US Auto Suppliers 1Q26 Wrap: Strong Ops/GoM Execution + FX Benefit, Though Choppy Macro Tempers Flow-Through; 2H GoM Execution Key to Further Re-rating; Prefer Content and Diversification Themes

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US Auto Suppliers 1Q26 Wrap: Strong Ops/GoM Execution + FX Benefit, Though Choppy Macro Tempers Flow-Through; 2H GoM Execution Key to Further Re-rating; Prefer Content and Diversification Themes

J P M O R G A N North America Equity Research

14 May 2026

US Auto Suppliers

1Q26 Wrap: Strong Ops/GoM Execution + FX Benefit,

Though Choppy Macro Tempers Flow-Through; 2H

GoM Execution Key to Further Re-rating; Prefer

Content and Diversification Themes

See sector risk-reward as modestly favorable; prefer names with visible non-auto Autos & Auto Parts

ACrevision upside and/or strong content tailwinds into 2027. 1Q26 results across our Rajat Gupta

coverage universe came in meaningfully ahead of expectations, with the average (1-212) 622-6382

supplier beating consensus/ JPMe EBITDA by ~6%/5% and revenue by ~2%, driven rajat.gupta@jpmorgan.com

by broad-based operational execution, cost discipline, and FX benefits, all offsetting Yash Beswala

weak underlying weighted production (down 3% to 5% y/y across the group). Despite (1-212) 622-0028

the strong start, most management teams elected to maintain full year guidance yash.beswala@jpmchase.com

(APTV, LEA, VC, THRM, BWA, MGA ex-divestiture) or raise only modestly (GTX, Jash Patwa

GNTX, DAN, ADNT), citing the Middle East conflict as the primary source of 2H (1-212) 622-5472

jash.patwa@jpmchase.com

uncertainty, a posture we view as embedding meaningful conservatism should the J.P. Morgan Securities LLC

macro stabilize. Relatedly, near-term headwinds from input cost inflation (freight,

petrochemicals, precious metals, DRAM) are expected to create 1 to 2 quarters of

margin pressure before recovery mechanisms normalize. Overall, we continue to see

the risk reward as attractive heading into 2H26 as: 1) Barring, APTV and VC, 2026