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Original-Research: Schaeffler AG - from Quirin Privatbank

Kapitalmarktgeschäft

06.11.2025 / 10:48 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

Group.

The issuer is solely responsible for the content of this research. The

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Classification of Quirin Privatbank Kapitalmarktgeschäft to Schaeffler AG

Company Name: Schaeffler AG

ISIN: DE000SHA0100

Reason for the research: Update

Recommendation: Buy

from: 06.11.2025

Target price: 7.50

Last rating change:

Analyst: Daniel Kukalj, CIIA, CEFA

No fresh short-term catalyst

Schaeffler's Q3 release (4th November) confirmed last week's pre-announced

(28th October) numbers and offered little new for the market to digest. The

underlying performance was solid with 1.3% organic growth, 4.5% adjusted

EBIT margin, and EUR +175m FCF, however the quarter was marred by a EUR 165m

impairment charge (adversely affected by an impairment loss on software

licenses) which represents a significant bottom line misstep and diluted

what could have been a clean, positive set of results. After nine months net

income stood at EUR -223m, our expectation for a positive net result in FY

2025 is unlikely to be fulfilled; the result is likely to be significantly

negative (new QP 2025e: EUR -138m vs. old EUR +235m), we are looking ahead

to 2026 to return to profitability (QP 2026e: EUR +573m). It should also be

noted that the current free float and weekly trading volumes (see chart

below) are weak in terms of attracting larger institutional investors.

Something needs to be done here. Management has reaffirmed a clear set of

priorities, emphasizing disciplined execution and value creation. The

company aims to deliver its strong order book in E-Mobility and

Powertrain/Chassis, realize synergies through structural efficiency

measures, and optimize its business portfolio and capital allocation. Thi

focused strategy strengthens operational resilience, supports margin

expansion, and positions the company for sustained profitable growth in

fast-evolving mobility markets. We confirm our BUY rating and TP of EUR

7.50.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=b61cc731fe3d36cd9273e31916cb3033

For additional information visit our website:

https://research.quirinprivatbank.de/

Contact for questions:

Quirin Privatbank AG

Institutionelles Research

Schillerstraße 20

60313 Frankfurt am Main

research@quirinprivatbank.de

https://research.quirinprivatbank.de/

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2225154 06.11.2025 CET/CEST

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