JOST Werke (JST) Q4 2024 earnings summary

Executive summary

• Achieved strategic progress in a weak market, including the acquisition of Hyva Group and the launch of Ambition 2030 midterm targets.

• Expanded OEM contracts in agriculture and construction, increasing market share and global tier one supplier status.

• Hyva post-merger integration progressing well, with synergy potential exceeding initial estimates.

• Resilience enhanced through diversified regional footprint, customer mix, and product portfolio expansion.

• Proposed stable dividend of EUR 1.50 per share, increasing payout ratio to 29% of adjusted earnings.

Financial highlights

• Sales declined 14.4% year-over-year to EUR 1,069 million; adjusted EBIT down 19.8% to EUR 113 million; EBIT margin at 10.6%.

• Adjusted EBITDA margin stable at 13.9% despite sales decline; agriculture business line grew 5% due to M&A contributions.

• Record free cash flow of EUR 115 million; net income grew 1% to EUR 53 million, aided by financial result and low tax rate.

• Adjusted EPS declined 16% to EUR 5.20; proposed dividend of EUR 1.50 per share, stable year-over-year.

• Net debt reduced to EUR 127.5 million; leverage ratio improved to 0.86x.

Outlook and guidance

• 2025 sales expected to rise 50–60% due to Hyva consolidation and market stabilization.

• Adjusted EBIT and EBITDA forecast to increase 25–30% year-over-year.

• CapEx to normalize at 2.9% of sales; working capital expected below 18.5% of sales.

• Focus in 2025 on reducing leverage below 2.5x EBITDA after Hyva acquisition.

• Market recovery anticipated in H2 2025, with regional variations in demand.