Brembo SpA Q2 wrap: delivering now, building for the future

研报英文原文证据摘录

Brembo SpA Q2 wrap: delivering now, building for the future

ather than

UBS Cons.

meaningful contribution from Sensify. Management highlighted a particularly solid Q3 12/26E 0.66 0.70

order intake, underpinning confidence in the upgraded outlook. The aftermarket 12/27E 0.76 0.84

business also remained a key source of resilience, supported by both geographic 12/28E 0.94 0.94

expansion and a broader product offering.

Juan Perez-Carrascosa

Margins reflect near-term investments rather than fundamental weakness Analyst

juan-perez.carrascosa@ubs.com

Despite the stronger revenue outlook, mgmt. maintained its EBITDA margin guidance. +34-91-436 9025

This is due to ongoing investments in future growth initiatives, particularly Sensify, as

David Lesnewell as temporary operational headwinds. The company is still absorbing certain ramp-

Analyst

up costs, elevated logistics expenses and some inefficiencies at individual plants. Raw david.lesne@ubs.com

material inflation remains manageable given contractual pass-through mechanisms, +33-14-888 3034

albeit with a short lag. Looking beyond FY26, management reiterated confidence that

Patrick Hummel, CFA

earnings growth should benefit from new product launches, increasing aftermarket

penetration and lower capital intensity once the current investment cycle moderates. patrick.hummel@ubs.com

+41-44-239 52 54

Resilient supplier with attractive optionality

We believe the positive share price reaction reflects not only the earnings beat but also

Brembo's positioning as a high-quality automotive supplier, combining high margins,

low financial leverage, premium exposure and a powertrain-agnostic business model.

While near-term volatility may persist due to cost inflation, China uncertainty and muted