JOST Werke (JST) Q2 2025 earnings summary

Executive summary

• Achieved strong Q2 2025 sales growth of 31% year-over-year, mainly from the Hyva acquisition and market share gains in agriculture, especially in APAC and South America.

• Hyva integration progressing well, with first synergies realized and exit from non-core crane business underway; sale agreement signed August 11, 2025.

• EMEA market stabilized, while US demand slowed significantly due to tariff and policy uncertainties.

• Business model resilience supported by diversified end markets, product range, and new segment structure.

• 2025 outlook confirmed, with focus on core business and continued profitable growth.

Financial highlights

• Q2 2025 sales up 31% to €391m, mainly from Hyva; organic sales down 3% vs. Q2 2024.

• Adjusted EBIT grew 10% to €37m; adjusted EBIT margin at 9.5%.

• Adjusted EPS increased 3% to €1.41 compared to Q2 2024.

• Free cash flow declined to €5m in Q2, mainly due to higher working capital from Hyva consolidation.

• Net income for H1 2025 declined to €20m, impacted by non-cash items from Hyva acquisition.

Outlook and guidance

• FY2025 sales from continuing operations expected to rise 40–50% over 2024; adjusted EBIT up 23–28%.

• CapEx ratio targeted at 2.9% of sales; working capital below 18.5% of sales.

• Leverage ratio expected to fall below 2.5x by year-end 2025.

• Including discontinued operations, sales growth of 50–60% and adjusted EBIT up 25–50% vs. 2024, subject to closing timing.

• Slight upside potential in EMEA and agriculture; continued weakness in America due to tariff uncertainties.