Sales down 16% y-o-y as EEs remained flat q-o-q, 7% below us We push forward recovery a bit, but will come as FAW & MAN ramp No direct tariff impact, expects to benefit from improved market in H2
ANNONS
Engine equivalents not recovering quite yet
Sales were down 16% y-o-y, 7% below our estimate. Engine equivalents of 3.1m were flat q-o-q, while we had hoped for a recovery to start already in this quarter, looking for 3.4m. Stronger sampling cups offset some off this however, leaving series production revenue 3% below our estimate. The rest of the -7% sales deviation was from weaker equipment sales. Opex was in line with our estimates, but positive FX-hedge revaluations were slightly lower, meaning that underlying opex was a bit better. The lower sales volumes and a slightly weaker gross margin however meant that EBIT was 19% below our estimate, with the margin coming in at 37.8% (23.0%). Excluding FX-hedge revaluations, the margin would have been 28.5% (32.6%).
