Gränges (AO) | Buy | Q2 first take: Strong execution outweighs China disruption

研报英文原文证据摘录

Gränges (AO) | Buy | Q2 first take: Strong execution outweighs China disruption

News comment

Release date: 16 July 2026

Mats Liss

Equity Research Analyst

+46 8 723 51 18

mliss@keplercheuvreux.com

BuyGränges

Sweden | Autos & parts Beta Profile: MCap: SEK18.0bn

Target Price: SEK215.00 Bloomberg: GRNG SS Reuters: GRANG.ST

Current Price: SEK169.40 Free float 100%

Up/downside: 26.9% Avg. daily volume (SEKm) 48.0

YTD abs performance 16.3% Market data: 15 July 2026

52-week high/low (SEK) 195.20/115.60

Q2 first take: Strong execution outweighs China disruption

Key points:

Gränges delivered a record Q2 EBIT, driven by strong pricing, productivity and an outstanding performance in North America. The

company continue to gain market share and volumes increased 5%, while the China fire had only a limited impact on Q2

earnings.

Management maintains a constructive outlook with continued market share gains and improving profitability, although cash flow

remains pressured by high aluminium prices.

We expect the report to be supportive to the consensus estimates and the share price. Conference call 10am www.granges.com.

Outlook confident and solid earnings beat

Management maintained its positive tone: Outside Asia, Q3 volumes are expected to grow at a mid-to-high single-digit rate,

supported by continued market share gains, while the company again aims to offset cost inflation through pricing, recycling and

productivity. Despite the temporary disruption in China, the long-term investment case remains intact. The stronger-than-

expected Q2 reinforce our positive view, and we continue to see Gränges to improve profitability and cash generation.

Record earnings, well above expectations: Gränges delivered adjusted EBIT of SEK 580m, compared with our forecast of SEK