OPmobility (OPM) Q1 2026 TU earnings summary

Executive summary

• Achieved stable organic revenue in Q1 2026, outperforming a global automotive market decline of 3.4%, with strong growth in North America and Asia driven by diversification and operational proximity to customers.

• Demonstrated resilience through regional and customer diversification, with joint ventures delivering double-digit like-for-like growth.

• No significant Q1 impact from Middle East geopolitical tensions due to absence of production sites in the region, but ongoing monitoring and contingency planning are in place.

• Strategic focus remains on diversification, operational agility, and pursuing key M&A opportunities in China and Korea, including JV expansion and potential Hyundai Mobis lighting acquisition.

Financial highlights

• Q1 2026 economic revenue was €2,846 million, stable like-for-like, with consolidated revenue at €2,523 million, down -6.3% reported due to negative FX effects.

• Outperformed the market by 3 points (economic) and 1 point (consolidated), with strong contributions from joint ventures in China and South Korea.

• Powertrain segment grew +5.5% like-for-like to €654 million, driven by higher fuel tank volumes in North America and new contracts in hybrid and hydrogen technologies.

• Modules segment revenue rose +2.6% like-for-like to €912 million, led by U.S. module assembly and new robotaxi programs.

• Exterior and Lighting revenue declined -5% to -9% like-for-like to €1.3 billion, mainly due to lower production volumes and delayed launches in Europe.

Outlook and guidance

• 2026 financial ambition and operating margin guidance remain unchanged, with targets for operating margin, net result, and free cash flow to exceed 2025 levels and net debt to be lower.

• Confirms ability to outperform the market in China for the full year, leveraging JV expansion and product diversification.

• Expects Lighting segment recovery from Q2 2026 as new programs ramp up, especially in North America and Mexico.

• H1 expected to benefit from strong fuel systems volumes; H2 seasonality uncertain due to external factors.

• Closely monitoring geopolitical developments and pursuing strategic opportunities, including JV expansion in China and Hyundai Mobis lighting acquisition.