Garrett Motion Investor Day and Management Follow-up Takeaways: GTX Showcases Industrial Pivot w/Data Center Exposure Across Gensets, Cooling & BESS

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Garrett Motion Investor Day and Management Follow-up Takeaways: GTX Showcases Industrial Pivot w/Data Center Exposure Across Gensets, Cooling & BESS

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

22 May 2026

Garrett Motion

Investor Day and Management Follow-up Takeaways: Overweight

GTX Showcases Industrial Pivot w/Data Center GTX, GTX US

Exposure Across Gensets, Cooling & BESS Price (21 May 26):$33.22

Price Target (Dec-26):$33.00

We remain OW on GTX shares and continue to see the company as a safe place Autos & Auto Parts

ACto hide within US auto suppliers given ongoing diversification into non-auto Rajat Gupta

verticals, providing cushion on relative revisions. While shares have (1-212) 622-6382

outperformed meaningfully YTD, trading at ~10x FY2 EV/EBITDA, a ~70% rajat.gupta@jpmorgan.com

premium, we see the next leg of re-rating tied to delivering and executing on Yash Beswala

recent wins as well as new awards that could drive upside to medium/long- (1-212) 622-0028

term targets. yash.beswala@jpmchase.com

Jash Patwa

GTX hosted its Technology & Investor Day in NYC earlier this week. Investor (1-212) 622-5472

expectations heading into the event were elevated as GTX had teased multiple jash.patwa@jpmchase.com

J.P. Morgan Securities LLC

partnership wins and product development frameworks over the last two quarters.

The key watch items were new end markets, the efficacy of product offering

underpinning recently announced partnerships, and the pace of new wins across Quarterly Forecasts (FYE Dec)

the Zero Emission Technology (ZET) portfolio. Management addressed each Adj. EPS ($)

directly, anchoring the narrative around GTX's aeronautics heritage and 2025A 2026E 2027E

positioning the company as a technology disruptor rather than simply an auto Q1 0.36 0.52A 0.55