ZF Friedrichshafen : Positive steps forward, full turnaround still distant

ZF has long been criticized for its lack of action, caught between unfeasible divestitures and ineffective restructuring measures. Several obstacles have been removed recently, with the monetization of ADAS and concrete steps toward restructuring. However, there is still a long way to go, performance remains too weak, and the outlook for 2026 is challenging. In this report, we resume our coverage of ZF by reviewing recent developments and outlining what to expect going forward, including rating outlooks.