Pole Position: UBS European & US Autos Daily

Research evidence excerpt

Pole Position: UBS European & US Autos Daily

Global Research

30 July 2026ab

Pole Position Equities

Europe including UKUBS European & US Autos Daily

Automobiles

Patrick Hummel, CFA

Brembo Q2 wrap: delivering now, building for the future Analyst

Sensify and China reinforce the growth story patrick.hummel@ubs.com

Beyond the Q2 beat and FY26 guidance upgrade, the key positive takeaway was the +41-44-239 52 54

confirmation of continued progress on Sensify and China, which we believe were the David Lesne

main focus areas for investors. Management highlighted additional contract Analyst

opportunities in H2 and another SOP expected in 2027, while the recently announced david.lesne@ubs.com

China JV remains on track to localize Sensify in the region. Management indicated that, +33-14-888 3034

all else equal, the combination of new product launches and continued strength in the Joseph Spak, CFA

Aftermarket business could support MSD organic growth over the MT, broadly in line Analyst

with current VA consensus forecasts of 4–5% growth in FY27–28E. Given the significant joseph.spak@ubs.com

uncertainty that still surrounds the automotive industry in the near term, coupled with +1-212-713 3089

the fact that Sensify's financial contribution is expected to materialize more Juan Perez-Carrascosa

meaningfully from 2027 onwards, we maintain a Neutral stance on the stock, albeit with Analyst

a constructive view on its MT growth prospects. juan-perez.carrascosa@ubs.com

+34-91-436 9025

Q2 outperformance driven by strong execution and healthy demand Paul Gong

Q2 performance was strong across most end-markets and regions. Passenger car activity Analyst

paul.gong@ubs.com

in North America and Europe exceeded management's expectations, while motorcycles

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