CIE AUTOMOTIVE (=) : 1Q' 26 Results: Solid print

研报英文原文证据摘录

CIE AUTOMOTIVE (=) : 1Q' 26 Results: Solid print

EQUITIES

AUTOMOTIVE

CIE AUTOMOTIVE NEUTRALPRICE* EUR30.4  TARGET PRICE EUR27.5 (DOWNSIDE 9%)

FLASH NOTE

1Q' 26 Results: Solid print

12 MAY 2026 Securities Research Report Production time: 16:48* (London time)

Research Analyst & Publishing Entities

Gonzalo De Cueto Moreno BNP Paribas SA (+34) 91 114 83 05 gonzalo.decuetomoreno@bnpparibas.com

What happened?

CIE published its 1Q 26’ results and held a conference call this afternoon. Q4 results came in at EUR1,052m (+4%YoY)

and +6% better than BBG Consensus estimates. EBITDA came in at EUR200m (+4%) YoY and +6% better than BBG

Consensus estimates. EBITDA margin was slightly up at 19.1% (vs 19% last year). EBITDA conversion into Operating

Cash flow above 70%, however, Net Debt was up 15% QoQ to EUR1,053m impacted by the EUR173m cash outflow

related to Aludec acquisition.

BNPP View:

Overall, solid print that confirms the company’s resilient stance in a sector that continues to face significant headwinds.

Additionally, it’s positive to see that despite a challenging start to the year, particularly in China and NAFTA, and an

uncertain geopolitical environment, Cie has reiterated its mid-term guidance of delivering low-mid-digit sector

outperformance, maintaining stable margins and paying a dividend payout of 42% in 2026 and 50% in 2027 (up from

the historical 33%).

Highlights from the call:

- China: Strong demand correction with sales down c.20% in Q1 and production volumes down c.10%. The trend

already reflects a mature market, with a high share of EVs and intense competitive pressure. That said, CIE

continues to maintain profitability levels. Outperformance in Q1 was driven by market share gains from International

OEMs.