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Gates Industrial Corporation plc reported Q1 2026 net sales of $851.1 million, essentially flat versus Q1 2025. Net income attributable to shareholders was $59.7 million, slightly below $62.0 million a year earlier, with diluted EPS at $0.23 versus $0.24.
Gross profit declined to $338.0 million as cost of sales rose faster than revenue, and Adjusted EBITDA fell to $177.4 million from $187.3 million, reflecting lower volumes despite pricing benefits. Operating cash flow improved to $30.2 million, and the company ended the quarter with $785.3 million in cash and cash equivalents against total debt of $2,228.5 million.
Power Transmission and Fluid Power segments both saw modest core sales declines but maintained Adjusted EBITDA margins above 20%. The effective tax rate dropped to 14.8%, helped by discrete tax benefits. The company also entered a definitive agreement to acquire the belts business of The Timken Company, expected to close in the third quarter of 2026.
Gates Industrial Corporation plc reported first-quarter 2026 net sales of $851.1 million, up 0.4% year over year, while core sales fell 2.9%. Net income attributable to shareholders was $59.7 million, or $0.23 per diluted share.
Net income from continuing operations was $66.4 million, a margin of 7.8%. Adjusted Net Income was $88.7 million, or $0.35 per diluted share, and Adjusted EBITDA was $177.4 million with a 20.8% margin. Cash from operating activities rose to $30.2 million.
The company maintained its 2026 guidance, targeting core sales growth of 1%–4%, Adjusted EBITDA of $775–$835 million, Adjusted Earnings Per Share of $1.52–$1.68, capital expenditures of about $120 million, and Free Cash Flow conversion above 90%. Management highlighted successful ERP implementation in Europe, solid order rates, and a book-to-bill ratio above 1.
Vanguard Capital Management reported beneficial ownership of 13,375,910 shares of Gates Industrial Corp PLC common stock, representing 5.26% of the class as of 03/31/2026. The filing states Vanguard has sole dispositive power over 13,375,910 shares and sole voting power over 1,956,825 shares. The Schedule 13G filing was signed on 04/29/2026.
Vanguard Portfolio Management reports beneficial ownership of 13,122,379 shares of Gates Industrial Corp PLC common stock, representing 5.16% of the class as reported. The filing shows Vanguard has sole voting power over 30,965 shares and sole dispositive power over 13,122,379 shares. The report is signed on 04/29/2026 and cites ownership data tied to 03/31/2026.
Gates Industrial Corporation plc is asking shareholders to vote at its fully virtual 2026 Annual General Meeting on June 4, 2026. Holders of 254,585,738 ordinary shares as of April 7, 2026 may attend online and vote.
Shareholders will elect eight directors, cast advisory votes on named executive officer compensation and the U.K.-style Directors’ Remuneration Report, ratify Deloitte & Touche LLP as U.S. auditor, re-appoint Deloitte LLP as U.K. statutory auditor, and authorize the Board to allot equity securities, including a special resolution to do so without pre-emptive rights.
The Board has eight members, seven of whom are independent, with separate chair and CEO roles, 23 Board and committee meetings in 2025, and 100% incumbent director attendance. Executive pay is heavily performance-based, with half of long-term equity in performance-based RSUs tied to return on invested capital and relative total shareholder return. In 2025, Gates repurchased about $119 million of shares, reduced gross debt by over $120 million, and received S&P credit rating upgrades; over 98% of votes supported the prior say-on-pay proposal.
Allspring Global Investments Holdings, LLC reports beneficial ownership of 12,596,459 shares (5.0%) of Gates Industrial Corp PLC common stock as of 03/31/2026. The filing states Allspring has sole voting power over 12,006,068 shares and sole dispositive power over 12,596,459 shares. The Schedule 13G/A identifies related investment-adviser subsidiaries in Exhibit A and is signed on 04/14/2026.
Gates Industrial Corp plc director Joseph S. Cantie reported a small tax-related share disposition. On the transaction date, 4 ordinary shares were withheld at a value of $22.11 per share to satisfy par value obligations tied to vesting of previously granted time-based restricted stock units under U.K. corporate law.
Following this withholding, Cantie directly holds 13,964 ordinary shares. This was a tax-withholding disposition rather than an open-market sale, reflecting routine administration of equity compensation rather than a discretionary trade.
Gates Industrial Corp PLC — The Vanguard Group filed Amendment No. 4 to a Schedule 13G/A reporting zero shares beneficially owned of Gates Industrial common stock following an internal realignment.
The filing cites SEC Release No. 34-39538 (January 12, 1998) and states certain Vanguard subsidiaries or business divisions will report beneficial ownership separately; the registrant reports 0 shares (0%) and no voting or dispositive power.
Gates Industrial Corp plc director and CEO Ivo Jurek reported equity award and vesting activity involving restricted stock units and ordinary shares. Time-based restricted stock units (TBRSUs) covering 63,891 shares vested and were converted into ordinary shares, and he received a new grant of 130,900 TBRSUs. In connection with the vesting, 27,966 ordinary shares were withheld at a price of $26.37 per share to satisfy par value and related tax withholding obligations, which is a disposition for tax purposes rather than an open-market sale. Following these changes, he directly holds 2,059,636 ordinary shares and 293,245 TBRSUs, and indirectly holds 680,894 ordinary shares through a trust.