Aumovio (AMV0) investor relations material

Executive summary

• Adjusted sales for H1 2026 declined 8.9% year-over-year to €8.65 billion, mainly due to lower volumes, adverse currency effects, and portfolio streamlining, with all business areas affected.

• Adjusted EBIT dropped to €157 million (1.8% margin), impacted by a major BMW settlement, but would have been €258 million (3.0% margin) excluding this effect.

• Major technology partnership and settlement with BMW included a €1.5 billion order and a €302–350 million settlement, strengthening future collaboration and impacting EBIT and cash flow.

• Streamlining of the global footprint continued with plant sales and closures, targeting fewer than 45 production locations worldwide.

• Operational progress and efficiency improvements were achieved despite challenging market conditions and ongoing transformation.

Financial highlights

• Q2 2026 adjusted sales were €4.2–4.3 billion, down 8.6–10% year-over-year; adjusted EBIT was €50 million (1.2% margin), or €152 million (3.5% margin) excluding BMW settlement.

• Adjusted free cash flow for H1 2026 was -€177 million, while normalized free cash flow improved to €113–130 million, driven by lower CapEx.

• Net cash position remained strong at €1.2–1.25 billion, with reduced pension liabilities and an equity ratio of 52.9%.

• CapEx discipline maintained, with Q2 2026 CapEx at 3.2% of sales and total H1 CapEx at €231 million.

• Net income for H1 2026 was -€597 million, mainly due to one-off items, impairments, and the BMW settlement.

Outlook and guidance

• Full-year 2026 guidance: adjusted sales of €17.0–17.5 billion (previously up to €18.5 billion), adjusted EBIT margin of 3.0–4.0% (previously up to 5.0%), and normalized free cash flow of €500–700 million.

• Guidance was refined downward due to weak market development, higher input costs, and the BMW settlement.

• R&D net/sales targeted below 9% long-term, with >€200 million savings in 2026.

• Cash outflows for restructuring, spin-off, and BMW settlement expected at €600 million for 2026.

• Global automotive production expected to decline slightly in 2026, with lower volumes in Europe, North America, and China.