Zf Commercial Vehicle Control Systems India Limited · NSE:ZFCVINDIA
Zf Commercial Vehicle Control Systems India — ZF Friedrichshafen — FY2025 Earnings Presentation
19 slides from Zf Commercial Vehicle Control Systems India's earnings presentation, Mar 19, 2026
Slide 1: 2026 Annual Press Conference
2026 Annual Press Conference Mathias Miedreich, CEO – Michael Frick, CFO March 19, 2026
Slide 2: Performance Counts
Performance Counts 2025 Achievements Operational efficiency improved Profit and cash above forecast range Debt actively reduced despite challenging market conditions Financial resilience strengthened New business secured Orders for driveline and by-wire technologies 2026-03-19 | 2026 Annual Pr
Slide 3: A New Start for Division E
A New Start for Division E 2025 Achievements Restructuring agreement signed → Competitiveness structurally improved Non-profitable projects terminated → One-time charge in 2025 → Profitability basis strengthened 2026-03-19 | 2026 Annual Press Conference © ZF Friedrichshafen AG 3
Slide 4: Portfolio Alignments
Portfolio Alignments 2025 Achievements ADAS business transferred to Harman → €1.5bn enterprise value Resources reallocated → Focus on core technologies 2026-03-19 | 2026 Annual Press Conference © ZF Friedrichshafen AG 4
Slide 5: 2025 Full-year results
2025 Full-year results Michael Frick, CFO 5
Slide 6: 2025 Key Figures
2025 Key Figures 4.5 % €1.4 billion €38.8 billion Adjusted Adjusted Sales Free Cash Flow EBIT margin €3.3 billion €1.8 billion 153,153 Research & investments in Employees property, plants Development and equipment 2026-03-19 | 2026 Annual Press Conference © ZF Friedrichshafen AG 6
Slide 7: Sales Development
Sales Development in € million -6.2% 0.6% -2.5% 41,377 (254) (-1,053) -4.3% (-1,768) 38,810 2024 Organic FX M&A and Structural 2025 Effects 2026-03-19 | 2026 Annual Press Conference © ZF Friedrichshafen AG 7
Slide 8: Sales by Regions
Sales by Regions in € million and in % of sales EMEA North 19,256 America 26% +1% 50% +1% 10,028 21% Asia-Pacific 8,208 1% South 3% America 1,318 Organic growth 2025 vs. 2024 Note: Organic growth refers to period over period growth in sales adjusted for currency effects and excluding M&A effects 202
Slide 9: R&D Expenditure and Investments in Property, Plant & Equipment
R&D Expenditure and Investments in Property, Plant & Equipment R&D Expenditure 1) Investments in PP&E 2) in € million and in % of sales in € million and in % of sales -216 (-6.1%) -473 3,557 (-21.0%) 3,341 2,252 1,779 8.6% 8.6% 5.4% 1) R&D Cost recognized in the 4.6% consolidated statement of profit
Slide 10: Adjusted EBIT
Adjusted EBIT in € million / in % of Sales +283 (+19.3%) 1,748 Profitability improved year-over-year driven by: 1,465 • Contributions from performance programs • Lower cost of sales mainly due to optimized material cost ratio 4.5% 3.5% • Focused R&D spending Margin improved by 100 bps 2024 2025 2024
Slide 11: Adjusted EBIT to Net Result
Adjusted EBIT to Net Result 2025 in € million / in % of Sales 1,748 -568 -479 4.5% -58 -1,733 -2.8% -749 -5.5% -1,090 -308 -2,147 Adj. EBIT Purchase Restructuring M&A Non- EBIT Financial Tax Net Result price Recurring Result Result allocation • Non-recurring adjustment of €1.7bn mainly driven by str
Slide 12: Adjusted Free Cash Flow
Adjusted Free Cash Flow in € million +1,066 Adjusted Free Cash Flow1) increased significantly, 1,371 driven by: • Operational performance improvement • Strict working capital management, ensuring optimized cash conversion across operations • Disciplined and targeted investments, aligned with our “In
Slide 13: Net Debt and Leverage
Net Debt and Leverage in € million Leverage Net Debt 10,467 10,217 • Net Debt improvement reflects the commitment to deleverage 3.31 2.98 • Leverage at 2.98x in FY 2025 • Liquidity headroom continues to be significant at around €7 billion 2024 2025 2024 values have been restated in accordance with I
Slide 14: Balance Sheet
Balance Sheet in € million and in % of balance sheet total Equity and Assets Liabilities -4,114 -4,114 39,292 39,292 Trade receivables 12% 35,178 35,178 13% Inventories 14% 14% Other current assets 16% 72% 14% Financial liabilities/ 79% Other liabilities/ provisions Non-current assets 58% 59% 9% 8%
Slide 15: 2026 Outlook
2026 Outlook Mathias Miedreich, CEO 15
Slide 16: 2026 Financial Outlook
2026 Financial Outlook Sales > €38 billion EBIT Margin* 4.0%–5.0% Free Cash Flow* > €1.0 billion * adjusted The general conditions in 2026 remain challenging. Effects on the forecast with regard to uncertainties, in particular due to the dynamic development of markets and geopolitical crises as well
Slide 17: 2026 Priorities
2026 Priorities Strengthening our Sharpening our Optimizing Accelerating financial position business focus corporate structures decision-making Generating cash Seizing new Reducing complexity Action over opportunities announcements 2026-03-19 | CEO, CFO | 2026 Annual Press Conference © ZF Fr
Slide 18: ZF @ IAA: Solutions for Commercial Vehicles
ZF @ IAA: Solutions for Commercial Vehicles September 15–20, 2026, in Hanover 2026-03-19 | 2026 Annual Press Conference © ZF Friedrichshafen AG 18
Slide 19: Thank you.
Thank you. 2026 Annual Press Conference © ZF Friedrichshafen AG 19