Gates Industrial Corp. Plc: CEO, CFO Meetings: AI comments caught our eye; Confidence on top-line & OMX recovery

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Gates Industrial Corp. Plc: CEO, CFO Meetings: AI comments caught our eye; Confidence on top-line & OMX recovery

Equity Research

U.S. Multi-Industry

10 June 2026

Gates Industrial Corp. Plc

CEO, CFO Meetings: AI comments

caught our eye; Confidence on top-

GTES OVERWEIGHTline & OMX recovery

U.S. Multi-Industry NEUTRAL

Over the balance of this decade, we should see M&A activity Price Target USD 28.00

pick up, and EBITDA margins move into the high 20%’s. Price (09-Jun-26) USD 26.40

Potential Upside/Downside +6.1%

Source: Bloomberg, Barclays Research

THE EXTEL SURVEY IS CLOSING SOON Julian Mitchell

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Haemaru Chung

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Drew Smith

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We hosted investor meetings earlier this week in the City of Light with CEO Ivo Jurek, CFO

Brooks Mallard, and Rich Kwas (IR). Overall, we thought management sounded confident

on the recovery in sales and margins that is underway, as the Q1 headwinds fade.

Its valuation looks quite cheap in light of the relatively depressed nature of key parts of GTES’

end-market verticals, the high operating margins, and the lower balance sheet leverage. We

think the company is likely to raise at least the low end of its FY26 OSG / EPS guidance at Q2

earnings; this could act as a catalyst to drive a re-rating higher, as investor concerns over the