Schaeffler AG: Adjusting 2028 targets

Research evidence excerpt

Schaeffler AG: Adjusting 2028 targets

J P M O R G A N Europe Equity Research

31 July 2026

Schaeffler AG Neutral

SHA0.DE, SHA0 GR

Adjusting 2028 targets Price (30 Jul 26):€8.06

Price Target (Dec-27):€10.00

Schaeffler has adjusted its mid-term targets for 2028, taking down revenues European Autos & Auto Parts

ACat the low end of the range guidance from Eur 27bn to Eur 24bn, but Jose M Asumendi

maintaining the Ebit margin at a group level of 6-8%, where the weakness in (44-20) 7742-5315

Emobility will be offset by the strength in PTC and VLS. We expect investors jose.m.asumendi@jpmorgan.com

will want additional evidence of the E-mobility division hitting break even J.P. Morgan Securities plc

results in the medium term and this topic is to be debated at the upcoming Specialist Sales contact details:

results call.

Sam Edmunds - Specialist Sales -

European Industrials

What has the company said? Based on the results of the annual strategic (44-20) 7742-8733

planning, Schaeffler AG is adjusting the mid-term targets for 2028, which had been sam.edmunds@jpmorgan.com

released at the Capital Markets Day in September 2025. Due to significantly

Style Exposure

reduced market expectations, especially for passenger cars and light commercial

vehicles, Schaeffler AG now expects fiscal year 2028 sales to range between EUR

24.00 bn and EUR 26.00 bn (previously: EUR 27.00 bn and EUR 29.00 bn).

The mid-term target for fiscal year 2028 to achieve an adjusted EBIT margin

at group level of 6.0 percent to 8.0 percent as well as the target to achieve an

adjusted free cash flow ranging between EUR 400 m and EUR 600 m are

confirmed.

For the E-Mobility division, the sales target for 2028 is lowered to EUR 6.25 bn

to EUR 7.25 bn (previously: EUR 8.25 bn to EUR 9.00 bn) due to a market-related