Gestamp Automoción (GEST) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues reached €2,834 million, down 5% year-on-year, mainly due to negative Forex and lower production volumes, but sales outperformed the market decline.

• EBITDA margin improved to 11% from 10.4% in Q1 2025, driven by efficiency measures and the Phoenix Plan, with reported EBITDA at €303 million and €307 million excluding Phoenix impacts.

• Net income rose to €49 million from €27 million in Q1 2025, aided by strong EBITDA, one-off financial income, and lower exchange losses.

• The Phoenix Plan remains a key priority, supporting sustained profitability and efficiency, especially in North America.

Financial highlights

• Revenues decreased 5% year-on-year, mainly due to negative Forex impact.

• EBITDA reached €303 million (10.7% margin); excluding Phoenix impact, EBITDA was €307 million (10.8% margin).

• EBIT decreased by 5% to €114 million, with a flat margin of 4% due to higher one-off amortizations.

• Net debt at quarter-end was €1,977 million, down €242 million year-on-year, the lowest Q1 level since IFRS 16.

• Free cash flow was negative due to seasonality and higher working capital outflows.

Outlook and guidance

• Full-year 2026 EBITDA margin guidance reiterated at over 11.7% for the group and 11.9% for the auto business.

• Gescrap expected to achieve EBITDA margin above 7.4% for 2026.

• Group operating cash flow conversion target of 35% for 2026 reaffirmed.

• Management prepared for potential supply chain or cost inflation risks due to geopolitical uncertainty, with resilience plans in place.