Q2 preview: Focus remains on Phoenix and profitability progression

研报英文原文证据摘录

Q2 preview: Focus remains on Phoenix and profitability progression

Deutsche Bank

Research

Rating Company Date

Hold Gestamp 3 July 2026

Company Update

Europe

Spain

Reuters Bloomberg Exchange Ticker Price at 1 Jul 2026 (EUR) 2.83

GEST.MC GEST SM MCE GEST

Price Target (EUR) 3.25

Autos

52-week range (EUR) 3.53 - 2.83

Auto Parts

Q2 preview: Focus remains on Phoenix

Valuation & Risks and profitability progression

Christoph Laskawi

Q2-26 results due on July 30th , 2026 Research Analyst

Gestamp is due to report Q2-26 results post market close on July 30th and will host +49-69-910-31924

a conference call the same day. We expect Q2-26 to broadly reflect the trends

Mira Wiegratz

observed in Q1, with revenues remaining broadly stable y/y despite a challenging Research Associate

production environment. Usual seasonality appears largely intact, supporting a +49-69-9103-1733

sequential improvement versus Q1 on the margin side. The latter should result in a

Tim Rokossa

decent q/q step up of the EBITDA margin. The Phoenix Plan continues to progress

Head of European Equity Research

according to schedule, although implementation costs are expected to remain

+49-69-910-31998

visible in the quarter. No operational impact from the recent Middle East conflict has

been observed so far. On the back of our Q2-26 modelling, we do not expect the Nicolai Kempf

company to introduce changes to the outlook. Research Analyst

+49-162-5168792

Q2-26 in more detail - stable revenues, profitability remains supported by Nikita Papaccio

execution Research Analyst

For Q2-26, we expect revenues of EUR2.87bn, broadly stable y/y. This is based on +49-69-910-48637

only a minor FX headwind and modest organic growth thanks to outperforming

production in North America and Asia.