OPmobility: Revenue up 2.8% in third quarter, China weighs on joint ventures
Global automotive production declined by 1.9% in the third quarter of 2026. Over this period, OPmobility published on October 21, 2026 consolidated revenue up 2.8% on a comparable basis and constant exchange rates, driven by its three segments. The Lyon-based equipment supplier also confirmed its annual targets, adjusted in early October, and signed an agreement to acquire Hyundai Mobis's lighting business.
The publication reveals two distinct dynamics. On one hand, consolidated activities are growing, particularly in Europe. On the other hand, joint venture sales declined by 19.0% on a comparable basis, due to the Chinese market.
Consolidated revenue of €2,437 million, up across all three segments
In the third quarter of 2026, OPmobility's consolidated revenue reached €2,437 million, compared to €2,362 million a year earlier. It increased by 3.2% on a published basis and by 2.8% on a comparable basis and constant exchange rates. The exchange rate effect amounted to +€19 million, mainly linked to the US dollar. The scope effect was -€11 million, following the extension on June 1, 2026 of the YFPO joint venture scope to OPmobility and Yanfeng module assembly activities.
All three segments contributed to the increase. The Exterior & Lighting division grew by 4.9% to €1,081 million (+4.1% on a comparable basis), Modules by 2.1% to €721 million (+3.2%) and Powertrain by 1.5% to €635 million (+0.5%).
The quarter came in above the cumulative pace. Over the first nine months of 2026, consolidated revenue stood at €7,639 million, down 0.7% on a published basis but up 1.1% on a comparable basis and constant exchange rates.
Joint ventures declining in China, Europe and rest of Asia growing
Economic revenue, which includes the share of joint ventures, amounted to €2,763 million. It increased by 1.6% and was stable on a comparable basis (−0.3%). According to the group, this represents a performance 1.6 points higher than global automotive production.
The gap with consolidated revenue is due to joint ventures, whose sales declined by 8.7% to €325 million, and by 19.0% on a comparable basis. The group attributes this decline to the decrease in automotive production and sales in China, which affected YFPO, its joint venture with Yanfeng. This decline was partially offset by growth in module assembly at SHB. In China, economic revenue decreased by 33.2% on a comparable basis, to €195 million, in a market where production fell by 5.6% and car sales by 24%.
Other regions show a different profile. Europe, the group's leading region with €1,369 million, grew by 8.6% on a comparable basis, mainly thanks to Eastern Europe, while production there declined by 0.2%. Rest of Asia grew by 12.3% to €298 million, driven by South Korea and India. In North America, revenue declined by 5.9% to €795 million, but the United States showed growth of 4.9% in a market down 4.8%.
Agreement with Hyundai Mobis and 2026 targets confirmed
OPmobility signed an agreement with Hyundai Mobis to acquire 100% of its lighting business. The enterprise value retained is 600 billion won, approximately €390 million as of September 29, 2026. This business achieved revenue of 2,500 billion won in 2025 (approximately €1.6 billion), with positive operating margin. It operates five plants in South Korea, China, Mexico and the Czech Republic.
The transaction would increase the number of lighting facilities in the group from 9 to 14, and Hyundai and Kia would become one of its main customers. Completion is targeted for the second half of 2027, subject to customary competition and regulatory approvals. On a pro forma basis, the group indicates that the acquisition should not have a major impact on its deleveraging strategy.
OPmobility also inaugurated a fourth plant in Morocco, in Kenitra, dedicated to exterior body parts for an international carmaker. The group had adjusted its annual targets in early October, citing volatility in raw material and component prices as well as revised production forecasts from several carmakers. The stock had fallen more than 19% in trading on October 8, 2026, the day after the announcement of a European reorganization project and this revision.
OPmobility confirmed its 2026 targets: an operating margin between €430 million and €450 million, free cash flow above €220 million, significant net profit attributable to the group and an improvement in net debt compared to end of 2025.
