Schaeffler (SHA0) investor relations material

Executive summary

• Q3 EBIT margin before special items was 4.2%; 9M margin was 4.5%, and Q3 free cash flow was +€260m.

• FY 2026 guidance and 2028 mid-term targets were confirmed amid challenging conditions; priorities include E-Mobility recovery, structural self-help and portfolio optimization.

• Humanoid order book reached €400m after two new production customers placed orders.

Financial highlights

• Q3 sales were €5,814m, down 2.0% YoY on an FX-adjusted basis; EBIT before special items was €245m, with a 4.2% margin.

• 9M sales were €17,481m; EBIT before special items was €794m, with a 4.5% margin.

• Q3 free cash flow was +€260m versus +€175m YoY; 9M free cash flow was -€40m versus +€47m, before M&A cash flows.

• E-Mobility actions carry ~€240m in one-off charges, including ~€220m in Q3, to address overcapacity, capitalized R&D and portfolio streamlining.

• The E-Mobility cleanup is expected to support a positive double-digit million-euro EBIT effect in subsequent years through write-offs and lower depreciation.

Outlook and guidance

• FY 2026 guidance: sales €22.5–24.5bn, EBIT margin 3.5%–5.5% before special items, and free cash flow €100–300m before M&A cash flows.

• 2028 targets: sales €24–26bn, EBIT margin 6%–8% before special items, and free cash flow €400–600m before M&A cash flows.

• 2028 divisional targets include E-Mobility sales of €6.25–7.25bn and margin of -4%–0%; Powertrain & Chassis sales of €8–8.75bn and margin of 10.5%–12.5%.

• The 4,700 gross-reduction program is on track to finish one year early; expected EBIT impact exceeds €350m versus the original €290m target.