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SAF-Holland (SFQ) investor relations material
SAF-Holland Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Group sales declined organically by 11.7% in Q2 2025 to €442.2 million, mainly due to weak OE demand, muted commercial vehicle markets, and tariff-related costs, partially offset by acquisitions and robust aftermarket performance.
Profitability was resilient with adjusted EBITDA margin at 12.8% and adjusted EBIT margin at 9.1%, supported by cost management and synergies, despite tariff and FX headwinds.
Net income attributable to shareholders fell 52.2% to €24.0 million, with basic EPS at €0.53, impacted by weaker top line and unfavorable currency developments.
Leverage increased to 2.4x due to dividend payments, M&A, and new lease liabilities; order intake in Europe improved, but North America and APAC remained soft.
The company launched the "drive2030" strategy, set new medium-term targets, and completed key management and structural changes.
Financial highlights
Q2 group sales declined 12.8% year-over-year to €442.2 million; H1 sales were 11.9% below prior year at €891.6 million.
Adjusted EBIT margin was 9.1% in Q2 and 9.3% for H1; adjusted EBIT fell 25.7% year-over-year to €34.5 million in Q2 and €83.0 million in H1.
Adjusted EBITDA margin was 12.8% in Q2 and 12.9% for H1.
Net working capital increased 9.9% to €320 million, with a ratio of 18.2% of sales.
Operating free cash flow for H1 was €9.1 million; net cash flow from operating activities dropped 51.2% to €30.5 million.
Outlook and guidance
Full-year 2025 group sales guidance revised to around €1.8 billion (previously up to €2.0 billion), reflecting ongoing market weakness, especially in North America and Asia.
Adjusted EBIT margin forecast lowered to around 9.3%; CapEx guidance unchanged at up to 3% of group sales.
Aftermarket business expected to remain stable; gradual improvement anticipated in EMEA and APAC in H2 2025.
Dividend payout ratio remains at 40–50% of adjusted net income, with new calculation method to exclude unrealized FX effects.
North American truck and trailer markets expected to be 20–30% below prior year; EMEA shows improving order intake, APAC to recover towards year-end.
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