EQS-News: SAF-HOLLAND with a solid start to the fiscal year 2025: Adjusted EBIT margin almost at the previous year's level

SAF-HOLLAND with a solid start to the fiscal year 2025: Adjusted EBIT margin almost at the previous year's level

 

• Group sales amounted to EUR 449.2 million (previous year: EUR 505.4 million)
• Adjusted EBIT margin of 9.5% almost at the previous year's level
• Operating free cash flow of EUR +8.2 million exceeds the previous year's figure by EUR 20.6 million
• Outlook for fiscal year 2025 confirmed

 

 

Bessenbach, May 8, 2025. SAF-HOLLAND SE ("SAF-HOLLAND"), one of the world's leading suppliers of trailer and truck components, has made a solid start to the fiscal year 2025.

 

Share of sales from the less cyclical aftermarket business reaches 37.8 % (previous year 35.1 %)

Group sales decreased by 11.1% to EUR 449.2 million (previous year: EUR 505.4 million) due to weak customer demand in the Original Equipment segment. The sales contribution of the Original Equipment Trailer customer segment fell by 14.8% to EUR 220.7 million (previous year: EUR 259.0 million). This corresponds to 49.1% of Group sales (previous year 51.3%). The sales contribution of the Original Equipment Trucks customer segment fell by 14.5% to EUR 58.9 million (previous year: EUR 68.9 million), mainly due to the Americas region. In contrast, the more cyclically resilient aftermarket business recorded only a slight sales decline of 4.4% to EUR 169.6 million (previous year: EUR 177.5 million). As a result, the corresponding share of sales improved from 35.1% to 37.8%.

 

In organic terms – i.e. excluding the impact of exchange rate and acquisition effects – Group sales decreased by EUR 70.8 million or 14.0% in the first quarter 2025.

 

Adjusted EBIT margin almost at previous year's level 

Adjusted EBIT fell by 12.1% to EUR 42.7 million in the first quarter of 2025 due to lower sales. This corresponds to an almost stable adjusted EBIT margin of 9.5% (previous year: 9.6%).

 

Result for the period influenced by unrealized foreign currency effects as of the reporting date

With a Group tax rate of 35.1% (previous year: 28.8%), SAF-HOLLAND generated a result for the period of EUR 13.4 million in the first quarter 2025 (previous year: EUR 26.5 million). In addition to the lower operating result, the significant deviation from the same quarter of the previous year is due to a higher foreign currency burden in the financial result. This was influenced in particular by unrealized exchange rate losses from the valuation of intercompany foreign currency loans at the exchange rate on the reporting date in the amount of EUR 5.8 million (previous year: exchange rate gain of EUR 3.6 million). The valuation effects in the amount of EUR -9.4 million are primarily due to the development of the US Dollar and the Swedish krona against the euro.

 

The result for the period attributable to the shareholders of the parent company amounted to EUR 13.0 million (previous year: EUR 26.2 million). Based on an unchanged number of shares compared to the previous year of 45.4 million, earnings per share for the first quarter of 2025 amounted to EUR 0.29 (previous year: EUR 0.58).

 

The adjusted result for the period after minority interests, which was adjusted for special items outside the ordinary business activities of SAF-HOLLAND, amounted to EUR 20.1 million, 35.8% below the previous year's figure of EUR 31.3 million. Adjusted earnings per share therefore amounted to EUR 0.45 (previous year: EUR 0.69).

 

Strong operating cash flow

At +8.2 million, operating free cash flow in the first quarter of 2025 exceeded the previous year's figure by 20.6 million euros. This was due to the solid operating performance and a significantly lower cash outflow from the change in net working capital of EUR -27.7 million (previous year: EUR -43.6 million). Investments in property, plant and equipment and intangible assets totaled 8.6 million euros (previous year: 7.4 million euros), corresponding to a capex ratio of 1.9% (previous year: 1.5%).

 

Outlook for fiscal year 2025 confirmed

In view of the current trade policy and regulatory uncertainties regarding future tariff developments and the introduction of stricter emission standards from 2027, a forecast of future developments is only possible to a limited extent at this time. Nevertheless, the Management Board of SAF HOLLAND SE continues to expect Group sales for fiscal year 2025 to be in the range of EUR 1,850 million to EUR 2,000 million (previous year: EUR 1,876.7 million), as published on March 20, 2025.

 

Thanks to its broad-based production network in North America (Canada, USA and Mexico) and its strong market positions, SAF-HOLLAND is resiliently positioned to react promptly and effectively to negative influences from global trade policy. A comprehensive action plan is available for this purpose.

 

Based on this assumption, SAF-HOLLAND continues to expect to achieve an adjusted EBIT margin of 9% to 10% in 2025 (previous year: 10.1%). The forecast for the capex ratio also remains unchanged and amounts to up to 3% of Group sales (previous year: 3.1%).

 

Alexander Geis, Chairman of the Management Board and Chief Executive Officer of SAF-HOLLAND SE, said: "Thanks to the resilience of our business model, we have made a solid start to the new fiscal year. We are confident that we will successfully overcome the operational challenges arising in particular from changes in trade policy and achieve our targets for the year."

 

Key financial figures for the first quarter of 2025

in EUR thousand		Q1 2025		Q1 2024		Change absolute		Change in %
Results of Operations
Sales	449,166			505,431		–56,265		–11.1%
Gross profit	105,025			108,875		–3,850		–3.5%
Gross profit margin in %	23.4%			21.5%
Adjusted gross profit	106,602			110,555		–3,953		–3.6%
Adjusted gross profit margin in %	23.7%			21.9%
EBITDA	58,851			63,800		–4,949		–7.8%
EBITDA margin in %	13.1%			12.6%
Adjusted EBITDA	59,706			63,800		–4,094		–6.4%
Adjusted EBITDA margin in %	13.3%			12.6%
EBIT	35,893			43,405		–7,512		–17.3%
EBIT margin in %	8.0%			8.6%
Adjusted EBIT	42,692			48,565		–5,873		–12.1%
Adjusted EBIT margin in %	9.5%			9.6%
Result for the period without non-controlling interests	13,047			26,225		–13,178		–50.2%
Adjusted result for the period without non-controlling interests	20,089			31,295		–11,206		–35.8%
Basic earnings per share in EUR	0.29			0.58		–0.29		–50.2%
Adjusted earnings per share in EUR	0.45			0.69		–0.24		–35.8%
Financial position
Net cash flow from operating activities	16,421			–6,891		23,312		–
Net cash flow from investing activities (property, plant and equipment/intangible assets)	–8,240			–5,543		–2,697		48.7%
Operating free cash flow	8,181			–12,434		20,615		–
Net cash flow from investing activities (acquisition of subsidiaries)	–			–10,326		10,326		–
Total free cash flow	8,181			–22,760		30,941		–
Yield
Return on capital employed (ROCE) in %	17.4%			20.2%
Balance sheet	03/31/2025			12/31/2024
Balance sheet total	1,731,084			1,711,869		19,215		1.1%
Equity	539,390			527,100		12,290		2.3%
Equity ratio in %	31.2%			30.8%
Non-current and current liabilities	1,191,694			1,184,769		6,925		0.6%

 

 

Contact:

Dana Unger      

VP Investor Relations, Corporate & ESG Communications

Tel: +49 6095 301 949

dana.unger@safholland.de

 

Alexander Pöschl 

Senior Manager Investor Relations, Corporate & ESG Communications

Tel: +49 6095 301 117

alexander.poeschl@safholland.de

 

Michael Schickling

Senior Manager Investor Relations, Corporate & ESG Communications

Tel: +49 6095 301 617

michael.schickling@safholland.de

 

 

About SAF-HOLLAND

SAF-HOLLAND SE is a leading international manufacturer of chassis-related assemblies and components for trailers, trucks and buses. An average of around 5,700 dedicated employees worldwide generated sales of EUR 1,877 million in 2024.

The product range includes axle and suspension systems for trailers as well as fifth wheels and coupling systems for trucks, trailers, and semi-trailers as well as brake and EBS systems. In addition, SAF-HOLLAND also develops innovative products to increase the efficiency, safety, and environmental friendliness of commercial vehicles. With the brands SAF, Holland, Haldex, Assali Stefen, KLL, Neway, Tecma, V.Orlandi and York, the Group achieved strong market positions in the top three positions in the most important regions worldwide in 2024.

SAF-HOLLAND supplies manufacturers in the original equipment market on six continents. In the aftermarket business, the company supplies spare parts to manufacturers’ service networks and wholesalers as well as to end customers and service centers via an extensive global distribution network.

SAF-HOLLAND SE is listed in the Prime Standard of the Frankfurt Stock Exchange and is included in the SDAX (ISIN: DE000SAFH001). Further information is available at www.safholland.com.