Saf-holland Se · XETR:SFQ
Saf-holland — Q2 2026 Earnings Presentation
22 slides from Saf-holland's earnings presentation, Aug 6, 2026
Slide 1: Conference Call Presentation Q2 2026
Conference Call Presentation Q2 2026 Prepared for tomorrow Alexander Geis (CEO) & Frank Lorenz-Dietz (CFO) August 6, 2026
Slide 2: Highlights and regional performance Q2/H1 2026
01 Highlights and regional performance Q2/H1 2026 Q2 2026 Call Presentation 2
Slide 3: Q2 2026 Financial highlights
Q2 2026 Financial highlights Outlook Sales Outlook for fiscal year 2026 confirmed EUR 454.0 mn (PY: EUR 442.4 mn) Recovery and stabilization of major OE markets result in moderate organic growth of 3.8% Leverage Adj. EBIT margin 2.3x (Dec 2025: 2.3x) 9.6% (PY: 9.1%) Stable leverage despite dividends
Slide 4: Continued organic growth with margin improvement
Continued organic growth with margin improvement +1.6% Group sales Sales (in EUR mn) 891.6 905.7 • Group sales increased by 2.6% yoy in Q2, driven by an organic growth of 3.8% yoy +2.6% 600 • Growth was primarily driven by continued trailer OE demand in 442.4 417.2 425.6 451.7 454.0 10 EMEA and stro
Slide 5: Sales split by region and customer segment
Sales split by region and customer segment Group sales split • EMEA mainly benefitted from a continued solid trailer demand (by region, by customer category) 11.1% 12.2% and a robust aftermarket, despite the ongoing Middle East conflict EMEA • Solid pre-buy demand for trucks in North America more th
Slide 6: EMEA maintains momentum with sound profitability
EMEA maintains momentum with sound profitability +5.7% EMEA sales Sales (in EUR mn) 441.9 467.3 • Continued positive momentum in the OE trailer segment in Europe remained the key growth driver, while the aftermarket business +3.6% developed robust 300 223.1 225.6 236.2 231.0 • Hence, sales grew by 3
Slide 7: Resilient operating performance despite weak market environment
Resilient operating performance despite weak market environment, with signs of recovery Americas sales -6.3% Sales (in EUR mn) 346.5 • Americas Q2 sales remained slightly below prior year due to 324.5 continued muted North American CV demand and negative FX -1.4% effects of EUR 2.4 mn resp. 1.4% 200
Slide 8: Strong organic growth and operational momentum
Strong organic growth and operational momentum +10.4% APAC sales Sales (in EUR mn) 113.9 • Continued strong trailer demand in India as well as Australia drove 103.1 double-digit organic growth of 18.1% yoy in Q2, while FX effects +12.4% significantly reduced reported sales by 5.8% 52.4 58.6 55.3 • T
Slide 9: Financials Q2/H1 2026
02 Financials Q2/H1 2026 Q2 2026 Call Presentation 9
Slide 10: EBIT to adjusted EBIT reconciliation for the Group
EBIT to adjusted EBIT reconciliation for the Group in EUR mn Q2 2026 Q2 2025 H1 2026 H1 2025 EBIT 1 38.7 34.5 12.1% 75.6 70.4 7.4% 1 Reported EBIT improved due to higher topline scale effects EBIT margin in % 8.5 7.8 8.3 7.9 and materialization of groups Additional depreciation & efficiency program
Slide 11: EPS benefits from revenue growth and improved financing result
EPS benefits from revenue growth and improved financing result in EUR mn Q2 2026 Q2 2025 H1 2026 H1 2025 1 Finance result improved strongly by EUR 11.3 mn EBIT 38.7 34.5 12.1% 75.6 70.4 7.4% • PY was impacted by unrealized FX Finance result 1 -5.7 -17.0 -11.0 -32.3 effects of EUR -14.5 mn thereof un
Slide 12: Equity ratio mainly impacted by dividend payment
Equity ratio mainly impacted by dividend payment Equity ratio (in %) • Compared to 31 December 2025, equity rose by 3.1% mainly due to the result for the period 30.8% 31.2% 28.7% 29.6% 29.3% 29.1% 28.5% 27.7% • Balance sheet total grew by 4.8% compared to 31 December 26.9% 2025 primarily due to the
Slide 13: Seasonal NWC build-up in line with FY expectations
Seasonal NWC build-up in line with FY expectations Net working capital (in % of sales) • NWC ratio increased to 17.6% as of June 2026 (Dec 2025: 18.7% 16.8%), mainly reflecting the usual seasonal build-up in 17.6% 18.2% 17.1% inventories and receivables 15.8% 16.9% 16.8% • A structural different cus
Slide 14: Favorable NWC development drives solid cash flow
Favorable NWC development drives solid cash flow 1 Improved NWC drove lower cash outflow compared to PY in EUR mn Q2 2026 Q2 2025 H1 2026 H1 2025 2 Capex amounted to 2.3% of Group sales during H1 2026 EBITDA 59.9 56.5 117.5 115.4 Investments focused on further automation and modernization processes,
Slide 15: Solid leverage ratio despite dividend payment and repurchasing of shares
Solid leverage ratio despite dividend payment and repurchasing of shares Net debt/EBITDA • Net debt/EBITDA ratio amounted to 2.3x at the end of June 2026 2.4 2.4 • Solid net debt development despite dividend-cash out of 2.3 2.3 2.2 EUR 28.8 mn as well as EUR 13.3 mn spent for repurchasing of 2.0 SAF
Slide 16: Outlook FY 2026 and key takeaways
03 Outlook FY 2026 and key takeaways Q2 2026 Call Presentation 16
Slide 17: 2026 Market outlook – Positive momentum across key end markets
2026 Market outlook – Positive momentum across key end markets H1 2026 H1 2026 FY 2026e FY 2026e Trailer market Truck market Trailer market Truck market ~ 5 to +10% EMEA ~ +5 to +10% +5 to +10% ~ +5 to +10% (previously: ~ 0 to +5%) North America -8% -17% ~ -5 to +5% ~ 0 to +10% Brazil -9% -14% ~ -10
Slide 18: Outlook 2026 confirmed
Outlook 2026 confirmed Group Group Sales FY 2025 FY 2026 • OE business to be supported by continued recovery trend in Results Outlook as of March 2026 EMEA as well as in APAC • Americas expected to show recovery momentum from truck EUR 1,700 mn customers as well as a gradually improved trailer marke
Slide 19: Key takeaways
Key takeaways 1 Recovery in key markets drives continued organic growth 2 Scale effects, operational excellence, and resilient aftermarket business translate into strong profitability 3 Strong earnings quality translates into robust cash generation 4 Constructive market backdrop supports FY 2026 gui
Slide 20: Contact and additional information
04 Contact and additional information Q2 2026 Call Presentation 20
Slide 21: Investor relations contact & financial calendar
Investor relations contact & financial calendar Issuer & contact Financial calendar and roadshow activities SAF-HOLLAND SE Hauptstrasse 26 63856 Bessenbach August 6, 2026 Publication Half-year Report H1 2026 Dana Unger August 18, 2026 Roadshow Toronto Vice President Investor Relations, Corporate
Slide 22: 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