Autoneum (AUTN) M&A announcement summary

Deal rationale and strategic fit

• Trèves is the global No. 4 in automotive acoustics and thermal management, with FY2025 revenue of ~EUR 720 million, ~4,600 employees and 26 production sites in 15 countries.

• Trèves adds powertrain, trunk, acoustic and thermal-management products, complementing strengths in body and interior products.

• The acquisition supports the Level Up strategy by adding manufacturing and customer coverage in Romania, Morocco and Brazil, reaching 1.5 million additional vehicles.

• Combined R&D capabilities are expected to support joint launches and innovation, including recyclable monomaterial carpets, EV-related technologies and sustainable materials.

Financial terms and conditions

• Upfront consideration is EUR 40 million: EUR 7.5 million in cash and EUR 32.5 million in newly issued shares; share value is based on the 90-day average price before transfer.

• Earn-out of up to EUR 24 million may be payable based on EBITDA improvements and synergies realized by 2029; total consideration is capped at EUR 64 million.

• Trèves family and Fonds Avenir Automobile will receive shares subject to a three-year lock-up.

• Consideration implies ~3.1x EV/EBITDA post-synergies; enterprise value is more than EUR 300 million, including the earn-out.

• A CHF 200 million senior unsecured term loan supports operations, refinancing and working capital; closing net debt/EBITDA is projected at ~2.0x, with a medium-term target below 1.5x.

Synergies and expected cost savings

• Annual synergies are expected to exceed CHF 50 million, ramping up in 2027–2028 and fully effective by 2029; implementation and restructuring costs are estimated at CHF 60 million.

• Levers include procurement scale, increased in-house sourcing and base-material capacity, SG&A consolidation, and manufacturing footprint optimization and utilization.

• EPS accretion is expected from 2028; Trèves is profitable at EBITDA and EBIT level, with a 6%–8% EBIT margin corridor expected after synergies.