SAF-HOLLAND SE

Latest Results (06.02.2026):

SAF-HOLLAND SE — Q1 2025: The company reported weaker sales but resilient margins in the first quarter of 2025. Group sales fell to EUR 449.2 million (–11.1% YoY), while gross margin improved to 23.4% and adjusted EBITDA margin rose to 13.3%. Reported net income attributable to shareholders was EUR 13.0 million (basic EPS EUR 0.29), down ~50% year‑on‑year, affected by lower operating profit and increased financial losses. Operating cash flow turned positive at EUR 16.4 million, producing positive operating free cash flow of EUR 8.2 million. SAF‑HOLLAND reaffirmed its 2025 guidance (Group sales EUR 1,850–2,000 million; adjusted EBIT margin 9–10%).

Revenue and margins

Group sales: EUR 449.2m (Q1 2024: EUR 505.4m; –11.1%). Gross profit EUR 105.0m (–3.5%) and gross margin improved to 23.4% (Q1 2024: 21.5%). Adjusted gross profit margin 23.7% (vs 21.9%).

Profitability (EBIT/EBITDA)

EBITDA EUR 58.9m (–7.8%); EBITDA margin 13.1% (up vs 12.6%). Adjusted EBITDA EUR 59.7m (–6.4%) with adjusted EBITDA margin 13.3% (vs 12.6%). Reported EBIT EUR 35.9m (–17.3%), EBIT margin 8.0% (Q1 2024: 8.6%); adjusted EBIT EUR 42.7m (–12.1%), adjusted EBIT margin 9.5% (near prior year).

Net income, EPS and taxes

Result for the period EUR 13.4m; attributable to equity holders EUR 13.0m (–50.2%). Basic EPS EUR 0.29 (Q1 2024: EUR 0.58). Adjusted result attributable to shareholders EUR 20.1m; adjusted EPS EUR 0.45. Group tax rate was 35.1% (Q1 2024: 28.8%).

Financial result and drivers

Financial result deteriorated to EUR –15.3m (Q1 2024: –6.2m), largely due to unrealized FX losses on valuation of intercompany foreign‑currency loans (~EUR 5.8m) and currency moves. Non‑recurring PPA amortization and transaction/integration costs also weighed on EBIT (PPA amortization ~EUR 5.9m; restructuring/transaction costs ~EUR 0.9m).

Segments and regional performance

By customer group: Original Equipment Trailer EUR 220.7m (–14.8%; 49.1% of Group sales), Original Equipment Truck EUR 58.9m (–14.5%), Aftermarket EUR 169.6m (–4.4%; 37.8% of sales). By region: EMEA EUR 218.9m (–10.4%), Americas EUR 176.4m (–10.7%), APAC EUR 53.9m (–15.3%).

Cash flow and balance sheet

Operating cash flow: EUR 16.4m (Q1 2024: –6.9m). CapEx (PP&E + intangibles) ~EUR 8.6m in Q1; operating free cash flow EUR 8.2m; total free cash flow EUR 8.2m. Cash & cash equivalents EUR 270.8m. Balance sheet total EUR 1,731.1m; equity EUR 539.4m; equity ratio 31.2% (up). Net financial debt (incl. leases) ≈ EUR 477.7m; net debt/EBITDA ~1.9x.

Key financial ratios

Adjusted EBIT margin target maintained: 9–10% for FY 2025. ROCE reported 17.4% (slight decline vs prior reference). Adjusted EBITDA margin Q1 13.3%.

Outlook

Outlook unchanged: Management reiterates FY 2025 guidance of Group sales EUR 1,850–2,000 million and an adjusted EBIT margin of 9–10%. CapEx expected up to ~3% of Group sales for 2025. Company flags continued market uncertainty (trade policy, tariffs, regional market softness).

Significant events

Reported notable items in Q1 2025: extension of CFO Frank Lorenz‑Dietz’s contract through 31 Dec 2028; post‑period (April) acquisition of the remaining 40% stake in Haldex Anand India (effective 11 Apr 2025) noted in the supplementary report.