Renault (RENA.PA): 1H unit sales points to ~5% EBIT margin, broadly in-line with Cons

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Renault (RENA.PA): 1H unit sales points to ~5% EBIT margin, broadly in-line with Cons

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23 Jul 2026 04:56:04 ET │ 11 pages

Renault (RENA.PA)

1H unit sales points to ~5% EBIT margin, broadly in-line with Cons

CITI'S TAKE

Buy Renault reported 618.9k units (up ~2% YoY) in 2Q26, slightly better than

with our and company cons expectations, and driving 1H26 unit sales Price (22 Jul 26 17:30) €26.36

1165k units (-0.4% YoY), reflecting improved sales quality, strong focus on Target price €38.00

value, and accelerated electrification of its lineup. This confirms what we Expected share price return 44.2%

heard during the pre-close, the weak volume start to FY26 has stabilised, Expected dividend yield 8.5%

retail mix remains very strong, new model profit contributions continue to Expected total return 52.7%

support EBIT, and Renault seems well-placed to benefit from the spike in

Market Cap €7,795M EU BEV orders and sales. We see 1H26 EBIT around €1.5bn and margin

US$8,896M near 5.0% (Citi/Cons: €1.44bn/1.47bn ; 4.9%/5.0% margin) and RNO

keeping FY26 guidance at ~5.5% Group EBIT margin, implying a stronger

2H margin around 5.5-6.0%. With very high expectations for a further

Renault guidance cut on EU pricing, likely priced in, we see a good chance Harald C HendrikseAC

that Renault surprises positively on 1H26 results, simply on good +44-2075-0858-10

execution. Buy. harald.hendrikse@citi.com

Ross MacDonald

Unit sales now stabilizing after a weak start – Renault reported improved June +44-20-7986-7547

sales at 182k, up 5% yoy, following weak May sales which were down 2%. French ross.macdonald@citi.com

sales grew in June (+2%), following declines over last 2months, while positive

Soumava Banerjeemomentum in Germany, UK & Italy continued. LCV unit sales improving in 2Q (+2%