Gestamp Automoción, S.A.

Gestamp reported H1 2026 revenue of EUR 5,794 million, EBITDA of EUR 640 million, and EBITDA margin of 11.1%; excluding EUR 11 million of Phoenix costs, EBITDA was EUR 651 million and margin was 11.2%. EBIT was EUR 265 million, net profit was EUR 110 million, free cash flow was EUR 65 million, or EUR 86 million excluding extraordinary Phoenix costs, and net debt was EUR 1,771 million. FX had a negative impact of EUR 157 million in H1. For the full year 2026, management reiterated guidance for group EBITDA margin above 11.7%, auto EBITDA margin above 11.9%, scrap EBITDA margin above 7.4%, and operating cash flow conversion in the range of 35%.

Francisco J. Riberas framed the quarter as proof that Gestamp can outperform in a weak production environment, citing 1.3% FX-neutral H1 revenue growth versus a 0.9% market decline. He emphasized cost reductions, flexibility, restructuring, customer negotiations, and Phoenix execution as the drivers of margin resilience. His tone was confident and constructive, repeatedly saying the company has good visibility to hit full-year targets.

Ana Fuentes focused on reported financial performance and bridge items: revenue of EUR 5,794 million, EBITDA of EUR 640 million, 11.1% margin, and net profit of EUR 110 million. She highlighted the EUR 15 million asset write-down tied to EV realignment, the EUR 23 million positive IFRS 9 impact from extending the EUR 1.7 billion syndicated loan, and free cash flow of EUR 65 million, or EUR 86 million excluding EUR 20 million of Phoenix costs. She also noted net debt at EUR 1,771 million, leverage of 1.4x, and operating cash flow conversion of 36% in H1.

Analysts focused on North America, Brazil/Argentina, India, and the possible impact of Geely/Ford production in Spain. On North America, management said the jump from 7.1% EBITDA margin in Q1 to 8.8% in Q2 was mostly driven by sustainable actions already taken over the last two years, including customer and supplier negotiations, restructuring, and labor actions, and said the full-year above-10% target is supported by booked orders and expense control. On Argentina, management said H1 volumes were weaker because a large program phased out, but expectations are improving as successor and other programs launch. On India, management said the fifth plant opens in September and should fully ramp in early 2027, but India is still not large enough to offset weakness in China. Regarding Spain, management said Geely/Ford cooperation could be positive by improving plant utilization, but localization and program details still need to be clarified.