BRIDGESTONE (=) : 1Q results beat, but cost inflation would kick in from Q2

研报英文原文证据摘录

BRIDGESTONE (=) : 1Q results beat, but cost inflation would kick in from Q2

EQUITIES

AUTOMOTIVE

BRIDGESTONE NEUTRALPRICE* JPY3,420  TARGET PRICE JPY3,550 (UPSIDE 4%) TARGET -3%PRICE EPS-3%26e EPS-2%27e

1Q results beat, but cost inflation would kick in from Q2

1Q26 results ahead of market expectations15 MAY 2026

Securities Research Report Bridgestone reported its 1Q26 results on 14 May. NPAT reached JPY92bn, accounting for 27% of

Production time: 04:49* (London time) the company’s full-year 2026 guidance. The company delivered 5% YoY topline growth and 10%

Research Analysts & Publishing Entities YoY growth in adjusted operating profit, both ahead of Bloomberg consensus. It is also noteworthy

Yawen Tan that Bridgestone’s adjusted OPM continued expanding to 11.0% in 1Q26, up from 10.5% in 1Q25.

BNP Paribas Securities (China) Limited1 The market reacted positively to these results and the stock closed up 3.3% on 14 May.

SAC Reg. no.:S1880525010004

+86 21 6096 9926

yawen.tan@bnpparibas-sec.cn Strong 1Q performance on FX, product mix and solutions business

The company attributed its solid revenue and adjusted OP in 1Q26 to the tailwind from Yen

Arthur Lu

BNP Paribas Securities (China) Limited1 depreciation and increasing share of premium high rim diameter (HRD) tire sales. In addition, the

SAC Reg. no.:S1880525010002 solutions business helped boost margin as the core tire business remained in a challenging

+86 21 6096 9927 environment. Adjusted OP from commercial B-to-B solutions grew significantly by 61% YoY, with

arthur.lu@bnpparibas-sec.cn

OPM increasing by 4.2ppts.

But several challenges remain for the upcoming quarters

Bridgestone keeps its FY2026 guidance unchanged, but highlighted a potential JPY70bn impact from