Q2/H1-26 preview: small margin and cash improvements

研报英文原文证据摘录

Q2/H1-26 preview: small margin and cash improvements

Deutsche Bank

Research

Rating Company Date

Hold OPMOBILITY 22 June 2026

Company Update

Europe

France

Reuters Bloomberg Exchange Ticker Price at 19 Jun 2026 (EUR) 14.33

OPM.PA OPM FP PAR OPM

Price Target (EUR) 14.00

Autos

52-week range (EUR) 17.63 - 10.72

Auto Parts

Q2/H1-26 preview: small margin and

Valuation & Risks cash improvements

Christoph Laskawi

H1-26 results due on July 22, 2026 Research Analyst

OPMobility is set to report H1-26 results on July 22 pre market open and will host +49-69-910-31924

a conference call the same morning. We expect the company to post small margin

Nicolai Kempf

and cash improvements on a y/y basis despite the top-line decline that is anticipated Research Analyst

and headwinds from inflation with a delayed recovery. At this stage and with a +49-162-5168792

rather in-line start, we do not expect any change to the 2026 outlook.

Nikita Papaccio

Research Analyst

Q2/H1-26 preview in more detail: small margin and cash improvement +49-69-910-48637

For Q2-26, we model revenues to be down in low single digits as the FX headwind

Tim Rokossa

is fading sequentially and the like-for-like growth is expected to turn slightly

Head of European Equity Research

positive. Scope should have a minor impact only. We expect to see outperformance +49-69-910-31998

trends close to the first quarter across the regions. This implies H1-26 to be down

in mid single digits on the topline. While absolute operating income is forecasted Mira Wiegratz

Research Associate

to be down slightly, we expect cost control to deliver a 10bps margin uplift despite

+49-69-9103-1733

of headwinds from inflation and a time lag in indexed recovery. As a result,

seasonality of earnings is likely more balanced in FY26 than usual.