Bridgestone: F12/26 1Q Results: 1Q Overshoot, Full-year Guidance Unchanged

研报英文原文证据摘录

Bridgestone: F12/26 1Q Results: 1Q Overshoot, Full-year Guidance Unchanged

Update

May 14, 2026 10:02 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MBridgestone (5108) | Japan Shinji Kakiuchi

Equity Analyst

F12/26 1Q Results: 1Q Shinji.Kakiuchi@morganstanleymufg.comHayato Takashima +81 3 6836-5416

Research Associate

Hayato.Takashima@morganstanleymufg.com +81 3 6836-5414

Overshoot, Full-year Guidance

Bridgestone (5108.T, 5108 JT)

Tires | JapanUnchanged

Stock Rating Equal-weight

Industry View In-Line

Price target ¥3,600

Reaction to earnings Shr price, close (May 14, 2026) ¥3,420

Mkt cap, curr, basic (bn) ¥4,365.8

Unchanged Modest upside Largely unchanged Avg daily trading value (bn) ¥16.7

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Exhibit 2 : Adjusted OP quarterly trend

Key Takeaways

Adjusted OP(Y bil, LH) Adjusted OPM(RH)

Adjusted OP in 1Q (Jan–Mar) was ¥122.2bn (+9.7% YoY). Beat consensus; positive. 150 15%

A weaker yen, cost reductions, and mix improvement contributed. 125

100 10%

In North America, as demand slowed due to a cold snap, the multi-brand strategy 75

and new products contributed to sales. Europe also benefited from an increase in 50 5%

premium products.

0 0%

Full-year OP plan unchanged at ¥515bn. Bridgestone estimates the impact of the 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

Middle East situation at -¥70bn for the year. If WTI stays at $90/bbl through the 12/23 12/24 12/25 12/26

year, the impact would occur mainly in 2H. Source: Company data, Morgan Stanley Research

For the estimated inflationary cost items (including raw materials, energy, and

ocean freight), the company said it will work to minimize the impact through cost