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Stabilus SE Interim / Quarterly Report 2026
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Interim / Quarterly Report
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STABILUS
Q2 FY2026 RESULTS
ANALYST & INVESTOR WEB CONFERENCE
MAY 4, 2026
MOTION CONTROL
DISCLAIMER
STABILUS
Stabilus SE (the "Company", later "Stabilus") has prepared this presentation solely for your information. It should not be treated as giving investment advice. Neither the Company, nor any of its directors, officers, employees, direct or indirect shareholders and advisors nor any other person shall have any liability whatsoever for any direct or indirect losses arising from any use of this presentation.
While the Company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained in it are fair and reasonable, this presentation is selective in nature. Any opinions expressed in this presentation are subject to change without notice and neither the Company nor any other person is under any obligation to update or keep current the information contained in this presentation. Where this presentation quotes any information or statistics from any external source, you should not interpret that the Company has adopted or endorsed such information or statistics as being accurate. This presentation contains forward-looking statements, which involve risks, uncertainties and assumptions that could cause actual results, performance or events to differ materially from those described in, or expressed or implied by, such statements. These statements reflect the Company's current knowledge and its expectations and projections about future events and may be identified by the context of such statements or words such as "anticipate," "believe", "estimate", "expect", "intend", "plan", "project" and "target". No obligation is assumed to update any such statement.
Numbers were rounded to one decimal. Due to rounding, numbers presented may not add up precisely to the totals provided.
KEY TAKEAWAYS
STABILUS
NEAR-TERM RESILIENCE - LONG-TERM STRATEGY INTACT
Streamlining industrial footprint in Asia, new plant in Suzhou.
New business wins in North America's independent aftermarket for electromechanical drives.
Expansion of defense applications; secured orders in mid-single-digit million range.
Investment in STAR 2030 growth platforms; developing solutions for the fast-growing robotics market – Stabilus4Automation.
Largely completed personnel-related measures (one of the three pillars of the transformation program).
Higher resilience due to Stabilus' diversified product portfolio and "local for local" approach.
KEY FINANCIALS
STABILUS
STABLE MARGIN, DESPITE LOWER REVENUE IN Q2 FY26 Y/Y
REVENUE
€304.9m
(PY: €338.0m)
ADJ. EBIT MARGIN
11.2%
(PY:11.2%)
SELECT PRODUCT APPLICATIONS IN DEFENSE
STABILUS
> Orders in mid-single-digit euro million range secured at Enforce Tac security trade fair, scheduled for the phased delivery through the end of FY2027.
> Expected revenue with defense applications of the Industrial Components business unit (i.e., largely dampers and gas springs) of €3.2m in FY2025 to triple by FY2030.
INAUGURATION OF A NEW PLANT IN SUZHOU, CHINA
STABILUS
COMBINING INDUSTRIAL EXPERT BRANDS IN CHINA
HEADWINDS: CURRENT MARKET ENVIRONMENT
STABILUS
Higher level of competition and pricing pressure in automotive markets, particularly in APAC¹. In Q2 FY26, global light vehicle production (LVP) round 3% below the prior-year level.
Unfavorable currency translation effects, primarily from USD and CNY conversion.
Continuing subdued customer sentiment in industrial market segments with lower willingness to invest in capital goods, amid a mixed industrial production environment with slight declines in the EU and stronger growth in the US and China.
Higher risk of supply chain disruptions due to the current conflicts in the Middle East. Inflationary and economic risks on the rise, growing concerns about global economic growth.
¹ See a list of acronyms in appendix.
BUSINESS DEVELOPMENT BY MARKET SEGMENT
STABILUS
| ICON | MARKET SEGMENT | % CHANGE Y/Y |
|---|---|---|
| Automotive (AGS and APR) | ▼ 16% | |
| Industrial Machinery & Automation (IMA) | ▼ 10% | |
| Distributors, Independent Aftermarket, E-commerce (DIAMEC) | ▲ 0% | |
| Commercial Vehicles (CV) | ▲ 3% | |
| Health, Recreation & Furniture (HRF) | ▼ 6% | |
| Energy & Construction (EC) | ▼ 5% | |
| Aerospace, Marine & Rail (AMR) | ▲ 5% |
Revenue affected by unfavorable currency effects. Organic development in diversified industrial business more resilient than in automotive.
STABILUS GROUP IN Q2 FY2026
STABILUS
REVENUE AND EARNINGS IMPACTED BY CURRENT MARKET ENVIRONMENT
REVENUE (€M)
☐ % organic growth
ADJ. EBIT (€M)
☐ % margin
PROFIT (€M)
☐ % revenue
ADJ. FCF (€M)
☐ % revenue
Revenue ▼ 9.8% y/y
- Organic -6.6%, FX -3.2% y/y
- Soft automotive business, predominantly in APAC¹ and Americas
- Destaco revenue synergies €2.4m
¹ See a list of acronyms in appendix.
Adj. EBIT margin ▲ 0bp y/y
- Organic -5.8%, FX -3.7% y/y
- Reduction of R&D, selling and administrative expenses by €7.6m y/y, driven by the stringent execution of the transformation program
- Destaco cost synergies €0.6m
Profit margin ▼ 20bp y/y
- Profit from operating activities (EBIT) down by €1.3m y/y
- Higher finance costs by €0.1m and higher income tax expenses by €0.4m y/y
Adj. FCF % revenue ▼ 4.1pp y/y
- Adjustments to FCF €4.7m (PY €2.0m)
- Lower cash inflow from operations by €23.0m y/y due to higher NWC, in particular higher trade accounts receivable as of end March 2026
STABILUS GROUP IN H1 FY2026
STABILUS
REVENUE AND EARNINGS IMPACTED BY CURRENT MARKET ENVIRONMENT
REVENUE (€M)
☐ % organic growth
ADJ. EBIT (€M)
☐ % margin
PROFIT (€M)
☐ % revenue
ADJ. FCF (€M)
☐ % revenue
Revenue ▼ 10.2% y/y
- Organic -6.7%, FX -3.5% y/y
- Soft automotive business, predominantly in APAC
- Destaco revenue synergies €4.1m
Adj. EBIT margin ▼ 80bp y/y
- Organic -12.3%, FX -3.7% y/y
- Reduction of R&D, selling and administrative costs by €14.3m y/y, driven by the stringent execution of the transformation program
- Destaco cost synergies €1.1m
Profit margin ▼ 90bp y/y
- Profit from operating activities (EBIT) down by €8.3m y/y
- Higher finance costs by €2.4m and lower income tax expenses by €2.7m y/y
Adj. FCF % revenue ▲ 60bp y/y
- Adjustments to FCF €6.5m (PY €4.0m)
- Lower cash inflow from operations by €15.1m y/y, lower cash outflow for investing activities by €13.6m y/y
STABILUS
STABILUS GROUP: STABLE MARGIN, DESPITE LOWER REVENUE IN Q2 FY26 Y/Y
REVENUE (€M)
ADJ. EBIT (€M) AND ADJ. EBIT MARGIN (%)
Organic FX
-6.6% -3.2%
Lower revenues primarily in Automotive business units.
Organic growth in Industrial Components by 4.0% y/y.
Q2 margin Change y/y
11.2% 0.0pp
Stable margin y/y, improved margin q/q due to effective and stringent cost management as well as first cost savings from ongoing transformation program.
AMERICAS: REVENUE AND EARNINGS IMPACTED BY WEAK US DOLLAR AND SOFTER AUTOMOTIVE BUSINESS
STABILUS
REVENUE (€M)
ADJ. EBIT (€M) AND ADJ. EBIT MARGIN (%)
Organic FX
-6.8%
-4.7%
Lower revenues predominantly in Automotive business units.
Organic growth y/y:
Industrial Components +1.9%,
Industrial Automation (Destaco) +6.0%.
02 margin Change y/y
8.8%
-2.7pp
Higher workforce turnover in US and Mexican gas spring operations impacting efficiency; specific measures taken to address these issues led to improvements over the last three quarters.
Continuing margin recovery in the last three quarters, supported by cost savings from the ongoing transformation program.
EMEA: MARGIN IMPROVEMENT AT STABLE REVENUE
STABILUS
REVENUE (€M)
ADJ. EBIT (€M) AND ADJ. EBIT MARGIN (%)
Organic FX
+0.4% -1.0%
Lower revenues primarily at Industrial Automation (Destaco) business unit.
Organic growth y/y:
Industrial Components +4.3%,
Automotive Powerise +0.9%.
Q2 margin Change y/y
11.2% +0.9pp
Margin improvement by 90bp y/y, including cost savings from ongoing transformation program.
SPORT
STABILUS
APAC: MARGIN IMPROVEMENT DESPITE LOWER VOLUMES AND UNFAVORABLE CURRENCY EFFECTS
REVENUE (€M)
ADJ. EBIT (€M) AND ADJ. EBIT MARGIN (%)
Organic FX
-21.5% -5.1%
Lower revenues in Automotive business units, especially in Automotive Powerise.
Organic growth in Industrial Components by 11.2% y/y.
Q2 margin Change y/y
16.7% +4.5pp
Significant margin increase y/y; effective cost management and a few one-time savings leading to higher adj. EBIT margin y/y and offsetting negative volume and currency impacts.
STABILUS
EFFECTIVE COST MANAGEMENT OFFSETTING NEGATIVE VOLUME IMPACT AND PROTECTING EBIT MARGIN
Q2 FY25 - Q2 FY26 ADJ. EBIT BRIDGE (€M)
- Stable gross margin at 27.6% in Q2 FY26 (PY: 27.7%), despite revenue dip of €33.1m and, as a result, gross profit reduction by €9.3m y/y (impact of revenue change).
- In addition, significant reduction in overhead costs (administrative, selling and R&D expenses) leads to a stable adj. EBIT margin of 11.2% in Q2 FY26 (PY: 11.2%).
15
FREE CASH FLOW IMPACTED BY INCREASE IN NET WORKING CAPITAL
STABILUS
Q2 FY26 CASH FLOW OVERVIEW (€M)
- Change in Net Working Capital (NWC) is mainly due to the increase in trade accounts receivable in Q2 FY26 (€150.5m as of end Q1 FY26 vs. €178.2m as of end Q2 FY26).
- Adjustments comprise payout of €0.6m for reorganization and €4.1m for transformation (personnel related measures) in Q2 FY26.
NET LEVERAGE RATIO AT 3.21 AS OF END MARCH 2026
STABILUS
Net financial debt as of end of quarter in €m | Net leverage ratio = net financial debt / LTM adj. EBITDA
- Since end FY2024, net financial debt was reduced by €25.7m or 3.8%.
- A slight setback in Q2 FY26: net financial debt increased to €642.7m and net leverage ratio to 3.21.
- Our goal remains to reduce net leverage ratio below 2.0 within the next three years at the latest.
STABILUS
NWC/REVENUE RATIO INCREASED TO 20% IN Q2 FY2026
NWC as of end of quarter in €m | NWC/revenue ratio = NWC in % of LTM revenue
NWC = Inventories + TAR - TAP | TAR = trade accounts receivable | TAP = trade accounts payable
- NWC/revenue ratio increased by 2.7pp q/q to 20.0% as of end Q2 FY26.
- Net working capital (NWC) amounts to €245.8m as of end Q2 FY26, up €27.2m vs. previous quarter Q1 FY26, driven by increased trade accounts receivable (TAR) resulting from strong sales momentum in March 2026.
- Receivables sold under the factoring program as of end March 2026: €27.2m (Sept 2025: €25.8m).
| Item | Q1 FY26 | Q2 FY26 | Q/Q Δ |
|---|---|---|---|
| Inventories | 211.4 | 210.8 | -0.6 |
| TAR | 150.5 | 178.2 | +27.7 |
| TAP | 143.3 | 143.2 | -0.1 |
| NWC | 218.6 | 245.8 | +27.2 |
UPDATE ON STRATEGY EXECUTION
STABILUS
| Strategy pillars | Key achievements | Focus / next milestones |
|---|---|---|
| > Industrial Powerise solutions > Door actuations systems > Automated production lines for Powerise | > Industrial automation and defense applications > Solutions for humanoid robots | |
| > Stabilus4Automation > Employee engagement | > Stronger use of AI > AI and data driven company | |
| > Solar power systems > Use of renewable energy > Margin recovery / protection | > Stronger focus on growth > Margin improvement | |
| > Local R&D > New plant in Suzhou | > Further empowerment > Local decision making > Product localization, cost structure | |
| > Higher plant efficiency > Higher level of automation > Improved labor productivity | > Deliver further cost savings and productivity improvements > Operational excellence |
TRANSFORMATION PROGRAM: FIRST COST SAVINGS
STABILUS
Utilization of provision for restructuring expenses in H1 FY2025: €5.5m
Cash outflow in H1 FY2026: €1.4m for reorganization and €5.0m for transformation
Cost savings in H1 FY2026: €14.3m
Expected savings in the next fiscal years:
c. €19m cost savings in FY2027
c. €32m recurring annual cost savings from FY2028 onwards
TRANSFORMATION PROGRAM IS WELL ON TRACK
STABILUS
PROGRESS
Organizational transformation
Adjustments to the organizational structure, reduction of hierarchical layers, alignment of processes to foster stronger customer focus and faster decision-making.
Location-related measures
Consolidation of office and production facilities (e.g., consolidation of our facilities in Germany, the USA, Singapore and Thailand).
Personnel-related measures
Workforce reduction by around 450 employees (c. 6% of global workforce), predominantly in EMEA and Americas.
The transformation program is proceeding as planned. Personnel-related measures are largely completed.
MODEL CORPORATE CITIZEN: UPDATE ON SUSTAINABILITY
STABILUS
USE OF RENEWABLE ENERGY IN ELECTRICITY MIX
H1 FY25: 50%
H1 FY26: 52%
Up 20bp y/y
ELECTRICITY FROM OWN SOLAR POWER SYSTEMS
H1 FY25: 574 MWh
H1 FY26: 739 MWh
Up 29% y/y
REDUCTION OF CO₂ EMISSIONS¹
H1 FY25: -262 tons
H1 FY25: -315 tons
Up 20% y/y
SUSTAINABILITY RATINGS
CDP Climate score: B (scale: A to D-)
ISS ESG score: C+ (Prime) (scale: A+ to D-)
Sustainalytics "medium risk", 26.2 out of 100 points
¹ Reduction of CO2 emissions by solar power systems (in metric tons).
INVESTMENT FOCUS ON INNOVATIVE NEW PRODUCTS
STABILUS
- Capex at 5.6% of group revenue in H1 FY26, below the FY2025 level of 6.8%.
- A lower capex y/y will support faster deleveraging while keeping up the pace of innovation.
- Important investment projects:
- radar technology,
- smart door actuation,
- electric grippers,
- automation of production facilities.
Capital expenditure (CAPEX) in €m | Capex in % revenue
KEY PRIORITIES FOR THE QUARTERS AHEAD
STABILUS
SUMMARY
STABILUS
The H1 FY2026 revenue and earnings development was significantly impacted by the current market environment.
Stabilus' "local for local" approach and natural hedge foster resilience in current geopolitical situation.
Transformation program is on track; first cost savings in H1 FY26.
Despite the headwinds, we continue to pursue our long-term strategy STAR 2030, focusing on profitable and sustainable growth, customer and employee satisfaction, innovation and sustainability.
OUTLOOK: MARKETS AND ECONOMY
STABILUS
Moderate global growth with a slightly improved outlook (IMF).
Uneven regional development, with softer growth in Europe and stronger momentum in the US and China.
Macroeconomic environment shaped by geopolitical tensions, trade uncertainties and ongoing supply chain disruptions.
Global light vehicle production (LVP) expected to remain broadly flat at c. 92m units in FY2026; slight improvement in industrial markets in H2 FY26.
CONFIRMING GUIDANCE FOR FY2026
STABILUS
| | FY2025
Actual | FY2026
Forecast |
| --- | --- | --- |
| Revenue | €1,296.1m | €1.1bn - €1.3bn |
| Adj. EBIT
margin | 11.0% | 10% - 12% |
| Adj. FCF | €119.0m | €80m - €110m |
> The forecast range reflects difficult market conditions, macroeconomic and geopolitical uncertainties.
> We confirm our FY2026 guidance from December 8, 2025.
Q&A SESSION
APPENDIX
REVENUE AND ADJUSTED EBIT MARGIN BY QUARTER
STABILUS
REVENUE
STABILUS
THREE MONTHS ENDED MARCH 31, 2026
REVENUE (€M)
| 02 FY2025 Actual | 02 FY2026 Actual | Change | % change | Acquisition effect | Currency effect | Organic growth | |
|---|---|---|---|---|---|---|---|
| Automotive Gas Spring | 31.7 | 30.9 | (0.8) | (2.5)% | 0.0% | (0.1)% | (2.4)% |
| Automotive Powerise | 27.9 | 27.5 | (0.4) | (1.4)% | 0.0% | (2.3)% | 0.9% |
| Industrial Components | 71.1 | 73.4 | 2.3 | 3.2% | 0.0% | (1.1)% | 4.3% |
| Industrial Automation (Destaco) | 13.4 | 11.5 | (1.9) | (14.2)% | 0.0% | (0.2)% | (14.0)% |
| EMEA | 144.1 | 143.3 | (0.8) | (0.6)% | 0.0% | (1.0)% | 0.4% |
| Automotive Gas Spring | 28.7 | 25.1 | (3.6) | (12.5)% | 0.0% | (4.0)% | (8.5)% |
| Automotive Powerise | 38.5 | 31.2 | (7.3) | (19.0)% | 0.0% | 3.4% | (22.4)% |
| Industrial Components | 32.3 | 29.8 | (2.5) | (7.7)% | 0.0% | (9.6)% | 1.9% |
| Industrial Automation (Destaco) | 28.2 | 26.9 | (1.3) | (4.6)% | 0.0% | (10.6)% | 6.0% |
| AMERICAS | 127.7 | 113.0 | (14.7) | (11.5)% | 0.0% | (4.7)% | (6.8)% |
| Automotive Gas Spring | 23.8 | 18.1 | (5.7) | (23.9)% | 0.0% | (5.3)% | (18.6)% |
| Automotive Powerise | 31.3 | 20.9 | (10.4) | (33.2)% | 0.0% | (4.5)% | (28.7)% |
| Industrial Components | 6.0 | 6.3 | 0.3 | 5.0% | 0.0% | (6.2)% | 11.2% |
| Industrial Automation (Destaco) | 5.1 | 3.3 | (1.8) | (35.3)% | 0.0% | (6.0)% | (29.3)% |
| APAC | 66.2 | 48.6 | (17.6) | (26.6)% | 0.0% | (5.1)% | (21.5)% |
| Total Automotive Gas Spring (AGS) | 84.2 | 74.1 | (10.1) | (12.0)% | 0.0% | (2.9)% | (9.1)% |
| Total Automotive Powerise (APR) | 97.7 | 79.6 | (18.1) | (18.5)% | 0.0% | (0.8)% | (17.7)% |
| Total Industrial Components (IC) | 109.4 | 109.5 | 0.1 | 0.1% | 0.0% | (3.9)% | 4.0% |
| Total Industrial Automation (Destaco) | 46.7 | 41.7 | (5.0) | (10.7)% | 0.0% | (7.1)% | (3.6)% |
| Total | 338.0 | 304.9 | (33.1) | (9.8)% | 0.0% | (3.2)% | (6.6)% |
REVENUE
STABILUS
SIX MONTHS ENDED MARCH 31, 2026
REVENUE (€M)
| H1 FY2025 Actual | H1 FY2026 Actual | Change | % change | Acquisition effect | Currency effect | Organic growth | |
|---|---|---|---|---|---|---|---|
| Automotive Gas Spring | 60.7 | 58.0 | (2.7) | (4.4)% | 0.0% | (0.1)% | (4.3)% |
| Automotive Powerise | 54.0 | 54.1 | 0.1 | 0.2% | 0.0% | (2.3)% | 2.5% |
| Industrial Components | 128.4 | 132.3 | 3.9 | 3.0% | 0.0% | (1.1)% | 4.1% |
| Industrial Automation (Destaco) | 26.3 | 22.5 | (3.8) | (14.4)% | 0.0% | (0.3)% | (14.1)% |
| EMEA | 269.4 | 266.9 | (2.5) | (0.9)% | 0.0% | (1.1)% | 0.2% |
| Automotive Gas Spring | 54.2 | 49.5 | (4.7) | (8.7)% | 0.0% | (4.3)% | (4.4)% |
| Automotive Powerise | 68.3 | 61.8 | (6.5) | (9.5)% | 0.0% | 2.1% | (11.6)% |
| Industrial Components | 64.5 | 57.2 | (7.3) | (11.3)% | 0.0% | (8.8)% | (2.5)% |
| Industrial Automation (Destaco) | 54.4 | 51.7 | (2.7) | (5.0)% | 0.0% | (9.6)% | 4.6% |
| AMERICAS | 241.4 | 220.2 | (21.2) | (8.8)% | 0.0% | (4.9)% | (3.9)% |
| Automotive Gas Spring | 53.6 | 40.2 | (13.4) | (25.0)% | 0.0% | (5.8)% | (19.2)% |
| Automotive Powerise | 75.9 | 49.3 | (26.6) | (35.0)% | 0.0% | (4.9)% | (30.1)% |
| Industrial Components | 12.6 | 12.3 | (0.3) | (2.4)% | 0.0% | (6.9)% | 4.5% |
| Industrial Automation (Destaco) | 11.0 | 7.1 | (3.9) | (35.5)% | 0.0% | (5.5)% | (30.0)% |
| APAC | 153.1 | 108.9 | (44.2) | (28.9)% | 0.0% | (5.4)% | (23.5)% |
| Total Automotive Gas Spring (AGS) | 168.5 | 147.7 | (20.8) | (12.3)% | 0.0% | (3.2)% | (9.1)% |
| Total Automotive Powerise (APR) | 198.2 | 165.2 | (33.0) | (16.6)% | 0.0% | (1.8)% | (14.8)% |
| Total Industrial Components (IC) | 205.5 | 201.8 | (3.7) | (1.8)% | 0.0% | (3.9)% | 2.1% |
| Total Industrial Automation (Destaco) | 91.7 | 81.3 | (10.4) | (11.3)% | 0.0% | (6.4)% | (4.9)% |
| Total | 663.9 | 596.0 | (67.9) | (10.2)% | 0.0% | (3.5)% | (6.7)% |
ADJUSTED EBIT
STABILUS
THREE AND SIX MONTHS ENDED MARCH 31, 2026
ADJUSTED EBIT (€M)
| 02 FY2025 Actual | 02 FY2026 Actual | Change | % change | Acquisition effect | Currency effect | Organic change | |
|---|---|---|---|---|---|---|---|
| EMEA | 14.9 | 16.1 | 1.2 | 8.1% | 0.0% | (0.7)% | 8.8% |
| AMERICAS | 14.7 | 9.9 | (4.8) | (32.7)% | 0.0% | (5.4)% | (27.3)% |
| APAC | 8.1 | 8.1 | - | 0.0% | 0.0% | (6.2)% | 6.2% |
| Total | 37.7 | 34.1 | (3.6) | (9.5)% | 0.0% | (3.7)% | (5.8)% |
| H1 FY2025 Actual | H1 FY2026 Actual | Change | % change | Acquisition effect | Currency effect | Organic change | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EMEA | 26.1 | 29.5 | 3.4 | 13.0% | 0.0% | (1.1)% | 14.1% |
| AMERICAS | 24.4 | 14.9 | (9.5) | (38.9)% | 0.0% | (5.3)% | (33.6)% |
| APAC | 25.0 | 19.1 | (5.9) | (23.6)% | 0.0% | (4.8)% | (18.8)% |
| Total | 75.5 | 63.4 | (12.1) | (16.0)% | 0.0% | (3.7)% | (12.3)% |
P&L AND ADJUSTED EBIT
STABILUS
THREE MONTHS ENDED MARCH 31, 2026
P&L (€M)
| Q2 FY2025 Actual | Q2 FY2026 Actual | Change | % change | |
|---|---|---|---|---|
| Revenue | 338.0 | 304.9 | (33.1) | (9.8)% |
| Cost of sales | (244.3) | (220.9) | 23.4 | (9.6)% |
| Gross Profit | 93.7 | 84.0 | (9.7) | (10.4)% |
| % margin | 27.7% | 27.6% | ||
| R&D expenses | (10.4) | (9.9) | 0.5 | (4.8)% |
| Selling expenses | (35.3) | (32.9) | 2.4 | (6.8)% |
| Administrative expenses | (21.7) | (17.0) | 4.7 | (21.7)% |
| Other income/expenses | (0.5) | 0.4 | 0.9 | <(100.0)% |
| EBIT | 25.9 | 24.6 | (1.3) | (5.0)% |
| % margin | 7.7% | 8.1% | ||
| Finance income/costs | (10.6) | (10.7) | (0.1) | 0.9% |
| EBT | 15.3 | 13.8 | (1.5) | (9.8)% |
| % margin | 4.5% | 4.5% | ||
| Income tax | (4.1) | (4.5) | (0.4) | 9.8% |
| Profit | 11.2 | 9.3 | (1.9) | (17.0)% |
| % margin | 3.3% | 3.1% | ||
| EPS in € | 0.44 | 0.37 | (0.07) | (15.9)% |
ADJUSTED EBIT (€M)
| Q2 FY2025 Actual | Q2 FY2026 Actual | Change | % change | |
|---|---|---|---|---|
| EBIT | 25.9 | 24.6 | (1.3) | (5.0)% |
| PPA adj. - D&A | 9.2 | 7.6 | (1.6) | (16.8)% |
| Reorganization | 2.3 | 1.5 | (0.8) | (32.0)% |
| Advisory costs | 0.4 | 0.4 | - | 0.0% |
| Total adjustments | 11.8 | 9.5 | (2.3) | (19.5)% |
| Adjusted EBIT | 37.7 | 34.1 | (3.6) | (9.5)% |
| % margin | 11.2% | 11.2% |
P&L AND ADJUSTED EBIT
STABILUS
SIX MONTHS ENDED MARCH 31, 2026
P&L (€M)
| H1 FY2025 Actual | H1 FY2026 Actual | Change | % change | |
|---|---|---|---|---|
| Revenue | 663.9 | 596.0 | (67.9) | (10.2)% |
| Cost of sales | (483.0) | (436.3) | 46.7 | (9.7)% |
| Gross Profit | 180.9 | 159.7 | (21.2) | (11.7)% |
| % margin | 27.2% | 26.8% | ||
| R&D expenses | (19.8) | (17.6) | 2.2 | (11.1)% |
| Selling expenses | (68.7) | (65.3) | 3.4 | (4.9)% |
| Administrative expenses | (42.6) | (33.9) | 8.7 | (20.4)% |
| Other income/expenses | 4.2 | 2.8 | (1.4) | (33.3)% |
| EBIT | 54.0 | 45.7 | (8.3) | (15.4)% |
| % margin | 8.1% | 7.7% | ||
| Finance income/costs | (17.8) | (20.2) | (2.4) | 13.5% |
| EBT | 36.2 | 25.5 | (10.7) | (29.6)% |
| % margin | 5.5% | 4.3% | ||
| Income tax | (10.7) | (8.0) | 2.7 | (25.2)% |
| Profit | 25.5 | 17.4 | (8.1) | (31.8)% |
| % margin | 3.8% | 2.9% | ||
| EPS in € | 1.00 | 0.68 | (0.32) | (32.0)% |
ADJUSTED EBIT (€M)
| H1 FY2025 Actual | H1 FY2026 Actual | Change | % change | |
|---|---|---|---|---|
| EBIT | 54.0 | 45.7 | (8.3) | (15.4)% |
| PPA adj. - D&A | 18.1 | 15.2 | (2.9) | (15.3)% |
| Reorganization | 2.3 | 2.1 | (0.2) | (6.9)% |
| Advisory costs | 1.2 | 0.4 | (0.8) | (68.7)% |
| Total adjustments | 21.5 | 17.7 | (3.8) | (17.7)% |
| Adjusted EBIT | 75.5 | 63.4 | (12.1) | (16.0)% |
| % margin | 11.4% | 10.6% |
BALANCE SHEET
STABILUS
MARCH 31, 2026
BALANCE SHEET (€M)
| | Sept 2025
Actual | March 2026
Actual | Change | % change |
| --- | --- | --- | --- | --- |
| Property, plant and equipm. | 306.6 | 308.6 | 2.0 | 0.7% |
| Goodwill | 546.9 | 532.5 | (14.4) | (2.6)% |
| Other intangible assets | 476.8 | 444.8 | (32.0) | (6.7)% |
| Other investments | 6.0 | 6.0 | - | 0.0% |
| Inventories | 215.5 | 210.8 | (4.7) | (2.2)% |
| Trade receivables | 206.4 | 178.2 | (28.2) | (13.7)% |
| Other assets | 56.9 | 61.1 | 4.2 | 7.4% |
| Cash | 95.1 | 142.5 | 47.4 | 49.8% |
| Total assets | 1,910.2 | 1,884.5 | (25.7) | (1.3)% |
| Equity incl. minorities | 689.2 | 663.9 | (25.3) | (3.7)% |
| Debt (incl. accrued interest) | 791.4 | 785.2 | (6.2) | (0.8)% |
| Pension plans | 46.9 | 43.5 | (3.4) | (7.2)% |
| Deferred tax liabilities | 62.4 | 61.2 | (1.2) | (1.9)% |
| Trade payables | 148.1 | 143.2 | (4.9) | (3.3)% |
| Other liabilities | 172.2 | 187.5 | 15.3 | 8.9% |
| Total equity and liabilities | 1,910.2 | 1,884.5 | (25.7) | (1.3)% |
CASH FLOW
STABILUS
THREE MONTHS ENDED MARCH 31, 2026
CASH FLOW STATEMENT (€M)
| Q2 FY2025 Actual | Q2 FY2026 Actual | Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 38.7 | 15.7 | (23.0) | (59.4)% |
| Cash flow from investing activities | (22.6) | (16.3) | 6.3 | (27.9)% |
| Cash flow from financing activities | (16.0) | (26.0) | (10.0) | 62.5% |
| Net increase / (decrease) in cash | 0.1 | (26.6) | (26.7) | <(100.0)% |
| Effect of movements in exchange rates | (2.4) | 2.8 | 5.2 | <(100.0)% |
| Cash as of beginning of the period | 97.5 | 166.4 | 68.9 | 70.7% |
| Cash as of end of the period | 95.1 | 142.5 | 47.4 | 49.8% |
ADJ. FCF (€M)
| Q2 FY2025 Actual | Q2 FY2026 Actual | Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 38.7 | 15.7 | (23.0) | (59.4)% |
| Cash flow from investing activities | (22.6) | (16.3) | 6.3 | (27.9)% |
| Free cash flow | 16.1 | (0.6) | (16.7) | <(100.0)% |
| Adjustments | 2.0 | 4.7 | 2.7 | >100.0% |
| Adj. FCF | 18.1 | 4.1 | (14.0) | (77.3)% |
CASH FLOW
STABILUS
SIX MONTHS ENDED MARCH 31, 2026
CASH FLOW STATEMENT (€M)
| H1 FY2025 Actual | H1 FY2026 Actual | Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 68.4 | 53.3 | (15.1) | (22.1)% |
| Cash flow from investing activities | (45.4) | (31.8) | 13.6 | (30.0)% |
| Cash flow from financing activities | (37.4) | (45.4) | (8.0) | 21.4% |
| Net increase / (decrease) in cash | (14.4) | (23.8) | (9.4) | 65.3% |
| Effect of movements in exchange rates | 0.1 | 3.8 | 3.7 | >100.0% |
| Cash as of beginning of the period | 109.4 | 162.6 | 53.2 | 48.6% |
| Cash as of end of the period | 95.1 | 142.5 | 47.4 | 49.8% |
ADJ. FCF (€M)
| H1 FY2025 Actual | H1 FY2026 Actual | Change | % change | |
|---|---|---|---|---|
| Cash flow from operating activities | 68.4 | 53.3 | (15.1) | (22.1)% |
| Cash flow from investing activities | (45.4) | (31.8) | 13.6 | (30.0)% |
| Free cash flow | 23.0 | 21.5 | (1.5) | (6.5)% |
| Adjustments | 4.0 | 6.5 | 2.5 | 62.5% |
| Adj. FCF | 27.0 | 28.0 | 1.0 | 3.7% |
LVP DEVELOPMENT / FORECAST
STABILUS
QUARTERLY VIEW: Q1 FY25 - Q4 FY26
Source: leading market forecast institutes, April 2026
LVP DEVELOPMENT / FORECAST
STABILUS
YEARLY VIEW: FY2024 - FY2026
Source: leading market forecast institutes, April 2026
FINANCIAL DEBT
STABILUS
MATURITY PROFILE AND UTILIZATION OF CREDIT LINES
MATURITY PROFILE (€M)
Senior facilities (due June 2029):
- €100m term loan facility
- €350m revolving credit facility
- €150m credit facility.
Utilization as of end March 2026 (drawn credit lines):
- €100 term loan facility
- €168m revolving credit facility
- €150m credit facility.
ACRONYMS AND ABBREVIATIONS
STABILUS
| Adj. | Adjusted | FX | Foreign exchange, currency effect |
|---|---|---|---|
| AGS | Automotive Gas Spring | FY | Fiscal year |
| AMR | Aerospace, Marine & Rail | GDP | Gross domestic product |
| APAC | Asia-Pacific | HRF | Health, Recreation & Furniture |
| APR | Automotive Powerise | IMA | Industrial Machinery & Automation |
| bp | Basis point | LTM | Last twelve months |
| CAPEX | Capital expenditure | LVP | Light vehicle production |
| CV | Commercial Vehicles | M&A | Mergers & Acquisitions, acquisition effect |
| CY | Calendar year | NLR | Net leverage ratio |
| D&A | Depreciation and amortization | NWC | Net working capital |
| DIAMEC | Distributors, Independent Aftermarket, E-commerce | pp | Percentage point |
| EMEA | Europe, Middle East & Africa | PPA | Purchase price allocation |
| EBIT | Earnings before interest and taxes | PPE | Property, plant and equipment |
| EBITDA | Earnings before interest, taxes, depreciation and amortization | Prelim | Preliminary |
| EBT | Earnings before taxes | PY | Prior year |
| EC | Energy & Construction | q/q | Quarter-on-quarter |
| FCF | Free cash flow | y/y | Year-on-year |
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