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SAF-Holland (SFQ) investor relations material
SAF-Holland Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 saw group sales decline organically by 2.5% to EUR 417.2 million, about 5% below the prior year, amid challenging market conditions and softer OE demand, but profitability remained solid with a 9.1% adjusted EBIT margin and 13.2% adjusted EBITDA margin.
Operating free cash flow improved to EUR 38.5 million in Q3, and leverage remained stable at 2.4x, despite dividend payments, M&A, and new lease liabilities.
The company maintained operational discipline, with the aftermarket business showing resilience and contributing over 39% of group sales.
The Assali Stefen acquisition contributed a low single-digit million euro amount to sales.
Net income attributable to shareholders dropped 36.3% to EUR 37.9 million for Q1–Q3 2025.
Financial highlights
Group sales for Q3 2025 were EUR 417.2 million (down from EUR 439.9 million in Q3 2024), with a 5.2% year-over-year decline and a 9.9% drop for the first nine months of 2025.
Adjusted EBIT margin was 9.1% in Q3 (PY: 9.8%), and adjusted EBITDA margin was 13.2% (PY: 13.5%).
Reported EBIT for Q3 dropped 21.7% to EUR 28.9 million, with restructuring and transaction costs totaling EUR 3.8 million.
Basic EPS increased to EUR 0.31 in Q3 (Q3 2024: 0.20), while adjusted EPS rose to 0.50 (Q3 2024: 0.42).
Net working capital increased by 11.2% to EUR 297.3 million, with a ratio of 18.7% of sales.
Outlook and guidance
Full-year 2025 group sales guidance revised to EUR 1.7–1.75 billion, reflecting continued market softness and currency headwinds, especially in North America and Asia.
Adjusted EBIT margin guidance remains unchanged at around 9.3%; CapEx ratio expected up to 3%.
Efficiency program targeting SG&A optimization may incur high single-digit million Euro costs by year-end.
North American truck and trailer markets expected to decline 20–30% year-over-year; Chinese CV markets forecasted to grow 10–20% due to government stimulus.
Aftermarket expected to remain stable.
Detail Q3's drivers for profit and free cash flow
How will the efficiency program impact FY25/26
Justify share buyback given rising leverage ratio
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Next SAF-Holland earnings date
Q4 202519 Feb, 2026
Next SAF-Holland earnings date
Q4 202519 Feb, 2026
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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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