Quarterly Statement Q1 2026
Prepared for tomorrow
KEY FIGURES
in EUR thousand | Q1/2026 | Q1/2025 | Change absolute | Change in % |
RESULTS OF OPERATIONS | ||||
Sales | 451,677 | 449,166 | 2,511 | 0.6% |
Gross profit | 100,004 | 105,025 | -5,021 | -4.8% |
Gross profit margin in % | 22.1% | 23.4% | ||
Adjusted gross profit | 102,478 | 106,602 | -4,124 | -3.9% |
Adjusted gross profit margin in % | 22.7% | 23.7% | ||
EBITDA | 57,683 | 58,851 | -1,168 | -2.0% |
EBITDA margin in % | 12.8% | 13.1% | ||
Adjusted EBITDA | 58,605 | 59,706 | -1,101 | -1.8% |
Adjusted EBITDA margin in % | 13.0% | 13.3% | ||
EBIT | 36,911 | 35,893 | 1,018 | 2.8% |
EBIT margin in % | 8.2% | 8.0% | ||
Adjusted EBIT | 42,497 | 42,692 | -195 | -0.5% |
Adjusted EBIT margin in % | 9.4% | 9.5% | ||
Result for the period attributable to shareholders of the parent Company | 20,486 | 13,047 | 7,439 | 57.0% |
Adjusted result for the period attributable to the shareholders of the parent Company | 27,684 | 20,089 | 7,595 | 37.8% |
Basic earnings per share in EUR | 0.45 | 0.29 | 0.16 | 57.0% |
Adjusted earnings per share in EUR | 0.61 | 0.45 | 0.16 | 37.8% |
FINANCIAL POSITION | ||||
Net cash flow from operating activities | 49,607 | 16,421 | 33,186 | 202.1% |
Net cash flow from investing activities (property, plant and equipment/intangible assets) | -4,794 | -8,240 | 3,446 | -41.8% |
Operating free cash flow | 44,813 | 8,181 | 36,632 | 447.8% |
Net cash flow from investing activities (acquisition of subsidiaries) | - | - | - | - |
Total free cash flow | 44,813 | 8,181 | 36,632 | 447.8% |
YIELD | 03/31/2026 | 12/31/2025 | ||
Return on capital employed (ROCE) in % | 15.8% | 15.8% | ||
BALANCE SHEET | 03/31/2026 | 12/31/2025 | ||
Balance sheet total | 1,759,127 | 1,663,311 | 95,816 | 5.8% |
Equity | 516,185 | 491,954 | 24,231 | 4.9% |
Equity ratio in % | 29.3% | 29.6% | ||
Non-current and current liabilities | 1,242,942 | 1,171,357 | 71,585 | 6.1% |
All figures shown are rounded, minor deviations may arise due to additions to these amounts.
CONTENT GROUP INTERIM MANAGEMENT REPORTINDUSTRY ENVIRONMENT 4
SIGNIFICANT EVENTS IN THE FIRST QUARTER OF 2026 5
ECONOMIC REPORT 5
OUTLOOK 15
RISK AND OPPORTUNITY REPORT 17
SUBSEQUENT EVENTS 17
INTERIM CONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 18
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 19
CONSOLIDATED STATEMENT OF CASH FLOWS 20
SEGMENT INFORMATION 21
FURTHER INFORMATIONFINANCIAL CALENDAR AND CONTACTS 22
IMPRINT 23
INDUSTRY ENVIRONMENT
With its products for the commercial vehicle industry, SAF-HOLLAND serves the Original Equipment Trailer, Original Equipment Truck and Aftermarket customer groups, which are of varying importance in the respective regions. The Original Equipment Trailer and Aftermarket customer groups in particular generate a large share of sales. In the first quarter of 2026, the Original Equipment Trailer customer group accounted for 52.0% and the Aftermarket business 37.0% of Group sales. The Original Equipment Truck customer group comprises products for both trucks and buses and accounted for 11.0% of total sales in the reporting period. The majority of these sales were generated in the Americas region.
The European commercial vehicle market maintained the positive momentum seen at the end of 2025 into the first quarter of 2026. According to SAF-HOLLAND estimates, the market for heavy-duty trucks grew by approximately 15% in the first three months of the year compared to the same quarter of the previous year. The European trailer market showed similarly strong growth during the same period, leading SAF-HOLLAND to anticipate growth of approximately 15% to 20% compared to the same quarter of the previous year.
The North American commercial vehicle market got off to a slow start in 2026, and production remained subdued. The main reasons were the continued limited profitability of many transport companies, ongoing uncertainties regarding the details of the announced EPA27 emissions standard, and the resulting prioritization of investments in tractor units over trailers. Accordingly, ACT Research (Americas Commercial Transportation Research Company) reports a decline of approximately 12% in the first quarter of 2026 compared to the same period last year. In the North American Class 8 truck market, however, order intake picked up strongly at the beginning of the year, driven by rising freight charges, a reduction in overcapacity, and a potential increase in investment willingness among large fleets. In addition, the expected cost increase due to future emissions regulations led to initial pull-forward effects. Furthermore, the rising replacement demand from aging fleets should continue to support demand. However, this development is not yet reflected in the production figures. ACT Research notes that Class-8 truck production declined by approximately 27% in the first three months compared to the same period last year.
In the Brazilian trailer market, the downward trend from the previous year continued. According to ANFIR (Associação Nacional Fabricantes de Implementos Rodoviários), the trailer market in the first three months of 2026 was down by about 15% compared to the previous year. In the truck market, according to ANFAVEA (Associação Nacional dos Fabricantes de Veículos Automotores), approximately 19% fewer trucks were manufactured between January and March 2026. The persistently high interest rate environment made vehicle financing more difficult and dampened transport companies' willingness to invest in their fleets.
The commercial vehicle market in China got off to a good start in 2026. According to SAF-HOLLAND's estimates, the trailer market grew by approximately 6% and the heavy-duty truck market by approximately 15% in the first quarter of 2026.
In India, the positive momentum from the final quarter of 2025 continued into the start of the year. Tax incentives provided additional impetus for the commercial vehicle market. For instance, a reduction in sales tax for trucks and other commercial vehicles took effect at the end of September 2025, which stimulated domestic business. Export business, however, continued to be negatively impacted by geopolitical conditions, particularly U.S. import tariffs. SAF-HOLLAND estimates that the Indian trailer market grew strongly by approximately 35% in the first quarter of 2026. According to its own estimates, the truck market also saw an increase of about 25% in the number of trucks rolling off the assembly lines during the first three months.
SIGNIFICANT EVENTS IN THE FIRST QUARTER OF 2026
PROMISSORY NOTE LOAN SUCCESSFULLY PLACEDOn January 15, 2026, SAF-HOLLAND successfully conducted a promissory note transaction with a volume of EUR 100 million. The promissory note has variable interest rates and a term of five years. The proceeds were paid out with a value date of January 22, 2026. The proceeds from the issue were used, amongst other purposes, to make an early partial repayment of EUR 83 million on the term loans taken out in August 2022 (original volume EUR 300 million), which were used to finance the acquisition of Haldex AB.
ECONOMIC REPORT
EARNINGS, ASSET AND FINANCIAL POSITION EARNINGS POSITION Group sales rise by 0.6% compared to the same quarter of the previous yearSAF-HOLLAND increased its Group sales in the first quarter of 2026 by a modest 0.6%, from EUR 449.2 million to EUR 451.7 million.
In organic terms - i.e. excluding the impact of currency and acquisition effects - Group sales rose by EUR 25.0 million, or 5.6%, in the first quarter of 2026. Negative effects from currency translation had an impact of EUR 22.5 million on the development in sales during the same period.
The distribution of Group sales by region in the first quarter of 2026 was largely influenced by the respective market conditions in the three regions. With a significant increase in sales to EUR 236.2 million (previous year: EUR 218.9 million), the EMEA region cemented its position as the region with the highest sales and increased its share of Group sales to 52.3% (previous year: 48.7%). The positive performance in EMEA was driven by a generally favorable market environment in both the trailer and truck segments.
The Americas region accounted for sales of EUR 156.9 million (previous year: EUR 176.4 million), representing a 34.7% share of total sales (previous year: 39.3%). The development of sales in the Americas continued to be weighed down by a market environment marked by uncertainty.
The APAC region generated sales of EUR 58.6 million (previous year: EUR 53.9 million). As a result, the APAC region was the region with the highest sales growth and increased its contribution to Group sales to 13.0% (previous year: 12.0%). Growth was driven in particular by the strong performance of the Indian market and strong demand in Australia.
Group sales by region
in EUR thousand | Q1/2026 | Q1/2025 | Change absolute | Change in % |
EMEA | 236,231 | 218,859 | 17,372 | 7.9% |
in % of Group sales | 52.3% | 48.7% | ||
Americas | 156,857 | 176,390 | -19,533 | -11.1% |
in % of Group sales | 34.7% | 39.3% | ||
APAC | 58,589 | 53,917 | 4,672 | 8.7% |
in % of Group sales | 13.0% | 12.0% | ||
Group sales | 451,677 | 449,166 | 2,511 | 0.6% |
In the first quarter of 2026, the Original Equipment Trailer customer group accounted for EUR 234.7 million (previous year: EUR 220.7 million), or 52.0% of Group sales (previous year: 49.1%). Sales from the Original Equipment business with truck manufacturers amounted to EUR 49.8 million (previous year: EUR 58.9 million), representing 11.0% of Group sales (previous year: 13.1%). Overall, the Original Equipment business generated 63.0% of Group sales (previous year: 62.2%).
The aftermarket business recorded sales of EUR 167.2 million (previous year: EUR 169.6 million), contributing 37.0% to Group sales (previous year: 37.8%).
Group sales by customer group
in EUR thousand | Q1/2026 | Q1/2025 | Change absolute | Change in % |
Original Equipment Trailer | 234,667 | 220,666 | 14,001 | 6.3% |
in % of Group sales | 52.0% | 49.1% | ||
Original Equipment Truck | 49,784 | 58,904 | -9,120 | -15.5% |
in % of Group sales | 11.0% | 13.1% | ||
Aftermarket business | 167,226 | 169,596 | -2,370 | -1.4% |
in % of Group sales | 37.0% | 37.8% | ||
Group sales | 451,677 | 449,166 | 2,511 | 0.6% |
In the first quarter of 2026, sales of EUR 451.7 million were offset by cost of sales of EUR 351.7 million. As a result, the company generated gross profit of EUR 100.0 million (previous year: EUR 105.0 million), representing a year-on-year decline of 4.8%. Relative to sales, this resulted in a gross margin of 22.1% (previous year: 23.4%). The decline in the gross margin was mainly due to a mix effect related to the lower operating performance of the Americas region compared to the previous year.
Cost of sales includes amortization and depreciation from purchase price allocation in the amount of EUR 1.6 million, as well as EUR 0.9 million in restructuring expenses. As a result, the adjusted gross profit amounted to EUR 102.5 million (previous year: EUR 106.6 million).
Operating resultThe operating result improved by 2.9% in the first quarter of 2026 to EUR 36.7 million (previous year: EUR 35.7 million). The improvement is primarily attributable to lower selling and general administrative expenses, which is partly due to the efficiency program that was implemented successfully in 2025.
The net balance of other income and expenses, selling and administrative expenses, and research and development expenses decreased to EUR 63.3 million compared to the same period last year (previous year: EUR 69.4 million). As a percentage of Group sales, the corresponding ratio decreased from 15.4% to 14.0%.
The aforementioned expense and income items include amortization from purchase price allocations in the amount of EUR 3.1 million (previous year: EUR 4.3 million). In the previous year, there were also restructuring and transaction costs in the amount of EUR 0.9 million.
Earnings development
in EUR thousand | Q1/2026 | Q1/2025 | Change absolute | Change in % |
Sales | 451,677 | 449,166 | 2,511 | 0.6% |
Cost of sales | -351,673 | -344,141 | -7,532 | 2.2% |
Gross profit | 100,004 | 105,025 | -5,021 | -4.8% |
Gross profit margin in % | 22.1% | 23.4% | ||
Adjusted gross profit | 102,478 | 106,602 | -4,124 | -3.9% |
Adjusted gross profit margin in % | 22.7% | 23.7% | ||
Other income | 514 | 766 | -252 | -32.9% |
Selling expenses | -26,097 | -30,283 | 4,186 | -13.8% |
Administrative expenses | -28,432 | -31,105 | 2,673 | -8.6% |
Research and development expenses | -9,278 | -8,733 | -545 | 6.2% |
Operating result | 36,711 | 35,670 | 1,041 | 2.9% |
Earnings before interest, taxes, depreciation, and amortization (EBITDA) declined slightly by 2.0% to EUR 57.7 million in the first quarter of 2026 (previous year: EUR 58.9 million). This was mainly due to a mix effect resulting from the lower operating performance of the Americas region compared to the previous year, as well as a lower share of the higher-margin aftermarket business. In contrast, consistent cost adjustments in the Original Equipment business had a positive impact on the development of earnings. At 12.8%, the EBITDA margin was nearly at the same level as in the previous year (13.1%).
Earnings before interest and taxes (EBIT) rose by 2.8% in the first quarter of 2026, from EUR 35.9 million to EUR 36.9 million, and was influenced not only by the effects described above but also by lower depreciation and amortization of property, plant, and equipment and intangible assets. Consequently, the EBIT margin improved from 8.0% to 8.2%.
Reconciliation of the operating result to adjusted EBIT
in EUR thousand | Q1/2026 | Q1/2025 | Change absolute | Change in % |
Operating result | 36,711 | 35,670 | 1,041 | 2.9% |
Share of net profit of investments accounted for using the equity method | 200 | 223 | -23 | -10.3% |
EBIT | 36,911 | 35,893 | 1,018 | 2.8% |
EBIT margin in % | 8.2% | 8.0% | ||
Additional depreciation and amortization from PPA | 4,661 | 5,944 | -1,283 | -21.6% |
Restructuring and transaction costs | 925 | 855 | 70 | 8.2% |
Adjusted EBIT | 42,497 | 42,692 | -195 | -0.5% |
Adjusted EBIT margin in % | 9.4% | 9.5% | ||
Depreciation and amortization of intangible assets and property, plant and equipment | 16,108 | 17,014 | -906 | -5.3% |
Adjusted EBITDA | 58,605 | 59,706 | -1,101 | -1.8% |
Adjusted EBITDA margin in % | 13.0% | 13.3% | ||
EBITDA | 57,683 | 58,851 | -1,168 | -2.0% |
EBITDA margin in % | 12.8% | 13.1% |
To manage and present the Group's underlying operating earnings, SAF-HOLLAND adjusts for non-recurring items outside of the ordinary business activities. These include depreciation and amortization of property, plant, and equipment and intangible assets resulting from purchase price allocations (PPA), restructuring and transaction costs, valuation effects from option valuations, and other non-recurring effects such as expenses related to post-merger integration. Besides sales,
adjusted EBIT and the adjusted EBIT margin represent the most important performance indicators from a management perspective for assessing and evaluating the earnings situation of the Group and the three regions.
In the first quarter of 2026, non-recurring items outside the ordinary course of business totaling EUR 5.6 million (previous year: EUR 6.8 million) were recognized at the earnings before interest and taxes (EBIT) level. These mainly comprised depreciation from purchase price allocations amounting to EUR 4.7 million (previous year: EUR 5.9 million). In addition, restructuring costs of EUR 0.9 million (previous year: EUR 0.9 million) were incurred in the first quarter of 2026 for legal and transaction costs.
Adjusted EBIT margin of 9.4% nearly unchanged from the previous yearAdjusted EBIT for the first quarter of 2026 amounted to EUR 42.5 million and was thus almost the same as in the previous year (previous year: EUR 42.7 million). Accordingly, the adjusted EBIT margin was 9.4% (previous year: 9.5%), with a gross margin of 22.1% (previous year: 23.4%) offset by an improved net balance of other income and expenses, selling and administrative expenses, and research and development expenses.
The stable earnings performance was achieved despite higher cost of sales thanks to disciplined cost management, particularly in the areas of administration and sales.
Significantly improved financial resultThe financial result for the first quarter of 2026 amounted to EUR -5.2 million and thus improved significantly compared to the previous year's figure of EUR -15.3 million. A key factor in this improvement was that unrealized foreign exchange effects in the financial result amounted to EUR 3.2 million. In the same quarter of the previous year, these effects had still had a negative impact of EUR -5.8 million.
Financial result | |||||
in EUR thousand | Q1/2026 | Q1/2025 | Change absolute | Change in % | |
Financial income | 6,157 | 3,854 | 2,303 | 59.8% | |
Financial expenses | -11,399 | -19,163 | 7,764 | -40.5% | |
Financial result | -5,242 | -15,309 | 10,067 | -65.8% | |
Result before taxes rose by 53.9% to EUR 31.7 million in the first quarter of 2026 (previous year: EUR 20.6 million). With an almost unchanged income tax rate of 35.3% (previous year: 35.1%), the company generated result for the period attributable to shareholders of EUR 20.5 million (previous year: EUR 13.0 million).
Based on an average of 45.2 million shares, basic earnings per share amounted to EUR 0.45 (previous year: EUR 0.29). Diluted earnings per share thus amounted to EUR 0.45 (previous year: EUR 0.29). The weighted average number of ordinary shares outstanding declined in the reporting year due to the share buyback program launched in November 2025.
Adjusted result for the period after minority interests was EUR 27.7 million, up 37.8% from the previous year's figure of EUR 20.1 million, and adjusted earnings per share amounted to EUR 0.61 (previous year: EUR 0.45).
Reconciliation of the result before taxes to earnings per share
in EUR thousand | Q1/2026 | Q1/2025 | Change absolute | Change in % |
Result before taxes | 31,669 | 20,584 | 11,085 | 53.9% |
Income taxes | -11,183 | -7,225 | -3,958 | 54.8% |
Income tax rate in % | -35.3% | -35.1% | ||
Result for the period | 20,486 | 13,359 | 7,127 | 53.3% |
attributable to equity holders of the parent | 20,486 | 13,047 | 7,439 | 57.0% |
Basic earnings per share in EUR | 0.45 | 0.29 | 0.16 | 57.0% |
Diluted earnings per share in EUR | 0.45 | 0.29 | 0.16 | 57.0% |
Adjusted result for the period | 27,684 | 20,401 | 7,283 | 35.7% |
attributable to equity holders of the parent | 27,684 | 20,089 | 7,595 | 37.8% |
Adjusted earnings per share in EUR | 0.61 | 0.45 | 0.16 | 37.8% |
The EMEA region generated sales of EUR 236.2 million in the first quarter of 2026, an increase of 7.9% or EUR 17.4 million compared to the same quarter of the previous year (EUR 218.9 million). This growth in sales was mainly attributable to strong organic growth in the Original Equipment Trailer and Truck business, while currency effects played only a minor role.
EMEA segment
in EUR thousand | Q1/2026 | Q1/2025 | Change absolute | Change in % |
Sales | 236,231 | 218,859 | 17,372 | 7.9% |
EBIT | 15,958 | 12,877 | 3,081 | 23.9% |
EBIT margin in % | 6.8% | 5.9% | ||
Additional depreciation and amortization from PPA | 2,145 | 2,811 | -666 | -23.7% |
Restructuring and transaction costs | 930 | 749 | 181 | 24.2% |
Adjusted EBIT | 19,033 | 16,437 | 2,596 | 15.8% |
Adjusted EBIT margin in % | 8.1% | 7.5% | ||
Depreciation and amortization of intangible assets and property, plant and equipment | 8,259 | 9,054 | -795 | -8.8% |
Adjusted EBITDA | 27,292 | 25,491 | 1,801 | 7.1% |
Adjusted EBITDA margin in % | 11.6% | 11.6% |
Adjusted EBIT for the EMEA region amounted to EUR 19.0 million in the first quarter of 2026, a 15.8% increase compared to the previous year's figure of EUR 16.4 million. The adjusted EBIT margin improved significantly compared to the same quarter of the previous year, rising from 7.5% to 8.1%. The improvement in earnings resulted primarily from economies of scale and continued strict cost management. In addition, the previous year's quarter was burdened by a low-single-digit million-euro amount from currency translation differences.
Americas region: solid profitability despite a continued decline in demandThe Americas region reported sales of EUR 156.9 million in the first quarter of 2026, down 11.1% or EUR 19.5 million from the same period last year, when sales amounted to EUR 176.4 million. After demand declined sharply in fiscal year 2025 due to uncertainties surrounding trade policy and emissions regulations in both the Original Equipment Trailer and Truck businesses, the declines noticeably slowed in the first quarter of 2026. On an organic basis, sales thus declined by just 2.5%. In addition, currency effects had a dampening impact on the development of sales amounting to 8.5%.
Americas segment
in EUR thousand | Q1/2026 | Q1/2025 | Change absolute | Change in % |
Sales | 156,857 | 176,390 | -19,533 | -11.1% |
EBIT | 14,738 | 17,696 | -2,958 | -16.7% |
EBIT margin in % | 9.4% | 10.0% | ||
Additional depreciation and amortization from PPA | 2,073 | 2,401 | -328 | -13.7% |
Restructuring and transaction costs | -5 | - | -5 | - |
Adjusted EBIT | 16,806 | 20,097 | -3,291 | -16.4% |
Adjusted EBIT margin in % | 10.7% | 11.4% | ||
Depreciation and amortization of intangible assets and property, plant and equipment | 6,467 | 6,595 | -128 | -1.9% |
Adjusted EBITDA | 23,273 | 26,692 | -3,419 | -12.8% |
Adjusted EBITDA margin in % | 14.8% | 15.1% |
Adjusted EBIT for the Americas region amounted to EUR 16.8 million in the first quarter of 2026, down from EUR 20.1 million in the same period of the previous year. This was mainly due to negative volume effects resulting from significantly lower sales, while positive effects from strict cost management in the areas of administration and sales counterbalanced these declines. The adjusted EBIT margin declined accordingly from 11.4% to 10.7%, yet remained at a double-digit level despite significantly lower sales.
APAC region: significant growth momentum in the Indian marketThe APAC region significantly increased its sales in the first quarter of 2026 by 8.7% to EUR 58.6 million (previous year: EUR 53.9 million). Significant growth momentum was generated in particular by the Original Equipment business, while the aftermarket business also performed strongly, resulting in organic sales growth of 22.1% compared to the same period of the previous year.
The growth in sales in the Original Equipment business was primarily attributable to domestic business in India and Australia, while export business in India and other ASEAN countries continued to develop modestly. In particular, U.S. import tariffs continued to have a dampening effect here. Currency effects reduced sales revenues by 13.4% in the reporting period.
APAC segment
in EUR thousand | Q1/2026 | Q1/2025 | Change absolute | Change in % |
Sales | 58,589 | 53,917 | 4,672 | 8.7% |
EBIT | 6,215 | 5,320 | 895 | 16.8% |
EBIT margin in % | 10.6% | 9.9% | ||
Additional depreciation and amortization from PPA | 443 | 732 | -289 | -39.5% |
Restructuring and transaction costs | - | 106 | -106 | -100.0% |
Adjusted EBIT | 6,658 | 6,158 | 500 | 8.1% |
Adjusted EBIT margin in % | 11.4% | 11.4% | ||
Depreciation and amortization of intangible assets and property, plant and equipment | 1,382 | 1,365 | 17 | 1.2% |
Adjusted EBITDA | 8,040 | 7,523 | 517 | 6.9% |
Adjusted EBITDA margin in % | 13.7% | 14.0% |
Adjusted EBIT for the APAC region rose by 8.1% to EUR 6.7 million in the first quarter of 2026 (previous year: EUR 6.2 million). As the improvement in earnings largely reflected the trend in sales, the adjusted EBIT margin remained unchanged at 11.4% (previous year: 11.4%).
ASSET POSITION Total assetsThe balance sheet total increased by 5.8% from EUR 1,663.3 million to EUR 1,759.1 million compared to the balance sheet date of December 31, 2025.
Assets
in EUR thousand | 03/31/2026 | 12/31/2025 | Change absolute | Change in % |
Non-current assets | 828,654 | 823,740 | 4,914 | 0.6% |
Intangible assets | 408,143 | 407,227 | 916 | 0.2% |
Property, plant and equipment | 354,932 | 355,820 | -888 | -0.2% |
Other (financial) assets | 65,579 | 60,693 | 4,886 | 8.1% |
Current assets | 930,473 | 839,571 | 90,902 | 10.8% |
Inventories | 273,170 | 260,426 | 12,744 | 4.9% |
Trade receivables | 249,274 | 203,609 | 45,665 | 22.4% |
Cash and cash equivalents | 328,275 | 294,499 | 33,776 | 11.5% |
Other (financial) assets | 79,754 | 81,037 | -1,283 | -1.6% |
Balance sheet total | 1,759,127 | 1,663,311 | 95,816 | 5.8% |
The carrying amount of non-current assets, at EUR 828.7 million, was slightly higher than at the end of 2025 (EUR 823.7 million) and is largely attributable to an increase in other (financial) assets.
Conversely, the carrying amount of intangible assets, at EUR 408.1 million (December 31, 2025: EUR 407.2 million), and property, plant, and equipment, at EUR 354.9 million (December 31, 2025: EUR 355.8 million), remained virtually unchanged.
Current assetsAs of March 31, 2026, current assets increased by 10.8% compared to the end of 2025, reaching EUR 930.5 million (December 31, 2025: EUR 839.6 million).
This development was driven in particular by the increase in cash and cash equivalents, which amounted to EUR 328.3 million (December 31, 2025: EUR 294.5 million). Inventories also increased by 4.9% since the end of 2025 due to seasonal factors to EUR 273.2 million (December 31, 2025: EUR 260.4 million). By contrast, compared to March 31, 2025, the inventory situation has improved. Inventories were reduced by EUR 31.2 million, or 10.3% (March 31, 2025: EUR 304.4 million).
Trade receivables also rose as of March 31, 2026, climbing 22.4% to EUR 249.3 million (December 31, 2025: EUR 203.6 million). Compared to March 31, 2025, this represents an increase of EUR 27.9 million, or 12.6% (March 31, 2025: EUR 221.4 million). Besides effects related to the reporting date, this development can be attributed in particular to a changed customer mix with a larger share of customers with longer payment terms.
Equity ratioCompared to December 31, 2025, equity increased by EUR 24.2 million to EUR 516.2 million. Due to the slightly disproportionate increase in total assets, this results in an equity ratio of 29.3% (December 31, 2025: 29.6%).
In the first quarter, equity was boosted in particular by the strong result for the first quarter of 2026 in the amount of EUR 20.5 million, as well as positive currency translation differences from the translation of foreign operations in the amount of EUR 10.0 million. Conversely, the repurchase of treasury shares had a negative impact on equity in the amount of EUR 6.2 million.
Equity and liabilities
in EUR thousand | 03/31/2026 | 12/31/2025 | Change absolute | Change in % |
Equity | 516,185 | 491,954 | 24,231 | 4.9% |
Non-current liabilities | 838,893 | 828,240 | 10,653 | 1.3% |
Interest-bearing loans and bonds | 633,846 | 631,614 | 2,232 | 0.4% |
Lease liabilities | 99,129 | 92,557 | 6,572 | 7.1% |
Other non-current liabilities | 105,918 | 104,069 | 1,849 | 1.8% |
Current liabilities | 404,049 | 343,117 | 60,932 | 17.8% |
Interest-bearing loans and bonds | 61,682 | 57,038 | 4,644 | 8.1% |
Lease liabilities | 15,941 | 18,574 | -2,633 | -14.2% |
Trade payables | 225,367 | 173,181 | 52,186 | 30.1% |
Other current liabilities | 101,059 | 94,324 | 6,735 | 7.1% |
Balance sheet total | 1,759,127 | 1,663,311 | 95,816 | 5.8% |
Long-term debt increased slightly by EUR 10.7 million to EUR 838.9 million compared to December 31, 2025, accounting for 47.7% of total assets (December 31, 2025: 49.8%). This reflects the issuance of a promissory note loan in the amount of EUR 100 million, which was used to repay maturities totaling approximately EUR 93 million. The increase in non-current lease liabilities by EUR 6.6 million to EUR 99.1 million also contributed to the rise in total liabilities, primarily due to contract extensions in EMEA. In addition, other non-current liabilities increased by EUR 1.8 million to EUR 105.9 million, primarily due to the rise in deferred tax liabilities.
Short-term debtShort-term debt increased by EUR 60.9 million to EUR 404.0 million compared to December 31, 2025. The main factors contributing to this increase were higher trade payables resulting from the recovery of the Original Equipment (OE) business, as well as a moderate increase in interest-bearing loans and borrowings.
Trade payables increased seasonally by 30.1% compared to December 31, 2025, from EUR 173.2 million to EUR 225.4 million. Compared to March 31, 2025, liabilities increased by EUR 9.7 million, or 4.5%, from EUR 215.7 million.
Net financial debtNet financial debt (including lease liabilities) declined by EUR 23.0 million, or 4.5%, to EUR 482.3 million as of March 31, 2026, compared to the end of 2025. This was primarily due to the significant increase in cash and cash equivalents, which amounted to EUR 328.3 million (December 31, 2025: EUR 294.5 million). This development was offset by moderately higher lease liabilities as well as interest-bearing loans and borrowings. The leverage ratio (ratio of net financial debt to EBITDA for the last twelve months) improved to 2.2 at the end of the first quarter of 2026 (December 31, 2025: 2.3). With EBITDA for the last twelve months remaining virtually unchanged, this improvement is primarily attributable to the decline in net financial debt.
Excluding lease liabilities and expenses, the leverage ratio is 1.9 (December 31, 2025: 2.0).
Development of net debt
in EUR thousand | 03/31/2026 | 12/31/2025 | Change absolute | Change in % |
Non-current interest-bearing loans and bonds | 633,846 | 631,614 | 2,232 | 0.4% |
Current interest-bearing loans and bonds | 61,682 | 57,038 | 4,644 | 8.1% |
Non-current lease liabilities | 99,129 | 92,557 | 6,572 | 7.1% |
Current lease liabilities | 15,941 | 18,574 | -2,633 | -14.2% |
Total financial liabilities | 810,598 | 799,783 | 10,815 | 1.4% |
Cash and cash equivalents | -328,275 | -294,499 | -33,776 | 11.5% |
Net financial debt | 482,323 | 505,284 | -22,961 | -4.5% |
Net working capital ratio
Net working capital development
in EUR thousand | 03/31/2026 | 12/31/2025 | Change absolute | Change in % |
Inventories | 273,170 | 260,426 | 12,744 | 4.9% |
Trade receivables | 249,274 | 203,609 | 45,665 | 22.4% |
Trade payables | -225,367 | -173,181 | -52,186 | 30.1% |
Net working capital | 297,077 | 290,854 | 6,223 | 2.1% |
Group sales (last 12 months) | 1,736,875 | 1,734,364 | 2,511 | 0.1% |
Net working capital ratio | 17.1% | 16.8% |
Net working capital is defined as the sum of inventory and trade receivables, less trade payables.
The net working capital ratio - net working capital in relation to Group sales over the last twelve months - stood at 17.1% as of March 31, 2026, and was thus, primarily due to seasonal factors, 0.3 percentage points higher than the figure as of the balance sheet date of December 31, 2025.
It should be noted that a relatively high volume of the aftermarket business is structurally associated with correspondingly higher inventory levels. In addition, a shift in the customer mix toward longer payment terms led to an increase in receivables.
As in previous years, SAF-HOLLAND made use of factoring to optimize liquidity. As of the balance sheet date, this amounted to EUR 48.5 million (December 31, 2025: EUR 40.8 million).
FINANCIAL POSITION
Development of cash flow
in EUR thousand | Q1/2026 | Q1/2025 | Change absolute | Change in % |
Net cash flow from operating activities | 49,607 | 16,421 | 33,186 | 202.1% |
Net cash flow from investing activities (property, plant and equipment/ intangible assets) | -4,794 | -8,240 | 3,446 | -41.8% |
Operating free cash flow | 44,813 | 8,181 | 36,632 | 447.8% |
Net cash flow from investing activities (acquisition of subsidiaries) | - | - | - | - |
Total free cash flow | 44,813 | 8,181 | 36,632 | 447.8% |
Net cash flow from operating activities totaled EUR 49.6 million in the first quarter of 2026 (previous year: EUR 16.4 million), significantly exceeding the previous year's level. This was driven not only by the strong operating result but also by the lower cash outflow from changes in net working capital, which amounted to EUR -6.6 million compared to EUR -27.7 million in the first quarter of 2025.
Net cash flow from investing activities (excluding M&A) amounted to EUR -4.8 million in the first quarter of 2026 (previous year: EUR -8.2 million). Investments in property, plant, and equipment and intangible assets totaled EUR 5.1 million (previous year: EUR 8.6 million) and related to investments in the IT and systems infrastructure as well as preparations for the new plant in Rowlett, Texas. In contrast, the company received proceeds of EUR 0.3 million from the sale of property, plant, and equipment (previous year: EUR 0.3 million).
Free operating cash flow of EUR 44.8 millionAs a result, free operating cash flow (net cash flow from operating activities after deducting net investments in property, plant, and equipment and intangible assets) amounted to EUR 44.8 million, an increase of EUR 36.6 million over the previous year's figure of EUR 8.2 million.
Development of ROCESAF-HOLLAND measures the economic use of capital - specifically, the achievement of an appropriate return on invested capital - using the Return on Capital Employed (ROCE). In the past quarter, this figure remained unchanged at 15.8% compared to the end of 2025.
Financial return: ROCE
in EUR thousand | 03/31/2026 | 12/31/2025 | Change absolute | Change in % |
Equity | 516,185 | 491,954 | 24,231 | 4.9% |
Interest-bearing loans and bonds, current and non-current | 695,528 | 688,652 | 6,876 | 1.0% |
Lease liabilities, current and non-current | 115,070 | 111,131 | 3,939 | 3.5% |
Pensions and other similar benefits | 38,384 | 38,411 | -27 | -0.1% |
Cash and cash equivalents | -328,275 | -294,499 | -33,776 | 11.5% |
Capital employed | 1,036,892 | 1,035,649 | 1,243 | 0.1% |
Adjusted EBIT (last 12 months) | 163,844 | 164,039 | -195 | -0.1% |
ROCE | 15.8% | 15.8% |
OUTLOOK
INDUSTRY ENVIRONMENTFollowing a positive start for the European trailer and truck markets, SAF-HOLLAND expects these markets to recover slightly over the course of the year compared to the previous year. SAF-HOLLAND currently anticipates that the European trailer market will grow by between 0% and +5% in 2026. For the heavy-duty truck market, SAF-HOLLAND expects to see a recovery in the range of +5% to +10%.
Following another weak first quarter in 2026, the North American commercial vehicle market remains caught up in a prolonged downturn. Regulatory-driven pull-forward effects have not yet been reflected in manufacturing figures, but could become more significant as the year progresses. According to the research institute ACT Research, temporary shifts in fleet investments are expected, with fleets prioritizing their available 2026 budgets toward tractor units while postponing trailer purchases. In SAF-HOLLAND's view, there are opportunities for a slight improvement in demand, from regulatory adjustments in the context of the EPA27 negotiations, for example. SAF-HOLLAND currently estimates the development of the North American trailer market to be within a range of -5% to +5% and the development of the North American Class 8 market to be within a range of 0% to +10%.
Following a weak first quarter in the Brazilian commercial vehicle market, SAF-HOLLAND does not expect any fundamental stabilization in the current year, even despite the declines seen in 2025. Vehicle financing remains constrained by high interest rates, which reduces transport companies' willingness to renew their fleets. SAF-HOLLAND therefore expects the trailer market and the truck market to each range between -5% and -10% in the current year.
Following a positive start to the year, SAF-HOLLAND expects the Chinese commercial vehicle markets to continue to see modest growth in 2026, although this is unlikely to match the strong growth of the previous year. The company anticipates production growth within a range of 0% to +5% for both the trailer market and the heavy-duty truck market.
With respect to the Indian commercial vehicle market, SAF-HOLLAND expects the recovery seen in the first quarter of 2026 to continue at a moderate pace over the remainder of the year. The need for infrastructure investment remains high, which is supporting demand for commercial vehicles. The reduction in sales tax for various commercial vehicles, including trucks, is also likely to have a positive impact on the commercial vehicle market. For the heavy-duty truck market, SAF-HOLLAND anticipates growth in the range of approximately +5% and +10%. According to SAF-HOLLAND's estimates, the trailer market will grow in the range of +10% and +15%.
FORECAST ON THE COMPANY' S DEVELOPMENT OUTLOOK FOR 2026 REMAINS UNCHANGEDTaking the potential risks and opportunities into account and assuming stable exchange rates, the Management Board of SAF-HOLLAND SE continues to expect Group sales for fiscal year 2026 to be in the range of EUR 1,700 million to EUR 1,850 million, as announced on March 19, 2026 (previous year: EUR 1,734.4 million).
SAF-HOLLAND expects an overall positive business development in the EMEA and APAC regions for 2026. In North America, demand in the trailer and class 8 truck segments is expected to remain largely unchanged, although regulatory developments could provide potential additional momentum. The aftermarket business is expected to develop steadily based on the current vehicle population.
Based on these assumptions, SAF-HOLLAND continues to expect to achieve an adjusted EBIT margin of 9% to 10% for 2026 (previous year: 9.5%).
To achieve its medium- and long-term growth targets and position the company for the future in terms of products, the Group continues to plan for capital expenditures of up to 3% of Group sales in fiscal year 2026 (previous year: 3.0%).
The assessment of future developments is made against the backdrop of the current geopolitical and regulatory uncertainties, which means that a reliable forecast is currently only possible to a limited extent. Due to its resilient business model, SAF-HOLLAND does not currently expect the conflict in the Middle East to have any significant impact on its performance.
Group forecast
Sales | EUR 1,700 - EUR 1,850 million | |
Adjusted EBIT margin | 9.0 - 10.0% | |
Investment ratio | Up to 3.0% |
RISK AND OPPORTUNITY REPORT
Risks and opportunities to which the Group is exposed are recorded on an ongoing basis and their assessment is reviewed regularly and adjusted to current circumstances.
From today's perspective, there are still no risks that, individually or in combination, could lead to over-indebtedness or insolvency of the company.
SUBSEQUENT EVENTS
After the balance sheet date, the existing revolving credit facility (RCF) was increased by EUR 75 million to EUR 325 million, effective April 15, 2026. This strengthens the Group's financial flexibility, including with regard to potential M&A activities, and underscores SAF HOLLAND's strategic flexibility.
No other events relevant to the subsequent events report occurred after the balance sheet date.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
in EUR thousand | Q1/2026 | Q1/2025 |
Sales | 451,677 | 449,166 |
Cost of sales | -351,673 | -344,141 |
Gross profit | 100,004 | 105,025 |
Other income | 514 | 766 |
Selling expenses | -26,097 | -30,283 |
Administrative expenses | -28,432 | -31,105 |
Research and development expenses | -9,278 | -8,733 |
Operating result | 36,711 | 35,670 |
Share of net profit of investments accounted for using the equity method | 200 | 223 |
Earnings before interest and taxes | 36,911 | 35,893 |
Financial income | 6,157 | 3,854 |
Financial expenses | -11,399 | -19,163 |
Financial result | -5,242 | -15,309 |
Result before income tax | 31,669 | 20,584 |
Income tax | -11,183 | -7,225 |
Result for the period | 20,486 | 13,359 |
Attributable to: | ||
Equity holders of the parent | 20,486 | 13,047 |
Shares of non-controlling interests | - | 312 |
Other comprehensive income | ||
Items that may be reclassified subsequently to profit or loss | ||
Exchange differences on translation of foreign operations | 9,976 | -417 |
Other comprehensive income | 9,976 | -417 |
Comprehensive income for the period | 30,462 | 12,942 |
Attributable to: | ||
Equity holders of the parent | 30,462 | 12,777 |
Shares of non-controlling interests | - | 164 |
Basic earnings per share/ diluted earnings per share in EUR | 0.45 | 0.29 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
in EUR thousand | 03/31/2026 | 12/31/2025 |
Assets | ||
Non-current assets | 828,654 | 823,740 |
Goodwill | 131,964 | 130,425 |
Other intangible assets | 276,179 | 276,802 |
Property, plant and equipment | 354,932 | 355,820 |
Investments accounted for using the equity method | 11,952 | 11,481 |
Financial assets | 8,588 | 8,755 |
Other non-current assets | 25,362 | 24,466 |
Deferred tax assets | 19,677 | 15,991 |
Current assets | 930,473 | 839,571 |
Inventories | 273,170 | 260,426 |
Trade receivables | 249,274 | 203,609 |
Income tax receivables | 6,242 | 6,256 |
Other current assets | 61,955 | 57,812 |
Financial assets | 11,557 | 16,969 |
Cash and cash equivalents | 328,275 | 294,499 |
Balance sheet total | 1,759,127 | 1,663,311 |
in EUR thousand | 03/31/2026 | 12/31/2025 |
Equity and liabilities | ||
Total equity | 516,185 | 491,954 |
Equity attributable to equity holders of the parent | 516,185 | 491,954 |
Subscribed share capital | 45,394 | 45,394 |
Share premium | 224,104 | 224,104 |
Treasury shares | -11,568 | -5,336 |
Retained earnings | 283,797 | 263,309 |
Accumulated other comprehensive income | -25,542 | -35,517 |
Non-current liabilities | 838,893 | 828,240 |
Pensions and other similar benefits | 38,384 | 38,411 |
Other provisions | 13,381 | 14,970 |
Interest bearing loans and bonds | 633,846 | 631,614 |
Lease liabilities | 99,129 | 92,557 |
Other liabilities | 495 | 428 |
Deferred tax liabilities | 53,658 | 50,260 |
Current liabilities | 404,049 | 343,117 |
Other provisions | 22,388 | 19,092 |
Interest bearing loans and bonds | 61,682 | 57,038 |
Lease liabilities | 15,941 | 18,574 |
Trade payables | 225,367 | 173,181 |
Income tax liabilities | 13,572 | 8,090 |
Other financial liabilities | 8,448 | 17,713 |
Other liabilities | 56,651 | 49,429 |
Balance sheet total | 1,759,127 | 1,663,311 |
CONSOLIDATED STATEMENT OF CASH FLOWS
in EUR thousand | Q1/2026 | Q1/2025 | |
Cash flow from operating activities | |||
Result before income tax | 31,669 | 20,584 | |
- | Financial income | -6,157 | -3,854 |
+ | Financial expenses | 11,399 | 19,163 |
+/- | Share of net profit of investments accounted for using the equity method | -200 | -223 |
+/- | Other non-cash transactions | 409 | 1,270 |
+ | Amortization and depreciation of intangible assets and property, plant and equipment | 20,769 | 22,958 |
+ | Allowance of current assets | 3,907 | 2,358 |
+/- | Change in other provisions and pensions | 1,519 | -998 |
+/- | Change in other assets | 2,032 | -9,637 |
+/- | Change in other liabilities | -2,647 | 1,592 |
+/- | Loss/Gain on disposal of property, plant and equipment | 2 | -676 |
+ | Dividends from investments accounted for using the equity method | 14 | 16 |
Cash flow before change of net working capital | 62,716 | 52,553 | |
+/- | Change in inventories | -12,239 | -18,382 |
+/- | Change in trade receivables1 | -45,493 | -40,904 |
+/- | Change in trade payables | 51,166 | 31,561 |
Change of net working capital | -6,566 | -27,725 | |
Cash flow from operating activities before income tax paid | 56,150 | 24,828 | |
- | Income tax paid | -6,543 | -8,407 |
Net cash flow from operating activities | 49,607 | 16,421 | |
Cash flow from investing activities | |||
- | Purchase of property, plant and equipment | -3,450 | -6,416 |
- | Purchase of intangible assets | -1,680 | -2,139 |
+ | Proceeds from sales of property, plant and equipment | 336 | 315 |
- | Purchase of other financial assets | -653 | -861 |
+ | Interest received | 787 | 1,139 |
Net cash flow from investing activities | -4,660 | -7,962 | |
Cash flow from financing activities | |||
+ | Proceeds from the increase in long-term other loans. | 100,000 | - |
- | Acquisition of treasury shares | -6,239 | - |
- | Payments of interests of leasing liabilities | -1,712 | -1,300 |
- | Repayments of current and non-current financial liabilities | -92,762 | -69,000 |
+/- | Proceeds and payments from hedging instruments | -423 | -82 |
- | Payments for lease liabilities | -5,010 | -4,608 |
- | Interest paid | -8,193 | -6,922 |
+/- | Drawings on the credit line | - | 44,952 |
- | Paid transaction costs | -13 | -13 |
Net cash flow from financing activities | -14,352 | -36,973 | |
Net increase/decrease in cash and cash equivalents | 30,595 | -28,514 | |
+/- | Effect of changes in exchange rates on cash and cash equivalents | 3,181 | -1,457 |
Cash and cash equivalents at the beginning of the period | 294,499 | 300,730 | |
Cash and cash equivalents at the end of the period | 328,275 | 270,759 |
1 As of March 31, 2026, trade receivables in the amount of EUR 48.5 million (previous year: EUR 42.3 million) were sold under a factoring agreement. Assuming the legal existence of the receivable, there are no further rights of recourse to SAF-HOLLAND from the receivables sold.
SEGMENT INFORMATION
EMEA1 | Americas2 | APAC3 | Total | |||||
in EUR thousands | Q1/2026 | Q1/2025 | Q1/2026 | Q1/2025 | Q1/2026 | Q1/2025 | Q1/2026 | Q1/2025 |
Sales | 236,231 | 218,859 | 156,857 | 176,390 | 58,589 | 53,917 | 451,677 | 449,166 |
Adjusted EBIT | 19,033 | 16,437 | 16,806 | 20,097 | 6,658 | 6,158 | 42,497 | 42,692 |
Adjusted EBIT margin in % | 8.1% | 7.5% | 10.7% | 11.4% | 11.4% | 11.4% | 9.4% | 9.5% |
Amortization and depreciation of intangible assets and property, plant and equipment (without PPA) | 8,259 | 9,054 | 6,467 | 6,595 | 1,382 | 1,365 | 16,108 | 17,014 |
in % of sales | 3.5% | 4.1% | 4.1% | 3.7% | 2.4% | 2.5% | 3.6% | 3.8% |
Adjusted EBITDA | 27,292 | 25,491 | 23,273 | 26,692 | 8,040 | 7,523 | 58,605 | 59,706 |
Adjusted EBITDA margin in % | 11.6% | 11.6% | 14.8% | 15.1% | 13.7% | 14.0% | 13.0% | 13.3% |
Purchase of property, plant and equipment and intangible assets | 2,360 | 5,070 | 2,068 | 2,956 | 702 | 527 | 5,130 | 8,553 |
in % of sales | 1.0% | 2.3% | 1.3% | 1.7% | 1.2% | 1.0% | 1.1% | 1.9% |
No. of employees as of reporting date | 2,271 | 2,332 | 2,040 | 2,153 | 1,424 | 1,141 | 5,735 | 5,626 |
1 Comprises Europe, the Middle East and Africa.
2 Comprises Canada, the United States and Central and South America.
3 Comprises Asia/Pacific, India and China.
FINANCIAL CALENDAR AND CONTACTS
FINANCIAL CALENDAR May 21, 2026Annual General Meeting 2026
August 6, 2026Publication of the Half-Year Financial Report 2026
November 5, 2026Publication of the Quarterly Statement Q3 2026
CONTACTS Dana UngerPhone: +49 6095 301-949
Alexander PöschlPhone: +49 6095 301-117
E- MAILir@safholland.de
WEBSITEhttps://www.safholland.com
IMPRINT
PUBLISHERSAF-HOLLAND SE
Hauptstraße 26
63856 Bessenbach Germany
PUBLICATION DATEMay 7, 2026
Inhouse produced with firesys.
ALTERNATIVE PERFORMANCE MEASURESSAF-HOLLAND SE prepares its financial reporting in accordance with International Financial Reporting Standards (IFRS). In addition, SAF-HOLLAND SE uses Alternative Performance Measures (APM). APMs are company-specific key figures whose calculation does not result directly from statutory regulations or accounting standards. They are calculated in part by making company-specific adjustments to certain financial performance indicators, such as adjusting financial performance indicators for special effects. APMs are used both internally for management purposes and for external communication and reporting purposes to various stakeholders. Further information can be found in the Annual Report 2025 in the section "Explanation of financial indicators and Alternative Performance Measures".
DISCLAIMERThis Quarterly Statement is also available in German. In case of doubt, the German version shall take precedence. The key figures in the Quarterly Statement have been rounded in accordance with standard commercial practice. In individual cases, rounding may result in figures in this Quarterly Statement not adding up to exactly the totals shown and percentages may not add up to the figures shown.
This Quarterly Statement contains forward-looking statements. Such forward-looking statements are based on certain assumptions and expectations at the time of publication of this Quarterly Statement. They are therefore subject to risks and uncertainties and actual events may differ materially from those described in the forward-looking statements. Many of these risks and uncertainties are determined by factors that are beyond the control of SAF-HOLLAND SE and cannot be estimated with certainty today. These include future market conditions and economic developments, the behavior of other market participants, the achievement of expected synergy effects as well as legal and political decisions. Readers are cautioned that the statements on future developments made here only reflect the state of knowledge at the time of this publication. SAF HOLLAND SE does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of publication of this information.
https://www.safholland.com