Aptiv PLC (APTV)

Zusammenfassung: Aptiv verzeichnete 2025 zwar ein Umsatzwachstum von 3% auf 20,4 Mrd. USD und verbesserte die operative Bruttomarge leicht auf 19,1%, jedoch belasteten ein nicht zahlungswirksamer Goodwill-Impairment von 648 Mio. USD (Wind River), ein effektiver Steuersatz von 76% infolge der OECD-Pillar-Two-Guidance sowie 178 Mio. USD Separationskosten das Nettoergebnis massiv auf nur 165 Mio. USD (Vorjahr: 1,787 Mrd. USD). Der geplante Spin-off der Electrical Distribution Systems-Sparte sowie anhaltende Restrukturierungsmaßnahmen, Zollrisiken und die Verzögerung bei Software-definierten Fahrzeugen erhöhen die Unsicherheit; positiv zu werten sind solide Liquidität von 4,4 Mrd. USD, rückläufige Capex-Intensität und verbesserte Adjusted Operating Income in zwei von drei Segmenten.

Guidance-Zitate:

• We expect to continue to incur additional restructuring expense in 2026 and beyond, primarily related to programs focused on reducing global overhead costs, the continued rotation of our manufacturing footprint to best cost locations in Europe and aligning manufacturing capacity with the levels of automotive production, which includes approximately $75 million [...] for approved programs within the next twelve months.
• We expect existing cash, available liquidity and cash flows from operations to continue to be sufficient to fund our global operating activities, including restructuring payments, capital expenditures, debt obligations and Separation activities.
• We expect expenditures for research and development activities, including engineering, net of co-investment, to be approximately $1.2 billion for the year ended December 31, 2026.
• In 2026, we expect to incur non-cash amortization charges of approximately $215 million.
• Global inflationary pressures have, at times, both reduced consumer demand for automotive vehicles and increased the price of inputs to our products, which has adversely impacted our sales and profitability, which may continue in 2026.

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