Stabilus Se · XETR:STM
Stabilus — Q1 2025 Earnings Presentation
27 slides from Stabilus's earnings presentation, Jan 27, 2025
Slide 1: Q1 FY2025 Results
Q1 FY2025 RESULTS ANALYST & INVESTOR WEB CONFERENCE JANUARY 27, 2025 M O T I O N C O N T R O L 1
Slide 2: Disclaimer
DISCLAIMER Stabilus SE (the “Company“, later “Stabilus”) has prepared this presentation solely for your information. It should not be treated as giving investment advice. Neither the Company, nor any of its directors, officers, employees, direct or indirect shareholders and advisors nor any other pe
Slide 3: Key Takeaways
KEY TAKEAWAYS In Q1 FY25, revenue increased by 6.7% y/y due to the consolidation of Destaco. Excluding acquisition and currency translation effects, group revenue declined by 5.8%. Adj. EBIT1 margin improved by 70bp to 11.6%. Our initiatives to further improve robustness and resilience are ongoing.
Slide 4: Destaco's Performance and Revenue Synergies
DESTACO’S PERFORMANCE AND REVENUE SYNERGIES INDUSTRIAL AUTOMATION (DESTACO) (€M) Q1 FY25 (Oct-Dec) Actual Revenue 45.0 EBIT 8.5 % revenue 18.9% FCF 3.5 % revenue 7.8% 4
Slide 5: Stabilus Group in Q1 FY2025
STABILUS GROUP IN Q1 FY2025 REVENUE AND EARNINGS INCREASE DRIVEN BY DESTACO CONSOLIDATION REVENUE (€M) ADJ. EBIT (€M) PROFIT (€M) ADJ. FCF (€M) % organic growth % margin % revenue % revenue 10.9% 11.6% 4.0% 4.4% 11.9% 2.7% + 6.7% - 5.8% + 13.5% + 17.2% - 75.4% 326.0 14.3 36.2 305.4 37.8 12.2 33.3 8.
Slide 6: Business Development by Region in Q1 FY25
BUSINESS DEVELOPMENT BY REGION IN Q1 FY25 AMERICAS EMEA ASIA-PACIFIC Revenue 14.7% y/y 6.1% y/y 1.4% y/y 8.5% 8.9% 19.4% adj. EBIT margin 320bp y/y 50bp y/y 100bp y/y Revenue increase in Americas and EMEA due to the consolidation of Destaco. 6
Slide 7: Americas Revenue and Earnings Increased Mainly Due to Destaco Consolidation
AMERICAS REVENUE AND EARNINGS INCREASED MAINLY DUE TO DESTACO CONSOLIDATION REVENUE (€M) % organic growth Revenue 14.7% y/y + 14.7% - 4.7% › Organic -4.7%, M&A +26.4%, FX -7.0% › M&A: Destaco €26.2m 113.7 99.1 › Substantially lower revenues in Automotive and lower revenues in CV1 and HRF, partiall
Slide 8: EMEA Growth Driven by Acquisition and DIAMEC
EMEA GROWTH DRIVEN BY ACQUISITION AND DIAMEC REVENUE (€M) % organic growth Revenue 6.1% y/y + 6.1% - 4.6% › Organic -4.6%, M&A +10.9%, FX -0.2% › M&A: Destaco €12.9m 118.2 125.4 › Lower organic revenues in all market segments, partially offset by growth in DIAMEC1 (spare parts) Q1 FY24 Q1 FY25 ADJ
Slide 9: APAC Is Impacted by Weak Automotive Business
APAC IS IMPACTED BY WEAK AUTOMOTIVE BUSINESS REVENUE (€M) % organic growth Revenue 1.4% y/y - 1.4% - 8.6% › Organic -8.6%, M&A +6.7%, FX +0.5% 88.1 86.9 › M&A: Destaco €5.9m › Substantially lower revenues in Automotive, partially offset by organic growth in DIAMEC1 (spare parts) Q1 FY24 Q1 FY25 AD
Slide 10: Business Development by Market Segment in Q1 FY25
BUSINESS DEVELOPMENT BY MARKET SEGMENT IN Q1 FY25 ICON MARKET SEGMENT % CHANGE Y/Y 4% 2% 1% 7% Automotive (AGS and APR) 11% AGS Industrial Machinery & Automation (IMA) 513%1 26% 12% Distributors, Independent Aftermarket, E- 8% commerce (DIAMEC) Q1 FY25 Commercial Vehicles (CV) 5% €326.0m 57%
Slide 11: Net Debt Ratio Stable at 2.8
NET DEBT RATIO STABLE AT 2.8 › Net leverage ratio stable at 2.8 2.8 2.8 and well below 3.0. › Our goal is to reduce net 2.5 leverage ratio well below 2.0 within the next two to three years. › Our mid-term target leverage ratio is 1.0. 1.5 668.4 663.7 1.2 1.1 1.0 0.6 330.0 274.4 0.4 0.3 199.2 189.1 1
Slide 12: NWC/Revenue Ratio Stable on the Level of 20%
NWC/REVENUE RATIO STABLE ON THE LEVEL OF 20% › NWC/revenue ratio at 20.4%, incl. Destaco’s NWC and 23.1% proforma LTM revenue. 22.5% › Our forecast for NWC in FY2025: 17%-20% of LTM revenue 21.1% › NWC/revenue ratio of 20.4% in 20.7% 20.4% 20.3% Q1 FY25 mainly due to 19.6% 20.0% 19.6% temporary inve
Slide 13: Investment Focus on Innovative New Products Such as Door Actuators
INVESTMENT FOCUS ON INNOVATIVE NEW PRODUCTS SUCH AS DOOR ACTUATORS › Investment focus in Q1 FY25: radar technology, smart door actuation and automation of production facilities. › The investments in automation and efficiency reached its peak 6.8% in FY2024 and will phase out in 6.1% 6.3% FY2025. 5.9
Slide 14: We Confirm Our Guidance for FY2025
WE CONFIRM OUR GUIDANCE FOR FY2025 FY2024 FY2025 Actual Forecast Revenue €1,305.9m €1.3bn - €1.45bn Adj. EBIT margin 12.0% 11% - 13% Adj. FCF €132.8m €90m - €140m › The market environment continues to be challenging. › The range of our expectations reflects higher macroeconomic and geopolitical unce
Slide 15: Summary and Outlook
SUMMARY AND OUTLOOK Despite the challenging market environment, Stabilus showed increased revenues and earnings in Q1 FY25. Diversification by market segment provides stability. We continue to work on NWC1 reductions and CAPEX optimization to ensure FCF stability. The integration of Destaco is well
Slide 16: Q&A Session
Q&A SESSION M O T I O N C O N T R O L 16
Slide 17: Appendix
APPENDIX M O T I O N C O N T R O L 17
Slide 18: Revenue and Adjusted EBIT Margin by Quarter
REVENUE AND ADJUSTED EBIT MARGIN BY QUARTER 20.4% 20.0% 19.9% 19.4% adjusted EBIT margin in % revenue in €m 19.0% 18.9% 21.1% 21.3% 18.1% 17.4% 16.1% 17.7% 17.1% 17.3% 16.8% 16.9% 13.9% 16.1% 15.6% 15.5% 15.9% 15.3% 16.0% 15.3% 13.0% 14.1% 14.7% 14.3% 15.0% 14.7% 13.7% 13.5% 14.0% 12.3% 13.0% 13.1%
Slide 19: Revenue
REVENUE THREE MONTHS ENDED DECEMBER 31, 2024 REVENUE (€M) Q1 FY2024 Q1 FY2025 Change % change Acquisition effect Currency effect Organic growth Actual Actual Automotive Gas Spring 30.2 29.0 (1.2) (4.0)% 0.0% 0.0% (4.0)% Automotive Powerise 28.7 26.1 (2.6) (9.1)% 0.0% (0.1)% (9.0)% Industrial Compone
Slide 20: Adjusted EBIT
ADJUSTED EBIT THREE MONTHS ENDED DECEMBER 31, 2024 ADJUSTED EBIT (€M) Q1 FY2024 Q1 FY2025 Change % change Acquisition effect Currency effect Organic change Actual Actual EMEA 9.9 11.2 1.3 13.1% 21.2% 0.0% (8.1)% AMERICAS 5.3 9.7 4.4 83.0% 98.1% (7.5)% (7.6)% APAC 18.0 16.9 (1.1) (6.1)% 6.7% 0.6% (13
Slide 21: P&L and Adjusted EBIT
P&L AND ADJUSTED EBIT THREE MONTHS ENDED DECEMBER 31, 2024 P&L (€M) ADJUSTED EBIT (€M) Q1 FY2024 Q1 FY2025 Q1 FY2024 Q1 FY2025 Change % change Change % change Actual Actual Actual Actual Revenue 305.4 326.0 20.6 6.7% EBIT 20.3 28.1 7.8 38.4% Cost of sales (230.9) (238.7) (7.8) 3.4% PPA adj. - D&A 4.
Slide 22: Balance Sheet
BALANCE SHEET DECEMBER 31, 2024 BALANCE SHEET (€M) Sept 2024 Dec 2024 Change % change Actual Actual Property, plant and equipm. 300.3 309.1 8.8 2.9% Goodwill 540.0 557.3 17.3 3.2% Other intangible assets 477.9 489.1 11.2 2.3% Other investments 6.0 6.0 - 0.0% Inventories 223.6 239.2 15.6 7.0% Trade r
Slide 23: Cash Flow
CASH FLOW THREE MONTHS ENDED DECEMBER 31, 2024 CASH FLOW STATEMENT (€M) Q1 FY2024 Q1 FY2025 Change % change Actual Actual Cash flow from operating activities 49.8 29.7 (20.1) (40.4)% Cash flow from investing activities (17.4) (22.8) (5.4) 31.0% Cash flow from financing activities (4.2) (21.4) (17.2)
Slide 24: LVP Development / Forecast: Quarterly View
LVP DEVELOPMENT / FORECAST QUARTERLY VIEW: Q1 FY24 – Q4 FY25 Light vehicle production in million units 13.3% Growth rate y/y in % 10.5% 8.2% 5.2% 3.3% 3.0% 1.8% 0.1% 1.2% 1.7% 1.3% 4.3% 0.7% 0.4% 1.3% -1.7% 0.0% -2.2% 1.1% -0.3% -1.0% -0.8% -1.0% -0.5% -4.9% -3.7% -4.3% -4.6% -4.3% -6.8% -7.7% -9.5%
Slide 25: LVP Development / Forecast: Yearly View
LVP DEVELOPMENT / FORECAST YEARLY VIEW: FY2023 – FY2025 Light vehicle production in million units Growth rate y/y in % 2.6% 3.1% 1.4% 0.4% 0.3% -1.3% -0.9% -5.0% 88.2 89.4 89.7 49.9 51.2 52.8 World APAC 18.4 18.5 18.2 AMER 19.9 19.7 18.7 EMEA FY2023 FY2024 FY2025 Source: leading market forecast inst
Slide 26: Acronyms and Abbreviations
ACRONYMS AND ABBREVIATIONS Adj. Adjusted FX Foreign exchange, currency effect AGS Automotive Gas Spring FY Fiscal year AMR Aerospace, Marine & Rail GDP Gross domestic product APAC Asia-Pacific HRF Health, Recreation & Furniture APR Automotive Powerise IMA Industrial Machinery & Automation bp Basis p
Slide 27: Contact Stabilus IR
M O T I O N C O N T R O L Experience Stabilus motion control virtually Contact Stabilus IR GROUP.STABILUS.COM/BUSINESS-PARK-MEDIA IR.STABILUS.COM 27