Aumovio (AMV0) investor relations material

Executive summary

• 9M adjusted sales fell 9.8% YoY to €12.619bn; adjusted EBIT declined 29.0% to €294mn, with a 2.3% margin or 3.1% excluding the BMW settlement.

• Q3 adjusted EBIT margin rose to 3.5% from 3.4% despite an 11.6% decline in adjusted sales; cost discipline and R&D efficiencies supported profitability.

• FY26 guidance was confirmed, with adjusted sales expected toward the lower end of €17.0bn–€17.5bn; adjusted EBIT margin and normalized FCF guidance remain 3.0%–4.0% and €500mn–€700mn.

• Q3 order intake doubled YoY to €6.4bn; 9M order intake was €14.6bn versus €14.7bn.

Financial highlights

• Q3 adjusted sales were €3.970bn and adjusted EBIT €137mn, down 10.5% YoY; adjusted EBIT margin increased 0.1 percentage point to 3.5%.

• 9M adjusted FCF was -€297mn versus -€150mn; normalized FCF was €111mn versus €202mn. Q3 adjusted FCF was -€120mn, weighed by inventory build and the BMW settlement payment.

• 9M reported EBIT was -€467mn versus -€133mn, and net loss attributable to shareholders widened to €669mn from €251mn.

• Adjusted EBIT-to-IFRS adjustments totaled -€761mn in 9M, including restructuring, separation, disposal effects and impairments.

Outlook and guidance

• FY26 guidance: adjusted sales €17.0bn–€17.5bn, adjusted EBIT margin 3.0%–4.0%, normalized FCF €500mn–€700mn; FY sales are expected toward the lower end of the range.

• Restructuring cash outflow guidance increased to €650mn from €600mn as measures advanced faster; Q4 customer recoveries are central to achieving FY guidance.

• Management expects 2027 revenue broadly stable versus 2026, with growth returning in 2028; 2027 gross semiconductor-related cost headwind is at least €1bn, with full customer recovery targeted.

• Q4 is expected to be a strong sales, EBIT and cash-flow quarter; ACM is expected to reach break-even, while restructuring cash outflows should decline in 2027 but remain elevated.

• Segment outlook: ACM expects significant sales decline and moderate margin improvement; SAM expects significant sales decline and moderate margin decline; UX sales are expected to decline moderately with stable margins.