Jost Werke Se · XETR:JST
Jost Werke — Q1 2025 Earnings Presentation
28 slides from Jost Werke's earnings presentation, May 15, 2025
Slide 1: Earnings Conference Q1 2025
EARNINGS CONFERENCE Q1 2025 Joachim Dürr (CEO) & Oliver Gantzert (CFO) May 15, 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: Q1 2025 Highlights
Closing of Hyva transaction on Jan 31st, 2025. Positive contribution of Hyva to adj. EPS already in Q1 2025 PMI fully on track. Identified EBIT synergies of €27m with high confidence. Very positive customer and market response to Hyva acquisition, supporting our synergy plan. Positive signs of marke
Slide 4: Financial Highlights
GOOD START INTO 2025 DESPITE ONGOING MARKET WEAKNESS Sales up +25% to €374m supported by 2 months Hyva M&A effects. Organic sales declined by -9% vs. Q1 2024, affected by weak markets Adj. EBIT increased by +3% to €36m and adj. EBIT margin was 9.6%, slightly better than anticipated after consolidati
Slide 5: Industry Market Development Q1 2025 vs Q1 2024
INDUSTRY MARKET DEVELOPMENT Q1-2025 VS Q1-2024 EMEA AMERICAS APAC TRUCK (15) – (10) % (20) – (15) % 0–5% TRAILER 0–5% (20) – (15) % (5) – 0 % TRACTOR (25) – (20) % (20) – (15) % 5 – 10 % HYDRAULICS (10) – (5) % (10) – (5) % 5 – 10 % Note: Market estimates based on LMC, Clear Consulting, ACT, OEM ann
Slide 6: Strong Resilience Through Wide Range of End Markets, Products and Customers
STRONG RESILIENCE THROUGH WIDE RANGE OF END MARKETS, PRODUCTS AND CUSTOMERS SALES BY DESTINATION Q1 2025 SALES BY APPLICATION Q1 2025 (in % of sales) (in % of sales) 24% 28% 50% 55% 26% 17% EMEA AMERICAS APAC Transport Agriculture Hydraulics JOST Werke SE I Earnings Conference Q1 2025 – 15 May 2025
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Slide 8: EMEA – Growth Driven by M&A and Stabilizing Market Demand
EMEA – GROWTH DRIVEN BY M&A AND STABILIZING MARKET DEMAND TRAILER SUB-SEGMENT EMEA + Positive M&A sales contribution from Hyva of €34m resulted in strong Reported 15.0% Growth sales increase of +15% in Q1 2025 Sales (€m) Organic -5.7% - Market demand in Transport and Agriculture was still below Q1 2
Slide 9: Americas – Strong Profitability by High Aftermarket Share
AMERICAS – STRONG PROFITABILITY BY HIGH AFTERMARKET SHARE IN Q1 2025 SHOWCASING BUSINESS RESILIENCE Americas Reported 8.4% Growth + M&A contribution of €22m from Hyva consolidation supported sales Organic -15.8% growth by +8% in Q1 2025 Sales (€m) 98 - Organic sales down -16% burdened by ongoing wea
Slide 10: APAC – Growth Boosted by Strong Hyva Position in Asia
APAC – GROWTH BOOSTED BY STRONG HYVA POSITION IN ASIA AND SLIGHT MARKET SHARE GAINS IN AGRICULTURE (CHINA) APAC Reported 97.3% + M&A contribution of €47m from Hyva, doubling sales in Q1 2025 Growth vs. prior year Organic -7.5% + Growth of agricultural business in APAC as JOST’s market Sales (€m) 87
Slide 11: Group – Consolidation of Hyva Drives Sales and Operating Growth
GROUP – CONSOLIDATION OF HYVA DRIVES SALES AND OPERATING GROWTH group Reported 25.2% + Positive M&A contribution in hydraulics of €104m (2 months Growth consolidated Hyva sales in Q1 2025) Organic -9.0% - Demand for Transport and Agriculture still below prior year with Sales (€m) 299 374 104 Hydraul
Slide 12: Adjusted Net Income and Adjusted EPS
ADJUSTED NET INCOME AND ADJUSTED EPS income Reported net income declined to €13m (Q1 2024: 3 €20). 36 Reported EPS declined to €0.88 (Q1 2024: €1.34) 11 -4 − PPA D&A adjustment increased to €-11m (Q1 2024: €-6m) due to Hyva PPA and inventory step-ups -7 25 25 − Other exceptionals amounted to €-3m (Q
Slide 13: Preliminary Hyva PPA - Impact on Balance Sheet
PRELIMINARY HYVA PPA - IMPACT ON BALANCE SHEET Acquired assets & liabilities after preliminary PPA (31st January 2025) – [in m€] Comments 671 671 Balance Sheet Q1-2025 Goodwill 37 • The preliminary purchase price incl. cash and debt positions amounts to ~ €327m in cash. PPA of intangible assets stil
Slide 14: Preliminary Hyva PPA - Impact on P&L and Exceptionals in Q1
PRELIMINARY HYVA PPA - IMPACT ON P&L AND EXCEPTIONALS IN Q1 P&L impacts from PPA and Exceptionals in Q1-2025 – [in €m] Comments Profit & Loss Q1-2025 Exist. PPA JOST Exceptionals Inventory step-up "PPA" 2025 New PPA Hyva • #1: D&A from new Hyva PPA amounted to Q1 2025 Q1 2024 €-2.8m in Q1 2025. This
Slide 15: ROCE, Equity Ratio and Leverage Development
ROCE, EQUITY RATIO AND LEVERAGE DEVELOPMENT -3.6pp BALANCE SHEET 17.1% - ROCE1 13.5% Increase in financial liabilities to finance acquisition of Hyva resulted in an (%) expected decline in ROCE, compared to year-end Dec 31, 2024 March 31, 2025 -16.7pp - Increase in current and noncurrent liabilities
Slide 16: Bridge Financing Already Replaced by Promissory Note Loan
BRIDGE FINANCING ALREADY REPLACED BY PROMISSORY NOTE LOAN DEBT MATURITY SCHEDULE - [MEUR] Comments 450 SSD 2025 transaction closed 30th April 2025 SSD 2025 issued 30th April 2025 of €320m 320 MEUR 400 • JOST successfully replaces bridge financing for the 350 Hyva acquisition with a promissory note l
Slide 17: Cash Flow and Working Capital Development
CASH FLOW AND WORKING CAPITAL DEVELOPMENT CASH FLOW Free cash flow1 Cash conversion rate2 1.4 1.8 + Strong development of operative cash flow, supported by Hyva + Additional support through positive Working Capital development (€m) 35.1 44.2 + Cash conversation rate well-above long-term target range
Slide 18: Outlook
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Slide 19: Market Development Expectations for 2025 (Industry Volume)
MARKET DEVELOPMENT EXPECTATIONS FOR 2025 (INDUSTRY VOLUME) EMEA AMERICAS APAC 0–5% (20) – (15) % 5 – 10 % TRUCK Demand stable on prior’s year Uncertain market conditions due Indian and Chinese market level with slight positive to persistent tariff discussions. expected to profit from incentives mome
Slide 20: Outlook for FY2025
OUTLOOK FOR FY2025 CONFIRMED Up by 50% to 60% vs. prior year Sales (2024: €1,069m) Up by 25% to 30% vs. prior year Adj. EBIT (2024: €113m) Up by 25% to 30% vs. prior year Adj. EBITDA (2024: €148m) 2025 Capex (in % of sales) 1 Approx. 2.9% of sales (2024: 3.1%) Outlook Working Capital Below 18.5% of
Slide 21: Post-Merger-Integration Dashboard
POST-MERGER-INTEGRATION DASHBOARD EBIT synergy projects pipeline (until 2026) Purchasing Sales 30 PMI teams & 270 people Identified synergies 01 Shared services + SG&A worldwide Production Logistics & others +€27m yearly One-off integration costs of (run rate Q4 2026) 02 €12m-€24m expected Work in p
Slide 22: Executive Summary
EXECUTIVE SUMMARY Good start into fiscal year 2025, supported by consolidation of Hyva as February 1, 2025. Hyva PMI integration well on track, with strong synergy potentials to support mid-term targets. Very robust financial development, boosted by strong free cash flow and well-managed leverage. L
Slide 23: Questions / Appendix
Questions Appendix
Slide 24: Historical Seasonality
HISTORICAL SEASONALITY DEVELOPMENT OF JOST’S SALES AND ADJUSTED EBIT BY QUARTER Sales (€m) Adj. EBIT (€m) / Adj. EBIT Margin (%) 374 40 342 37 330 322 327 36 312 304 34 35 299 298 33 34 292 286 32 273 266 30 30 30 257 30 252 246 27 27 27 231 226 24 192 197 20 21 175 11.6% 11.6% 11.3% 11.4% 11.6% 11.
Slide 25: Business Steering Adjusted for Hyva Integration and Ambition 2030 Targets
BUSINESS STEERING ADJUSTED TO BE READY FOR HYVA INTEGRATION AND AMBITION 2030 TARGETS Group Executive Board (CEO, CFO, COO) Group steering streamlined into three (new) regions: Business Line Business Line Business Line TRANSPORT AGRICULTURE HYDRAULICS AMERICAS (North and South America), EMEA (Europe
Slide 26: Shareholder Structure and Share Information
SHAREHOLDER STRUCTURE AND SHARE INFORMATION Shareholder structure Share information as of May 15, 2025 PMB Management 20% ISIN DE000JST4000 Trading symbol JST Allianz German Sec. Code Number (WKN) JST400 Other 55% 15% Global Shares in issue 14,900,000 Investors Index SDAX 10% Listed since July 20, 2
Slide 27: Upcoming Investor Events / Investor Relations Contact
UPCOMING INVESTOR EVENTS May 15, 2025 Publication of Q1 2025 Interim Report June 11, 2025 Paris Road show June 12, 2025 Warburg Highlights, Hamburg/Germany Aug 14, 2025 Publication of Q2 2025 Interim Report Sept 4, 2025 ODDO BHF Sector Conference 2025, Frankfurt/Germany Sept 23, 2025 Baader Investme
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