Jost Werke Se · XETR:JST
Jost Werke — Investor Presentation (February 2025)
27 slides from Jost Werke's investor presentation, Feb 26, 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION JOST WERKE SE – February 2025
Slide 2: Disclaimer
DISCLAIMER THIS PRESENTATION IS CONFIDENTIAL AND MUST NOT BE RELEASED, PUBLISHED, TRANSMITTED OR DISTRIBUTED, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, INTO OR WITHIN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. This presentation
Slide 3: Who We Are: A Leading Global Supplier for Commercial Vehicles
WHO WE ARE A LEADING GLOBAL SUPPLIER FOR COMMERCIAL VEHICLES » 1,069 FY 2024 prelim SALES m€ FY 2024 prelim ADJ. EBIT » 113 m€ » 10.6 FY 2024 prelim ADJ. EBIT MARGIN % » 0.86 FY 2024 prelim LEVERAGE x » +115 FY 2024 prelim FREE CASHFLOW m€ JOST Werke SE I INVESTOR PRESENTATION – FEBRUARY 2025 3
Slide 4: The Next Step: Hyva Acquisition – Global Market Leader for Tipping Cylinders
THE NEXT STEP HYVA ACQUISTION – A GLOBAL MARKET LEADER FOR TIPPING CYLINDERS JOST + HYVA PRO FORMA 2024 » 1,694 FY 2024 prelim SALES m€ FY 2024 prelim GROSS » 454 FRONT-END TIPPING CYLINDERS UNDERBODY CYLINDERS PROFIT m€ TIPPING CYLINDERS » 26.8 FY 2024 prelim GP MARGIN % SKIP LOADERS CRANES » 147 F
Slide 5: JOST Brand Experience
JOST BRAND EXPERIENCE BRAND LOYALTY OF WIDE VARIETY OF PURCHASING DECISSION MAKERS Our strong brands and our customer focus build the foundation of JOST’s Push & Pull sales strategy, strengthening customers' trust in JOST and generating a high market demand for our solutions SAFETY-RELATED COMPONENT
Slide 6: Our Market Position
OUR MARKET POSITION THE GLOBAL LEADING SUPPLIER FOR FIFTH WHEELS, LANDING LEGS AND FRONT LOADERS APPLICATION MIX 2023 Landing leg: (in % of sales) EUROPE + #1 41% MIDDLE EAST 5th wheel: NORTH of sales #1 21% AMERICA Front loaders: #1 Tractors 41% Trailers Landing leg: #1 5th wheel: 23% 12% ASIA 38%
Slide 7: Flexible and Asset-Light Global Footprint with Local for Local Regional Core
FLEXIBLE AND ASSET-LIGHT GLOBAL FOOTPRINT WITH “LOCAL FOR LOCAL” REGIONAL CORE 24 + 14 KEY PARTS OF THE VALUE CHAIN Number of product variants 20 100 100 1,500 On demand production plants Purchased Mech. Assembly Design/ Forging and Quality Logistics Vehicle Production stage engineering casting mate
Slide 8: What Drives Us: Finding Solutions for Tomorrow's Challenges
WHAT DRIVES US FINDING SOLUTIONS FOR TOMORROW'S CHALLENGES JOST spearheads the technological shift towards more connected, environmentally friendly and intelligent commercial vehicles. Our commitment to progress keeps our portfolio evolving with the market. Grafik 17 KKS DCA WEIGHTMASTER PLUS E-Cata
Slide 9: Our Target: Ambition 2030
OUR TARGET COMMITMENT TO DRIVE VALUE CREATION Ambition 2030 SALES ADJ. ADJ. EBIT REVENUE EPS MARGIN 10.0% > € 2bn > €10 to per share 12.0% Shifting margin corridor CAGR: 7% p.a. CAGR: 8% p.a. up by 0.5pp JOST Werke SE I INVESTOR PRESENTATION – FEBRUARY 2025 9
Slide 10: Opportunities to Achieve Profitable Growth
OPPORTUNITIES TO ACHIEVE PROFITABLE GROWTH Balanced sizeable opportunities for all market applications, with growing OEM earnings power significance of trends in off-highway by end markets 2025-2030 (Ø EBIT margin) Balancing Efficiency trends end markets Automation and Mining electrification ~ 50% O
Slide 11: Investment Highlights
Investment INVESTMENT HIGHLIGHTS HIGHLIGHTS Technology leader with strong brands and high market shares worldwide Flexible and asset light business model with proven resilience through industry cycles Wide diversification by product, customer and region with high aftermarket shares Proven value crea
Slide 12: Financials
bi o Ls |
Slide 13: JOST Outlook for 2024
JOST OUTLOOK FOR 2024 -15% decline y-o-y (+/- 2.5pp); Sales (2023: €1,250m) Low double-digit decline y-o-y, Adj. EBIT trailing sales (2023: €141m) Adj. EBIT Between 10.5% - 11.0% margin (2023: 11.3%) Capex Approx. 2.5% - 2.9% of sales (in % of sales) 1 (2023: 2.5%) Working Below 19% from sales Capit
Slide 14: Market Development Expectations for 2025
MARKET DEVELOPMENT EXPECTATIONS FOR 2025 INDUSTRY (VOLUME) EUROPE NORTH AMERICA ASIA-PACIFIC-AFRICA 0–5% (10) – (5) % 5 – 10 % Demand stable on prior’s year Decline in class 8 demand Chinese truck market expected to TRUCK level with slight positive specially during H1, expected to profit from incent
Slide 15: Strong Performance: Development of Sales and Earnings by Region
STRONG PERFORMANCE DEVELOPMENT OF SALES AND EARNINGS BY REGION Sales Growth (%) (€m) CAGR: 6 % 2024 vs PY − Cyclical decline for Transport in 1,265 1,250 worldwide (organic -19% in 2024) 173 1,069 -14% 1,049 − Markets for agricultural loaders 208 171 194 -6% 794 396 755 736 259 354 259 continue to b
Slide 16: Robust Financial Profile: ROCE, Equity Ratio and Leverage
ROBUST FINANCIAL PROFILE ROCE, EQUITY RATIO AND LEVERAGE DEVELOPMENT ROCE1 (%) Equity ratio (%) Net debt2 (€m) -2.4pp +1.9pp 0.99x Leverage3 0.86x 21.0% 180 127 18.6% 38.0% 39.9% 268 267 -88 -140 Dec 31, 2023 Sept 30, 2024 Dec 31, 2023 Sept 30, 2024 Dec 31, 2023 Dec 31, 2024 Interest-bearing capital
Slide 17: High Cash Generation: Cash Flow and Working Capital
HIGH CASH GENERATION CASH FLOW AND WORKING CAPITAL DEVELOPMENT Free cash flow1 (€m) CAPEX (€m) Net working capital (€m) 2.5% Capex3 3.1% 18.0% NWC 15.3% (% of sales) (% of sales) 33.3 236 112 115 30.8 164 149 96 195 180 -108 -113 2023 2024 2023 2024 2023 2024 Trade receivables Inventory Trade payabl
Slide 18: Historical Seasonality: Sales and Adjusted EBIT by Quarter
HISTORICAL SEASONALITY DEVELOPMENT OF JOST’S SALES AND ADJUSTED EBIT BY QUARTER Sales (€m) Adj. EBIT (€m) / Adj. EBIT Margin (%) 40 342 37 330 322 327 312 304 34 35 34 292 286 299 298 33 32 273 266 30 30 30 30 257 252 246 27 27 27 231 226 24 24 199 202 197 23 192 21 178 175 12.0% 20 19 11.7% 11.6% 1
Slide 19: Acquisitions
Acquisi TIONS
Slide 20: JOST Closed Acquisition of Hyva on 31 January 2025
JOST CLOSED ACQUISTION OF HYVA ON 31 JANUARY 2025 Hyva fits JOST’s corporate and M&A strategy perfectly Renowned branded products added to portfolio Global market leader in hydraulic tipping cylinders with experienced management and staff More balanced geographical exposure in regions with higher gr
Slide 21: Strategic M&A Criteria Fulfilled
STRATEGIC M&A CRITERIA FULFILLED Products and systems for transport, Commercial vehicles agriculture, mining and infrastructure (no passenger car!) industry Global market leader in hydraulic tipping Relative (regional) market cylinders with approx. 40% global market strength share High share of bran
Slide 22: Customers Will Benefit from Our One Single Supplier
CUSTOMERS WILL BENEFIT FROM OUR ONE SINGLE SUPPLIER 22
Slide 23: Increase Exposure to Regions with Above Average Growth
INCREASE EXPOSURE TO REGIONS WITH ABOVE AVERAGE GROWTH Pre-Deal Post-Deal GDP CAGR1) Sales JOST 2023 JOST + HYVA 2023 2024-2029 EMEA2) 56% €700m 49% €912m 1.6% North America 28% €354m 22% €406m 2.1% South America3) 2% €22m 5% €92m 2.3% India 2% €29m 9% €160m 6.5% China & Rest of Asia China 3.8% 11%
Slide 24: Main Areas of Synergies
MAIN AREAS OF SYNERGIES Fitness Growth Cross-selling opportunities in the Direct and indirect COGS Americas, Asia and Brazil Significantly higher purchasing Operating leverage in India, power Brazil and North America Sales force and sales companies’ Stronger global market position organisation by le
Slide 25: Shareholder Structure and Share Information
SHAREHOLDER STRUCTURE AND SHARE INFORMATION Shareholder structure as of January 31, 2025 Share information Allianz Global Investors 20% ISIN DE000JST4000 Trading symbol JST Other 45% German Sec. Code Number (WKN) JST400 Shares in issue 14,900,000 20% PMB Management Index SDAX Listed since July 20, 2
Slide 26: Upcoming Investor Events / Investor Relations Contact
UPCOMING INVESTOR EVENTS Feb 18, 2025 Preliminary Results for Fiscal Year 2024 Feb 19, 2025 Road show, Zurich, Switzerland March 6, 2025 Berenberg EU Opportunities Conference, UK March 26, 2025 Publication of Annual Group Report 2024 April 2, 2025 Metzler Small Cap Days 2025, Germany May 8, 2025 Ann
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