JOST Werke (JST) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw a strong start with the Hyva acquisition completed January 31, contributing €103.9–104 million to sales and positively impacting adjusted EBIT and EPS in its first two months.

• Post-merger integration is progressing well, with €27 million in annual synergies identified and high confidence in implementation.

• Market stabilization observed in EMEA and APAC, while Americas remain challenged by tariff and trade uncertainties.

• Organic sales declined 9% year-over-year due to weak markets, but order intake improved by quarter-end.

• Outlook for 2025 confirmed, with a resilient business model supporting profitable growth.

Financial highlights

• Sales increased 25% year-over-year to €373.7–374 million, with Hyva contributing €103.9–104 million for two months; organic sales declined 9%.

• Adjusted EBIT rose 3–3.2% to €35.7–36 million; adjusted EBIT margin at 9.6%.

• Free cash flow (excluding M&A) up 26% to €44–44.2 million, supported by Hyva and working capital management.

• Adjusted EPS down 3% to €1.65, with Hyva partially offsetting organic decline.

• Reported net income for the quarter was €13–13.1 million; adjusted net income €24.5–25 million.

Outlook and guidance

• Full-year 2025 guidance confirmed: sales expected to rise 50–60% (mainly from Hyva), adjusted EBIT and EBITDA to increase 25–30% over prior year.

• CapEx ratio targeted at 2.5–2.9% of sales; working capital ratio to be brought below 18.5%.

• Synergy run rate of €27 million expected by Q4 2026, with most one-off integration costs in 2025.

• Leverage ratio to remain below 2.5x by year-end.

• Capital expenditure focused on Hyva integration and automation.