1 / 8 Bergamo, 29 July 2026
BREMBO: ROBUST, STRONGER
-
THAN
-
EXPECTED
GROWTH IN Q2
REVENUES
+6.4% TO €983 MILLION
(+6.9% AT CONSTANT EXCHANGE RATES)
EBITDA
+9.8% TO €162 MILLION
(EBITDA MARGIN: 16.5%)
NET PROFIT
+30% TO €
61 MILLION
2026 GUIDANCE REVISED UPWARDS:
REVENUES UP
AROUND
5% AT CONSTANT EXCHANGE RATES
Q2 and H1
2026 results
(€ million)
Q2 2026
Q2 2025
Change %
H1 2026
H1 2025
Change
Revenues
983.0
924.0
+6.4%
1,920.4
1,881.0
+2.1%
EBITDA
% of sales
162.0
16.5%
147.6
16.0%
+9.8%
316.7
16.5%
300.9
16.0%
+5.2%
EBIT
% of sales
89.8
9.1%
79.0
8.5%
+13.7%
175.7
9.1%
162.4
8.6%
+8.2%
Net profit
% of sales
60.7
6.2%
46.7
5.1%
+30.0%
117.6
6.1%
97.9
5.2%
+20.1%
Net
Financial Debt
7 98
.
6 935
.
5 -
136 .
9
“The second quarter closed with better -
than
-
expected results, leading to an upward revision of our guidance. Sensify made significant progress in the first half of the year: from the start of production for a global car manufacturer to the new contracts, a nd to our partnership aimed at a large -
scale adoption in China, confirming the growth potential of this innovative platform in the long term,”
stated
Brembo Executive Chairman
Matteo Tiraboschi
.
“ This trajectory is consistent with the findings of a new research carried out by the Economist Group : as mobility evolves, safety and trust in technology are becoming increasingly critical. The vehicle corner will be one of the main areas of innovation in software -
defined vehicles. Brembo is well positioned to lead this evolution, extending its leadershi p in braking systems to include intelligent vehicle control.”
2 / 8
Results at 30 June 2026 Brembo N.V.’s Board of Directors, chaired by Matteo Tiraboschi, examined and approved the Group’s results at 30 June 2026.
Consolidated net revenues amounted to €1,920.4 million in the first six months of 2026, up 2.1% compared to H1 2025 (+4.4% at constant exchange rates).
In the reporting period, the Brembo Group's car segment remained substantially stable at +0.5% compared to H1 2025, whereas motorcycles grew by 10.0% and commercial vehicles by 8.1%. The racing segment, which included Ö
hlins
’ revenues, declined by 1.3%.
At geographical level, H1
2026
sales rose in Italy (+1.5%), France (+20.3%) and the United Kingdom (+2.0%; +1.4% at constant exchange rates), whereas they declined in Germany ( -
2.5%).
North America (USA, Mexico and Canada) also grew by +3.6% (+9.9% at constant exchange rates), as did So uth America (Brazil and Argentina), up +12.1% (+7.5% at constant exchange rates), and India, up +7.6% (+23.9% at constant exchange rates). China’s sales fell by 11.2% ( -
10.2% at constant exchange rates).
At 30 June 2026, the cost of sales and other net operating costs amounted to €1,194.0 million, with a 62.2% ratio to sales, slightly down compared to the first half of the previous year (63.4% of sales, equal to €1,192.3 million).
Personnel expenses amounted to €417.2 million, with a 21.7% ratio to sales, increasing compared to the same period of the previous year (20.9% of sales, equal to €393.1 million).
At 30 June 2026, Brembo people numbered 16,606, compared to 16,452 at 31 March 2026 and 15,875 at 31 December 2025.
EBITDA amounted to €316.7 million (EBITDA margin: 16.5%) at 30 June 2026 compared to €300.9 million for H1 2025 (EBITDA margin: 16.0%).
EBIT amounted to €175.7 million (EBIT margin: 9.1%) compared to €162.4 million for H1 2025 (EBIT margin: 8.6%).
Net interest expense for the first half of the year totalled €14.0 million (€21.5 million at 30 June 2025) and included interest expense amounting to €18.0 million (€16.9 million at 30 June 2025) and net exchange gains of €4.0 million (net exchange losses of €4.6 million at 30 June 2025).
Pre -
tax profit was €162.1 million compared to €141.1 million at 30 June 2025.
Based on the tax rates applicable under current tax regulations in force in each country, estimated taxes amounted to €43.
4 million (€40.5 million at 30 June 2025), with a tax rate of 26.8%.
The period ended with net profit of €117.6 million compared to €97.9 million at 30 June 2025 (+20.1%).
In the reporting period, net investments amounted to €132.
5 million, of which €5.0 million due to increases in leased assets.
3 / 8
Net financial debt at 30 June 2026 amounted to €798.6 million, down €136.9 million compared to 30
June
2025.
Outlook for 2026 Brembo has revised its guidance for 2026 upwards compared to the previous one
issued
on 7
May:
• Revenues up by about 5% at constant exchange rates (improved compared to the 3%
announced on
7
May);
• EBITDA margin at around 16.5%;
• Investments at about €350
million;
• Net financial debt below €700 million.
In light of the
volatile
geopolitical and macro -
economic environment
,
which limits
visibility
on market performance, the Brembo Group will constantly monitor developments in the relevant
context
,
updating
its guidance accordingly.
For information:
Luca Di Leo Chief Communications Officer +39 035 6052164
luca.dileo@brembo.com
Daniele Zibetti
Corporate Communications Manager +39 035 6053138
daniele.zibetti@brembo.com
Roberto Grazioli
Chief Investor Relations Officer +39 035 6055828
roberto.grazioli@brembo.com
Laura Panseri
Investor Relations Senior Manager +39 035 6052145
laura.panseri@brembo.com
4 / 8
CONSOLIDATED STATEMENT OF INCOME
(Euro million)
30.06.2026
30.06.2025
Change
%
Q2 '26
Q2 '25
Change
% Revenue from contracts with customers
1,920.4
1,881.0
39.4
2.1%
983.0
924.0
59.0
6.4%
Other revenues and income
22.6
12.1
10.5
86.8%
14.1
5.8 8.4
144.9%
Costs for capitalized internal works
17.3
15.6
1.7
11.1%
8.4 7.3
1.1
14.6%
Raw materials, consumables and goods
(822.4)
(832.3)
9.9
-1.2%
(422.7)
(409.0)
(13.7)
3.3%
Income (expense) from non-financial investments 7.5 5.3 2.2
42.0%
3.7 3.6
0.1
3.0%
Other operating costs
(411.5)
(387.7)
(23.9)
6.2%
(212.8)
(188.3)
(24.5)
13.0%
Personnel expenses
(417.2)
(393.1)
(24.1)
6.1%
(211.7)
(195.8)
(16.0)
8.1%
GROSS OPERATING INCOME
316.7
300.9
15.8
5.2%
162.0
147.6
14.4
9.8%
% of revenue from contracts with customers
16.5%
16.0%
16.5%
16.0%
Depreciation, amortization and impairment losses
(141.0)
(138.5)
(2.5)
1.8%
(72.2)
(68.6)
(3.6)
5.3%
NET OPERATING INCOME
175.7
162.4
13.3
8.2%
89.8
79.0
10.8
13.7%
% of revenue from contracts with customers
9.1%
8.6%
9.1%
8.5%
Net interest income (expense) and from investments
(13.6)
(21.4)
7.8
-36.6%
(6.7)
(12.1)
5.4
-44.6%
RESULT BEFORE TAXES
162.1
141.1
21.1
14.9%
83.1
66.9
16.2
24.2%
% of revenue from contracts with customers
8.4%
7.5%
8.4%
7.2%
Taxes
(43.4)
(40.5)
(2.9)
7.1%
(22.0)
(19.2)
(2.7)
14.2%
RESULT BEFORE MINORITY INTERESTS
118.7
100.5
18.2
18.1%
61.1
47.6
13.5
28.2%
% of revenue from contracts with customers
6.2%
5.3%
6.2%
5.2%
Minority interests
(1.2)
(2.7)
1.5
-56.7%
(0.4)
(0.9)
0.5
-57.9%
GROUP NET RESULT
117.6
97.9
19.7
20.1%
60.7
46.7
14.0
30.0%
% of revenue from contracts with customers
6.1%
5.2%
6.2%
5.1%
BASIC/DILUTED EARNINGS PER SHARE (euro)
0.37
0.31
0.19
0.15
5 / 8
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Euro million)
30.06.2026
31.12.2025
Change
Property, plant and equipment
1,885.0
1,877.9
7.1
Intangible assets
696.4
700.9
(4.6)
Financial assets/liabilities
73.9
67.5
6.4 Other receivables and non-current liabilities
172.6
153.6
19.0
Fixed capital
2,827.9
2,800.0
27.9
1.0%
Inventories
697.3
613.0
84.3
Trade receivables
718.7
553.5
165.2
Other receivables and current assets
110.3
149.4
(39.1)
Current liabilities
(1,053.1)
(949.1)
(104.0)
Provisions/deferred taxes
(88.2)
(89.1)
0.8
Hedging assets/liabilities
0.0 0.6
(0.6)
Net working capital
385.0
278.3
106.7
38.3%
NET INVESTED CAPITAL
3,212.9
3,078.3
134.6
4.4%
Equity
2,381.6
2,330.0
51.6
Employees’ leaving entitlement and other provisions for personnel
32.7
29.1
3.6 Medium/long-term net financial debt
880.6
804.0
76.7
Short-term net financial debt
(82.1)
(84.7)
2.6 Net Financial debt
798.6
719.2
79.3
11.0%
COVERAGE
3,212.9
3,078.3
134.6
4.4%
6 / 8
CONSOLIDATED STATEMENT OF CASH-FLOW
(Euro million)
30.06.2026
30.06.2025
NET FINANCIAL POSITION AT BEGINNING OF PERIOD
(719.2)
(360.4)
Net operating income
175.7
162.4
Depreciation, amortization and impairment losses
141.0
138.5
Gross operating income
316.7
300.9
Investments in property, plant and equipment
(102.5)
(159.9)
Investments in intangible assets
(27.0)
(26.7)
Increases in leased assets
(5.0)
(13.9)
Investments in financial assets
(0.1)
0.0 Disposal of tangible and intangible assets 2.1 0.7 Amounts (paid)/received for the acquisition/disposal of subsidiaries , net of the net financial positions 0.0
(365.9)
Net investments
(132.6)
(565.8)
Change in inventories
(81.3)
(19.6)
Change in trade receivables
(153.1)
(24.5)
Change in trade payables
81.1
(37.1)
Change in other liabilities 1.6
(10.8)
Change in receivables from others and other assets
32.3
(6.0)
Translation adjustment reserve not allocated to specific items
(0.7)
(35.4)
Change in working capital
(120.2)
(133.4)
Change in provisions for employee benefits and other provisions 8.7
(34.5)
Operating cash flow
72.6
(432.7)
Interest income and expense
(13.6)
(21.1)
Current taxes paid
(40.5)
(36.0)
Dividend paid in the period to minority shareholders
(1.1)
(1.0)
Income/expense from investments, net of dividends received
(7.4)
(0.3)
Dividends paid in the period
(95.1)
(95.5)
Net cash flow
(85.1)
(586.5)
Effect of translation differences on net financial positions 5.8
11.3
NET FINANCIAL POSITION AT THE END OF PERIOD
(798.6)
(935.5)
7 / 8
NET SALES BREAKDOWN BY GEOGRAPHICAL AREA AND BY APPLICATION
(Euro million)
30.06.2026
%
30.06.2025
%
Change
%
Q2 '26
%
Q2 '25
%
Change
%
GEOGRAPHICAL AREA
Italy
201.8
10.5%
198.8
10.5%
3.0
1.5%
102.1
10.4%
95.5
10.3%
6.6
6.9%
Germany
371.3
19.3%
380.9
20.3%
(9.6)
-2.5%
180.5
18.4%
186.3
20.2%
(5.8)
-3.1%
France
67.1
3.5%
55.8
3.0%
11.3
20.3%
35.9
3.7%
28.1
3.0%
7.8
27.7%
United Kingdom
122.3
6.4%
120.0
6.4%
2.3
2.0%
57.7
5.9%
56.9
6.2%
0.9
1.5%
Other European countries
215.0
11.2%
182.7
9.6%
32.4
17.7%
121.7
12.3%
95.0
10.3%
26.6
28.0%
India
78.4
4.1%
72.9
3.9%
5.5
7.6%
38.6
3.9%
35.7
3.9%
2.9
8.1%
China
232.2
12.1%
261.3
13.9%
(29.2)
-11.2%
119.8
12.2%
129.7
14.0%
(9.8)
-7.6%
Japan
26.9
1.4%
31.8
1.7%
(4.9)
-15.4%
13.3
1.4%
15.5
1.7%
(2.2)
-14.3%
Other Asian Countries
47.0
2.4%
41.1
2.2%
5.9
14.4%
24.3
2.5%
21.4
2.3%
2.9
13.6%
South America (Argentina and Brazil)
46.2
2.4%
41.2
2.2%
5.0
12.1%
24.5
2.5%
21.2
2.3%
3.3
15.5%
North America (USA, Mexico & Canada)
493.4
25.7%
476.2
25.3%
17.1
3.6%
254.9
25.9%
230.0
24.9%
25.0
10.9%
Other Countries
18.8
1.0%
18.3
1.0%
0.5
2.7%
9.6
0.9%
8.6
0.9%
1.0
11.4%
Total
1,920.4
100.0%
1,881.0
100.0%
39.4
2.1%
983.0
100.0%
924.0
100.0%
59.0
6.4%
(Euro million)
30.06.2026
%
30.06.2025
%
Change
%
Q2 '26
%
Q2 '25
%
Change
%
APPLICATION
Passenger Car
1,377.6
71.7%
1,370.2
72.9%
7.4
0.5%
711.5
72.3%
681.6
73.8%
30.0
4.4%
Motorcycle
227.4
11.8%
206.7
11.0%
20.7
10.0%
115.7
11.8%
102.0
11.0%
13.7
13.4%
Commercial Vehicle
168.7
8.8%
156.0
8.3%
12.7
8.1%
86.6
8.8%
73.1
7.9%
13.5
18.5%
Racing
145.7
7.6%
147.6
7.8%
(1.9)
-1.3%
68.3
7.0%
67.0
7.3%
1.3
1.9%
Miscellaneous
1.0
0.1%
0.4
0.0%
0.6
155.3%
0.9
0.1%
0.3
0.0%
0.6
196.8%
Total
1,920.4
100.0%
1,881.0
100.0%
39.4
2.1%
983.0
100.0%
924.0
100.0%
59.0
6.4%
Following an in-depht analysis, data at 30 June 2025 have been restated.
8 / 8
MAIN RATIOS
595.1
562.3
613.6
935.5
798.6
30.06.22
30.06.23
30.06.24
30.06.25
30.06.26
Euro million
Net financial debt
2,454.3
2,606.4
2,864.1
3,158.2
3,212.9
30.06.22
30.06.23
30.06.24
30.06.25
30.06.26
Euro million
Net invested capital
136.5
144.1
140.5
126.8
128.6
30.06.22
30.06.23
30.06.24
30.06.25
30.06.26
Euro thousand
Turnover per employee
30.06.2022
30.06.2023
30.06.2024
30.06.2025
30.06.2026
Net operating income/Revenue from contracts with customers
10.7%
11.2%
10.9%
8.6%
9.1%
Result before taxes/Revenue from contracts with customers
11.4%
11.5%
10.6%
7.5%
8.4%
Net investments (*)/Revenue from contracts with customers
6.5%
7.9%
8.4%
9.9%
6.6%
Net financial debt/Equity
32.4%
27.9%
27.8%
42.5%
33.5%
Adjusted net interest expense (**)/Revenue from contracts with customers
0.3%
0.5%
0.7%
0.9%
0.9%
Adjusted net interest expense (**)/Net operating income
3.2%
4.6%
6.0%
10.4%
10.3%
ROI
12.6%
15.9%
14.5%
10.7%
10.9%
ROE
13.0%
15.5%
13.4%
9.5%
9.8%
Notes:
ROE: Net income (loss) before minority interests (rolling 12 months) (net of Result from discontinued operations)/Equity.
ROI: Net operating income (rolling 12 months)/Net invested capital.
(*) Net investments in property, plant, equipment and intangible assets, calculated as the sum total of increases (net of decreases) of property, plant and equipment and intangible assets.
(**) This item does not include exchange gains and losses.