1、M IdeaAutos&Shared Mobility|Europe2Q25 Preview&2025 Guidance:FX and Tariff Risk 2Q and particularly FY25 guidance will be impacted by FX and tariffs,depending on the outcome of ongoing negotiations.Should tariffs normalize,we think 2Q could be the bottom of this cycle for OEMs.But if 25%Auto tariffs

2、 stay,margins and performance would still have downside,impacting both OEMS and APs.Morgan Stanley Europe S.E.,Madrid Branch+Javier Martinez de Olcoz CerdanEquity Analyst Javier.Martinez.O +34 9141-81289 Morgan Stanley&Co.International plc+Shaqeal A KirundaEquity Analyst Shaqeal.K +44 20 7425-0736 C

3、indy HuangEquity Analyst Cindy.H +44 20 7425-2915 Autos&Shared MobilityEuropeIndustry ViewIn-Line Exhibit 1 :European OEMs:2Q25 summary2Q25-1H25BMWMercedesPorscheVWRenaultStellantisOEMsUnit salesYoY incr.-1%-9%-4%-5%+5%-8%-5%Group RevenueYoY incr.-2%-9%-6%-3%-0%-12%-5%EBIT or Op.Profit YoY incr.-44%

4、-45%-104%-24%-9%-76%-43%EBIT or Op.Profit%/Rev6.1%6.6%-0.6%5.2%7.4%2.7%5.0%Marg.ExpansionYoY incr.(443)bps(439)bps(1,769)bps(143)bps(68)bps(722)bps(417)bpsEPSYoY incr.-44%-47%-120%-57%n.s.-81%-57%Source:Company data,Morgan Stanley Research estimates Exhibit 2 :European APs:2Q25 summary2Q25eConti.Aut

5、oAutolivForviaValeoOPmobilityPartsRevenue(2Q)YoY incr.-6%-1%-5%-6%-4%-5%EBIT or Oprt.ProfitYoY incr.+33%+10%-8%6%3%+8%EBIT or Oprt.Profit margin%/Rev3.8%9.5%4.9%4.4%4.5%5.0%Margin Expansion(bps)YoY incr.+112bps+102bps-32bps+43bps+18bps+39bpsEPS1.31.90.50.20.8 FCF25416629032180 Source:Company data,Mo

6、rgan Stanley Research estimates Exhibit 3 :European Trucks:2Q25 summary2Q25eDaimler TruckTratonVolvoIvecoTrucksRevenue(2Q)YoY incr.-2%+2%-10%-7%-4%EBITYoY incr.-12%-28%-30%-33%-24%EBIT margin%/Rev7.9%6.2%10.7%5.4%8.0%Margin Expansion(bps)YoY incr.-87bps-252bps-320bps-209bps-212bpsEPS(LLC)1.00.86.30.