ZF reports company performance for first half of 2026

ZF headquarters in Friedrichshafen, Germany (Photo: ZF)

ZF Friedrichshafen has posted figures covering the first half of 2026, which include a year-on-year sales decline of 2.0% to €19.3 billion (2025: €19.7 billion).

But adjusted for currency and M&A (mergers and acquisitions) effects, sales increased organically by 0.5% over the same six-month period.

Adjusted EBIT reached €964 million (2025: €853 million), resulting in an adjusted EBIT margin of 5.0% (2025: 4.3%). Adjusted free cash flow totalled €989 million (2025: €465 million).

Positive cash flow was said to be driven by higher profitability and ‘continued disciplined investment management’.

“Both factors further strengthened our cash-generation capabilities,” said CFO Michael Frick.

The report further noted that lower research and development spending was due to the focus on the existing product portfolio. Total R&D expenses declined by about 7.0% to €1.6 billion, an R&D ratio of 8.2%.

Looking ahead, Frick said that ZF remains ‘well positioned’ to achieve its full-year 2026 targets, including sales of more than €38 billion.

Speaking about company performance, ZF CEO Mathias Miedreich said: “Cost discipline and a stronger focus on operational performance and value-creating products are beginning to deliver results. The environment remains challenging, but we are making steady progress. Each step improves our performance and strengthens our financial flexibility.”