Jost Werke Se · XETR:JST
Jost Werke — FY 2024 Earnings Presentation
26 slides from Jost Werke's earnings presentation, Mar 27, 2025
Slide 1: Earnings Conference FY 2024
EARNINGS CONFERENCE FY 2024 Joachim Dürr (CEO) & Oliver Gantzert (CFO) March 26, 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: Highlights
JOST further developed its strategy and presented mid-term targets “AMBITION 2030” at Capital Markets Day JOST signed acquisition of Hyva Group in Oct. 2024, taking first steps to implement its growth strategy in off-highway markets New OEMs customers contracts signed in Agriculture & Construction,
Slide 4: Boosting Global Market Positioning and Business Resilience
BOOSTING GLOBAL MARKET POSITIONING AND BUSINESS RESILIENCE Expansion of product portfolio Increasing exposure to off-highway markets Enhancing regional footprint worldwide Strengthening Push & Pull with Hyva brand Reducing dependency from individual OEMs Growing resilience on markets and products Mi
Slide 5: Outlook 2024 Achieved
OUTLOOK 2024 ACHIEVED -15% decline y-o-y (+/- 2.5pp); -14.4% to Sales (2023: €1,250m) € 1,069m Low double-digit decline y-o-y, -19.8% to Adj. EBIT trailing sales (2023: €141m) € 113m Adj. EBIT Between 10.5% - 11.0% margin (2023: 11.3%) 10.6% 2024 Capex (in % of sales) 1 Approx. 2.5% - 2.9% of sales
Slide 6: Financial Highlights
financial HIGHLIGHTS Affected by market slowdown, sales in Transport declined by 19% M&A contributions from JACSA and LH supported sales in BL Agriculture, which grew by 5% Adj. EBITDA developed in line with sales, with adj. EBITDA margin stable at 13.9% vs. prior year, despite sales decline Record
Slide 7: 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 2024 AFTERMARKET MIX 2024 SALES BY APPLICATION 2024 (in % of sales) (in % of sales) (in % of sales) 22% 25% 28% 40% 46% 72% 32% 35% Europe Americas APA OEM Aftermarket Trailer Truck Tractor JOST Werke SE
Slide 8: bi o Ls |
bi o Ls |
Slide 9: Europe – Profitability Stabilized Despite Market Decline
EUROPE – PROFITABILITY STABILIZED DESPITE MARKET DECLINE Europe Reported -10.4% -18.5% - Strong headwinds from market environment in 2024: truck demand Growth 688 Sales (€m) Organic -18.3% 616 -17.0% down 24%, trailers down 5% and tractors down 15% 167 + Consolidation of JACSA (former: Crenlo do Bra
Slide 10: North America – Successfully Adapting to Lower Market Volumes
NORTH AMERICA – SUCCESSFULLY ADAPTING TO LOWER MARKET VOLUMES North America Reported -27.0% -28.2% Growth - Sales burdened by market decline in North America, with trailer Organic -26.9% -28.8% demand going down by 26%, class 8 trucks by 5% and tractors by 15% Sales (€m) 354 259 - Truck demand weake
Slide 11: Asia-Pacific-Africa – Strong Profitability Supported by High Off-Highway Product Mix
ASIA-PACIFIC-AFRICA – STRONG PROFITABILITY SUPPORTED BY HIGH OFF-HIGHWAY PRODUCT MIX APA Reported -6.4% -18.2% + Robust markets in Australia & New Zealand as well as China’s Growth export business supported development in the region Organic -7.3% -19.6% - Demand in India remained weak through 2024,
Slide 12: Group – Profitability Remains High Despite Market-Driven Sales Decline
GROUP – PROFITABILITY REMAINS HIGH DESPITE MARKET-DRIVEN SALES DECLINE group Reported -14.4% -20.7% - Cyclical decline for Transport worldwide (organic sales Transport: Growth -19% in 2024) Organic 1,250 -18.3% -20.3% - Markets for agricultural loaders weakened further in 2024, as Sales (€m) 1,069 2
Slide 13: Adjusted Net Income and Adjusted EPS
ADJUSTED NET INCOME AND ADJUSTED EPS income Reported net income increased by 0.6% to €52.6m (2023: €52.3). 22 113 Reported EPS went up to €3.53 (2023: €3.51) -18 − PPA D&A adjustment in line with prior year at €-24m 24 93 − Other exceptionals amounted to €-22m (M&A and legal fees €-9m, closure and c
Slide 14: ROCE, Equity Ratio and Leverage Development
ROCE, EQUITY RATIO AND LEVERAGE DEVELOPMENT -3.9pp BALANCE SHEET 21.0% - ROCE declined compared to year-end, mostly affected by ROCE1 17.1% sales-driven reduction of adj. EBIT (%) - ROCE slightly below the long-term target of >18% Dec 31, 2023 Dec 31, 2024 2.3pp + Equity ratio was up by 2.3pp, for t
Slide 15: Cash Flow and Working Capital Development
CASH FLOW AND WORKING CAPITAL DEVELOPMENT CASH FLOW Free cash flow1 Cash conversion 1.2 1.5 + Strong development of operative cash flow rate2 + Additional support through factoring offset negative impact from (€m) 112.3 115.1 earn-out payment for Ålö, beginning of 2024 + Cash conversation rate well-
Slide 16: Outlook
ADT / j L = X a) >) 7
Slide 17: Business Steering Adjusted to be Ready 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 18: Market Development Expectations for 2025 (Industry Volume)
MARKET DEVELOPMENT EXPECTATIONS FOR 2025 (INDUSTRY VOLUME) EMEA AMERICAS APAC 0–5% (10) – (5) % 5 – 10 % TRUCK Demand stable on prior’s year Decline in class 8 demand Indian and Chinese market level with slight positive specially during H1, expected to expected to profit from incentives momentum exp
Slide 19: Outlook for 2025
OUTLOOK FOR 2025 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 sales (2024:
Slide 20: Status Post-Merger-Integration Hyva
STATUS POST-MERGER-INTEGRATION HYVA Closing executed February 1st, 2025. Global PMI program successfully launched with clear first 100-days priority list. Strong cross-company collaboration and entrepreneurial mindset with similar values and customer-oriented culture. PPA analysis started and on-goi
Slide 21: Executive Summary
EXECUTIVE SUMMARY Strong sales and adj. EBIT growth expected for 2025, mainly driven by Hyva consolidation Markets worldwide bottoming out with expected pick-up in demand in H2 2025 Hyva PMI integration well on track, with strong synergy potentials to support mid-term targets New steering matrix str
Slide 22: Questions / Appendix
Questions Appendix
Slide 23: 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 24: Shareholder Structure and Share Information
SHAREHOLDER STRUCTURE AND SHARE INFORMATION Shareholder structure Share information as of March 26, 2025 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, 201
Slide 25: Upcoming Investor Events, Investor Relations Contact
UPCOMING INVESTOR EVENTS March 26, 2025 Publication of Annual Group Report 2024 April 2, 2025 Metzler Small Cap Days 2025, Germany May 8, 2025 Annual General Meeting 2025 May 15, 2025 Publication of Q1 2025 Interim Report Aug 14, 2025 Publication of Q2 2025 Interim Report Nov 13, 2025 Publication of
Slide 26: Slide 26