Steyr Motors' profit warning was not entirely unexpected following a weak Q1 and the absence of meaningful new order intake over the summer. Still, Q2 was weaker than anticipated, mainly due to delayed call-offs from key customers such as KNDS. As postponed volumes are unlikely to be fully recovered in H2, the company lowered its FY26 guidance. Importantly, however, there is no indication that orders have been lost, suggesting that the shortfall is primarily timing-related. We therefore still expect sales to accelerate in H2 and reiterate our BUY recommendation.
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