Schaeffler AG Review Q2’26 and Humanoid update

Research evidence excerpt

J P M O R G A N

Europe Equity Research

05 August 2026

Schaeffler AG

Neutral

SHA0.DE, SHA0 GR

Price (04 Aug 26):€7.56

Review Q2’26 and Humanoid update

Price Target (Dec-27):€10.00

Post earnings call we value the upfront approach by the management team to

update the medium term targets creating a much more realistic scenario for the

reduction in losses in the e-mobility division going forward. We find the Humanoid

partnerships and collaborations Schaeffler has set up with names such as

Humanoid, Hexagon and Neura particularly interesting as this will provide

substantial upside to the order backlog in the medium term. Notably, Schaeffler

confirmed the order and SOP with the humanoid Iron developed by XPeng to be

rolled out by the end of the year. Post earnings call, we leave our earnings estimates

unchanged and continue to see Schaeffler as the best supplier positioned to the

Humanoid trend in our coverage.

European Autos & Auto Parts

Jose M Asumendi AC

(44-20) 7742-5315

J.P. Morgan Securities plc

Piyush Singla

(91-22) 6157-3324

J.P. Morgan India Private Limited

Specialist Sales contact details:

Sam Edmunds - Specialist Sales European Industrials

Figure 1: Humanoid opportunity

(44-20) 7742-8733

Key Changes (FYE Dec)

Adj. EBIT - 26E (€ mn)

Adj. EBIT - 27E (€ mn)

Prev

1,014

1,216

Cur

1,016

1,217

Style Exposure

Source: Company

Figure 2: Schaeffler Key Estimates Table New vs. Old

Revenues

Adj. EBIT

% Adj. EBIT

FY25A

23,492

936

4.0%

FY26e

23,315

1,016

4.4%

JPM New Estimates

FY27e

23,711

1,217

5.1%

FY28e

23,956

1,545

6.5%

FY26e

23,308

1,014

4.4%

Old JPM Estimates

FY27e

23,703

1,216

5.1%

FY28e

23,944

1,572

6.6%

FY26e

0.0%

0.2%

% Change New vs Old

FY27e

0.0%

0.1%

FY28e

0.0%

-1.7%

Source: J.P. Morgan estimates.

Sources for: Style Exposure – J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.