Forvia (FRVIA.PA): Forvia 1H26 pre-close call messages – expect FY26 guidance to be confirmed

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Forvia (FRVIA.PA): Forvia 1H26 pre-close call messages – expect FY26 guidance to be confirmed

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26 Jun 2026 03:15:19 ET │ 10 pages

Forvia (FRVIA.PA)

Forvia 1H26 pre-close call messages – expect FY26 guidance to be

confirmed

CITI’S TAKE Neutral / High Risk

Forvia delivered their 1H26 pre-close call messages this morning ahead of Price (25 Jun 26 17:30) €9.28

results on 31st July. With interiors treated as discontinued-operations the Target price €12.00

key group comps from 1H25 are sales €10.9bn and a 5.8% group margin.

Expected share price return 29.3% Overall Forvia continuing to see a contrasting regional picture with China

still weak (albeit slightly less bad vs 1Q26), Europe in-line and North Expected dividend yield 0.0%

America outperforming, with no meaningful increase in supply chain Expected total return 29.3%

disruptions but cost inflation higher on account of recent middle-east Market Cap €1,829M

impacts. Overall 2Q is seen progressing in-line with the FY plan and we US$2,082M

expect FY26 guidance to be confirmed at 1H results. 1H is expected to

benefit from continued cost savings, likely ~40% of FY26’s €110m savings

to fall in 1H26 with higher cash-out restructuring on the FCF bridge as

programs ramp. Cost recoveries expected to cover most of fresh inflation Ross MacDonaldAC

in 2026, but hence a higher 2H is expected. +44-20-7986-7547

ross.macdonald@citi.com

Conclusion: Company consensus looks for a 5.8% group margin 1H26, €599m adj.

EBIT vs VA cons FY26 Adj. EBIT at €1,243m; implying ~47%/53% group EBIT split 1H

vs 2H respectively. Today’s message was consistent with this consensus. Overall we

believe the current consensus 1H26 EBIT margin of 5.8% is in an appropriate place

and comments around FY26 guidance being on track should be good enough to take