JOST Werke (JST) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 sales of €417 million, up 11.6%-12% year-over-year, with all regions and business lines contributing to 9% organic growth and strong performance in Agriculture and Hydraulics.

• Adjusted EBIT increased 23% to €44.1 million, with margin reaching 10.6%, achieving strategic profitability targets one year after the Hyva acquisition.

• Hyva integration progressing well, delivering synergies, supporting profitability, and returning margin to the strategic corridor earlier than planned.

• 10% capital increase in Q1 2026, issuing 1.49 million shares at €62.13 per share, raising approximately €92.6–93 million gross, used to strengthen equity and repay short-term debt.

• Inaugurated a new hydraulics plant in Brazil, expanding capacity and regional footprint in the Americas.

Financial highlights

• Revenue: €417.0 million (+11.6%–12% YoY); organic growth 9% after adjusting for acquisitions and currency effects.

• Adjusted EBIT: €44.1 million (+23% YoY); margin 10.6% (+1.0pp YoY), within the strategic corridor.

• Adjusted net income grew 17% to €28.3 million; adjusted EPS up 12% to €1.81 despite higher share count.

• Reported net income up 26% to €16.5 million; reported EPS at €1.05.

• Free cash flow slightly negative at €-1.6 million, mainly due to higher working capital and safety stock buildup.

Outlook and guidance

• 2026 revenue expected to grow by a single-digit percentage, with adjusted EBIT to increase by a mid- to high single-digit percentage, outpacing sales growth.

• Adjusted EBIT margin for 2026 projected to exceed 2025’s 9.5%, supported by further Hyva synergies.

• CapEx expected at 2.8% of sales; working capital targeted at 17.5%-18.5% of sales.

• Cautious outlook due to macro and geopolitical uncertainties, especially the Iran conflict and energy price volatility.