Schaeffler (SHA0) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw 1.0% FX-adjusted sales growth year-over-year to €5.8 billion, with E-Mobility leading growth and other divisions showing mixed results despite a challenging environment.

• EBIT margin before special items improved to 5.0% from 4.7% in the prior year, supported by operational improvements and lower R&D costs.

• Free cash flow before M&A was negative at €-209 million, impacted by seasonal factors, restructuring payments, and inventory build-up.

• Net income attributable to shareholders was €60 million, with EPS of €0.06, down from €0.09 in Q1 2025 due to a lower financial result.

• Humanoid robotics business advanced with five contracts secured and first SOPs expected in Q2 2026.

Financial highlights

• Q1 2026 revenue: €5,764 million, up 1.0% at constant currency from €5,924 million in Q1 2025.

• Gross profit margin stable at 21.6% year-over-year.

• EBIT before special items: €285 million, EBIT margin 5.0% (up from 4.7%).

• Free cash flow before M&A: €-209 million (prior year: €-155 million).

• Net financial debt: €5,143 million as of March 31, 2026; leverage ratio at 2.2x.

Outlook and guidance

• Full-year 2026 guidance confirmed: revenue €22.5–24.5 billion, EBIT margin before special items 3.5–5.5%.

• Free cash flow before M&A projected at €100–300 million for FY 2026.

• E-Mobility and humanoid robotics expected to drive future growth, with humanoid revenues ramping up from 2027 onward.

• Global light vehicle production forecast to decline by 1.8% in 2026; industrial production expected to grow 2.5–3.0%.

• Management remains confident in achieving targets despite macroeconomic and geopolitical uncertainties.