2Q26: Another Tires margin beat

研报英文原文证据摘录

2Q26: Another Tires margin beat

Update

August 4, 2026 06:51 AM GMT

Morgan Stanley Europe S.E., Madrid Branch+MContinental AG | Europe Javier Martinez de Olcoz Cerdan

Equity Analyst

2Q26: Another Tires margin Javier.Martinez.Olcoz@morganstanley.comMorgan Stanley & Co. International plc+ +34 9141-81289

Matias Rodriguez Florez-Estrada

Research Associatebeat Matias.Rodriguez@morganstanley.com +44 20 7425-1091

Shaqeal A Kirunda

AlphaSignals Earnings Reaction Equity Analyst

Shaqeal.Kirunda@morganstanley.com +44 20 7425-0736

Unchanged Modest upside Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month Continental AG (CONG.DE, CON GY)

consensus EPS

Autos & Shared Mobility | Germany

Source: Company data, Morgan Stanley Research

Stock Rating Equal-weight

Industry View In-Line

Key Takeaways PriceShr price,targetclose (Aug 3, 2026) €62.00€72.36

52-Week Range €77.50-53.10

We expect a flat to positive market reaction relative to SXAP today Mkt cap, curr (mn) €14,472

Net debt (12/26e) (mn)* €4,702

2Q26 group revenues in line, adj. EBIT 6% ahead EV, curr (mn)* €20,019

Tires adj. EBIT margin ahead of top of FY guidance range * = GAAP or approximated based on GAAP

FY26 revenue and margin outlook confirmed, adjusted for ContiTech Sale

Exhibit 1 : Continental's Adj. EBIT Margin

2Q26 Group revenues in line; adj. EBIT 6% ahead: Continental reported 2Q sales

of €4.4bn, flat y/y on an underlying basis given new scope and in line with 18%16%

consensus expectations. Tires sales came in broadly in line with consensus at 14%

€3.3bn, also flat y/y organically. ContiTech, now classified as a discontinued 12%

10%

operation, came in slightly below street at €1.1bn, a c. 30% y/y decline mainly driven 8%

by the sale of the OESL business in February 2026.