Aumovio Q2 2026 briefing: Quarterly outlook in-line with expectations, FY also likely within range

研报英文原文证据摘录

Aumovio Q2 2026 briefing: Quarterly outlook in-line with expectations, FY also likely within range

NSTEIN FLASHMAIL

6 July 2026

Harry Martin, CFA

+44 20 7676 8965

European Automobiles & Components harry.martin@bernsteinsg.com

AUMOVIO SE Steve Pereira Fernandes, CFA

+44 20 7676 7254

Rating steve.pereira-fernandes@bernsteinsg.com

Market-Perform Gali Salvatorelli Naraghi

Price Target +44 20 7676 6741

gali.salvatorelli-naraghi@bernsteinsg.com

AMV0.GR 38.00 EUR

Stephen Reitman

+44 20 7762 5535

stephen.reitman@bernsteinsg.com

Specialist Sales

James BradyAumovio Q2 2026 briefing: Quarterly outlook in-line+44 20with7762 5272

expectations, FY also likely within range james.brady@bernsteinsg.com

Aumovio held a Q2 briefing call today at 5pm BST (6pm CET).

Volumes/Sales. Aumovio gave some commentary ahead of Q2 results. Global LV production fell -1.8% yoy in 2Q26, with Europe

performing the weakest having fallen -3.3%, then China by -3.1%, and finally North America by -1.4%. Adj. Sales are expected to

be stable sequentially (company compiled consensus +0.0% yoy) , with mix changes, the phase-out of lower margin businesses and

FX effects all being factored in. Sequentially flat implies a yoy decline of around 7%, suggesting the company is underperforming LV

production by 5% including the deliberate phase outs and closures.

Adj. EBIT Margin. Although restructuring measures have supported profitability, Q2 Adj. EBIT margin is expected to come in down yoy

vs the 3.5% recorded in 2Q25, but up vs the Q1 level of 2.4%. Consensus stands at 3.2% (Bern estimate 3.1%), broadly in line with

what the company is guiding for. 2026 should follow typical margin seasonality and increase each quarter as we progress through the

year.