SAF-HOLLAND SE

Quarterly Report • Nov 12, 2024

Quarterly Statement Q3 2024

KEY FIGURES

TABLE OF CONTENTS

Group Interim Management Report

Industry Environment
Significant events in the third quarter of 2024
6 Economic Report
20 Outlook
22 Risk and Opportunity Report
22 Supplementary Report
Interim Consolidated Financial Statements
23 Consolidated Statement of Income
24 Consolidated Statement of Comprehensive Income
25 Consolidated Statement of Financial Position
26 Consolidated Statement of Cash Flows
27 Segment Information
Further Information
28 Financial Calendar and Contacts
29 Imprint

INDUSTRY ENVIRONMENT

INDUSTRY ECONOMY

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 third quarter of 2024, the Original Equipment Trailer customer group accounted for $47.1 \%$ and the Aftermarket business for $39.7 \%$ of Group sales. The Original Equipment Truck customer group, which generates most of its sales in the Americas region, accounted for $13.2 \%$ of Group sales in the third quarter of 2024.

The commercial vehicle markets in Europe continued to be characterized by a challenging economic environment in the third quarter of 2024. Combined with persistently high financing costs, this led to a continued low willingness to invest on the part of trucking companies and fleet operators. This reluctance to buy was also influenced by fleet renewals in the previous two years. SAF-HOLLAND estimates that around 25 to 30\% fewer trailers were manufactured in Europe between July and September 2024 than in the same period of the previous year. The company estimates a decline of around $25 \%$ in the production of heavy trucks over the same period.

After remaining at the previous year's level in the second quarter, the market for heavy trucks in North America turned negative in the third quarter, as expected. According to data from ACT (Americas Commercial Transportation Research Company), around 75,395 Class 8 trucks were produced in the third quarter of 2024, 11\% fewer than in the same period of the previous year. The negative trend in the trailer market seen in the year to date continued. According to ACT, 68,361 trailers were produced in the third quarter ( $\sim 36 \%$ compared to Q3 2023).

In Brazil, the market for trailers was unable to maintain the positive momentum of the first half of the year in the third quarter. According to ANFIR (Associação Nacional Fabricantes de Implementos Rodoviários), the production of trailers fell by $4 \%$ in the third quarter. The Brazilian truck market continued to develop positively. According to the industry
association ANFAVEA (Associação Nacional dos Fabricantes de Veículos Automotores), the market grew by $55 \%$ in the third quarter, taking the low figures of the previous year into account, which were influenced by the introduction of new exhaust emission standards.

After the commercial vehicle markets in China had still gotten off to a positive start in 2024, this development reversed in the second quarter against the backdrop of a generally weak domestic economic situation. This negative trend solidified in the third quarter, causing the Chinese trailer market to record a decline of around $13 \%$ in the third quarter according to SAF-HOLLAND estimates. In the truck market, the company sees a decline of around $7 \%$ in the third quarter.

In India, the state-financed infrastructure programs were suspended in the run-up to this year's parliamentary elections. In the third quarter, there was still a lack of positive impetus from these infrastructure programs, which last year had still enabled a production increase of around $66 \%$. In addition, the mining industry was affected by extremely heavy rainfall. According to estimates by SAF-HOLLAND, the trailer market recorded a minus of around $22 \%$ in the third quarter. The negative trend continued in the Indian truck market, which is less important to SAF-HOLLAND. According to company estimates, the Indian truck market shrank by $14 \%$ in the third quarter.

SIGNIFICANT EVENTS IN THE THIRD QUARTER OF 2024

ACQUISITION OF ASSALI STEFAN SRL

On July 19, 2024, SAF-HOLLAND SE announced that it would acquire 100\% of the shares of Assali Stefen Srl, Verona, Italy. Assali Stefen is a company known worldwide for the development, production and sale of chassisrelated components for trailers and semi-trailers as well as other special applications.

With the acquisition of Assali Stefen, SAF-HOLLAND is expanding its product portfolio in standard and special applications, ranging from standard rigid axles to self-steering axles for trailers. At the same time, the acquisition strengthens SAF-HOLLAND's industry position, especially in the EMEA region and in New Zealand.

The closing of the transaction and the first-time inclusion of the company in the consolidated financial statements of SAF-HOLLAND SE took place on July 31, 2024.

SAF-HOLLAND OPENS NEW TECH CENTER IN PUNE

On August 28, 2024, SAF-HOLLAND announced the opening of its new Tech Center India (TCI) in Pune, India.

The TCI will play a key role in the development of software for SAF-HOLLAND's mechatronic products, such as the electronic braking system for trailers, where the company sees strong growth potential due to its strong market position in the trailer sector and the increasing global demand for mechatronic safety systems. TCI employees will also help to meet increasing regulatory requirements such as cybersecurity legislation.

The location in Pune, India, near where SAF- HOLLAND already operates a production site under the YORK brand, was carefully selected due to its strategic advantages. The new Tech Center is an important part of SAF-HOLLAND's global R\&D strategy and will contribute to achieving its long-term goals. By expanding its capacities in India, the company is not only strengthening its global R\&D and IT backbone but is also reinforcing its commitment to delivering innovative and high-quality solutions to customers worldwide.

PROMISSORY NOTE LOAN SUCCESSFULLY PLACED

On August 30, 2024, SAF-HOLLAND SE successfully placed a promissory note loan with a volume of EUR 100 million through its subsidiary SAF-HOLLAND GmbH.

The tranches of the promissory note loan have variable interest rates and terms of three and five years. The payment was made with a value date of September 10, 2024.

The proceeds will be used, among other purposes, to make an early repayment of EUR 68 million on the term loans raised in August 2022 (original volume: EUR 300 million, remaining volume after repayment: EUR 100 million), which were used to finance the acquisition of Haldex AB.

With this issue, SAF-HOLLAND is improving its debt maturity profile and broadening its investor base.

ECONOMIC REPORT

EARNINGS, ASSET AND FINANCIAL POSITION

EARNINGS POSITION

Weaker market environment leads to a reduction in Group sales

In the first nine months of 2024, SAF-HOLLAND's Group sales fell by $8.6 \%$ to EUR 1,452.5 million (previous year: EUR 1,589.0 million).

From an organic perspective - i.e. excluding exchange rate and acquisition effects - Group sales declined by EUR 217.6 million or $13.7 \%$ in the first nine months of 2024, which is particularly attributable to the weaker market environment in the OEM business in the EMEA and Americas regions.

In addition, currency effects had a negative impact on the development of sales and totaled EUR 4.7 million in the first nine months of 2024.

By contrast, acquisition effects in the amount of EUR 85.7 million had an increasing effect on sales. These relate to the consolidation of Haldex AB, which was included for the entire reporting period for the first time (previous year: February 21 to September 30), IMS Group B.V., which has been included in the consolidated financial statements since January 2, 2024, and the two Italian companies Tecma Srl and Assali Stefen, which have been fully consolidated since April 2, 2024, and July 31, 2024, respectively. The last three companies mentioned accounted for a total contribution to sales of EUR 25.1 million.

In the third quarter of 2024, SAF-HOLLAND generated Group sales of EUR 439.9 million (previous year: EUR 552.9 million).

In organic terms - i.e. excluding exchange rate and acquisition effects Group sales decreased by EUR 118.7 million or $21.5 \%$ in the third quarter of 2024 .

The negative effects from currency translation amounted to EUR 4.0 million in the third quarter of 2024.

On the other hand, there were positive acquisition effects from the takeover of the IMS Group, Tecma and Assali Stefen. These amounted to a total of EUR 9.7 million.

The distribution of Group sales by region in the first nine months of 2024 was influenced in particular by the acquisition effects and the underlying market environment in the EMEA and Americas regions.

With sales of EUR 680.1 million (previous year: EUR 711.8 million) and a $46.8 \%$ share of Group sales (previous year: $44.8 \%$ ), the EMEA region remains the company's largest region. The Americas region accounted for $40.3 \%$ (previous year: $42.6 \%$ ) of sales, or EUR 585.7 million (previous year: EUR 677.2 million). The APAC region generated sales of EUR 186.6 million (previous year: EUR 200.0 million), contributing 12.9\% (previous year: $12.6 \%$ ) to Group sales.

Share of sales from the cyclically resilient aftermarket business

reached $37.6 \%$ in the first nine months
Due to weaker global demand in the original equipment business, the sales contribution of the Original Equipment Trailers customer segment declined by $19.6 \%$ to EUR 712.0 million (previous year: EUR 886.1 million). The share of sales decreased from $55.8 \%$ to $49.0 \%$ as a result. Sales from the OE truck business fell by $9.4 \%$ to EUR 193.6 million (previous year: EUR 213.6 million), which is particularly attributable to the Americas and EMEA regions. Overall, the OE business thus generated $62.4 \%$ (previous
year: $69.2 \%$ ) of the Group's sales. By contrast, the aftermarket business, which is more resilient to economic cycles, significantly improved its share of sales from $30.8 \%$ to $37.6 \%$. The sales growth of EUR 57.6 million to EUR 546.8 million (previous year: EUR 489.2 million) resulted from both organic growth and acquisition effects (especially Haldex).

In the third quarter of 2024, the share of sales attributable to the aftermarket business improved by 5.8 percentage points to $39.7 \%$.

Group sales by customer segment

in EUR thousand	Q1-Q3/2024	Q1-Q3/2023	Change absolute	Change in \%	Q3 2024	Q3 2023	Change absolute	Change in \%
Original Equipment Trailer	712,049	886,119	$-174,071$	$-19.6 \%$	207,277	292,843	$-85,566$	$-29.2 \%$
in \% of Group sales	49.0\%	55.8\%			47.1\%	53.0\%
Original Equipment Truck	193,588	213,649	$-20,061$	$-9.4 \%$	57,833	72,353	$-14,520$	$-20.1 \%$
in \% of Group sales	13.4\%	13.4\%			13.2\%	13.1\%
Aftermarket business	546,820	489,215	57,605	11.8\%	174,824	187,691	$-12,867$	$-6.9 \%$
in \% of Group sales	37.6\%	30.8\%			39.7\%	33.9\%
Group sales	1,452,456	1,588,983	$-136,527$	$-8.6 \%$	439,934	552,887	$-112,953$	$-20.4 \%$

Significant increase in the gross margin in the first nine months and in the third quarter of 2024

The individual expense items in the income statement showed diverging trends in the first nine months of 2024. Comparability with the same period of the previous year is limited due to the first-time consolidation of Haldex AB for the entire reporting period (previous year February 21 to September 30), IMS Group B.V., which has been included in the consolidated financial statements from January 2, 2024, and Tecma Srl and Assali Stefen, which have been included in the consolidated financial statements from April 2 and July 31, 2024, respectively.

In the first nine months of 2024, the cost of sales fell by $12.1 \%$ year on year to EUR 1,129.6 million (previous year: EUR 1,284.6 million). It should be noted that the cost of sales for the first nine months of 2024 included depreciation from purchase price allocations in the amount of EUR 5.0 million (previous year: EUR 3.2 million) and restructuring expenses of EUR 0.8 million (previous year: EUR 0.8 million).

In the first nine months of 2023, additional non-recurring write-downs of EUR 5.3 million were incurred from the step-up purchase price allocation from the inventory valuation.

In nominal terms, gross profit of EUR 322.9 million (previous year: EUR 304.4 million) was generated, which represents an increase of $6.1 \%$. With the cost of sales falling disproportionately compared to sales, the gross margin increased from $19.2 \%$ to $22.2 \%$ in the first nine months of 2024. This is mainly due to consistent cost adjustments in the original equipment business, the continued realization of synergies from the integration of Haldex and the significantly higher share of the aftermarket business.

In the third quarter of 2024, the gross margin was $22.6 \%$, and thus significantly above the figure of $20.0 \%$ for the third quarter of 2023.

Operating result slightly above the previous year's level

In the first nine months of 2024, the operating result improved by $2.0 \%$ year on year to EUR 126.3 million (previous year: EUR 123.7 million). The disproportionately low increase compared to gross profit is due to the development of other income and expenses, selling and administrative expenses, and research and development expenses, which increased by a total of $8.8 \%$ to EUR 196.6 million (previous year: EUR 180.6 million). The main factors influencing this were the first-time consolidation of Haldex AB for the entire reporting period (previous year February 21 to September 30), the inclusion of IMS Group B.V. in the consolidated financial statements from January 2, 2024, and the inclusion of Tecma Srl and Assali Stefen in the consolidated financial statements from April 2 and July 31, 2024, respectively.

These cost items include increased depreciation and amortization from purchase price allocations in the amount of EUR 12.4 million (previous year: EUR 10.9 million) and restructuring and transaction costs in the amount of EUR 1.2 million (previous year: EUR 7.6 million) due to the aforementioned acquisitions. The latter included expenses for the settlement of a former minority shareholder's claims in the amount of EUR 1.3 million in the previous year.

	Q1-Q3/2024	Q1-Q3/2023	Change absolute	Change in \%	Q3 2024	Q3 2023	Change absolute	Change in \%
Sales	1,452,456	1,588,983	$-136,527$	$-8.6 \%$	439,934	552,887	$-112,953$	$-20.4 \%$
Cost of sales	$-1,129,586$	$-1,284,588$	155,002	$-12.1 \%$	$-340,640$	$-442,200$	101,560	$-23.0 \%$
Gross profit	322,870	304,395	18,475	6.1\%	99,294	110,687	$-11,393$	$-10.3 \%$
Gross profit margin in \%	22.2\%	19.2\%			22.6\%	20.0\%
Adjusted gross profit	328,685	313,779	14,906	4.8\%	101,151	112,266	$-11,115$	$-9.9 \%$
Adjusted gross profit margin in \%	22.6\%	19.7\%			23.0\%	20.3\%
Other income	3,373	4,619	$-1,246$	$-27.0 \%$	1,166	1,617	$-451$	$-27.9 \%$
Other expenses	-	$-1,255$	1,255	-	-	$-13$	13	-
Selling expenses	$-84,584$	$-73,793$	$-10,791$	14.6\%	$-27,950$	$-24,061$	$-3,889$	16.2\%
Administrative expenses	$-86,388$	$-82,447$	$-3,941$	4.8\%	$-27,110$	$-25,079$	$-2,031$	8.1\%
Research and development expenses	$-29,002$	$-27,770$	$-1,232$	4.4\%	$-8,343$	$-10,898$	2,555	$-23.4 \%$
Operating result	126,269	123,749	2,520	2.0\%	37,057	52,253	$-15,196$	$-29.1 \%$

EBIT margin improved from 7.9\% to 8.7\%

Driven by the higher operating result, earnings before interest and taxes (EBIT) increased by $1.4 \%$ to EUR 126.7 million (previous year: EUR 124.9 million) in the first nine months of 2024. The EBIT margin improved accordingly to $8.7 \%$ (previous year: $7.9 \%$ ).

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by $6.0 \%$ to EUR 191.4 million (previous year: EUR 180.6 million). The EBITDA margin improved accordingly from $11.4 \%$ to $13.2 \%$.

Adjusted EBIT adjusted for non-recurring and acquisition-related expenses and income

To steer and present the Group's underlying operating earnings situation, SAF-HOLLAND adjusts for special items outside of ordinary activities. These include depreciation of tangible assets and amortization of intangible assets from purchase price allocations (PPA), reversals and impairments, restructuring and transaction costs, option valuation effects and other one-time effects such as expenses in connection with post-merger integration. From the management's perspective, adjusted EBIT and the adjusted EBIT margin are the key performance indicators for assessing and evaluating the earnings of the Group and the three regions.

In the first nine months of 2024, special effects outside the ordinary business activities at the level of earnings before interest and taxes (EBIT) amounted to a total of EUR 19.4 million (previous year: EUR 27.8 million).

These mainly include depreciation and amortization from purchase price allocations in the amount of EUR 17.4 million (previous year: EUR 14.1 million). The increase results from additional depreciation and amortization arising from the first-time consolidation of Haldex AB for the entire reporting period (previous year: February 21 to September 30) and the first-time consolidation during the year of IMS Group B.V., Tecma Srl and Assali Stefen.

Furthermore, restructuring and transaction costs of EUR 2.0 million (previous year: EUR 8.4 million) were incurred in the first nine months of 2024, primarily in connection with the acquisitions and the post-merger integration. In the first nine months of 2023, these special effects on the other side included, in particular, expenses of around EUR 2 million in connection with the integration of Haldex as well as expenses of around EUR 4 million in connection with the cyber-attack. In addition, a one-time expense in the amount of EUR 5.3 million resulted in the first nine months of 2023 in connection with the integration of Haldex from the step-up purchase price allocation from the valuation of inventories.

Adjusted EBIT margin of $\mathbf{1 0 . 1 \%}$ above the previous year's level Despite the $8.6 \%$ decline in sales, adjusted EBIT for the first nine months of 2024 fell by only $4.4 \%$ from EUR 152.8 million to EUR 146.1 million. Accordingly, the adjusted EBIT margin improved from $9.6 \%$ to $10.1 \%$. This was due to the significant improvement in the adjusted gross margin from $19.7 \%$ to $22.6 \%$.

In the third quarter of 2024, adjusted EBIT amounted to EUR 43.3 million (previous year: EUR 58.6 million), resulting in an adjusted EBIT margin of $9.8 \%$ (previous year: $10.6 \%$ ). Consistent cost adjustments in the original equipment business and the significantly higher share of sales from the aftermarket business had a stabilizing effect.

Reconciliation of operating result to adjusted EBIT

Finance result significantly influenced by unrealized exchange gains and losses from the valuation of intercompany foreign currency

loans
In the first nine months of 2024, financial expenses increased by EUR 5.1 million year on year to EUR 40.9 million. This was due to a EUR 1.3 million increase in interest expenses in connection with interestbearing loans and bonds to EUR 26.2 million and a EUR 4.9 million increase in unrealized exchange rate losses from the valuation of intercompany foreign currency loans and intercompany foreign currency dividend liabilities at the closing rate.

This was offset by financial income of EUR 5.2 million (previous year: EUR 9.9 million). The significant decline in financial income of EUR 4.7 million is due to both lower unrealized exchange rate gains from the valuation of intercompany foreign currency loans at the closing rate and lower realized exchange rate gains from foreign currency loans and dividends.

The financial result for the third quarter of 2024 was significantly affected by lower unrealized foreign exchange gains from the valuation of intercompany foreign currency loans at the closing rate. Compared to the second quarter of 2024, the development of the US dollar exchange rate against the euro and the Swedish krona in particular led to significant valuation effects on foreign currency loans.

Despite the decline in sales, the result for the period and earnings per share were only slightly below the previous year's level Despite the decline in sales and negative unrealized price effects in the financial result, earnings before taxes in the first nine months of 2024 decreased by only $8.1 \%$ to EUR 91.0 million (previous year: EUR 99.0 million).

The effective tax rate for the Group as of September 30, 2024, improved from $36.7 \%$ in the previous year to $33.9 \%$. The deviation from the Group tax rate of $25.55 \%$ is mainly due to non-deductible interest carryforwards, non-realizable loss carryforwards and tax expenses from previous years. Due to the improved tax rate, the result for the period of EUR 60.2 million differs by only $3.9 \%$ from the previous year's figure of EUR 62.6 million.

The result for the period attributable to shareholders of the parent company amounted to EUR 59.6 million (previous year: EUR 62.2 million).

Based on an unchanged number of shares of 45.4 million compared to the previous year, earnings per share for the first nine months of 2024 amounted to EUR 1.31 (previous year: EUR 1.37).

Adjusted net income after minority interests for the first nine months of 2024 fell by $12.8 \%$ to EUR 81.6 million (previous year: EUR 93.5 million), while adjusted earnings per share reached EUR 1.80 (previous year: EUR 2.06).

At EUR 9.5 million, result for the third quarter of 2024 was significantly below the figure of EUR 25.3 million for the same quarter of the previous year. This was due to the lower EBIT (EUR -15.7 million compared to the same quarter of the previous year), the finance result influenced by unrealized exchange rate losses (EUR -6.8 million compared to the same quarter of the previous year) and the significantly higher tax rate (up 11.3 percentage points on the same quarter of the previous year).

Apart from the non-deductible interest and loss carryforwards, the increased effective tax rate in the third quarter of 2024 of $51.1 \%$ (previous year: $39.8 \%$ ) is mainly due to catch-up effects from previous years and previous quarters and, to a lesser extent, to additional taxes due to the new rules on minimum global taxation.

Reconciliation of the result before taxes to earnings per share

In EUR thousand
	Q1-Q3/2024	Q1-Q3/2023	Change absolute	Change in \%	Q3 2024	Q3 2023	Change absolute	Change in \%
Result before taxes	90,981	99,024	$-8,043$	$-8.1 \%$	19,399	41,919	$-22,520$	$-53.7 \%$
Income taxes	$-30,806$	$-36,382$	5,576	$-15.3 \%$	$-9,907$	$-16,664$	6,757	$-40.5 \%$
Income tax rate in \%	$-33.9 \%$	$-36.7 \%$			$-51.1 \%$	$-39.8 \%$
Result for the period	60,175	62,642	$-2,467$	$-3.9 \%$	9,492	25,255	$-15,763$	$-62.4 \%$
attributable to equity holders of the parent	59,571	62,249	$-2,678$	$-4.3 \%$	9,311	25,103	$-15,792$	$-62.9 \%$
Basic earnings per share in EUR	1.31	1.37	$-0.06$	$-4.3 \%$	0.20	0.55	$-0.35$	$-62.9 \%$
Adjusted result for the period	82,209	93,937	$-11,728$	$-12.5 \%$	19,193	35,445	$-16,252$	$-45.9 \%$
attributable to equity holders of the parent	81,605	93,544	$-11,939$	$-12.8 \%$	19,012	35,293	$-16,281$	$-46.1 \%$
Adjusted earnings per share in EUR	1.80	2.06	$-0.26$	$-12.8 \%$	0.42	0.78	$-0.36$	$-46.1 \%$

SEGMENT REPORTING

EMEA region: Stable margin development

In the EMEA region, sales in the first nine months of 2020 amounted to EUR 680.1 million, down $4.4 \%$ on the prior-year figure of EUR 711.8 million. Adjusted for currency and acquisition effects, the region's sales were down $10.8 \%$ on the previous year. Compared to the underlying market, the EMEA region performed better in the first nine months of 2024, particularly in the original equipment business for trailers, which is of importance to SAF-HOLLAND.

The aftermarket business, which is more resilient to economic cycles, recorded double-digit sales growth in the first nine months of 2024. This is due, on the one hand, to the inclusion of this year's acquisitions and, on
the other hand, to the first-time consolidation of Haldex AB for the entire reporting period (previous year: February 21 to September 30) with a significantly higher share of sales in the aftermarket business. In addition, the successful original equipment business of previous years had a positive impact on demand for spare parts in the first nine months of 2024.

In the third quarter of 2024, sales in the EMEA region fell by $12.3 \%$ to EUR 202.6 million (previous year: EUR 230.9 million). On an organic basis, sales declined by $17.1 \%$. The aftermarket business nearly reached the level of the prior-year quarter.

	Q1-Q3/2024	Q1-Q3/2023	Change absolute	Change in \%	Q3 2024	Q3 2023	Change absolute	Change in \%
Sales	680,107	711,763	$-31,656$	$-4.4 \%$	202,576	230,875	$-28,299$	$-12.3 \%$
EBIT	46,980	37,713	9,267	24.6\%	13,130	12,575	555	4.4\%
EBIT margin in \%	6.9\%	5.3\%			6.5\%	5.4\%
Additional depreciation and amortization from PPA	7,996	5,936	2,060	34.7\%	2,702	2,568	134	5.2\%
Restructuring and transaction costs	1,724	10,612	$-8,888$	$-83.8 \%$	562	3,217	$-2,655$	$-82.5 \%$
Step-up purchase price allocation from the valuation of inventories from acquisitions	-	971	$-971$		-	-	-
Adjusted EBIT	56,700	55,232	1,468	2.7\%	16,394	18,360	$-1,966$	$-10.7 \%$
Adjusted EBIT margin in \%	8.3\%	7.8\%			8.1\%	8.0\%
Depreciation and amortization of intangible assets and property, plant and equipment	26,335	21,678	4,657	21.5\%	9,456	7,894	1,562	19.8\%
Adjusted EBITDA	83,035	76,910	6,125	8.0\%	25,850	26,254	$-404$	$-1.5 \%$
Adjusted EBITDA margin in \%	12.2\%	10.8\%			12.8\%	11.4\%

Adjusted EBIT for the EMEA region rose by $2.7 \%$ to EUR 56.7 million (previous year: EUR 55.2 million) in the reporting period, which represents an improvement in the adjusted EBIT margin from $7.8 \%$ to $8.3 \%$. The improvement in adjusted EBIT was due to strict cost management, the continued realization of synergies from the integration of Haldex, and a significantly higher share of sales from the aftermarket business.

Adjusted EBIT in the third quarter of 2024 amounted to EUR 16.4 million (previous year: EUR 18.4 million), which equates to a slightly improved adjusted EBIT margin of $8.1 \%$ (previous year: $8.0 \%$ ).

Americas region: continued high profitability thanks to strong aftermarket business

In the first nine months of 2024, the Americas region recorded a decline in sales of $13.5 \%$ to EUR 585.7 million (previous year: EUR 677.2 million). Adjusted for exchange rate and acquisition effects, sales were down 18.5\%. This was due in particular to the decline in customer demand for trailer components. By contrast, the aftermarket business in the Americas region recorded significant growth. The main driver of this development was the first-time consolidation of Haldex AB for the entire reporting period
(previous year: February 21 to September 30) with a significantly higher share of sales from the aftermarket business.

In the third quarter of 2024, the Americas contribution to sales declined by $26.5 \%$ from EUR 244.1 million to EUR 179.4 million, mainly due to weaker customer demand for trailer and truck components. On an organic basis, sales decreased by $24.5 \%$.

Adjusted EBIT for the Americas region dropped by $10.0 \%$ to EUR 66.5 million (previous year: EUR 73.9 million) in the first nine months of 2024. Nevertheless, the adjusted EBIT margin increased from $10.9 \%$ to $11.4 \%$. This was due to consistent cost adjustments in the original equipment business, the continued realization of synergies from the integration of Haldex, and the significantly higher share of sales from the aftermarket business.

In the third quarter of 2024, adjusted EBIT reached EUR 20.0 million (previous year: EUR 30.1 million) and the adjusted EBIT margin was $11.1 \%$ (previous year: $12.3 \%$ ). The significantly higher share of sales from the aftermarket business drove the double-digit adjusted EBIT margin.

	Q1-Q3/2024	Q1-Q3/2023	Change absolute	Change in \%	Q3 2024	Q3 2023	Change absolute	Change in \%
Sales	585,724	677,206	$-91,482$	$-13.5 \%$	179,447	244,127	$-64,680$	$-26.5 \%$
EBIT	59,280	60,278	$-998$	$-1.7 \%$	17,589	25,302	$-7,713$	$-30.5 \%$
EBIT margin in \%	10.1\%	8.9\%			9.8\%	10.4\%
Additional depreciation and amortization from PPA	6,982	5,927	1,055	17.8\%	2,298	2,533	$-235$	$-9.3 \%$
Restructuring and transaction costs	236	3,822	$-3,586$	$-93.8 \%$	96	2,238	$-2,142$	$-95.7 \%$
Step-up purchase price allocation from the valuation of inventories from acquisitions	-	3,896	$-3,896$	-	-	-	-	-
Adjusted EBIT	66,498	73,923	$-7,425$	$-10.0 \%$	19,983	30,073	$-10,090$	$-33.6 \%$
Adjusted EBIT margin in \%	11.4\%	10.9\%			11.1\%	12.3\%
Depreciation and amortization of intangible assets and property, plant and equipment	16,536	16,358	168	1.0\%	5,547	5,475	72	1.3\%
Adjusted EBITDA	83,024	90,281	$-7,257$	$-8.0 \%$	25,530	35,548	$-10,018$	$-28.2 \%$
Adjusted EBITDA margin in \%	14.2\%	13.3\%			14.2\%	14.6\%

APAC region: improved profitability in China and a stable aftermarket business ensure a double-digit adjusted EBIT margin

The APAC region generated sales of EUR 186.6 million in the first nine months of 2024 (previous year: EUR 200.0 million), a decrease of $6.7 \%$. The sales trend was temporarily negatively affected by the sharp reduction in government spending on infrastructure programs in the context of and following the Indian parliamentary elections (April 19 to June 1), as well as monsoon-related declines in sales to the mining industry, resulting in an
organic decline in sales of $7.9 \%$ compared to the same period of the previous year.

In the third quarter of 2024, sales in the APAC region fell by $25.6 \%$ to EUR 57.9 million (previous year: EUR 77.9 million) due to the two factors mentioned above. Adjusted for the effects of currency translation and changes in the scope of consolidation, this resulted in a decline of $24.9 \%$.

APAC

Adjusted EBIT for the APAC region decreased slightly from EUR 23.6 million to EUR 22.9 million in the first nine months of 2024, although the adjusted EBIT margin increased from $11.8 \%$ to $12.3 \%$. This was due to improved profitability in China and the stable development of the aftermarket business.

In the third quarter of 2024, the APAC region generated adjusted EBIT of EUR 6.9 million (previous year: EUR 10.2 million) and an adjusted EBIT margin of $12.0 \%$ (previous year: $13.1 \%$ ).

ASSET POSITION

Slight increase in total assets compared to the end of 2023

Total assets increased by $1.6 \%$ from EUR 1,651.7 million to EUR 1,678.8 million compared to the balance sheet date December 31, 2023. The increase resulted primarily from the increase in cash and cash equivalents and in current other (financial) assets.

Balance sheet: assets

in EUR thousand
	09/30/2024	12/31/2023	Change
			absolute	Change in \%
Non-current assets	803,068	814,400	$-11,332$	$-1.4 \%$
Intangible assets	429,372	427,195	2,177	0.5\%
Property, plant and equipment	321,851	334,007	$-12,156$	$-3.6 \%$
Other (financial) assets	51,845	53,198	$-1,353$	$-2.5 \%$
Current assets	875,739	837,339	38,400	4.6\%
Inventories	302,717	306,692	$-3,975$	$-1.3 \%$
Trade receivables	223,597	219,739	3,858	1.8\%
Cash and cash equivalents	271,366	246,276	25,090	10.2\%
Other (financial) assets	78,059	64,632	13,427	20.8\%
Total assets	1,678,807	1,651,739	27,068	1.6\%

Equity ratio at $28.9 \%$

Compared to December 31, 2023, equity increased by EUR 8.4 million to EUR 484.4 million. The disproportionately low increase in the balance sheet total resulted in an equity ratio of $28.9 \%$ (December 31, 2023: $28.8 \%)$.

The result for the period of EUR 60.2 million increased equity, while the dividend distribution in June 2024 totaling EUR 38.6 million had a negative impact on equity.

Balance sheet: equity and liabilities

In EUR thousand
	09/30/2024	12/31/2023	Change
	484,402	475,969	8,433	$1.8 \%$
Total equity	484,402	475,969	8,433	$1.8 \%$
Non-current liabilities	813,759	804,826	8,933	$1.1 \%$
Interest-bearing loans and bonds	626,361	615,253	11,108	$1.8 \%$
Lease liabilities	54,484	54,282	202	$0.4 \%$
Other non-current liabilities	132,914	135,291	$-2,377$	$-1.8 \%$
Current liabilities	380,646	370,944	9,702	$2.6 \%$
Interest-bearing loans and bonds	74,429	13,415	61,014	454.8\%
Lease liabilities	14,950	13,485	1,465	10.9\%
Trade payables	195,620	228,630	$-33,010$	$-14.4 \%$
Other current liabilities	95,647	115,414	$-19,767$	$-17.1 \%$
Total equity and liabilities	1,678,807	1,651,739	27,068	$1.6 \%$

Compared to December 31, 2023, non-current liabilities increased by EUR 8.9 million to EUR 813.8 million, accounting for $48.5 \%$ (December 31, 2023: $48.7 \%$ ) of balance sheet total. This increase resulted primarily from an increase in interest-bearing loans and borrowings. The successful promissory note transaction with a volume of EUR 100 million increased the balance. The reclassification of non-current loans and borrowings to current loans and borrowings in the amount of EUR 69.0 million had a reducing effect.

Current liabilities were up EUR 9.7 million compared to December 31, 2023, to EUR 380.6 million. This increase is also mainly due to the increase in interest-bearing loans and borrowings. Here, it should be noted that a total of EUR 69,0 million was reclassified from non-current loans and borrowings to current loans and borrowings.

Leverage ratio still below the target figure of 2.0

Net financial debt (including lease liabilities) increased by EUR 48.7 million or $10.8 \%$ to EUR 498.9 million as of the end of September 2024 compared to the reporting date December 31, 2023. As of September 30, 2024, SAF-HOLLAND had cash and cash equivalents amounting to EUR 271.4 million (December 31, 2023: EUR 246.3 million). Accordingly, the leverage ratio (ratio of net financial debt to EBITDA of the last twelve months) was 1.9 at the end of the third quarter of 2024 (December 31, 2023: 1.8).

The company was thus able to achieve its goal of reducing the leverage ratio, which had temporarily increased as a result of the Haldex acquisition, to a maximum of 2.0 by the end of 2024.

Net working capital is defined as the total of inventories and trade receivables less trade payables.

The net working capital ratio - net working capital in relation to Group sales over the last twelve months - amounted to $16.4 \%$ as of September 30, 2024, and was thus 2.3 percentage points above the figure as of the balance December 31, 2023. In addition to this year's acquisitions, it should be noted that the aftermarket business generally involves a higher capital tie-up and that the factoring volume has decreased significantly.

A 4.5\% decline in twelve-month sales (including pro forma sales of the IMS Group, Tecma and Assali Stefen) was thus offset by an 11\% increase in net working capital. Excluding the acquisitions made during the current fiscal year the company would have achieved its medium-term target of $15-16 \%$ with a net working capital ratio of $15.2 \%$.

FINANCIAL POSITION

Cash flow development
in EUR thousand

	Q1-Q3/2024	Q1-Q3/2023	Change absolute	Change in \%	Q3 2024	Q3 2023	Change absolute	Change in \%
Net cash flow from operating activities	113,376	128,062	$-14,686$	$-11.5 \%$	50,735	84,426	$-33,691$	$-39.9 \%$
Net cash flow from investing activities (property, plant and equipment/intangible assets)	$-26,656$	$-26,473$	$-183$	0.7\%	$-8,333$	$-13,317$	4,984	$-37.4 \%$
Operating free cash flow	86,720	101,589	$-14,869$	$-14.6 \%$	42,402	71,109	$-28,707$	$-40.4 \%$
Net cash flow from investing activities (acquisition of subsidiaries)	$-36,999$	30,732	$-67,731$	-	$-20,841$	-	$-20,841$	-
Total free cash flow	49,721	132,321	$-82,600$	$-62.4 \%$	21,561	71,109	$-49,548$	$-69.7 \%$

Net cash flow from operating activities impacted by lower earnings

Net cash flow from operating activities reached a figure of EUR 113.4 million in the first nine months (previous year: EUR 128.1 million) and was thus EUR 14.7 million below the previous year's level. This was mainly due to the decline in earnings before taxes, which were down by EUR 8.0 million to EUR 91.0 million. There were also significant changes in depreciation and amortization (EUR +9.0 million) and in other provisions and pensions (EUR -10.8 million). The change in net working capital amounted to EUR -2.8 million.

Net cash flow from investing activities (excluding M\&A) amounted to EUR -26.7 million in the first nine months (previous year: EUR -26.5 million). Investments in property, plant and equipment and intangible assets amounted to EUR 31.1 million (previous year: EUR 27.8 million). In the first nine months of 2024, the main focus of investment was on the further automation of production processes in EMEA and the Americas, as well as on preparations for the new plant in Texas. By contrast, the company received cash inflows of EUR 4.4 million (previous year: EUR 1.3 million) from the sale of property, plant and equipment.

Operating free cash flow burdened by the decline in net cash flow from operating activities

As a result, the free cash flow from operating activities (net cash flow from operating activities after deduction of net capital expenditure on property, plant and equipment and intangible assets) amounted to EUR 86.7 million, down EUR 14.9 million on the previous year's figure of EUR 101.6 million. In connection with the acquisition of the IMS Group B.V., Tecma Srl and Assali Stefen, there was a net cash outflow totaling EUR 37.0 million. The net cash inflow of EUR 30.7 million in the previous year related to cash and cash equivalents received less the payment for the acquisition of the outstanding shares in Haldex AB.

Accordingly, the free cash flow amounted to EUR 49.7 million (previous year: EUR 132.3 million).

In the third quarter of 2024, free operating cash flow amounted to EUR 42.4 million, EUR 28.7 million below the previous year's figure of EUR 71.1 million. This was due in particular to the decline in earnings before taxes, which fell by EUR 22.5 million to EUR 19.4 million. Taking the cash outflow from the acquisition of company shares into account, the free cash flow amounted to EUR 21.6 million (previous year: EUR 71.1 million).

ROCE remains high at $19.4 \%$

With a return on capital employed (ROCE) of $19.4 \%$, a strong result was again achieved in the first nine months of 2024.

A $6.1 \%$ increase in capital employed - mainly influenced by the EUR 48.7 million increase in net financial debt - was offset by a $1.0 \%$ decrease in adjusted EBIT for the last 12 months.

Financial return: ROCE

OUTLOOK

INDUSTRY ENVIRONMENT

In the European trailer market, SAF-HOLLAND expects to see a decline of around 20 to $25 \%$ for the full year 2024 based on the Group's current demand situation. This assessment reflects the reluctance of trucking companies and fleet customers to purchase new vehicles in light of the challenging economic environment and the renewal of fleets in the past two years. For the European market for heavy trucks, the research institute IHS Markit currently expects a decline in production of around 23\%.

The commercial vehicle markets in North America recorded high production growth in 2023. After the outlook for the trailer market continued to deteriorate most recently, the research institute ACT (Americas Commercial Transportation Research Company) currently expects a decline in production figures of around $31 \%$ in 2024. In the Class 8 truck segment, which is of greater importance to SAF-HOLLAND in North America, the decline is expected to be up to $10 \%$ according to the company's estimates. ACT states that customers' willingness to invest will remain low, also in view of the fact that the vehicle fleet is young, and that the recovery of the US economy is slowing down. No significant effects from early purchases are expected this year, ahead of the introduction of new exhaust emission regulations in 2027.

SAF-HOLLAND continues to expect the Brazilian trailer market to reach the level of the previous year. According to ANFAVEA (Associação Nacional dos Fabricantes de Veículos Automotores), the market for heavy trucks will grow by around $36 \%$ in the current year after declines in the previous year, which were influenced by the introduction of new emission standards.

The Chinese commercial vehicles market has weakened in the last two quarters. Nevertheless, SAF-HOLLAND expects the trailer market and the market for heavy trucks to grow by up to $5 \%$ this year in light of the measures introduced by the Chinese government to strengthen the economy.

In India, public infrastructure projects are expected to continue following the conclusion of coalition negotiations. Nevertheless, SAF-HOLLAND no longer expects the trailer market to reach the level of the previous year. The company expects the Indian trailer market to shrink by around 6\%
this year. According to current estimates, the Indian market for heavy trucks, which is less important to SAF-HOLLAND, is expected to decline by around $8 \%$.

OUTLOOK ON THE COMPANY'S DEVELOPMENT

Based on current market developments, general industry expectations and weighing up the potential risks and opportunities and on the basis of stable exchange rates, the Management Board of SAF-HOLLAND SE is specifying its outlook for Group sales for fiscal year 2024 from around EUR 2,000 million to around EUR 1,950 million (previous year: EUR 2,106.2 million).

The Management Board of SAF-HOLLAND SE continues to expect an adjusted EBIT margin of around 10\% for fiscal year 2024, after the outlook was raised from the previous range of $9.0 \%$ to $9.5 \%$ on June 17, 2024. The adjusted EBIT margin should benefit in particular from a favorable development of the product mix with a higher share of the aftermarket business. Furthermore, the continued realization of synergies from the acquisition of Haldex and the consistent cost adjustments in the original equipment area should have a positive impact on profitability.

To achieve its medium and long-term growth targets and to position the company for the future in terms of products, the Group continues to plan for fiscal year 2024 with capital expenditures of up to 3\% of Group sales (previous year: $2.9 \%$ ), as published on March 14, 2024.

Group forecast

Sales	around EUR 1,950 million
Adjusted EBIT margin	around 10\%
Capex ratio	$\leq 3 \%$

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.

SUPPLEMENTARY REPORT

No events occurred after the reporting date that are of importance to the Supplementary Report.

CONSOLIDATED STATEMENT OF INCOME

in EUR thousand
	Q1-Q3/2024	Q1-Q3/2023	Q3 2024	Q3 2023
Sales	$1,452,456$	$1,588,983$	439,934	552,887
Cost of sales	$-1,129,586$	$-1,284,588$	$-340,640$	$-442,200$
Gross profit	322,870	304,395	99,294	110,687
Other income	3,373	4,619	1,166	1,617
Other expenses	-	$-1,255$	-	$-13$
Selling expenses	$-84,584$	$-73,793$	$-27,950$	$-24,061$
Administrative expenses	$-86,388$	$-82,447$	$-27,110$	$-25,079$
Research and development expenses	$-29,002$	$-27,770$	$-8,343$	$-10,898$
Operating result	126,269	123,749	37,057	52,253
Share of net profit of investments accounted for using the equity method	385	1,175	$-117$	390
Earnings before interest and taxes	126,654	124,924	36,940	52,643
Finance income	5,228	9,887	$-5,098$	2,766
Finance expenses	$-40,901$	$-35,787$	$-12,443$	$-13,490$
Finance result	$-35,673$	$-25,900$	$-17,541$	$-10,724$
Result before income tax	90,981	99,024	19,399	41,919
Income tax	$-30,806$	$-36,382$	$-9,907$	$-16,664$
Result for the period	60,175	62,642	9,492	25,255
Attributable to:
Equity holders of the parent	59,571	62,249	9,311	25,103
Shares of non-controlling interests	604	393	181	152

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

in EUR thousand
	Q1-Q3/2024	Q1-Q3/2023	Q3 2024	Q3 2023
Result for the period	60,175	62,642	9,492	25,255
Attributable to:
Equity holders of the parent	59,571	62,249	9,311	25,103
Shares of non-controlling interests	604	393	181	152
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Net gain/loss on equity instruments measured at fair value through other comprehensive income	-	265	-	1,828
Remeasurements of defined benefit plans	-	5,140	-	$-16$
Income tax effects on items recognized in other comprehensive income	-	$-1,273$	-	3
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations	$-13,313$	$-6,473$	$-17,538$	15,952
Other comprehensive income	$-13,313$	$-2,341$	$-17,538$	17,767
Comprehensive income for the period	46,862	60,301	$-8,046$	43,022
Attributable to:
Equity holders of the parent	46,580	59,863	$-7,810$	42,777
Shares of non-controlling interests	282	438	$-236$	245
Basic earnings per share in EUR	1.31	1.37	0.20	0.55

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

In EUR thousand
	09/30/2024	12/31/2023
Assets
Non-current assets	803,068	814,400
Goodwill	137,017	128,839
Other intangible assets	292,355	298,356
Property, plant and equipment	321,851	334,007
Investments accounted for using the equity method	11,271	11,608
Financial assets	2,710	95
Other non-current assets	18,294	17,596
Deferred tax assets	19,570	23,899
Current assets	875,739	837,339
Inventories	302,717	306,692
Trade receivables	223,597	219,739
Income tax receivables	7,232	5,865
Other current assets	61,607	57,515
Financial assets	9,220	1,252
Cash and cash equivalents	271,366	246,276
Balance sheet total	1,678,807	1,651,739

In EUR thousand
	09/30/2024	12/31/2023
Equity and liabilities
Total equity	484,402	475,969
Equity attributable to equity holders of the parent	481,197	473,046
Subscribed share capital	45,394	45,394
Share premium	224,104	224,104
Retained earnings	241,881	220,896
Accumulated other comprehensive income	$-30,182$	$-17,348$
Shares of non-controlling interests	3,205	2,923
Non-current liabilities	813,759	804,826
Pensions and other similar benefits	45,543	43,209
Other provisions	21,731	20,716
Interest bearing loans and bonds	626,361	615,253
Lease liabilities	54,484	54,282
Other liabilities	580	426
Deferred tax liabilities	65,060	70,940
Current liabilities	380,646	370,944
Other provisions	24,254	29,677
Interest bearing loans and bonds	74,429	13,415
Lease liabilities	14,950	13,485
Trade payables	195,620	228,630
Income tax liabilities	4,086	7,869
Other financial liabilities	211	127
Other liabilities	67,096	77,741
Balance sheet total	1,678,807	1,651,739

CONSOLIDATED STATEMENT OF CASH FLOWS

${ }^{1}$ As of September 30, 2024, trade receivables in the amount of EUR 28.7 million (previous year: EUR 40.4 million) were sold under a factoring agreement. Provided that the underlying receivables are legally valid, there are no further rights of recourse to SAF-HOLLAND.

SEGMENT INFORMATION

	EMEA $^{1}$		Americas $^{2}$		APAC $^{3}$		Total
in EUR thousand	Q1-Q3/2024	Q1-Q3/2023	Q1-Q3/2024	Q1-Q3/2023	Q1-Q3/2024	Q1-Q3/2023	Q1-Q3/2024	Q1-Q3/2023
Sales	680,107	711,763	585,724	677,206	186,625	200,014	1,452,456	1,588,983
Adjusted EBIT	56,700	55,232	66,498	73,923	22,897	23,618	146,095	152,773
Adjusted EBIT margin in \%	$8.3 \%$	$7.8 \%$	$11.4 \%$	$10.9 \%$	$12.3 \%$	$11.8 \%$	$10.1 \%$	$9.6 \%$
Amortization and depreciation of intangible assets and property, plant and equipment (without PPA)	26,335	21,678	16,526	16,358	4,472	3,555	47,333	41,591
in \% of sales	$3.9 \%$	$3.0 \%$	$2.8 \%$	$2.4 \%$	$2.4 \%$	$1.8 \%$	$3.3 \%$	$2.6 \%$
Adjusted EBITDA	83,035	76,910	83,024	90,281	27,369	27,173	193,428	194,364
Adjusted EBITDA margin in \%	$12.2 \%$	$10.8 \%$	$14.2 \%$	$13.3 \%$	$14.7 \%$	$13.6 \%$	$13.3 \%$	$12.2 \%$
Purchase of property, plant and equipment and intangible assets	18,459	13,615	11,557	11,573	1,063	2,586	31,079	27,774
in \% of sales	$2.7 \%$	$1.9 \%$	$2.0 \%$	$1.7 \%$	$0.6 \%$	$1.3 \%$	$2.1 \%$	$1.7 \%$
No. of employees as of reporting date	2,318	2,290	2,222	2,708	1,084	1,169	5,624	6,167

[^0]
[^0]: ${ }^{1}$ Includes Europe, the Middle East and Africa.
${ }^{2}$ Includes Canada, the United States, Central and South America.
${ }^{3}$ Includes Asia/Pacific, India and China.

FINANCIAL CALENDAR AND CONTACTS

FINANCIAL CALENDAR

February 19, 2025

Publication of Preliminary Results FY 2024

March 20, 2025

Publication of the Annual Report 2024

March 27, 2025

Capital Markets Day 2025

May 8, 2025

Publication of the Quarterly Statement Q1 2025

May 20, 2025

Annual General Meeting 2025

August 7, 2025

Publication of the Half-Year Financial Report 2025

November 13, 2025

Publication of the Quarterly Statement Q3 2025

CONTACTS
Dana Unger
Phone: +49 6095 301-949

Alexander Pöschl

Phone: +49 6095 301-117

Michael Schickling

Phone: +49 6095 301-617

E-MAIL

ir@safholland.de

WEBSITE

www.safholland.com

IMPRINT

PUBLISHER

SAF-HOLLAND SE
Hauptstraße 26
63856 Bessenbach
Germany

PUBLICATION DATE

November 12, 2024
Produced in-house with firesys.

ALTERNATIVE PERFORMANCE MEASURES

SAF-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 2023 in the section "Explanation of key financial ratios and Alternative Performance Measures".

DISCLAIMER

The 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.

The 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.

WWW.SAFHOLLAND.COM