SAF-Holland SE · XETR:SFQ
SAF-Holland — FY2024 Earnings Presentation
25 slides from SAF-Holland's earnings presentation, Mar 20, 2025
Slide 1: Conference Call Presentation FY 2024
CONFERENCE CALL PRESENTATION FY 2024 Your partner wherever you drive Alexander Geis (CEO) & Frank Lorenz-Dietz (CFO) March 20, 2025 < 1 >
Slide 2: Highlights and regional performance Q4/FY 2024
Highlights and regional performance Q4/FY 2024 FY 2024 Call Presentation < 2 >
Slide 3: SAF-HOLLAND successfully mastered market weakness & achieved record margin
SAF-HOLLAND successfully mastered market weakness & achieved record margin Sales Adj. EBITDA Adj. EBIT Adj. EPS NWC ratio Operating margin margin FCF EUR EUR EUR 13.7% 10.1% 15.5% 1,876.7mn 2.43 146.5mn FY 2023: FY 2023: FY 2023: FY 2023: 31 Dec 2023: FY 2023: EUR 2,106.2mn 12.5% 9.6% EUR 2.61 14.1%
Slide 4: FY 2024 Highlights
FY 2024 Highlights Sales Slowdown in OE market demand was partially offset by acquisition-related effects and development aftermarket business; sales were therefore 10.9% below PY (organically: -15.5%) Adj. EBIT margin Despite significant sales reduction, record profitability of 10.1% achieved (PY:
Slide 5: Market weakness in OE partly offset by solid aftermarket business and M&A
Market weakness in OE partly offset by solid aftermarket business and M&A Group sales (in EUR mn) 2023 -10.9% • FY organic sales declined by 15.5% yoy respectively 2024 2,106.2 EUR 326.8 mn while acquisitions contributed 1,876.7 EUR 103.5 mn to sales (including 7 weeks related to Haldex) • OE sales
Slide 6: Less cyclical aftermarket business shows moderate organic growth
Less cyclical aftermarket business shows moderate organic growth Group sales split (by region, by customer category) • Acquisition-related growth despite trailer and truck 12.8% 13.2% market weakness supported EMEA region • Soft truck and trailer markets in North America impacted Americas sales EMEA
Slide 7: Double-digit profitability based on resilient business model & strict cost management
Double-digit profitability based on resilient business model & strict cost management Group adj. EBIT and margin (in EUR mn and % of sales) 2023 9.6% 10.1% • Despite sales reduction of 10.9%, adj. EBIT declined 2024 by only 5.7% yoy to EUR 190.5 mn, which resulted in 202.1 a significant margin impro
Slide 8: Favorable mix effect and flexibility to adjust cost drove margin improvement
Favorable mix effect and flexibility to adjust cost drove margin improvement EMEA sales Sales (in EUR mn) -6.7% 2023 • FY 2024 sales were organically 13.4% lower compared to PY 2024 946.3 882.8 esp. due to low demand from trailer customers (Q4 2024: -21.4% yoy). However, the region was able to outpe
Slide 9: Americas aftermarket strength partly offset market-related topline decline
Americas aftermarket strength partly offset market-related topline decline Americas sales Sales (in EUR mn) -16.1% 2023 • FY 2024 sales were organically 19.6% lower compared to PY (Q4 2024 890.3 2024: -23.3% yoy) mainly due to weak demand from trailer 747.3 customers throughout the year while demand
Slide 10: Continued strong adj. EBIT margin despite muted topline development
Continued strong adj. EBIT margin despite muted topline development APAC sales Sales (in EUR mn) -8.5% 2023 • FY 2024 sales were organically 9.4% lower compared to PY 2024 269.5 which predominantly relates to restricted government 246.6 infrastructure spending in India due to the parliamentary elect
Slide 11: Financials Q4 / FY 2024
Financials Q4 / FY 2024 FY 2024 Call Presentation < 11 >
Slide 12: EBIT to adjusted EBIT reconciliation for the Group
EBIT to adjusted EBIT reconciliation for the Group in EUR mn Q4 2024 Q4 2023 FY 2024 FY 2023 EBIT 34.8 38.9 -10.5% 1 161.4 163.8 -1.4% 1 Reported EBIT in FY 2024 declined only slightly despite EBIT margin in % 8.2 7.5 8.6 7.8 significant topline slowdown Additional depreciation & 6.0 5.0 23.4 19.1 2
Slide 13: Strong reported EPS despite significant topline slowdown
Strong reported EPS despite significant topline slowdown in EUR mn Q4 2024 Q4 2023 FY 2024 FY 2023 EBIT 34.8 38.9 -10.5% 161.4 163.8 -1.4% Finance result -5.7 -16.2 1 - 41.3 -42.1 EBT 29.1 22.7 120.1 121.7 1 Income taxes -11.1 -4.8 -41.9 -41.2 Tax rate (in %) 38.0 21.2 2 34.9 33.8 Result for the per
Slide 14: Proposed dividend of EUR 0.85 per share reflects successful 2024 fiscal year
Proposed dividend of EUR 0.85 per share reflects successful 2024 fiscal year Dividend per share (in EUR) • Management Board and Supervisory Board propose a dividend of EUR 0.85 per share to the Annual General Meeting on May 20, 2025 0.85 0.85* • Dividend proposal in line with long-term dividend poli
Slide 15: Equity ratio increased due to strong result for the period
Equity ratio increased due to strong result for the period • Compared to 31 December 2023, equity rose by 10.7% despite the 36.6% 36.8% 37.3% dividend payment of EUR 38.6 mn in 32.2% June 30.8% 29.5% 28.6% 29.5% 28.5% 28.7% 27.2% 27.5% 25.7% • Balance sheet total grew by 3.0% compared to 31 December
Slide 16: NWC ratio reached target corridor despite higher aftermarket inventory need & M&A
NWC ratio reached target corridor despite higher aftermarket inventory need & M&A Net working capital (in % of sales) • Despite market-related lower 17.4% NWC, NWC was impacted by 15.9% 16.5% 16.4% the stronger aftermarket 14.8% 15.6% 15.4% 15.5% business with usually higher 15.8% inventory need as
Slide 17: Strong operational performance and favorable NWC development
Strong operational performance and favorable NWC development in EUR mn Q4 2024 Q4 2023 FY 2024 FY 2023 1 Improved EBITDA despite weaker market EBITDA 61.0 68.0 1 252.4 248.7 environment Change in Net Working Capital +48.9 +18.3 2 +29.5 +1.7 2 Positive cash inflow from NWC due to strict NWC Taxes pai
Slide 18: Leverage ratio reached target of less than 2.0x
Leverage ratio reached target of less than 2.0x Net debt/EBITDA • Net debt/EBITDA ratio amounted to 1.9x at 2.6 the end of December 2024 2.5 2.4 • Increase in net debt compared to Dec 2023 2.1 2.0 partly due to funding of the acquisitions of 1.9 1.9 1.9 1.8 IMS Group, Tecma & Assali Stefen as well a
Slide 19: Outlook FY 2025 and key takeaways
Outlook FY 2025 and key takeaways FY 2024 Call Presentation < 19 >
Slide 20: After a weak 2024, outlook for the markets in 2025 remains muted
After a weak 2024, outlook for the markets in 2025 remains muted FY 2024 FY 2024 FY 2025e FY 2025e Trailer Market Truck Market Trailer Market Truck Market EMEA ~ -20 to -25% -24% +/- 0% 0 to +5% North America ~ -30% -2% -5 to -10% 0 to -5% Brazil ~ -2% ~+41% 0 to +5% 0 to +5% China ~ -7% ~ -2% 0 to
Slide 21: Outlook 2025
Outlook 2025 Group Group Sales FY 2024 FY 2025 • For EMEA and North America, first half year expected to Results Outlook remain weak for trucks and trailers • Recovery expected within second half of 2025 Sales EUR 1,876.7 mn EUR 1,850 mn – EUR 2,000 mn • Recovery of Indian trailer market expected to
Slide 22: Key takeaways
Key takeaways Successfully managed challenging market environment, also due to resilient aftermarket business and 1 diversified regional setup Record profitability based on capability to manage costs during the cycle, strict cost management 2 as well as the continuous realization of synergies from t
Slide 23: Contact and additional information
Contact and additional information FY 2024 Call Presentation < 23 >
Slide 24: Investor relations contact & financial calendar
Investor relations contact & financial calendar Issuer & contact Financial calendar and road show activities SAF-HOLLAND SE Hauptstrasse 26 63856 Bessenbach March 20, 2025 Publication Annual Report incl. CSRD Report FY 2024 Dana Unger March 27, 2025 Capital Markets Day, Aschaffenburg Vice Presid
Slide 25: Disclaimer
Disclaimer This presentation has been prepared by SAF-HOLLAND SE (“SAF-HOLLAND”) and comprises written materials concerning SAF-HOLLAND. It is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. It contains summary inform