm 1.7 0.3 (83)% 1.6 (82)%

margin % 1.2% 0.2% -101 bps 1.2% -93 bps

Operating CF EURm -2.9 4.2 n.m.

Capex " -6.8 -3.7 (46)%

Operating FCF " -9.7 0.5 n.m.

Net Debt (including leasing) " 163 155 (5)%

12M trailing EBITDA " 52 47 (9)%

Net Debt / LTM EBITDA 3.2x 3.3x 4%

Source: Pareto, Company

More insights:

• With a lifetime volume of approximately EUR 150m secured in the first quarter, PWO made a solid start to the 2026 fiscal year (Q1 2025:

EUR 195m)