Gestamp Automoción (GEST) Q2 2026 earnings summary

Executive summary

• H1 2026 delivered solid results with revenues of €5,794 million and EBITDA of €651 million (excluding Phoenix Plan costs), despite a challenging automotive market and negative forex impacts.

• Net income rose significantly year-over-year to €110 million, supported by operational improvements and one-off accounting impacts.

• The Phoenix Plan in North America drove profitability improvements and restructuring, with actions largely sustainable.

• Strong free cash flow generation at €86 million (excluding Phoenix costs) supported a reduction in net debt to €1,771 million, the lowest first-half figure.

Financial highlights

• H1 2026 revenues: €5,794 million; EBITDA: €640 million (11.1% margin); EBIT: €265 million; net profit: €110 million.

• Adjusted net profit (excluding extraordinary items): €104 million, up 40% year-over-year.

• Free cash flow: €65 million (or €86 million excluding Phoenix costs); net debt at €1,771 million; leverage at 1.4x.

• Negative FX impact of €157 million on revenues in H1.

• Cash and cash equivalents plus current financial assets totaled €1,363.5 million at June 30, 2026.

Outlook and guidance

• Full-year 2026 guidance reiterated: group EBITDA margin above 11.7%, auto business above 11.9%, Gescrap above 7.4%.

• Group operating cash flow conversion expected at 35% for 2026.

• Phoenix Plan in North America on track to deliver over 10% EBITDA margin by year-end.

• Market environment expected to remain challenging, with global light vehicle production forecast to decline 2.1% in 2026.

• Market production outlook stabilized after several downward revisions since February.