Gestamp, the multinational specialized in the design, development and manufacture of highly engineered metal components for the automotive industry, reported revenues of €2.8 billion for the first quarter of 2026, a 5% decrease compared with the same period last year. The company’s revenue was impacted by adverse foreign exchange rates in certain markets where it operates, as well as lower global light vehicle production volumes.
Specifically, global light vehicle production decreased by 3.4% year-on-year between January and March 2026, falling to 21.5 million units, with declines in key markets such as Western Europe, the United States and China, according to S&P Global Mobility data.
During this period, Gestamp continued to implement operational efficiency initiatives, cost-control measures and profitability improvements, enabling the company to maintain EBITDA at €307 million (excluding the impact of the ‘Phoenix Plan’), in line with the first quarter of 2025. EBITDA margin reached 10.8% at the end of March, representing a year-on-year increase of 50 basis points.
In North America, a core market for the company, EBITDA margin stood at 7.1%, compared to 6.4% in the first quarter of 2025. This improvement was driven by the measures implemented under the ‘Phoenix Plan’, which aims to bring the profitability of the business in this region closer to that of the other markets in which Gestamp operates. Over the past two years, the company’s EBITDA margin in this region -which includes the United States and Mexico- has increased by 2.6 percentage points, supporting Gestamp’s commitment to reaching double-digit profitability in North America by year-end.
The company reported net income of €49 million, up 81% year-on-year. The result reflects a one-off positive impact on financial expenses and lower foreign exchange rate differences. Excluding these extraordinary items, results for the period would have been in line with those recorded in the first quarter of 2025.
Francisco J. Riberas, Executive Chairman of Gestamp: “
Despite the increase in net income during the period, largely driven by extraordinary items, the company has continued to face a challenging environment, marked by lower global light vehicle production, cost pressures, and geopolitical and regulatory uncertainties. Against this backdrop, we have remained focused on driving efficiency and flexibility measures to safeguard Gestamp’s competitiveness.”
Leverage remains within the company’s target range
The company's net debt stood at €1.9 billion at the end of the first quarter, representing a 10.9% reduction compared to the level recorded a year earlier. This progress, resulting from Gestamp's debt optimisation strategy driven to reinforce its financial strength, brings leverage to a net debt-to-EBITDA ratio of 1.5x, within the range the company committed to maintaining.
Both the nominal volume of net debt and the leverage ratio reached their lowest levels for a first quarter since the implementation of International Financial Reporting Standard 16 (IFRS 16).
Meanwhile, free cash flow (excluding the ‘Phoenix Plan’) was impacted by the seasonal effects of the quarter and stood at -€136 million, compared to -€83 million a year earlier.
Annual General Shareholders’ Meeting approves the distribution of a complementary dividend
Gestamp held its Annual General Shareholders’ Meeting today in Bilbao, at which the 2025 Consolidated and Individual Accounts were approved. Furthermore, Shareholders also authorised the distribution in July of a complementary dividend of €0.0412 gross per share. Together with the dividend paid in January, total shareholder remuneration for the year amounts to €0.08 gross per share, thereby fulfilling Gestamp's commitment to a 30% consolidated net profit payout for the year.
Additionally, the company’s highest governing body ratified the appointment of Norimichi Hatayama as a member of Gestamp’s Board of Directors in the category of Proprietary Director. With extensive experience in the steel sector and a career spanning more than 25 years in various global positions at Mitsui & Co., Hatayama currently serves as General Manager of the Mobility Division within the Japanese company’s Iron & Steel Business Unit.
Hatayama replaces Makoto Takasugi, who submitted his resignation as Proprietary Director in April due to a change in the distribution of his duties within the Mitsui Group.
Moreover, the company presented the core pillars of its 2026-2030 ESG Strategic Plan during the General Shareholders’ Meeting.
Company reiterates guidance for 2026
Light vehicle production estimates for 2026 point to an annual reduction of 1.8%, falling to 91.4 million units, according to figures from S&P Global Mobility, which has revised its projections downwards. The market contraction is taking place in an environment of rising geopolitical tensions, heightened by the ongoing conflict in the Middle East.
In this context, Gestamp will continue to implement efficiency and flexibility measures, as well as balance sheet strengthening initiatives. The company reiterates its guidance for the financial year, both for the EBITDA margin (above 11.7%) and the operating cash flow conversion ratio (in the 35% range).