SAF-HOLLAND achieves solid results in the first half of 2025 despite decline in sales
- Group sales amount to EUR 891.6 million (previous year: EUR 1,012.5 million)
- Adjusted EBIT margin of 9.3% achieved
- Result for the period impacted by unrealized foreign currency effects as of the reporting date
- Outlook for fiscal year 2025 adjusted
- Calculation method for dividend: Definition of distribution-relevant result for the period adjusted / payout ratio unchanged
Bessenbach, August 7, 2025. SAF-HOLLAND SE ("SAF-HOLLAND"), one of the world's leading supplier of trailer and truck components, closed the first half of 2025 with solid results in a market environment marked by uncertainty related to the tariff policy of the new US administration.
Sales share of the less cyclical aftermarket business reaches 39.3% (previous year: 36.7%)
Group sales declined by 11.9% to EUR 891.6 million (previous year: EUR 1,012.5 million), mainly due to the weak original equipment business. The sales contribution of the Original Equipment Trailer customer segment fell by 15.1% to EUR 428.3 million (previous year: EUR 504.8 million). This corresponds to 48.0% of Group sales (previous year: 49.9%). The sales contribution of the Original Equipment Trucks customer segment fell by 16.7% to EUR 113.1 million (previous year: EUR 135.8 million), particularly due to consumer restraint in the Americas region and represents 12.7% of Group sales (previous year: 13.4%). In comparison, the more resilient aftermarket business recorded only a 5.9% decline in sales to EUR 350.2 million (previous year: EUR 372.0 million). The corresponding sales share rose from 36.7% to 39.3%. The previous year's result also benefited significantly from targeted special sales measures in EMEA and the Americas.
In organic terms – i.e. excluding the impact of currency exchange rates and acquisitions – Group sales in the first half of 2025 declined by EUR 130.1 million or 12.8%, in line with the general market trend.
In the second quarter of 2025, Group sales amounted to EUR 442.4 million (previous year: EUR 507.1 million). In organic terms, sales decreased by EUR 59.3 million or 11.7%.
The distribution of Group sales by region in the first half of 2025 was influenced in particular by organic sales development in the three regions and the acquisition effects in the EMEA region. With sales of EUR 441.9 million (previous year: EUR 477.5 million) and a 49.6% share of Group sales (previous year: 47.2%), the EMEA region remains the Company's strongest sales region. The Americas region accounted for 38.9% (previous year: 40.1%) of sales, or EUR 346.5 million (previous year: EUR 406.3 million). The APAC region generated sales of EUR 103.1 million (previous year: EUR 128.7 million), contributing 11.5% (previous year: 12.7%) to Group sales.
Adjusted EBIT margin of 9.3% achieved
SAF-HOLLAND achieved an adjusted EBIT of EUR 83.0 million in the first half of 2025 (previous year: EUR 102.8 million) against the backdrop of an 11.9% decline in sales. This corresponds to an adjusted EBIT margin of 9.3% (previous year: 10.2%). The higher margin contribution from the aftermarket business was unable to offset the lower margin contribution from the original equipment business, despite strict cost management and the continued realization of synergies. At the same time, the result was impacted by additional purchasing costs related to the US administration's tariff policy.
In the second quarter of 2025, the adjusted EBIT amounted to EUR 40.3 million (previous year: EUR 54.2 million) and the adjusted EBIT margin was 9.1% (previous year: 10.7%). This particularly reflects additional purchasing costs in the mid-single-digit million-euro range related to the tariff policy of the new US administration, which are expected to be largely offset by countermeasures such as price increases in the further course of the year.
Result for the period influenced by unrealized foreign currency effects as of the reporting date
SAF-HOLLAND achieved a result for the period of EUR 24.0 million (previous year: EUR 50.7 million) in the first half of 2025, with a Group tax rate of 36.8% (previous year: 29.2%). The significant deviation from the previous year is attributable to the lower operating result and high foreign currency charges in the financial result. The balance of unrealized exchange gains and losses from the reporting date valuation of intercompany foreign currency loans amounted to EUR –14.5 million (previous year: EUR +0.4 million) and is primarily attributable to the exchange rate development of the US dollar against the euro. The Company has already implemented some measures to limit unrealized currency effects in the financial result. These measures are to be fully implemented by the end of the year.
The result for the period attributable to the shareholders of the parent company amounted to EUR 24.0 million (previous year: EUR 50.3 million). Based on an unchanged number of 45.4 million shares compared to the previous year, earnings per share for the first half of 2025 amounted to EUR 0.53 (previous year: EUR 1.11).
Adjusted result for the period after minority interests, which was adjusted for special items outside SAF-HOLLAND's ordinary business activities, was EUR 37.7 million, down 39.7% from the prior-year figure of EUR 62.6 million. Adjusted earnings per share thus amounted to EUR 0.83 (previous year: EUR 1.38).
Free operating cash flow at EUR 9.1 million
SAF-HOLLAND generated free operating cash flow of EUR 9.1 million in the first half of 2025 (previous year: EUR 44.3 million). In addition to the lower operating result, this was due in particular to the higher cash outflow from the change in net working capital of EUR 46.5 million (previous year: EUR 22.1 million). Investments in property, plant, and equipment and intangible assets totaled EUR 22.2 million (previous year: EUR 20.0 million), corresponding to an investment ratio of 2.5% (previous year: 2.0%).
Calculation method for dividends: Definition of distribution-relevant result for the period adjusted / payout ratio unchanged
In order to account for unrealized exchange rate changes in the financial result, SAF-HOLLAND will in future adjust the distribution-relevant result for the period for dividend calculation to the extent that the available result for the period will be adjusted for the balance from the unrealized exchange rate effects in the financial result, taking the Group tax rate into account. This adjustment applies for the first time for fiscal year 2025. The payout ratio of 40% to 50% remains unchanged.
Outlook for fiscal year 2025 adjusted
Against the backdrop of general consumer restraint – caused by the current US trade policy and uncertainties surrounding the introduction of the EPA27 emissions standard for trucks from model year 2027 in the US – the business environment continued to deteriorate in commercial vehicle markets that are important for SAF-HOLLAND, such as North America and Asia.
The Management Board of SAF-HOLLAND SE therefore adjusted its forecast for fiscal year 2025 on July 29, 2025, and now expects Group sales of around EUR 1,800 million (previously: EUR 1,850 million to EUR 2,000 million). The Company expects the positive momentum in order intake in the EMEA region to continue and a gradual recovery of the commercial vehicle markets in APAC to set in over the course of the year.
Due to the absolutely weaker earnings contributions from the high-margin Americas and APAC regions, an adjusted EBIT margin of around 9.3% is now expected (previously: 9.0% to 10.0%). The target for the investment ratio of up to 3.0% of Group sales published in the outlook on March 20, 2025, remains unchanged.
Alexander Geis, Chairman of the Management Board and Chief Executive Officer of SAF-HOLLAND SE, said: "Given the economic and trade policy environment, we are satisfied with the results for the first half of 2025. Thanks to our resilient business model combined with a consistent focus on costs, we are well positioned to tie up to our strategic target range for an adjusted EBIT margin of 10% to 12% when demand picks up. We are particularly pleased about the latest major order for swivel axle bogies from a US manufacturer of special trailers for military transport, which represents another piece in the mosaic of our customer portfolio diversification."
Key financial figures for the first half and second quarter of 2025
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| in EUR thousand |
Q1–Q2/2025 |
Q1–Q2/2024 |
Change in % |
Q2 2025 |
Q2 2024 |
Change in % |
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| Results of Operations |
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| Sales |
891,565 |
1,012,522 |
–11.9% |
442,399 |
507,091 |
–12.8% |
| Gross profit |
204,363 |
223,576 |
–8.6% |
99,338 |
114,701 |
–13.4% |
| Gross profit margin in % |
22.9% |
22.1% |
|
22.5% |
22.6% |
|
| Adjusted gross profit |
207,774 |
227,534 |
–8.7% |
101,172 |
116,979 |
–13.5% |
| Adjusted gross profit margin in % |
23.3% |
22.5% |
|
22.9% |
23.1% |
|
| EBITDA |
115,389 |
132,468 |
–12.9% |
56,538 |
68,668 |
–17.7% |
| EBITDA margin in % |
12.9% |
13.1% |
|
12.8% |
13.5% |
|
| Adjusted EBITDA |
116,469 |
133,820 |
–13.0% |
56,763 |
70,020 |
–18.9% |
| Adjusted EBITDA margin in % |
13.1% |
13.2% |
|
12.8% |
13.8% |
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| EBIT |
70,362 |
89,714 |
–21.6% |
34,469 |
46,309 |
–25.6% |
| EBIT margin in % |
7.9% |
8.9% |
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7.8% |
9.1% |
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| Adjusted EBIT |
82,960 |
102,774 |
–19.3% |
40,268 |
54,209 |
–25.7% |
| Adjusted EBIT margin in % |
9.3% |
10.2% |
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9.1% |
10.7% |
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| Result for the period attributable to shareholders of the parent Company |
24,029 |
50,260 |
–52.2% |
10,982 |
24,035 |
–54.3% |
| Adjusted result for the period attributable to the shareholders of the parent Company |
37,728 |
62,593 |
–39.7% |
17,639 |
31,298 |
–43.6% |
| Basic earnings per share in EUR |
0.53 |
1.11 |
–52.2% |
0.24 |
0.53 |
–54.3% |
| Adjusted earnings per share in EUR |
0.83 |
1.38 |
–39.7% |
0.38 |
0.69 |
–43.6% |
| Financial position |
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| Net cash flow from operating activities |
30,543 |
62,641 |
–51.2% |
14,122 |
69,532 |
–79.7% |
| Net cash flow from investing activities (property, plant and equipment/intangible assets) |
–21,457 |
–18,323 |
17.1% |
–13,217 |
–12,780 |
3.4% |
| Operating free cash flow |
9,086 |
44,318 |
–79.5% |
905 |
56,752 |
–98.4% |
| Net cash flow from investing activities (acquisition of subsidiaries) |
–12,671 |
–16,158 |
–21.6% |
–12,671 |
–5,832 |
117.3% |
| Total free cash flow |
–3,585 |
28,160 |
–112.7% |
–11,766 |
50,920 |
–123.1% |
| Yield |
06/30/2025 |
12/31/2024 |
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| Return on capital employed (ROCE) in % |
15.8% |
18.3% |
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| Balance sheet |
06/30/2025 |
12/31/2024 |
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| Balance sheet total |
1,674,912 |
1,711,869 |
–2.2% |
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| Equity |
464,707 |
527,100 |
–11.8% |
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| Equity ratio in % |
27.7% |
30.8% |
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| Non-current and current liabilities |
1,210,205 |
1,184,769 |
2.1% |
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Contact:
Dana Unger
VP Investor Relations, Corporate & ESG Communications
Phone: +49 6095 301 949
dana.unger@safholland.de
Alexander Pöschl
Senior Manager Investor Relations, Corporate & ESG Communications
Phone: +49 6095 301 117
alexander.poeschl@safholland.de
Michael Schickling
Senior Manager Investor Relations, Corporate & ESG Communications
Phone: +49 6095 301 617
michael.schickling@safholland.de
About SAF-HOLLAND
SAF-HOLLAND SE is a leading international manufacturer of chassis-related assemblies and components for trailers, trucks and buses. An average of around 5,700 dedicated employees worldwide generated sales of EUR 1,877 million in 2024.
The product range includes axle and suspension systems for trailers as well as fifth wheels and coupling systems for trucks, trailers, and semi-trailers as well as brake and EBS systems. In addition, SAF-HOLLAND also develops innovative products to increase the efficiency, safety, and environmental friendliness of commercial vehicles. With the brands SAF, Holland, Haldex, Assali Stefen, KLL, Neway, Tecma, V.Orlandi and York, the Group achieved strong market positions in the top three positions in the most important regions worldwide in 2024.
SAF-HOLLAND supplies manufacturers in the original equipment market on six continents. In the aftermarket business, the company supplies spare parts to manufacturers’ service networks and wholesalers as well as to end customers and service centers via an extensive global distribution network.
SAF-HOLLAND SE is listed in the Prime Standard of the Frankfurt Stock Exchange and is included in the SDAX (ISIN: DE000SAFH001). Further information is available at www.safholland.com.
