European Automotive: dbAccess European Champions Conference feedback

Research evidence excerpt

European Automotive: dbAccess European Champions Conference feedback

28 May 2026

Auto Manufacturing

European Automotive

Aumovio

Presenter: Ms. Dr. Jutta Doenges, CFO

Format: Small group meetings

Key takeaways

n Current trading: The adjusted EBIT margin in Q2-26 is expected to see an

improvement over Q1-26. Volumes have been showing a relatively stable

trend in most regions, but cost headwinds are increasing while pass-

throughs will likely come through with a lag effect. On a y/y comparison,

Q2-25 had seen a one-time positive pricing gain, which makes up for a

tough comp for y/y margin improvements. The company points to the usual

seasonality for sequential margin improvement throughout the year.

n Aurora ramp up: Aurora has recently seen positive momentum in order

wins, and the timeline of the ramp-up is confirmed. More recently,

additional routes have been added that can be run, and the system is

operational with only a few regulatory approvals outstanding. The initial

component cost will weigh on cash flow as an investment, but topline and

earnings contribution should come through shortly after the ramp. Also,

R&D spend for the project will fade post-peak spend currently.

n Other non auto opportunities: The company is looking into any

opportunity that is close to the current business capabilities in end markets

such as Defence/Drones and Robots, such as the Mobileye/Mentee MOU

recently signed.

n BMW lawsuit: Constructive discussions are ongoing and, in our view, there

should be a mutual interest to settle. There have been no indications on the

timeline of a potential settlement.

n Capital allocation: It was confirmed that in H2-26, the company plans to

update the market with a more detailed introduction on its capital allocation