Stabilus (AO) | Reduce | Stabilus narrows 2026 guidance

研报英文原文证据摘录

Stabilus (AO) | Reduce | Stabilus narrows 2026 guidance

News comment

Release date: 22 July 2026

Hans-Joachim Heimbuerger

Equity Research Analyst

+49 69 7569 6121

hheimburger@keplercheuvreux.com

ReduceStabilus

Germany | Capital goods MCap: EUR389.8M

Target Price: EUR17.00 Bloomberg: STM GR Reuters: STM1.DE

Current Price: EUR15.78 Free float 100%

Up/downside: 7.7% Avg. daily volume (EURm) 2.8

YTD abs performance -22.8% Market data: 21 July 2026

52-week high/low (EUR) 26.30/14.80

Stabilus narrows 2026 guidance

Key points:

Stabilus reported underlying performance exceeding expectations as adjusted EBIT (EUR32.2m, consensus EUR30.8m) and the

10.8% (consensus: 10.4%) came in ahead.

The company narrowed its FY26 guidance to c.EUR1.15bn (consensus EUR1197m) revenue, c.10% (consensus 10.3%) adjusted

EBIT margin and c.EUR90m adjusted FCF, pointing to the lower end of its original profitability range.

Neutral impact on the share price expected. Despite some self-help potential, we maintain our long-standing Reduce rating, as FY

2026–27 is likely to remain another transition year. We believe it is too early to turn positive given ongoing automotive

headwinds, financial constraints, and execution risk. A more compelling turnaround case would require a clearer easing of near-

term pressures.

Table 1:Q2 2026 review

Group Q3-26R Q3-26E Q3-26 consensus Q3-25R % y-o-y Q2-26R % q-o-q

Sales 299.5 294 296 316 -5% 305 -2%

adj. EBIT 32.2 31.0 30.8 33 -3% 34.1 -6%

adj. EBIT margin 10.8% 10.5% 10.4% 10.5% N/A 11.2% N/A

Source: Kepler Cheuvreux

Stabilus reported preliminary Q3 FY26 results with headline earnings well above last year, largely reflecting a c.€44m gain from

the completed disposal of Fabreeka and Tech Products. Reported EBIT rose to EUR66.1m (vs EUR24.8 m in Q3 FY25), while net