The group reported economic revenue of 2.834 billion euros for the January-March period, representing a 4.9% decline, or a 0.4% drop on a constant perimeter and exchange rate basis. Consolidated revenue reached 2.523 billion euros, down 6.3% on a reported basis and 2.3% organically.

According to TP Icap Midcap, OPmobility posted revenue "entirely in line with expectations," while outperforming global automotive production, which declined by 3.4% in the first quarter.

Analysts detailed the performance of the group's various business units, with all subsequent variations expressed in organic terms. Exterior & Lighting declined by 5.1% due to unfavorable SOP (start of production) cadence bases for Exterior (comparisons, postponements), while Lighting has yet to benefit from its launch pipeline. The Modules (+2.6%) and Powertrain (+5.5%) divisions were more dynamic, bolstered by solid activity in North America.

The business of the mobility technology partner was supported by North America, where economic revenue grew by 4.9% at constant perimeter and exchange rates, and by Asia excluding China, where revenue rose by 14.8% under the same conditions. Conversely, revenue in China decreased by 1.8%, while in Europe, its primary market, the decline reached 5.2%.

Regarding the outlook, TP Icap Midcap highlighted that the group maintained its 2026 targets and aims for growth in its key financial metrics (operating margin, net income, free cash flow, and net debt).

In summary, analysts believe this publication confirms 2026 expectations, and their recommendation remains Hold with a price target of 15 euros.