Bosch said first half revenue increased 3.6% to €46.4 billion, which it also cited as $53 billion. The bump was helped by the acquisition of a heating and cooling unit. The company reaffirmed its full-year outlook and noted that it maintained its sales growth and margin ambitions for 2026 as well.
The Mobility division, which supplies auto parts, was the main pressure point as sales fell and the unit's margin thinned. Management pointed to a tougher auto backdrop: carmakers are trimming production and investment, competition from China's domestic brands is intensifying, and the switch to electric vehicles is proving slower and pricier than many suppliers anticipated. Volkswagen AG, a key Bosch customer, cut its profit forecast last week after a sharp pullback in China and said profitability is being pressured by faster growth of EV sales in Europe. Because battery models usually generate lower margins than comparable combustion cars, a faster tilt in the sales mix is eroding earnings even while EV demand strengthens.
For the full year, Bosch continues to expect sales to rise between 2% and 5% with an operating margin in a 4% to 6% range. Separately, it said its 2026 sales growth and margin targets remain unchanged. The company's overall operating margin narrowed to 4.6%, down from 5.1% for the period ended June. Bosch also took €270 million of impairments to production equipment as the EV rollout lags earlier expectations.
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Bosch said it cut more than 6,500 jobs during the first half, with about 4,000 of them in Germany. The takeaway for your money: solid top line momentum paired with margin pressure from autos, plus impairments tied to a slower EV rollout, is a reminder to check how exposed your holdings are to that supply chain and profit mix.
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