Renault: 1H26 briefing call

研报英文原文证据摘录

Renault: 1H26 briefing call

30 June 2026

Stephen Reitman

+44 20 7762 5535

European Automobiles & Components stephen.reitman@bernsteinsg.com

Renault SA Steve Pereira Fernandes, CFA

+44 20 7676 7254

Rating steve.pereira-fernandes@bernsteinsg.com

Outperform Gali Salvatorelli Naraghi

Price Target +44 20 7676 6741

gali.salvatorelli-naraghi@bernsteinsg.com

RNO.FP 43.00 EUR

Harry Martin, CFA

+44 20 7676 8965

harry.martin@bernsteinsg.com

Renault held a pre 1H26 briefing call on 30 June after the market close, ahead of its 1H26

Close Date 30 Jun 2026

results which are scheduled for 30 July. The company delivered a reassuring message,

RNO.FP Close Price (EUR) 25.08

reiterating key points from the 1Q26 results and its FY26 guidance of 5.5% operating margin

Price Target (EUR) 43.00

and Industrial FCF of ~€1.0bn which will both be skewed more towards the second half.

Upside/(Downside) 71%

YTD registrations till May 2026 are down 1.8%, but it is worth noting that in line with typical 52-Week Range 41.91/24.66

seasonality June registrations are on the stronger side. EV orders have been noticeably EDME 1,582.25

stronger across the group in Q2 relative to Q1. The company attributed this to the roll-out FYE Dec

of new models like the Twingo as well as strength in existing models such as the Renault 5 Div Yield 8.8%

and 4, but also admitted that high oil prices have also made EVs more attractive from a TCO Market Cap (EUR) (M) 7,417

standpoint. France, Germany and the UK were the main markets where this dynamic was EV (EUR) (M) 3,786

observed. Orders started to pickup from mid-March and eventually stabilized in June. Group Performance YTD 1M 6M 12M

orderbook remained solid at around 2 months of forward sales. Absolute (%) (29.2) (15.2) (29.2) (35.9)

EDME (%) 7.6 2.1 7.6 18.2