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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.
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Q2 2025 earnings summary7 Aug, 2025

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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Frequently asked questions

SAF-Holland SE is a German manufacturer specializing in components and systems for commercial vehicles, including trucks, trailers, buses, and agricultural machinery. The company's product portfolio includes axle and suspension systems, fifth wheels, kingpins, and landing gears, designed to enhance vehicle stability, safety, and durability. SAF-Holland serves clients globally in the transportation and logistics industries, providing high-performance solutions for heavy-duty vehicle operations. The company is headquartered in Bessenbach, Germany, and its shares are listed on the Frankfurt Stock Exchange.

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