Presentation (20260507 SAF HOLLAND SE Q1 2026 Call presentation final sec)

‌Conference Call Presentation Q1 2026

Prepared for tomorrow

Alexander Geis (CEO) & Frank Lorenz-Dietz (CFO) May 7, 2026

‌Highlights and regional performance Q1 2026

Q1 2026 Call Presentation 2

‌Q1 2026 Financial highlights

Outlook

Outlook for fiscal year 2026 confirmed

Leverage

2.2x (Dec 2025: 2.3x)

Slightly improved leverage ratio in light of

favorable net debt development

Operating FCF

EUR 44.8 mn (PY: 8.2 mn)

Significant cash flow improvement due to lower

working capital built-up

Sales

EUR 451.7 mn (PY: EUR 449.2 mn)

Recovery in OE markets in EMEA and APAC results in

strong organic growth of 5.6%

Adj. EBIT margin

9.4% (PY: 9.5%)

Continued resilient margin profile

Adj. EBITDA margin

13.0% (PY: 13.3%)

Strong operational performance despite unfavorable regional mix effect

‌Strong organic growth with solid profitability

+0.6%

Group sales

449.2

442.4

417.2

425.6

451.7

(in EUR mn)

Sales

• Despite an ongoing muted OE market in North America, Group sales increased slightly yoy, as positive organic growth of 5.6% was largely offset by negative FX effects of 5.0% resp. EUR 22.5 mn

• Organic growth was mainly driven by recovering OE volumes in EMEA within trailers and trucks as well as parts of APAC

  Q1 Q2 Q3 Q4 Q1

  2025 2026

  Group adj. EBIT and margin

  (in EUR mn and %)

  Adj. EBIT and margin

  13.3

  9.5

  12.8

  9.1

  13.2

  9.1

  14.2

  10.1

  13.0

  9.4

  Adj. EBITDA margin Adj. EBIT margin

  • The adjusted EBIT margin was broadly stable yoy

  • In particular the regional mix effects with lower absolute contribution from the Americas region had a slightly dilutive effect compared to the prior year but was compensated by strict cost management incl.

    42.7 40.3 38.1 42.9 42.5

    a favorable SG&A development

    Q1 Q2

    Q3 Q4 Q1

  • The prior year adj. EBIT was impacted by a negative low-single-digit million FX effect in EMEA

    2025 2026

    
    
    ‌Sales split by region and customer segment

    12.0%

    Q1

    2025

    48.7%

    39.3%

    Group sales split

    (by region, by customer category)

    EMEA
    
    Americas APAC
    
    

    37.8%

    Q1 2025

    49.1%

    13.1%

    Trailer OE Truck OE Aftermarket
    
    

• EMEA strengthened its leading position, with revenue strongly rising based on recovering trailer and truck OE demand in Europe

  13.0%

  Q1 2026

  52.3%

  34.7%

• Continued weak CV markets in North America impacted topline in the region, although decline moderated significantly in recent months

• APAC delivered the strongest growth benefitting especially from solid demand in India and Australia, despite significant unfavorable FX effects

  37.0%

  Q1 2026

  52.0%

  11.0%

• Trailer OE remained the largest segment, supported in

  particular by a solid European trailer market

• Truck OE revenue decreased due to subdued demand, particularly in the Americas

• Hence, OE sales accounted for EUR 284.5 mn (+1.7% yoy)

• Aftermarket confirmed its robust and resilient contribution

  
  
  ‌Recovery in EMEA drives topline and profitability

  EMEA sales

  218.9

  223.1

  216.8

  225.6

  236.2

  (in EUR mn)

  +7.9%

  
  
  

  Q1 Q2 Q3 Q4 Q1

  2025 2026

  Sales

• Sales increased strongly yoy, supported by solid demand in both OE customer segments

• Hence, organic growth amounted to 8.0% yoy

• Market conditions remained stable between January and March, despite recent geopolitical challenges

• Stable aftermarket business supported topline

  EMEA adj. EBIT and margin

  (in EUR mn and %)

  9.1

  Adj. EBIT and margin

• Despite a slight negative mix effect due to a higher contribution of the increasing OE business, adj. EBIT improved compared to prior

  7.5

  Q1

  7.9

  Q2

  8.2

  16.4

  17.5

  17.7

  20.6

  19.0

  Q3 Q4

  8.1

  Q1

  year mainly due to scale effects and continued cost management, especially with respect to the implemented efficiency program in the indirect area

  • In addition, the prior year was impacted by a negative FX development amounting to a low single-digit Euro-million effect

    2025 2026

    
    
    ‌Resilient operating performance despite weak CV production rates
    
    

    Americas sales

    (in EUR mn)

    155.0

    147.6

    156.9

    176.4 170.1

    -11.1%

    Sales

• Sales declined yoy, reflecting weaker OEM demand in both truck and trailer segments

• Organic development (-2.5% yoy) was mixed, with resilient aftermarket activity partially offsetting OEM volume declines that were still impacted by the uncertainty regarding e.g. emission regulation as well as the US trade policy

• FX effects had a significant negative impact on reported sales of

  Q1 Q2 Q3 Q4 Q1

  2025 2026

  Americas adj. EBIT and margin

  (in EUR mn and %)

  8.5%

  Adj. EBIT and margin

  20.1

  17.4

  15.5

  17.0

  16.8

  10.2

  10.0

  11.4

  Q1 Q2

  11.5

  Q3 Q4

  10.7

  Q1

  • Negative impact from lower sales volumes partly compensated by disciplined SG&A cost management

  • Sequential decline compared to Q4 2025 is mainly based on positive

    one-off catch-up effect from price adjustments

  • Tarif impacts in Q1 2026 balanced after strong recovery effect in Q4 2025

  • Overall, the region again delivered a resilient double-digit adjusted EBIT margin

    2025 2026

    
    
    ‌Significant organic growth drives topline despite substantial negative FX effects
    
    

    APAC sales

    (in EUR mn)

    +8.7%

    53.9

    49.2

    45.5

    52.4

    58.6

    Sales

• APAC sales increased yoy, driven by significant organic growth of 22.1%

• Growth was supported in particular by recovery in the domestic Indian trailer market as well as a positive demand in Australia

• Businesses linked to customers with export focus to US market remained low

  Q1 Q2 Q3 Q4 Q1

  2025 2026

  APAC adj. EBIT and margin

  (in EUR mn and %)

• FX effects had a strong negative impact of 13.4%

  Adj. EBIT and margin

• In line with the increasing topline, adj. EBIT grew by 8.1% and resulted in a stable solid margin compared to the prior year

  6.2

  5.3

  4.9

  5.4

  6.7

  11.4

  Q1

  10.8

  Q2

  10.8

  Q3

  10.3

  Q4

  11.4

  Q1

  • SAF-HOLLAND China further recovering with increasing profitability

driven by sales increase and ongoing efficiency programs

2025 2026

‌Financials Q1 2026

Q1 2026 Call Presentation 9

‌EBIT to adjusted EBIT reconciliation for the Group

1

Reported EBIT improved due to higher topline resulting in slight

2.8%

margin improvement

2

PPA amortization improved due to expiring depreciation from M&A

3

Restructuring and transaction costs mainly refer to legal and transaction expenses

4

Solid EBITDA margin almost reaching prior year level

-0.5%

-1.8%

‌Recovering topline and improved finance result drove earnings per share

1

Finance result improved by EUR 10.1 mn

2.8%

• PY was impacted by unrealized FX effects of EUR -5.8 mn

  
  
  

• FY exposure partially reduced by adjustment of intercompany financing

• Remaining FX exposure influenced by favorable currency

  development mainly from USD

  
  
  

• Improved interest expenses from financing (-8.9% yoy)

2

Tax rate remained stable compared to PY an primarily is influenced by non-capitalized deferred tax assets on interest and loss carryforwards

For FY 2026, a tax rate of around 35% is expected

57.0%

37.8%

‌Solid balance sheet with almost stable equity ratio

29.5%

30.8%

31.2%

28.5% 28.7%

27.7%

29.6%

29.3%

26.9%

Equity ratio (in %)

• Compared to 31 December 2025, equity rose by 4.9% mainly

  due to the result for the period

• Balance sheet total grew by 5.8% compared to 31 December 2025 primarily due to the seasonally built-up of working capital

• Hence, SAF-HOLLAND's equity ratio of 29.3% remained almost

  at the level at year-end 2025

  EUR mn	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
  Equity	502.3	492.3	484.4	527.1	539.4	464.7	477.2	492.0	516.2
  Balance sheet total*	1,701.6	1,726.1	1,689.2	1,711.9	1,731.1	1,674.9	1,771.5	1,663.3	1,759.1

  * Restated until Sep 2024

  
  
  ‌Seasonal built-up of net working capital in line with annual target of 16-18% of sales Net working capital (in % of sales)

  16.5%

  15.8%

  16.4%

  15.5%

  16.9%

  18.2%

  18.7%

  16.8%

  17.1%

• Usual built-up of net working capital at the beginning of the year as well as driven by growing topline

• Structural different customer mix impacted development of trade

  receivables as well as increased factoring of EUR 48.5 mn

  (Dec 2025: EUR 40.8 mn)

• Compared to March 2025, NWC improved by 4.2% mainly due to improved inventory management as well as trade payables as a result of extended payment terms

  EUR mn	Mar 2024	Jun 2024*	Sep 2024*	Dec 2024	Mar 2025*	Jun 2025*	Sep 2025*	Dec 2025	Mar 2026
  Inventories	322.6	311.0	302.7	291.5	304.4	301.4	297.3	260.4	273.2
  Trade receivables	256.6	241.0	223.6	185.0	221.4	217.5	212.8	203.6	249.3
  Trade payables	-228.2	-219.6	-195.6	-185.4	-215.7	-198.9	-186.5	-173.2	-225.4
  NWC	350.9	332.4	330.7	291.1	310.1	320.0	323.6	290.9	297.1
  Sales (LTM)	2,135.7	2,100.7	2,012.3	1,876.7	1,832.3	1,758.7	1,733.1	1,734.4	1,736.9

  * LTM sales include acquisition-related contribution on a pro forma basis

  
  
  ‌Strong operational performance and favorable NWC development

  1

  
  
  

  in EUR mn	Q1 2026	Q1 2025
  EBITDA	57.7	58.9
  Change in net working capital	1 -6.6	-27.7
  Taxes paid	-6.5	-8.4
  Others	5.0	-6.4
  Net CF from operating activities	49.6	16.4
  Operating capex (net)	2 -4.8	-8.2
  Operating free cash flow	44.8	8.2

  Effective NWC management drove lower cash outflow compared

  to PY

  2

  
  
  

  Capex amounted to 1.1% of Group sales during Q1 2026

  
  
  

  Investments focused on further automation and modernization processes, the implementation of SAP S4/HANA as well as on further implementation of production equipment in line with drive2030 strategy

  Operating free cash flow*

  (in EUR mn)

  
  
  2025
  
  

  44.8

  38.5

  8.2

  0.9

  2026
  
  

  63.5

  Q1 Q2 Q3 Q4

  * Pre acquisitions

  
  
  ‌Slightly improved leverage ratio

  2.4

  2.4

  2.3

  2.2

  1.9

  2.0

  1.8

  1.9

  1.9

  Net debt/EBITDA

• Net debt/EBITDA ratio amounted to 2.2x at the end of March

  2026

• Gross debt grew only moderately and was influenced by

  • EUR 100 mn promissory note loan issued to improve maturity profile in order to refinance around EUR 93 mn of outstanding maturities mainly due in March 2027

• Nevertheless, net debt improved due to a solid increase in cash and cash equivalents of ca. EUR 34 mn incl. shares repurchased in the amount of EUR 6.2 mn

• Leverage excl. IFRS 16 leases amounted to 1.9x at the end of March 2026

1 Restated until Sep 2024 2 Reported EBITDA (LTM)

‌Outlook FY 2026 and key takeaways

Q1 2026 Call Presentation 16

‌2026 Market outlook shows recovery trend in EMEA and APAC

Trailer OEM

business*

Truck OEM

business*

EMEA

North America Brazil

China India

Rest of APAC

* Indicative view based on FY 2025 sales

Note: Market forecasts are management assumptions based on customer communication, IHS Markit (Q1 2026), ACT Research (April 2026), ANFAVEA (April 2026), ANFIR (April 2026), SIAM (April 2026)

‌Outlook 2026

Sales

• OE business to be driven by continued recovery trend in EMEA as well as in APAC

• North America expected to show stabilization in overall CV production

• Aftermarket expected to develop stable

• Stable foreign exchange rates - no currency effects included

  Adj. EBIT margin

• Margin development generally dependent on volume development as well as segment mix

• Margin to continue benefitting from resilient aftermarket business

• Ongoing efficiency program in administrative and sales area expected to gradually reduce costs and offset wage inflation with an overall cost saving target in a mid single-digit Euro-million-range

  Capex

• Focus areas: optimization of production network along drive2030 strategy implementation, automation to enhance manufacturing efficiency, and further rollout of SAP S/4HANA

* Incl. payments for investments in property, plant and equipment and intangible assets as well as capitalized R&D

‌Key takeaways

1. Demand normalization in Europe and Asia-Pacific strengthened topline

2. Resilient adj. EBIT margin of 9.4% (PY: 9.5%) based on solid regional profitability

3

Strong operating free cash flow of EUR 44.8m, reflecting effective working capital management

4

Solid start into 2026 and well positioned to navigate a volatile macro and geopolitical environment ‌Contact and additional information

Q1 2026 Call Presentation 20

‌Investor relations contact & financial calendar

SAF-HOLLAND SE | Hauptstrasse 26 | 63856 Bessenbach

Dana Unger

Vice President Investor Relations, Corporate & ESG Communications Tel: +49 6095 301 - 949

Alexander Pöschl

Senior Manager Investor Relations, Corporate & ESG Communications

Tel: +49 6095 301 - 117

Marleen Prutky

Junior Manager Investor Relations, Corporate & ESG Communications Tel: +49 6095 301 - 592

E-mail: ir@safholland.de

‌Disclaimer

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