Fuchs: 2Q26 group results and FY26 guidance in line with preannouncement

First-page research excerpt

J P M O R G A N

Europe Equity Research

31 July 2026

Fuchs

Overweight

2Q26 group results and FY26 guidance in line with

preannouncement

Our Take: 2Q26 group sales and EBIT, as well as the updated FY26 EBIT

guidance, are in line with the preannouncement published last week (our take here).

Group organic sales growth (OSG) reached 18% YoY in 2Q26 with solid trends

across all regions, most notably Americas (+25% OSG) and APAC (+21.5%), with

EMEA somewhat lagging (+13% YoY). EBIT was also up YoY across all

segments, with the former two segments again seeing a stronger increase than

EMEA, though we note the latter saw a negative one-off impact from OPET

integration in 2Q26. The organic growth in 2Q26 was predominantly volumedriven, and aside from normal organic business growth, it reflected two temporary

effects: pre-buying driven by the Middle East (ME) conflict and limited ability of

some competitors to supply product. Fuchs’s updated FY26 guidance assumes that

these temporary effects would dissipate in 2H, starting already from 3Q. To this

end, the revised FY26 EBIT guidance implies 2H26 EBIT of €210m at the

midpoint, which is 7%/5% below JPMe/ Vara consensus before the

preannouncement. That said, we note that the company has not yet provided details

on business development in early 3Q26 or its current order books, and we would

expect these topics to be discussed in more detail during the call.

Noteworthy Areas: Details on 2Q26 group results in Table 2, details on

segment results in Table 3. Segment-wise, 2Q26 EBIT results were above

expectations across all three segments, most notably in North and South

America. 2Q26 FCF before acquisitions of +€7m came in slightly above

JPMe -€2m and reasonably close to of €10m; FCF reflects a meaningful

working capital build up due to raw material cost and selling prices increases.

2Q26 FCF after acquisitions of -€23m came in better than JPMe of -€52m,

reflecting a lower cash outflow for OPET acquisition than we had modeled

(€30m actual vs €50m JPMe). Consequently, 2Q26-end net cash position

stood at €13m, better than JPMe of €10m net debt but lower than the end-1Q26

net cash position of €203m.

FPEG_p.de, FPE GR

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