Schaeffler shares decline: Operating profit grows only as expected

According to company information, the operating development was supported by three factors: "Eine deutliche Verbesserung in der Sparte mit Wälz- und Kugellagern, ein weiter stark laufendes Ersatzteilgeschäft sowie weniger Verlust in der Elektroautozulieferung trugen dazu bei", the statement said. In particular, the spare parts business, which is considered high-margin, developed robustly.

Drag factor: electric car supply

The situation in the business with components for electric cars is less pleasing, a segment Schaeffler had established as a cornerstone of its transformation. CEO Klaus Rosenfeld had therefore significantly revised the medium-term plans for 2028 downwards at the end of July: "Weil die Auftragslage bei Elektroautozulieferteilen weniger rosig aussieht als ursprünglich erwartet, hatte Schaeffler-Chef Klaus Rosenfeld Ende Juli die Mittelfristplanungen für 2028 zusammengestrichen und damit die Investoren schockiert", the news agency APA summarized the announcement at the time.

The reaction in the markets was subdued. Analysts spoke of a result without positive surprise, but with growing unease about the medium-term outlook. The Schaeffler share was among the weaker performers in the MDAX on the trading days in question, while competitors were partly able to gain against the trend.

Industry environment and competition

The nervousness is rooted in the change sweeping through the European automotive industry. Manufacturers such as Volkswagen, BMW and Stellantis are slowing their electric ambitions and postponing model launches, while Chinese manufacturers are pushing into Europe with low prices. Suppliers like Schaeffler feel this in falling order intake and rising price pressure.

Internally, Schaeffler faces a dual task: on the one hand, capacities for combustion-engine components must continue to be utilized, as the internal combustion engine will remain in the market longer than was forecast just a few years ago. On the other hand, investments in e-mobility components and hydrogen technology are to continue, albeit on a smaller scale than originally planned.

Outlook and upcoming dates

For investors, the picture remains mixed. Some market participants see the Schaeffler share as a possible entry point after the recent price losses, as the spare parts business and the ball bearings segment deliver stable cash flows. Others point to the group's dependence on the European automotive market and the unclear pace of transformation.

Until the next quarterly results are presented, the focus is likely to be on order development in the electric car supply business. Rosenfeld had announced that he would use the capital markets day later in the year to further specify the trimmed medium-term targets for 2028 and explain the new strategy to investors.

The valuation of individual business segments is also up for debate. Industry circles report that Schaeffler is reviewing the separation of peripheral activities to strengthen the balance sheet and concentrate resources on the remaining future fields. There has been no official confirmation of this so far.

On the German stock market, Schaeffler remains a heavyweight in the MDAX with high visibility among retail investors. The discussion in financial forums currently centers heavily on the question of whether the current price level adequately reflects the priced-in risks – or whether the correction is not yet over.