Gestamp: Cost discipline offsets weaker volumes

研报英文原文证据摘录

Gestamp: Cost discipline offsets weaker volumes

Deutsche Bank

Research

Rating Company Date

Hold Gestamp 13 May 2026

Company Update

Europe

Spain

Reuters Bloomberg Exchange Ticker Price at 12 May 2026 (EUR) 3.40

GEST.MC GEST SM MCE GEST

Price Target (EUR) 3.25

Autos

52-week range (EUR) 3.53 - 2.75

Auto Parts

Cost discipline offsets weaker volumes

Valuation & Risks

Christoph Laskawi

EBITDA beat on margins, softer volumes weigh on revenues Research Analyst

Gestamp delivered a solid Q1, with EBITDA ahead of expectations driven by cost +49-69-910-31924

discipline, while EBIT came in slightly below consensus due to higher depreciation.

Tim Rokossa

Revenues were broadly in line but declined -5% y/y, reflecting FX headwinds and Head of Research

weaker production, particularly in China. Despite the softer volume backdrop, the +49-69-910-31998

company delivered margin expansion supported by cost discipline and continued

Nicolai Kempf

execution of the Phoenix plan. Management reiterated its FY26 guidance, now

Research Analyst

against a weaker market outlook, implying continued reliance on internal efficiency

+49-162-5168792

measures to sustain profitability and cash generation.

Bodhie Fernando

Research Associate

Q1-26 in more detail: back to outperforming production

Gestamp reported a solid Q1 with an EBITDA beat driven by cost discipline, while

EBIT came in slightly below expectations due to higher D&A. Nikita Papaccio

+49-69-910-48637

n Group: Revenues in Q1 declined by 5% y/y to EUR2.83bn, broadly in line

with consensus, reflecting weaker market production and a significant Mira Wiegratz

negative FX impact. EBITDA increased slightly to EUR303m (+1% y/y), Research Associate

corresponding to a 10.7% margin (+60bps y/y), supported by cost +49-69-9103-1733