Slide 1: Results 2nd Quarter 2024
JOST WERKE SE – AUGUST 14, 2024 RESULTS 2ND QUARTER 2024 JOACHIM DÜRR (CEO) & OLIVER GANTZERT (CFO)
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: Financial Highlights in Q2 2024 and H1 2024
Financial Highlights in Q2 2024 and H1 2024 Sales reached €298m in Q2 2024, partially supported by €21m M&A contribution Adj. EBIT reached €34m and adj. EBIT margin remained strong on prior year’s level at 11.3% despite declining sales Free cash flow grew strongly to €61m in H1 2024 and leverage rem
Slide 4: JOST Acquires a 10% stake in Start-up Trailer Dynamics
JOST Acquires a 10% stake in Start-up Trailer Dynamics JOST becomes strategic investor in Start-up Trailer Dynamics, strengthening R&D cooperation in the field of e-trailer technology. JOST invests €15m in financing round, bolstering the industrialization of Trailer Dynamics’ market-ready plug-and-p
Slide 5: Market Development Q2 2024 vs. Q2 2023
Market Development Q2 2024 vs. Q2 2023 EUROPE NORTH AMERICA ASIA-PACIFIC-AFRICA TRUCK Market normalization vs. MARKET -9% strong pent-up-demand -8% Market normalization vs. +4% Truck demand recovered slightly strong pent-up-demand in China and remained robust in INDUSTRY (volume) driven Q2 2023 driv
Slide 6: Key Financials Q2 2024 and H1 2024
KEY FINANCIALS Q2 2024 AND H1 2024 6 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q2 2024 RESULTS
Slide 7: Europe – European Markets Remain Weak
Europe – European Markets Remain Weak Reported Growth -7.1% -6.2% - Truck and trailer demand weakened further in Q2 Organic 367 -17.5% 341 -17.0% - Demand for agricultural loaders still low due to destocking Sales (€m) of dealer and OEM inventories 178 166 + Consolidation of JACSA (former: Crenlo do
Slide 8: North America – Strong Profitability Despite Sales Decline
North America – Strong Profitability Despite Sales Decline Reported -24.9% -20.8% Growth - Sales burdened by cyclical decline in North America after strong Organic -24.8% -21.6% pent-up demand in prior year’s quarter; esp. trailer business Sales (€m) 201 151 98 - Strong decline in compact-loader mar
Slide 9: Asia-Pacific-Africa – Demand for Transport Remains Robust on High Level
Asia-Pacific-Africa – Demand for Transport Remains Robust on High Level Reported 0.8% -1.3% + Robust markets in Australia, New Zealand & South Africa, Growth further supported by increase in China sales due to higher export Organic 1.1% -2.3% out of China Sales (€m) 104 105 55 54 - Temporarily weake
Slide 10: Group – Profitability Remains High Despite Cyclical Sales Decline
Group – Profitability Remains High Despite Cyclical Sales Decline Reported -11.2% -9.8% - Cyclical decline for Transport in Europe and North America Growth (organic -17.2% in Q2 2024) Organic 672 -16.8% -15.9% 597 - Markets for agricultural loaders start to stabilize on low level as Sales (€m) 143 1
Slide 11: Adjusted Net Income and Adjusted EPS
Adjusted Net Income and Adjusted EPS - Interest payments for 3rd party debt increased by 3 €0.5m as a result of rising EURIBOR vs. H1 2023 12 68 - Taxes increased by 13% to 10m€ in H1 2024 9 -9 53 56 Reported EPS amounted to €2.31 (H1 2023: €3.01) 10 -13 EPS declined due to overall sales decline 46
Slide 12: ROCE, Equity Ratio and Leverage Development
ROCE, Equity Ratio and Leverage Development -1.3pp - ROCE declined slightly compared to year-end, affected by sales-driven reduction of adj. EBIT. ROCE1 21.0% 19.7% (%) + ROCE remained well above the 19%-threshold Dec 31, 2023 June 30, 2024 + Equity ratio was up by +0.9pp, clearly surpassing the Equ
Slide 13: Cash Flow and Working Capital Development
Cash Flow and Working Capital Development Free cash flow1 Cash conversion rate2 0.6 1.3 + Strong develop of operative cash flow + Additional support through factoring (€m) 60.6 33.6 + Cash conversation rate in long-term target range of ≥1 YTD 2023 YTD 2024 Capex3 2.2% 2.3% CAPEX (% of sales) + Capex
Slide 14: Outlook FY 2024
OUTLOOK FY 2024 14 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q2 2024 RESULTS
Slide 15: Market Development Expectations for FY 2024
Market Development Expectations for FY 2024 EUROPE NORTH AMERICA ASIA-PACIFIC-AFRICA TRUCK (15) – (10) % (15) – (10) % 0–5% Weaker demand, compared to very high, Demand for Class 8 trucks expected to Chinese truck market recovers slowly, INDUSTRY (Volume) pent-up-demand-driven levels in prior contra
Slide 16: JOST confirms Outlook for 2024
JOST confirms Outlook for 2024 Single digit decline y-o-y; Sales (2023: €1,250m) Single digit decline y-o-y Adj. EBIT (2023: €141m) Decline y-o-y, but staying in upper half Adj. EBIT margin of strategic corridor of 10.0% - 11.5% Capex Approx. 2.5% - 2.9% of sales (in % of sales) 1 Working Capital Be
Slide 17: Executive Summary
Executive Summary JOST maintains its strong profitability in Q2 2024 and H1 2024, achieving a high adj. EBIT margin despite sales decline Improvements in Working Capital and operational excellence strengthen Free Cashflow, keeping leverage below the 1x threshold JOST invests further in strategic opp
Slide 18: Q&A Appendix
Q&A Appendix Further information 18 JOST Werke SE – ANALYSTS’ AND INVESTORS’ CONFERENCE CALL Q2 2024 RESULTS
Slide 19: Development of JOST's Sales and Adjusted EBIT by Quarter
Development of JOST’s Sales and Adjusted EBIT by Quarter SALES (€m) ADJ. EBIT (€m) ADJ. EBIT MARGIN (in %) 342 330 327 312 322 304 292 286 299 298 273 266 257 252 231 40 199 202 37 192 197 34 33 35 34 178 175 32 30 30 157 30 30 27 27 24 23 24 19 20 21 10.0% 9.3% 8.9% 11.3% 11.3% 12.0% 11.2% 15 11.7%
Slide 20: Shareholder Structure and Share Information
Shareholder Structure and Share Information SHAREHOLDER STRUCTURE AS OF AUGUST 14, 2024 SHARE INFORMATION ISIN DE000JST4000 Trading symbol JST German Sec. Code Number (WKN) JST400 20% Shares in issue 14,900,000 45% Index SDAX Allianz Global Investors Listed since July 20, 2017 PMB Management 20% FMR
Slide 21: Financial Calendar 2024 Contact
Financial Calendar 2024 Contact Aug 14 Publication of Q2 2024 Interim Report Investor Relations Contact: Sept 4 Corporate Sector Conference 2024, Frankfurt/Germany ROMY ACOSTA Sept 10 JOST’s Capital Market Day 2024, Neu-Isenberug/Germany Head of Investor Relations Sept 25 Berenberg and Goldman Sachs