2Q26 preview: Resilient quarter despite helium headwinds

研报英文原文证据摘录

2Q26 preview: Resilient quarter despite helium headwinds

Deutsche Bank

Research

Rating Company Date

Hold Autoliv 6 July 2026

Company Update

North America

United States

Reuters Bloomberg Exchange Ticker Price at 2 Jul 2026 (USD) 116.24

ALV.N ALV US NYS ALV

Price target 118.00

Consumer

52-week range 131.69 - 13.54

Autos & Auto Technology

2Q26 preview: Resilient quarter despite

Valuation & Risks helium headwinds

Edison Yu

2Q26 earnings Research Analyst

We expect Autoliv's 2Q26 revenue to be slightly above and operating income to be +1-212-250-7263

slightly below consensus. Outside of the continued Middle East conflict, the

Winnie Dong

quarter has been stable, but Autoliv may see some higher commodities cost in the Research Analyst

quarter related to helium, as the current geopolitical instability squeezed the supply +1-212-250-5121

of industrial-grade helium. This shortage has been particularly acute across Europe

James Mulholland, CFA

and North America and we believe this may not have been taken into account for the

Research Associate

quarter and year. On the revenue front, we expect 1Q26 sales to grow somewhat

+1-212-250-6026

driven by lower LVP but more than offset by FX and tariff recoveries. On profit, FX

should continue to be a positive factor, but commodities will continue to hit

Key changes

margins, especially the impact of helium as mentioned. We now expect margins to

EPS (USD) 10.54 to 10.52 ↓ -0.2%

grow by 20bps YoY to 9.4%. Net-net, we model $2.77bn in revenue and $263m in

11,134.0 to

operating profit. This compares to consensus figures of $2.75bn and $270m, Revenue (USDm) ↑ 0.2%

11,152.3

respectively.

Source: Deutsche Bank

Figure 1: 2Q26 - Revenue and EBIT Walk through

Revenue EBIT Op mgn

2Q25 2,714 251 9.2%

LVP/mix (54) (11)

FX 100 20

Commodities (5)