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SAF-HOLLAND SE
Quarterly Report • Aug 7, 2025
6218_rns_2025-08-07_5f340a0e-f921-4492-93bd-e33c8dbdf31f.pdf
Quarterly Report
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Half-Year Financial Report H1 2025
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KEY FIGURES
| in EUR thousand | ||||||||
|---|---|---|---|---|---|---|---|---|
| Change | Change | |||||||
| Q1–Q2/2025 Q1–Q2/2024 | absolute | Change in % | Q2 2025 | Q2 2024 | absolute | Change in % | ||
| Results of Operations | ||||||||
| Sales | 891,565 | 1,012,522 | –120,957 | –11.9% | 442,399 | 507,091 | –64,692 | –12.8% |
| Gross profit | 204,363 | 223,576 | –19,213 | –8.6% | 99,338 | 114,701 | –15,363 | –13.4% |
| Gross profit margin in % | 22.9% | 22.1% | 22.5% | 22.6% | ||||
| Adjusted gross profit | 207,774 | 227,534 | –19,760 | –8.7% | 101,172 | 116,979 | –15,807 | –13.5% |
| Adjusted gross profit margin in % | 23.3% | 22.5% | 22.9% | 23.1% | ||||
| EBITDA | 115,389 | 132,468 | –17,079 | –12.9% | 56,538 | 68,668 | –12,130 | –17.7% |
| EBITDA margin in % | 12.9% | 13.1% | 12.8% | 13.5% | ||||
| Adjusted EBITDA | 116,469 | 133,820 | –17,351 | –13.0% | 56,763 | 70,020 | –13,257 | –18.9% |
| Adjusted EBITDA margin in % | 13.1% | 13.2% | 12.8% | 13.8% | ||||
| EBIT | 70,362 | 89,714 | –19,352 | –21.6% | 34,469 | 46,309 | –11,840 | –25.6% |
| EBIT margin in % | 7.9% | 8.9% | 7.8% | 9.1% | ||||
| Adjusted EBIT | 82,960 | 102,774 | –19,814 | –19.3% | 40,268 | 54,209 | –13,941 | –25.7% |
| Adjusted EBIT margin in % | 9.3% | 10.2% | 9.1% | 10.7% | ||||
| Result for the period attributable to shareholders of the parent Company | 24,029 | 50,260 | –26,231 | –52.2% | 10,982 | 24,035 | –13,053 | –54.3% |
| Adjusted result for the period attributable to the shareholders of the parent | ||||||||
| Company | 37,728 | 62,593 | –24,865 | –39.7% | 17,639 | 31,298 | –13,659 | –43.6% |
| Basic earnings per share in EUR | 0.53 | 1.11 | –0.58 | –52.2% | 0.24 | 0.53 | –0.29 | –54.3% |
| Adjusted earnings per share in EUR | 0.83 | 1.38 | –0.55 | –39.7% | 0.38 | 0.69 | –0.31 | –43.6% |
| Financial position | ||||||||
| Net cash flow from operating activities | 30,543 | 62,641 | –32,098 | –51.2% | 14,122 | 69,532 | –55,410 | –79.7% |
| Net cash flow from investing activities (property, plant and equipment/intangible | ||||||||
| assets) | –21,457 | –18,323 | –3,134 | 17.1% | –13,217 | –12,780 | –437 | 3.4% |
| Operating free cash flow | 9,086 | 44,318 | –35,232 | –79.5% | 905 | 56,752 | –55,847 | –98.4% |
| Net cash flow from investing activities (acquisition of subsidiaries) | –12,671 | –16,158 | 3,487 | –21.6% | –12,671 | –5,832 | –6,839 | 117.3% |
| Total free cash flow | –3,585 | 28,160 | –31,745 | –112.7% | –11,766 | 50,920 | –62,686 | –123.1% |
| Yield | 06/30/2025 | 12/31/2024 | ||||||
| Return on capital employed (ROCE) in % | 15.8% | 18.3% | ||||||
| Balance sheet | 06/30/2025 | 12/31/2024 | ||||||
| Balance sheet total | 1,674,912 | 1,711,869 | –36,957 | –2.2% | ||||
| Equity | 464,707 | 527,100 | –62,393 | –11.8% | ||||
| Equity ratio in % | 27.7% | 30.8% | ||||||
| Non-current and current liabilities | 1,210,205 | 1,184,769 | 25,436 | 2.1% |
All figures shown are rounded. Minor deviations may arise due to additions to these amounts.
_ Table of Content
Group Interim Management Report
- 4 Industry Environment
- 6 Significant Events in the first Half of 2025
- 8 Economic Report
- 20 Outlook
- 22 Risk and Opportunity Report
- 22 Supplementary Report
Interim Consolidated Financial Statements
- 23 Consolidated Statement of Profit and Loss
- 24 Consolidated Statement of Comprehensive Income
- 25 Consolidated Statement of Financial Position
- 26 Consolidated Statement of Changes in Equity
- 27 Consolidated Statement of Cash Flows
- 28 Notes to the Interim Consolidated Financial Statements
- 40 Responsibility Statement
Further Information
- 41 Financial Calender and Contacts
- 42 Imprint
INDUSTRY ENVIRONMENT
MACROECONOMIC CONDITIONS
The global economic environment in the first half of 2025 was characterized by political uncertainty and increasing trade barriers.
After a temporary upturn in general industrial production at the start of the year following the announcement of US trade tariffs, high uncertainty regarding the United States' economic policy had a negative impact on global trade as the year progressed. The trade situation worsened at the beginning of April with the announcement of further tariffs by the US government.
According to a study by the Kiel Institute for the World Economy (Kiel Institute), economic output in Germany increased at the start of the year. Early deliveries to the United States contributed to this. Nevertheless, economic momentum remains subdued, as higher US trade tariffs are having a dampening effect. The economy also grew in the eurozone.
The picture was different in the United States. According to a study by Kiel Institute, gross domestic product shrank. High levels of uncertainty regarding the government's economic policy activities led to a decline in private consumption. Spending on imports at the expense of domestically produced goods increased.
According to the Kiel Institute, the economies of the emerging markets were strong. In China, the domestic economy was stimulated by economic policy stimuli. Foreign demand also increased. At the beginning of the year, the Indian economy also benefited briefly from pull-forward effects from exports to the United States. As the year progressed, this demand failed to materialize and the uncertainties caused by US trade policy dampened production.
SECTOR ENVIRONMENT
With its products for the commercial vehicle industry, SAF-HOLLAND serves the Original Equipment Trailer, Original Equipment Truck (including buses) 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 half of 2025, the Original Equipment Trailer customer group accounted for 48.0% and the Aftermarket business accounted for 39.3% of Group sales. The Original Equipment Truck customer group includes products for trucks and also products for buses. The majority of sales are generated in the Americas region. In the reporting period, Original Equipment Truck customer group accounted for 12.7% of Group sales.
As expected, the European commercial vehicle market initially declined in the first few months of the year. The market for heavy trucks turned positive in the second quarter and, according to SAF-HOLLAND estimates, grew by 5% to 10% compared to the same quarter of the previous year. In the first half of the year, the market for heavy trucks in Europe recorded a stable to slightly positive development in the range of 0% to 5%, according to the company.
As expected, the European trailer market continued to decline in the second quarter of 2025. However, SAF-HOLLAND estimates that the decline was less pronounced than in the first quarter, within a range of –10% to –15%. SAF-HOLLAND estimates that the decline in production for the first half of the year as a whole was between 15% and 20%.
The North American commercial vehicle market continued its negative trend in the first half of 2025. ACT Research (Americas Commercial Transportation Research Company) notes that customers are taking a waitand-see approach to current US policy and its impact on freight markets and are therefore reluctant to place orders for new vehicles. There is uncertainty not only with regard to the introduction of tariffs, but also with regard to a possible postponement of the EPA27 emissions regulations that will apply from 2027. According to ACT Research, 146,711 Class 8 trucks were manufactured in the period from January to June 2025. This represents a decline of around 18%. According to ACT Research, 122,316 trailers were manufactured in the same period, around 27% fewer than in the same period of the previous year.
The Brazilian trailer market declined in the first half of the year. According to ANFIR (Associação Nacional Fabricantes de Implementos Rodoviários), the market for trailers fell by 20% in the first six months of 2025. This was due to increased financing costs and credit restrictions, which had a dampening effect on demand. This negative momentum also affected the market for trucks in the second quarter, which had grown by a high singledigit percentage in the first quarter. According to ANFAVEA (Associação Nacional dos Fabricantes de Veículos Automotores), a total of around 3% more trucks were produced between January and June 2025.
After a subdued start to 2025, the commercial vehicle market in China turned positive in the second quarter, thanks in part to a subsidy-oriented economic policy. However, the market remains at a low level. According to SAF-HOLLAND estimates, the trailer market should grow by around 1% and the market for heavy trucks by around 7% in the first half of 2025.
In India, the expected recovery in the commercial vehicle market failed to materialize in the first half of 2025. Geopolitical conditions and uncertainty regarding import tariffs in the US continue to stand in the way of a market recovery. A weak mining industry is dampening demand. In addition, customers were reluctant to invest in new vehicles after financing conditions deteriorated. SAF-HOLLAND estimates that the Indian trailer market recorded a decline of around 6% in the first half of 2025. In the truck market, the company estimates that around 9% more trucks rolled off the production lines in the first half of 2025.
SIGNIFICANT EVENTS IN THE FIRST HALF OF 2025
FRANK LORENZ-DIETZ'S MANAGEMENT BOARD CONTRACT EXTENDED THROUGH THE END OF 2028
On March 20, 2025, SAF-HOLLAND announced that the Supervisory Board of SAF-HOLLAND SE had extended the appointment of Chief Financial Officer Frank Lorenz-Dietz for a further three years through December 31, 2028.
SAF-HOLLAND SETS NEW MEDIUM-TERM TARGETS WITH ITS "DRIVE2030" CORPORATE STRATEGY
SAF-HOLLAND presented its new "drive2030" corporate strategy at a Capital Markets Day.
The "drive2030" strategy is based on the five strategic pillars "Customer focus," "Regional strength," "Technology as a core enabler," "Leverage portfolio and drive growth" and "Operational excellence." The fundamental cross-cutting themes of "People focus" and "Sustainability" form the basis of the company's future success.
SAF-HOLLAND has defined specific measures and goals for the implementation of the "drive2030" strategy. In the coming years, SAF-HOLLAND intends to grow more strongly through specific strategic initiatives in addition to conventional growth in the commercial vehicle market. For example, the broad portfolio will be used to offer customers additional SAF-HOLLAND products. The positioning as a system supplier will be further advanced and the aftermarket business will be strengthened by offering digital solutions and expanding the service network, among other measures. Another focus will be on adapting products to new areas of application. SAF-HOLLAND has already taken a first step in this direction and has been supplying a truck manufacturer with Haldex disc brakes for the first time since the fourth quarter of 2024. However, the company also sees growth potential outside of the traditional trailer and truck business. In the future, a significant share of sales is to be generated with customers from related industries, such as agricultural, mining and construction machinery as well as industrial trucks.
Overall, the company is striving to organically increase Group sales to more than EUR 2,500 million by 2030 (2024: EUR 1,877 million). This corresponds to a compound annual growth rate (CAGR) of at least around 5%. SAF-HOLLAND expects an additional sales contribution of at least EUR 500 million from acquisitions, so that Group sales should total more than EUR 3,000 million in 2030. This would equate to a compound annual growth rate (CAGR) of at least around 8%.
In addition to the strategic growth initiatives in the three regions, SAF-HOLLAND will pay particular attention to increasing efficiency along the entire value chain – from the purchase of materials and services through to delivery to the customer. The topic of "sustainability" is integrated at every stage of the value chain in order to gradually reduce greenhouse gas emissions (Scope 1 and 2) in the coming years.
2025 ANNUAL GENERAL MEETING
The Annual General Meeting of SAF-HOLLAND SE, which was held on May 20, 2025, approved all of the resolutions proposed by the management, including the proposal by the Management Board and the Supervisory Board to distribute a dividend of EUR 0.85 per share.
The Annual General Meeting also approved the proposal to increase the size of the Supervisory Board from five to six members and elected two new members to the Supervisory Board, Dagmar Rehm and Hans-Werner Kaas, following the announced resignation of Ingrid Jägering. Mrs. Jägering had decided to step down from the Supervisory Board at the end of the Annual General Meeting on May 20, 2025. At the subsequent meeting of the Supervisory Board, Mrs. Rehm was elected Chairwoman of the Audit Committee and Mr. Carsten Reinhardt was elected Deputy Chairman of the Supervisory Board.
SAF-HOLLAND ACQUIRES OUTSTANDING SHARES IN THE INDIAN JOINT VENTURE HALDEX ANAND INDIA PRIVATE LIMITED
Effective April 11, 2025, SAF-HOLLAND SE acquired the outstanding 40% stake in Haldex ANAND India Private Limited ("Haldex India") from its joint venture partner ANAND Group. Founded in 1996, the joint venture company, in which SAF-HOLLAND held 60% of the shares as a result of the acquisition of Haldex, is a leading manufacturer of automatic and manual brake adjusters and products for pneumatic braking systems for trucks and trailers in India.
The acquisition of the outstanding shares in Haldex India marks an important step in SAF-HOLLAND's "drive2030" strategy to further strengthen its market position in the Indian commercial vehicle market and to better utilize the growth prospects.
MATTHEW WOLFE APPOINTED NEW PRESIDENT OF AMERICAS REGION AT SAF-HOLLAND
Matthew Wolfe has been appointed the new President of the Americas region effective June 1, 2025. He succeeds Kent Jones, who has decided to take on a new challenge outside the Group.
Matthew Wolfe joined SAF-HOLLAND in August 2021 as Vice President / General Manager Aftermarket Americas, bringing over 20 years of experience in the commercial vehicle and automotive industries. Before joining SAF-HOLLAND, he worked at Meritor for 15 years and held numerous leadership positions in the US, Europe, China as well as Australia. He began his professional career at DaimlerChrysler. Under his leadership, the aftermarket business in the Americas region developed significantly, he strengthened internal sales activities and customer relationships and made a significant contribution to the success of the Americas region.
As President of the Americasregion, Wolfe will drive forward the initiatives defined for the region as part of the "drive2030" strategy in the coming months and thus further expand SAF-HOLLAND's market position.
ECONOMIC REPORT
EARNINGS, ASSET AND FINANCIAL POSITION
EARNINGS POSITION
Group sales decline by 11.9% in the first half of the year compared to the same period of the previous year
SAF-HOLLAND's Group sales were down by 11.9% to EUR 891.6 million (previous year: EUR 1,012.5 million) in the first half of 2025 due to weak customer demand in the Original Equipment segment.
In organic terms – i.e. excluding the impact of exchange rate and acquisition effects – Group sales declined by EUR 130.1 million or 12.8% in the first half of 2025.
Negative effects from currency translation had an impact of EUR 12.1 million on sales in the first half of 2025.
On the other hand, acquisition effects of EUR 21.3 million resulting from the acquisitions of Tecma (consolidation from April 2, 2024) and Assali Stefen (consolidation from July 31, 2024) had a positive impact.
SAF-HOLLAND generated Group sales of EUR 442.4 million (previous year: EUR 507.1 million) in the second quarter of 2025.
In organic terms – i.e. excluding the impact of exchange rate and acquisition effects – Group sales declined by EUR 59.3 million or 11.7% in the second quarter of 2025.
The acquisition of Assali Stefen resulted in positive sales effects in the high single-digit million euro range.
Negative effects from currency translation amounted to EUR 13.9 million in the second quarter of 2025.
The breakdown of Group sales by region in the first half of 2025 was influenced in particular by the challenging market environment in all 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 largest region. The Americas region accounted for 38.9% of sales (previous year: 40.1%) or EUR 346.5 million (previous year: EUR 406.3 million). The APAC region achieved sales of EUR 103.1 million (previous year: EUR 128.7 million) and thus contributed 11.5% (previous year: 12.7%) to Group sales.
Group sales by region
| in EUR thousand | ||||||||
|---|---|---|---|---|---|---|---|---|
| Change | ||||||||
| Q1–Q2/2025 Q1–Q2/2024 | absolute Change in % | Q2 2025 | Q2 2024 | absolute Change in % | ||||
| EMEA | 441,941 | 477,531 | –35,590 | –7.5% | 223,082 | 233,272 | –10,190 | –4.4% |
| in % of Group sales | 49.6% | 47.2% | 50.5% | 46.0% | ||||
| Americas | 346,481 | 406,277 | –59,796 | –14.7% | 170,091 | 208,766 | –38,675 | –18.5% |
| in % of Group sales | 38.9% | 40.1% | 38.4% | 41.2% | ||||
| APAC | 103,143 | 128,714 | –25,571 | –19.9% | 49,226 | 65,053 | –15,827 | –24.3% |
| in % of Group sales | 11.5% | 12.7% | 11.1% | 12.8% | ||||
| Group sales | 891,565 | 1,012,522 | –120,957 | –11.9% | 442,399 | 507,091 | –64,692 | –12.8% |
Share of sales from the less cyclical aftermarket business increased
Weaker global demand for original equipment components led to a 15.1% decrease in the sales contribution of the Original Equipment Trailer customer segment to EUR 428.3 million in the first half of 2025 (previous year: EUR 504.8 million). This corresponds to 48.0% of Group sales (previous year: 49.9%). Sales from the original equipment business with truck manufacturers declined by 16.7% to EUR 113.1 million (previous year: EUR 135.8 million), which is attributable in particular to the Americas region. In total, 60.7% (previous year: 63.3%) of Group sales were generated with the original equipment business.
The share of sales from the more cyclically resilient aftermarket business increased from 36.7% to 39.3% due to the comparatively smaller decline in sales.
Group sales by customer segment
| in EUR thousand | ||||||||
|---|---|---|---|---|---|---|---|---|
| Change | ||||||||
| Q1–Q2/2025 Q1–Q2/2024 | absolute Change in % | Q2 2025 | Q2 2024 | absolute Change in % | ||||
| Original Equipment Trailer | 428,316 | 504,771 | –76,455 | –15.1% | 207,650 | 245,732 | –38,082 | –15.5% |
| in % of Group sales | 48.0% | 49.9% | 47.0% | 48.5% | ||||
| Original Equipment Truck | 113,052 | 135,755 | –22,703 | –16.7% | 54,148 | 66,844 | –12,696 | –19.0% |
| in % of Group sales | 12.7% | 13.4% | 12.2% | 13.2% | ||||
| Aftermarket business | 350,197 | 371,996 | –21,799 | –5.9% | 180,601 | 194,515 | –13,914 | –7.2% |
| in % of Group sales | 39.3% | 36.7% | 40.8% | 38.4% | ||||
| Group sales | 891,565 | 1,012,522 | –120,957 | –11.9% | 442,399 | 507,091 | –64,692 | –12.8% |
Gross margin improved from 22.1% to 22.9% in the first half of 2025
The individual income and expense items in the income statement showed diverging trends in the first half of 2025. Comparability with the same period of the previous year is sometimes limited due to the first-time consolidation of Tecma (previous year from April 2) and Assali Stefen (previous year from July 31) for the entire reporting period. The cost of sales in the first half of 2025 fell by EUR 101.7 million or 12.9% year-on-year to EUR 687.2 million (previous year: EUR 788.9 million).
It should also be noted that the cost of sales includes amortization from purchase price allocations of EUR 3.2 million (previous year: EUR 3.3 million) and restructuring expenses of EUR 0.2 million (previous year: EUR 0.6 million).
In nominal terms, gross profit amounted to EUR 204.4 million (previous year: EUR 223.6 million), which corresponds to a decrease of 8.6%. With the cost of sales falling faster than sales, the gross margin (ratio of gross profit to sales) increased from 22.1% to 22.9% in the first half of 2025. This was mainly due to the higher margin contribution from the aftermarket business.
In the second quarter of 2025, the gross margin was 22.5%, almost on par with the prior-year quarter's figure of 22.6%.
OPERATING RESULT INFLUENCED BY GROSS PROFIT
At EUR 69.9 million, the operating result in the first half of 2025 was 21.6% or EUR 19.3 million below the previous year's result of EUR 89.2 million. The year-on-year decline is largely due to the EUR 19.2 million drop in gross profit, which was largely sales-related. The balance of other expenses and income, selling and administrative expenses and research and development expenses remained unchanged compared to the same period of the previous year at EUR 134.4 million. In relation to Group sales, however, the corresponding ratio increased from 13.3% to 15.1%. In addition to the effects of the first-time consolidation of Tecma (previous year from April 2) and Assali Stefen (previous year from July 31) for the entire reporting period, this also reflects higher foreign currency translation effects.
The aforementioned income and expense items include amortization from purchase price allocations of EUR 8.3 million (previous year: EUR 8.4 million)
and restructuring and transaction costs of EUR 0.9 million (previous year: EUR 0.7 million).
Earnings development
in EUR thousand
| Change | ||||||||
|---|---|---|---|---|---|---|---|---|
| Q1–Q2/2025 Q1–Q2/2024 | Change | absolute Change in % | Q2 2025 | Q2 2024 | absolute Change in % | |||
| Sales | 891,565 | 1,012,522 | –120,957 | –11.9% | 442,399 | 507,091 | –64,692 | –12.8% |
| Cost of sales | –687,202 | –788,946 | 101,744 | –12.9% | –343,061 | –392,390 | 49,329 | –12.6% |
| Gross profit | 204,363 | 223,576 | –19,213 | –8.6% | 99,338 | 114,701 | –15,363 | –13.4% |
| Gross profit margin in % | 22.9% | 22.1% | 22.5% | 22.6% | ||||
| Adjusted gross profit | 207,774 | 227,534 | –19,760 | –8.7% | 101,172 | 116,979 | –15,807 | –13.5% |
| Adjusted gross profit margin in % | 23.3% | 22.5% | 22.9% | 23.1% | ||||
| Other income | 1,817 | 2,207 | –390 | –17.7% | 1,051 | 966 | 85 | 8.8% |
| Selling expenses | –58,494 | –56,634 | –1,860 | 3.3% | –28,211 | –27,612 | –599 | 2.2% |
| Administrative expenses | –60,031 | –59,278 | –753 | 1.3% | –28,926 | –31,106 | 2,180 | –7.0% |
| Research and development expenses | –17,723 | –20,659 | 2,936 | –14.2% | –8,990 | –10,895 | 1,905 | –17.5% |
| Operating result | 69,932 | 89,212 | –19,280 | –21.6% | 34,262 | 46,054 | –11,792 | –25.6% |
EBITDA margin nearly at the previous year's level
At 12.9%, the EBITDA margin nearly reached the previous year's level of 13.1% due to the higher margin contribution from the aftermarket business. At EUR 115.4 million, absolute earnings before interest, taxes, depreciation and amortization (EBITDA) remained 12.9% below the previous year's figure of EUR 132.5 million despite the consistent cost adjustments in the original equipment business, the advantageous product mix with a higher share of the aftermarket business and the continued realization of synergies from the integration of Haldex.
Based on the decline in the operating result and the share of earnings from companies accounted for using the equity method, earnings before interest and taxes (EBIT) were down by 21.6% from EUR 89.7 million to EUR 70.4 million in the first half of 2025. At the same time, the EBIT margin fell from 8.9% to 7.9%.
Reconciliation of operating result to adjusted EBIT
| in EUR thousand | ||||||||
|---|---|---|---|---|---|---|---|---|
| Change | Change | |||||||
| Q1–Q2/2025 Q1–Q2/2024 | absolute Change in % | Q2 2025 | Q2 2024 | absolute Change in % | ||||
| Operating result | 69,932 | 89,212 | –19,280 | –21.6% | 34,262 | 46,054 | –11,792 | –25.6% |
| Share of net profit of investments accounted for using the equity method | 430 | 502 | –72 | –14.3% | 207 | 255 | –48 | –18.8% |
| EBIT | 70,362 | 89,714 | –19,352 | –21.6% | 34,469 | 46,309 | –11,840 | –25.6% |
| EBIT margin in % | 7.9% | 8.9% | 7.8% | 9.1% | ||||
| Additional depreciation and amortization from PPA | 11,518 | 11,708 | –190 | –1.6% | 5,574 | 6,548 | –974 | –14.9% |
| Restructuring and transaction costs | 1,080 | 1,352 | –272 | –20.1% | 225 | 1,352 | –1,127 | –83.4% |
| Adjusted EBIT | 82,960 | 102,774 | –19,814 | –19.3% | 40,268 | 54,209 | –13,941 | –25.7% |
| Adjusted EBIT margin in % | 9.3% | 10.2% | 9.1% | 10.7% | ||||
| Depreciation and amortization of intangible assets and property, plant and | ||||||||
| equipment | 33,509 | 31,046 | 2,463 | 7.9% | 16,495 | 15,811 | 684 | 4.3% |
| Adjusted EBITDA | 116,469 | 133,820 | –17,351 | –13.0% | 56,763 | 70,020 | –13,257 | –18.9% |
| Adjusted EBITDA margin in % | 13.1% | 13.2% | 12.8% | 13.8% | ||||
| EBITDA | 115,389 | 132,468 | –17,079 | –12.9% | 56,538 | 68,668 | –12,130 | –17.7% |
| EBITDA margin in % | 12.9% | 13.1% | 12.8% | 13.5% | ||||
Adjusted EBIT adjusted for non-recurring and acquisition-related expenses and income
To manage and present the underlying operating earnings situation of the Group, SAF-HOLLAND adjusts for non-recurring effects outside of ordinary business activities. These include depreciation and amortization of property, plant and equipment and intangible assets from purchase price allocations (PPA), restructuring and transaction costs, measurement effects from option valuations and other non-recurring effects such as expenses in connection with the post-merger integration. Besides sales, adjusted EBIT and the adjusted EBIT margin are the most important performance indicators for assessing and evaluating the earnings situation of the Group and the three regions from a management perspective.
In the first half of 2025, non-recurring effects outside of ordinary activities totaling EUR 12.6 million (previous year: EUR 13.1 million) were incurred at the level of earnings before interest and taxes (EBIT).
These mainly include depreciation and amortization from purchase price allocations in the amount of EUR 11.5 million (previous year: EUR 11.7 million). In addition, restructuring and transaction costs of EUR 1.1 million were incurred in the first half of 2025 (previous year: EUR 1.4 million).
Adjusted EBIT margin of 9.3% achieved
Adjusted EBIT declined by 19.3% in the first half of 2025, from EUR 102.8 million to EUR 83.0 million. This resulted in an adjusted EBIT margin of 9.3% (previous year: 10.2%). An improved adjusted gross margin of 23.3% (previous year: 22.5%) was offset by a deterioration in the adjusted ratio of other income and expenses, sales and administrative expenses, and research and development expenses to Group sales to –14.0% (previous year: –12.3%).
Financial result influenced by unrealized exchange rate gains and losses from the valuation of intercompany foreign currency loans
The financial result amounted to EUR –32.3 million in the first half of 2025 (previous year: EUR –18.1 million) and was influenced in particular by the sharp increase in the balance of unrealized exchange rate gains and losses from the valuation of intercompany foreign currency loans at the closing rate of EUR –14.5 million (previous year: EUR +0.4 million). The Company has already partially implemented measures to limit unrealized exchange rate effects in the financial result. These are to be fully implemented by the end of the year.
Financial result
| in EUR thousand | ||||||||
|---|---|---|---|---|---|---|---|---|
| Change | ||||||||
| Q1–Q2/2025 Q1–Q2/2024 | absolute Change in % | Q2 2025 | Q2 2024 | absolute Change in % | ||||
| Financial income | 6,784 | 10,326 | –3,542 | –34.3% | 2,930 | 2,650 | 280 | 10.6% |
| Financial expenses | –39,104 | –28,458 | –10,646 | 37.4% | –19,941 | –14,566 | –5,375 | 36.9% |
| Financial result | –32,320 | –18,132 | –14,188 | 78.2% | –17,011 | –11,916 | –5,095 | 42.8% |
Result for the period and earnings per share
Due to the development of EBIT and the financial result, the Group achieved earnings before taxes of EUR 38.0 million in the first half of 2025, down EUR 33.5 million (previous year: EUR 71.6 million).
With an income tax rate of 36.8% (previous year: 29.2%), the Company generated a result for the period of EUR 24.0 million (previous year: EUR 50.7 million). 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 shares compared to the previous year of 45.4 million, earnings per share for the first half of 2025 amounted to EUR 0.53 (previous year: EUR 1.11).
At EUR 37.7 million, the adjusted result for the period after minority interests was 39.7% below the previous year's figure of EUR 62.6 million and adjusted earnings per share amounted to EUR 0.83 (previous year: EUR 1.38).
Reconciliation of the result before taxes to earnings per share
| in EUR thousand | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Change | Change | ||||||||
| Q1–Q2/2025 Q1–Q2/2024 | absolute Change in % | Q2 2025 | Q2 2024 | absolute Change in % | |||||
| Result before taxes | 38,042 | 71,582 | –33,540 | –46.9% | 17,458 | 34,393 | –16,935 | –49.2% | |
| Income taxes | –14,013 | –20,899 | 6,886 | –32.9% | –6,788 | –10,170 | 3,382 | –33.3% | |
| Income tax rate in % | –36.8% | –29.2% | –38.9% | –29.6% | |||||
| Result for the period | 24,029 | 50,683 | –26,654 | –52.6% | 10,670 | 24,223 | –13,553 | –56.0% | |
| attributable to equity holders of the parent | 24,029 | 50,260 | –26,231 | –52.2% | 10,982 | 24,035 | –13,053 | –54.3% | |
| Basic earnings per share in EUR | 0.53 | 1.11 | –0.58 | –52.2% | 0.24 | 0.53 | –0.29 | –54.3% | |
| Adjusted result for the period | 37,728 | 63,016 | –25,288 | –40.1% | 17,327 | 31,486 | –14,159 | –45.0% | |
| attributable to equity holders of the parent | 37,728 | 62,593 | –24,865 | –39.7% | 17,639 | 31,298 | –13,659 | –43.6% | |
| Adjusted earnings per share in EUR | 0.83 | 1.38 | –0.55 | –39.7% | 0.38 | 0.69 | –0.31 | –43.6% | |
SEGMENT REPORTING
EMEA region: adjusted EBIT margin impacted by weaker original equipment business
The EMEA region recorded a decline in sales of 7.5% or EUR 35.6 million to EUR 441.9 million in the first half of 2025 (previous year: EUR 477.5 million). Adjusted for exchange rate and acquisition effects, sales in the region were 12.3% below the previous year's figure. Compared to the underlying market, the EMEA region performed better in the first half of 2025, particularly in the original equipment business for trailers, which is of importance to SAF-HOLLAND.
Acquisition effects in the amount of EUR 21.2 million had a positive impact. These relate to the first-time consolidation of Tecma (previous year from April 2) and Assali Stefen (previous year from July 31) for the entire reporting period. The aftermarket business, which is more resilient to economic cycles, recorded a nearly stable sales trend in the first half of 2025.
In the second quarter of 2025, sales were only 4.4% or EUR 10.2 million below the previous year's figure of EUR 233.3 million due to an original equipment business that is improving slowly. On an organic basis, sales were down by 8.4%.
Segment EMEA
in EUR thousand
| Change | Change | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1–Q2/2025 Q1–Q2/2024 | absolute Change in % | Q2 2025 | Q2 2024 | absolute Change in % | |||||
| Sales | 441,941 | 477,531 | –35,590 | –7.5% | 223,082 | 233,272 | –10,190 | –4.4% | |
| EBIT | 27,581 | 33,850 | –6,269 | –18.5% | 14,704 | 16,201 | –1,497 | –9.2% | |
| EBIT margin in % | 6.2% | 7.1% | 6.6% | 6.9% | |||||
| Additional depreciation and amortization from PPA | 5,643 | 5,294 | 349 | 6.6% | 2,832 | 3,371 | –539 | –16.0% | |
| Restructuring and transaction costs | 754 | 1,162 | –408 | –35.1% | 5 | 912 | –907 | –99.5% | |
| Adjusted EBIT | 33,978 | 40,306 | –6,328 | –15.7% | 17,541 | 20,484 | –2,943 | –14.4% | |
| Adjusted EBIT margin in % | 7.7% | 8.4% | 7.9% | 8.8% | |||||
| Depreciation and amortization of intangible assets and property, plant and | |||||||||
| equipment | 17,813 | 16,879 | 934 | 5.5% | 8,759 | 8,480 | 279 | 3.3% | |
| Adjusted EBITDA | 51,791 | 57,185 | –5,394 | –9.4% | 26,300 | 28,964 | –2,664 | –9.2% | |
| Adjusted EBITDA margin in % | 11.7% | 12.0% | 11.8% | 12.4% |
Adjusted EBIT in the EMEA region declined by 15.7% to EUR 34.0 million in the reporting period (previous year: EUR 40.3 million), which corresponds to an adjusted EBIT margin of 7.7% (previous year: 8.4%). Despite strict cost management and the continued realization of synergies from the integration of Haldex, the higher margin contribution from the aftermarket business could not fully compensate for the lower margin contribution from the original equipment business.
In the second quarter of 2025, adjusted EBIT amounted to EUR 17.5 million (previous year: EUR 20.5 million), corresponding to an adjusted EBIT margin of 7.9% (previous year: 8.8%). It should be noted that the same quarter of the previous year was characterized by strong aftermarket business.
Americas region: adjusted EBIT margin remains in double digits
The Americas region recorded a decline in sales of 14.7% or EUR 59.8 million to EUR 346.5 million in the first half of 2025 (previous year: EUR 406.3 million). This was due in particular to the persistently weak demand for trailer and truck components as a result of the current trade policy uncertainties regarding future tariff developments. Exchange rate fluctuations reduced sales by 2.4%.
In the second quarter of 2025, the Americas region's contribution to sales declined by 18.5% from EUR 208.8 million to EUR 170.1 million due to the weak original equipment business as a result of the reluctance to invest following the tariff increases announced by the US at the beginning of April. Exchange rate fluctuations reduced sales by 5.3%.
Segment Americas
in EUR thousand
| Change | Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Q1–Q2/2025 Q1–Q2/2024 | absolute Change in % | Q2 2025 | Q2 2024 | absolute Change in % | ||||
| Sales | 346,481 | 406,277 | –59,796 | –14.7% | 170,091 | 208,766 | –38,675 | –18.5% |
| EBIT | 32,670 | 41,691 | –9,021 | –21.6% | 14,974 | 22,997 | –8,023 | –34.9% |
| EBIT margin in % | 9.4% | 10.3% | 8.8% | 11.0% | ||||
| Additional depreciation and amortization from PPA | 4,627 | 4,684 | –57 | –1.2% | 2,226 | 2,383 | –157 | –6.6% |
| Restructuring and transaction costs | 222 | 140 | 82 | 58.6% | 222 | 122 | 100 | 82.0% |
| Adjusted EBIT | 37,519 | 46,515 | –8,996 | –19.3% | 17,422 | 25,502 | –8,080 | –31.7% |
| Adjusted EBIT margin in % | 10.8% | 11.4% | 10.2% | 12.2% | ||||
| Depreciation and amortization of intangible assets and property, plant and equipment |
12,997 | 10,979 | 2,018 | 18.4% | 6,402 | 5,519 | 883 | 16.0% |
| Adjusted EBITDA | 50,516 | 57,494 | –6,978 | –12.1% | 23,824 | 31,021 | –7,197 | –23.2% |
| Adjusted EBITDA margin in % | 14.6% | 14.2% | 14.0% | 14.9% |
Adjusted EBIT in the Americas region decreased by 19.3% to EUR 37.5 million in the first half of 2025 (previous year: EUR 46.5 million). The adjusted EBIT margin fell accordingly from 11.4% to 10.8%. Despite strict cost management and the continued realization of synergies from the integration of Haldex, this was due to the lower margin contribution from the original equipment business. This reflects in particular the additional purchasing costs in the mid-single-digit million-euro range in connection with the tariff policy of the new US administration.
In the second quarter of 2025, the Americas region achieved an adjusted EBIT of EUR 17.4 million (previous year: EUR 25.5 million) and an adjusted EBIT margin of 10.2% (previous year: 12.2%). The cost burdens from the new US administration's trade policy had a significant impact on the margin contribution of the original equipment business.
APAC region: adjusted EBIT margin at 11.1% despite a significant decline in sales
The APAC region generated sales of EUR 103.1 million in the first half of 2025 (previous year: EUR 128.7 million), which corresponds to a decline of 19.9%. This was due , on the one hand, to the weak original equipment business with trailer components in India as a result of the general economic slowdown and the more difficult financing conditions for fleet operators as well as weak business with customers from the mining industry. On the other hand, there was a clear reluctance to invest among Southeast Asian customers who manufacture trailers for the North American market. This market also recorded a significant decline in demand. By contrast, the more cyclically resilient aftermarket business recorded an increase in sales. Exchange rate fluctuations reduced sales by 3.2%.
In the second quarter of 2025, sales declined by 24.3% to EUR 49.2 million (previous year: EUR 65.1 million). Exchange rate fluctuations reduced sales by 5.9%.
Segment APAC
| in EUR thousand | ||||||||
|---|---|---|---|---|---|---|---|---|
| Change | Change | |||||||
| Q1–Q2/2025 Q1–Q2/2024 | absolute Change in % | Q2 2025 | Q2 2024 | absolute Change in % | ||||
| Sales | 103,143 | 128,714 | –25,571 | –19.9% | 49,226 | 65,053 | –15,827 | –24.3% |
| EBIT | 10,111 | 14,173 | –4,062 | –28.7% | 4,791 | 7,111 | –2,320 | –32.6% |
| EBIT margin in % | 9.8% | 11.0% | 9.7% | 10.9% | ||||
| Additional depreciation and amortization from PPA | 1,248 | 1,730 | –482 | –27.9% | 516 | 794 | –278 | –35.0% |
| Restructuring and transaction costs | 104 | 50 | 54 | 108.0% | –2 | 318 | –320 | - |
| Adjusted EBIT | 11,463 | 15,953 | –4,490 | –28.1% | 5,305 | 8,223 | –2,918 | –35.5% |
| Adjusted EBIT margin in % | 11.1% | 12.4% | 10.8% | 12.6% | ||||
| Depreciation and amortization of intangible assets and property, plant and | ||||||||
| equipment | 2,699 | 3,188 | –489 | –15.3% | 1,334 | 1,812 | –478 | –26.4% |
| Adjusted EBITDA | 14,162 | 19,141 | –4,979 | –26.0% | 6,639 | 10,035 | –3,396 | –33.8% |
| Adjusted EBITDA margin in % | 13.7% | 14.9% | 13.5% | 15.4% |
Due to lower segment sales compared to the previous year, adjusted EBIT in the APAC region amounted to EUR 11.5 million in the first half of 2025 (previous year: EUR 16.0 million). This equates to an adjusted EBIT margin of 11.1% (previous year: 12.4%). This was due to the lower margin contribution from the original equipment business.
In the second quarter of 2025, the APAC region generated adjusted EBIT of EUR 5.3 million (previous year: EUR 8.2 million), which corresponds to an adjusted EBIT margin of 10.8% (previous year: 12.6%). This was due to the significantly lower margin contribution from the original equipment business.
ASSET POSITION
Total assets
Total assets decreased by 2.2% from EUR 1,711.9 million to EUR 1,674.9 million compared to the balance sheet date of December 31, 2024.
Assets
| Change | |||
|---|---|---|---|
| absolute Change in % | |||
| 832,066 | 854,619 | –22,553 | –2.6% |
| 413,942 | 440,296 | –26,354 | –6.0% |
| 357,288 | 358,567 | –1,279 | –0.4% |
| 60,836 | 55,756 | 5,080 | 9.1% |
| 842,846 | 857,250 | –14,404 | –1.7% |
| 301,446 | 291,469 | 9,977 | 3.4% |
| 217,472 | 184,975 | 32,497 | 17.6% |
| 226,760 | 300,730 | –73,970 | –24.6% |
| 97,168 | 80,076 | 17,092 | 21.3% |
| 1,674,912 | 1,711,869 | –36,957 | –2.2% |
| 06/30/2025 12/31/2024 |
Non-current assets
The carrying amount of non-current assets decreased by EUR 22.5 million to EUR 832.1 million compared to December 31, 2024 (December 31, 2024: EUR 854.6 million).
The carrying amount of intangible assets decreased by 6.0% to EUR 413.9 million (December 31, 2024: EUR 440.3 million). This decline was mainly due to the translation of assets of foreign subsidiaries and scheduled depreciation and amortization from the purchase price allocation.
Current assets
Current assets were 1.7% lower at EUR 842.8 million as of the reporting date of June 30, 2025 (December 31, 2024: EUR 857.3 million).
While the item "Cash and cash equivalents" decreased to EUR 226.8 million (December 31, 2024: EUR 300.7 million), inventories increased by 3.4% from EUR 291.5 million to EUR 301.4 million. Compared to June 30, 2024, inventories decreased by EUR 9.5 million or 3.1% from EUR 311.0 million.
Trade receivables also increased by 17.6% from EUR 185.0 million to EUR 217.5 million. Compared to June 30, 2024, receivables declined by EUR 23.5 million or 9.8% from EUR 241.0 million.
Equity ratio
Compared to December 31, 2024, equity decreased by EUR 62.4 million to EUR 464.7 million. The disproportionately low decrease in balance sheet total resulted in an equity ratio of 27.7% (December 31, 2024: 30.8%).
Equity was increased in particular by the result for the period in the first half of 2025 in the amount of EUR 24.0 million, while the dividend payment in May 2025 in the amount of EUR 38.6 million and currency differences from the translation of foreign operations in the amount of EUR 35.8 million had a negative impact on equity. The latter includes an amount of EUR 4.7 million from the reclassification from the financial result to the item "Components of total income for the period not affecting net income."
Equity and liabilities
in EUR thousand
| Change | ||||
|---|---|---|---|---|
| 06/30/2025 12/31/2024 | absolute Change in % | |||
| Equity | 464,707 | 527,100 | –62,393 | –11.8% |
| Non-current liabilities | 662,272 | 673,022 | –10,750 | –1.6% |
| Interest-bearing loans and bonds | 452,872 | 479,070 | –26,198 | –5.5% |
| Lease liabilities | 93,592 | 72,841 | 20,751 | 28.5% |
| Other non-current liabilities | 115,808 | 121,111 | –5,303 | –4.4% |
| Current liabilities | 547,933 | 511,747 | 36,186 | 7.1% |
| Interest-bearing loans and bonds | 238,504 | 205,010 | 33,494 | 16.3% |
| Lease liabilities | 16,269 | 17,284 | –1,015 | –5.9% |
| Trade payables | 198,906 | 185,381 | 13,525 | 7.3% |
| Other current liabilities | 94,254 | 104,072 | –9,818 | –9.4% |
| Balance sheet total | 1,674,912 | 1,711,869 | –36,957 | –2.2% |
Non-current liabilities down slightly
Non-current liabilities decreased by EUR 10.8 million to EUR 662.3 million compared to December 31, 2024, and thus accounted for 39.5% of balance sheet total (December 31, 2024: 39.3%). This decline resulted from the decrease in interest-bearing loans and borrowings of EUR 26.2 million to EUR 452.9 million. The decrease is mainly due to the reclassification from non-current to current loans and borrowings in the amount of EUR 104 million. New loans and the utilization of the revolving credit line contributed to the increase in liabilities. The increase in non-current lease liabilities by EUR 20.8 million to EUR 93.6 million mainly relates to the conclusion of a long-term lease agreement for the new plant in Rowlett, Texas, USA.
Increase in current liabilities influenced by reclassification and refinancing
Current liabilities increased by EUR 36.2 million to EUR 547.9 million compared to December 31, 2024. The main factors influencing this increase were the higher level of interest-bearing loans and borrowings as well as higher trade payables.
The increase in current interest-bearing loans and borrowings by EUR 33.5 million to EUR 238.5 million was mainly due to the reclassification from noncurrent to current loans and borrowings in the amount of EUR 104 million on the one hand and the repayment of a promissory note loan in the amount of EUR 69 million on the other.
Trade payables increased by 7.3% compared to December 31, 2024, from EUR 185.4 million to EUR 198.9 million. Compared to June 30, 2024, liabilities decreased by EUR 20.7 million or 9.4% from EUR 219.6 million.
Net financial debt
Net financial debt (including lease liabilities) increased significantly by EUR 101.0 million or 21.3% to EUR 574.5 million compared to the reporting date of December 31, 2024. This includes cash and cash equivalents of EUR 226.8 million (December 31, 2024: EUR 300.7 million). The leverage ratio (ratio of net financial debt to EBITDA for the last 12 months) was 2.4 at the end of the first half of 2025 (December 31, 2024: 1.9). The increase is due to both the 21.3% rise in net financial debt (including lease liabilities) and the 6.8% decrease in EBITDA over the last 12 months.
Development of net financial debt
| in EUR thousand | |||||
|---|---|---|---|---|---|
| Change | |||||
| 06/30/2025 12/31/2024 | absolute Change in % | ||||
| Non-current interest-bearing | |||||
| loans and bonds | 452,872 | 479,070 | –26,198 | –5.5% | |
| Current interest-bearing loans | |||||
| and bonds | 238,504 | 205,010 | 33,494 | 16.3% | |
| Non-current lease liabilities | 93,592 | 72,841 | 20,751 | 28.5% | |
| Current lease liabilities | 16,269 | 17,284 | –1,015 | –5.9% | |
| Total financial liabilities | 801,237 | 774,205 | 27,032 | 3.5% | |
| Cash and cash equivalents | –226,760 | –300,730 | 73,970 | –24.6% | |
| Net financial debt | 574,477 | 473,475 | 101,002 | 21.3% |
Net working capital ratio
Net working capital development
in EUR thousand
| 06/30/2025 12/31/2024 | Change | absolute Change in % | ||
|---|---|---|---|---|
| Inventories | 301,446 | 291,469 | 9,977 | 3.4% |
| Trade receivables | 217,472 | 184,975 | 32,497 | 17.6% |
| Trade payables | –198,906 | –185,381 | –13,525 | 7.3% |
| Net working capital | 320,012 | 291,063 | 28,949 | 9.9% |
| Group sales (last 12 months)* | 1,758,746 | 1,876,747 | –118,001 | –6.3% |
| Net working capital ratio | 18.2% | 15.5% |
* Amount as of June 30, 2025, includes pro forma sales of Assali Stefen.
Net working capital is defined as the sum of inventories and trade receivables less trade payables.
The net working capital ratio – net working capital in relation to pro forma Group sales of the last twelve months – amounted to 18.2% as of June 30, 2025, and was therefore 2.7 percentage points higher than the figure as of the balance sheet date of December 31, 2024. It should be noted that net working capital, which was influenced by inventory requirements in the aftermarket business and uncertainties surrounding tariff discussions, was offset by low pro forma Group sales due to market conditions.
As in previous years, SAF-HOLLAND used factoring to optimize liquidity. This amounted to EUR 40.0 million as of the balance sheet date (December 31, 2024: EUR 39.4 million).
FINANCIAL POSITION
Cash flow development
| Change | Change | ||||||
|---|---|---|---|---|---|---|---|
| Q2 2025 | Q2 2024 | absolute Change in % | |||||
| 62,641 | –32,098 | –51.2% | 14,122 | 69,532 | –55,410 | –79.7% | |
| –21,457 | –18,323 | –3,134 | 17.1% | –13,217 | –12,780 | –437 | 3.4% |
| 44,318 | –35,232 | –79.5% | 905 | 56,752 | –55,847 | –98.4% | |
| –12,671 | –16,158 | 3,487 | –21.6% | –12,671 | –5,832 | –6,839 | 117.3% |
| –3,585 | 28,160 | –31,745 | –112.7% | –11,766 | 50,920 | –62,686 | –123.1% |
| Q1–Q2/2025 Q1–Q2/2024 30,543 9,086 |
absolute Change in % |
Net cash flow from operating activities influenced by net working capital management
Net cash flow from operating activities amounted to a total of EUR 30.5 million in the first half of 2025 and was therefore below the previous year's level of EUR 62.6 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 compared to EUR 22.1 million in the first half of 2024.
Net cash flow from investing activities (excluding M&A) amounted to EUR –21.5 million in the first half of 2025 (previous year: EUR –18.3 million). Investments in property, plant and equipment and intangible assets amounted to EUR 22.2 million (previous year: EUR 20.0 million) and related to the further automation of production processes, preparations for the new plant in Rowlett, Texas, USA, and the capacity expansion in Düzce, Türkiye. By contrast, the Company received funds of EUR 0.8 million (previous year: EUR 1.7 million) from the sale of property, plant and equipment.
Free operating cash flow at EUR 9.1 million
As 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 9.1 million, EUR 35.2 million below the previous year's figure of EUR 44.3 million.
In connection with the acquisition of the remaining shares in the Indian joint venture Haldex ANAND India Private Limited, there was a net cash outflow totaling EUR 12.7 million (previous year: EUR 16.2 million). Accordingly, free cash flow amounted to EUR –3.6 million in the first half of 2025 (previous year: EUR 28.2 million).
Solid development of ROCE
SAF-HOLLAND manages the economic utilization of capital and the achievement of an appropriate return on capital employed via the return on capital employed (ROCE). This amounted to 15.8% in the past six months.
The reason for the decrease compared to the reporting date of December 31, 2024, was the market-related decline in sales and thus in adjusted EBIT over the last twelve months.
Financial return: ROCE
| in EUR thousand | ||
|---|---|---|
| -- | -- | ----------------- |
| 06/30/2025 12/31/2024 | Change | absolute Change in % | ||
|---|---|---|---|---|
| Equity | 464,707 | 527,100 | –62,393 | –11.8% |
| Interest-bearing loans and bonds, current and non-current |
691,376 | 684,080 | 7,296 | 1.1% |
| Lease liabilities, current and non current |
109,861 | 90,125 | 19,736 | 21.9% |
| Pensions and other similar benefits |
42,635 | 42,713 | –78 | –0.2% |
| Cash and cash equivalents | –226,760 | –300,730 | 73,970 | –24.6% |
| Capital employed | 1,081,819 | 1,043,288 | 38,531 | 3.7% |
| Adjusted EBIT (last 12 months)* | 170,978 | 190,450 | –19,472 | –10.2% |
| ROCE | 15.8% | 18.3% |
* Amount as of June 30, 2025, on a pro forma basis including the adjusted EBIT contribution from Assali Stefen.
OUTLOOK
MACROECONOMIC CONDITIONS
According to a study by the Kiel Institute, the global economy is expected to lose momentum over the remainder of the year. There are positive impulses, such as improved prospects for private consumption due to higher real wages and a more neutral monetary policy. However, the continuing high level of uncertainty regarding the economic policy of the United States is likely to prevail.
The Kiel Institute assumes that the economy in the eurozone will nevertheless pick up slightly this year. The institute expects gross domestic product in the eurozone to grow by 1.1%. An increase of 0.4% is forecast for Germany.
In the United States, the Kiel Institute believes that the economy will continue to weaken. Gross domestic product is expected to grow by only 1.5% this year.
The Kiel Institute expects China's gross domestic product to increase by 4.5% and India's by 6.7% this year.
INDUSTRY ENVIRONMENT
After the first half of 2025 in Europe was still characterized by a reluctance to buy on the part of customers, SAF-HOLLAND expects a recovery to set in during the second half of the year. As a result, SAF-HOLLAND continues to expect stable development in the European trailer market in 2025. In the market for heavy trucks, SAF-HOLLAND expects the market to develop in a range of 0% to 5%.
The research institute ACT Research continues to expect that the North American markets for trailers and heavy trucks will continue to decline in 2025. Political uncertainties with regard to tariffs, taxes and financing costs as well as a possible postponement of the EPA27 emissions standard could have a dampening effect, according to ACT Research. In view of this assessment and in light of the development of production figures in the first half of the year, SAF-HOLLAND anticipates a decline in the range of around 20% to 30% for both the North American trailer market and the heavy truck market.
SAF-HOLLAND expects a downward trend in the Brazilian commercial vehicle market this year. The company estimates that the market for trucks, which was unable to build on the strong growth of the previous year in the first half of 2025, will decline by 5% to 10% in 2025. The trailer market is expected to develop in a range of –10% to –20%. It should be noted that SAF-HOLLAND manufactures a large share of special axle systems such as self-steering axles in Brazil. The company assumes that demand for these systems will decline at a slower rate than the market.
In China, both the trailer market and the market for heavy trucks turned positive in the second quarter. SAF-HOLLAND therefore now assumes that the trailer market will move in a range of 0% to 5% this year. The market for heavy trucks is also expected to develop in the range of 0% to 5%.
In India, the economic slowdown has so far failed to provide any positive impetus despite the decision to invest in infrastructure programs. In addition, uncertainties with regard to US trade policy have increased. SAF-HOLLAND therefore expects the Indian trailer market to develop by between 0% and -5% for 2025 as a whole. SAF-HOLLAND expects the market for heavy trucks to record stable or slightly positive development within a range of 0% to 5%.
OUTLOOK ON THE COMPANY'S DEVELOPMENT
OUTLOOK FOR 2025 ADJUSTED DUE TO CONTINUED WEAK MARKET ENVIRONMENT IN NORTH AMERICA
The Management Board of SAF-HOLLAND SE has adjusted its revenue forecast for fiscal year 2025 based on updated expectations through the end of the year and now expects Group sales of around EUR 1,800 million (previously EUR 1,850 million to EUR 2,000 million). Against the backdrop of general consumer restraint due to the current US trade policy and uncertainties regarding the introduction of the EPA27 emissions standard for trucks from model year 2027 in the US, the business environment has continued to deteriorate in SAF-HOLLAND's key commercial vehicle markets, such as North America and Asia. For the EMEA region, the company expects the market for trailers and trucks to recover slightly in the second half of 2025, following a slight increase in order intake in the first half of the year. Further positive momentum is expected in the Indian trailer market toward the end of the year. In addition, starting in the fourth quarter, SAF-HOLLAND will supply a manufacturer of special trailers for military transport in North America with swivel axles, among other parts, in the high single-digit million US dollar range.
Due to the weaker earnings contributions from the high-margin regions of America and APAC, an adjusted EBIT margin of around 9.3% is expected (previously: 9.0% to 10%).
In order to achieve its medium and long-term growth targets and to position the company for the future in terms of products, the Group plans to make payments for investments of up to 3% of Group sales in fiscal year 2025 (previous year: 3.1%).
Group forecast
| Sales | Around EUR 1,800 million |
|---|---|
| Adjusted EBIT margin | Around 9.3% |
| Investment ratio | ≤ 3% |
CALCULATION METHOD FOR DIVIDENDS: DEFINITION OF DISTRIBUTION-RELEVANT RESULT FOR THE PERIOD REVISED / 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 effects are presented below using the 2025 half-year figures as an example.
Reconciliation from result of the period to adjusted distribution-relevant result for the period per share
in EUR thousand
| Q1–Q2/2025 Q1–Q2/2024 | ||
|---|---|---|
| Result for the period attributable to shareholders of the | ||
| parent company | 24,029 | 50,260 |
| Distribution-relevant result for the period per share in EUR | ||
| (previous) | 0.53 | 1.11 |
| Unrealized foreign exchange gains and losses within the | ||
| financial result | 14,465 | –445 |
| Tax effect on unrealized foreign exchange gains and losses at | ||
| the Group tax rate of 25.5% | –3,689 | 114 |
| Distribution-relevant result for the period attributable to | ||
| shareholders of the parent company | 34,805 | 49,929 |
| Distribution-relevant result for the period per share in EUR | ||
| (upcoming) | 0.77 | 1.10 |
The payout ratio of 40% to 50% remains unchanged.
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 the insolvency of the company.
SUPPLEMENTARY REPORT
PROMISSORY NOTE LOAN SUCCESSFULLY PLACED
SAF-HOLLAND SE successfully placed a promissory note transaction with a volume of EUR 330 million via its subsidiary SAF-HOLLAND GmbH on July 9, 2025.
The transaction met with very high demand from domestic and foreign investors. As a result, the initially targeted volume of EUR 150 million was more than doubled and ultimately increased to EUR 330 million.
The tranches of the promissory note loan have variable and fixed interest rates and terms of three, four, five and seven years. Allocation was made across the entire volume with interest rates at the lower end of the respective marketing range. Payment will be made with value dates of July 18, 2025, and June 26, 2026.
ADJUSTMENT OF THE COMPANY FORECAST
SAF-HOLLAND SE announced on July 29, 2025, that it had adjusted its revenue forecast for the 2025 fiscal year due to the continuing weak market environment in North America. The Management Board now expects Group sales of around EUR 1,800 million for fiscal year 2025 (previously: EUR 1,850 million to EUR 2,000 million).
Due to the weaker earnings contributions from the high-margin Americas and APAC region, an adjusted EBIT margin of around 9.3% is expected (previously: 9.0% to 10.0%).
Further details could be found in the Outlook.
HANS-WERNER KAAS APPOINTED TO THE SUPERVISORY BOARD
Hans-Werner Kaas has been appointed to the Supervisory Board of SAF-HOLLAND SE with effect from July 29, 2025. The appointment was made by the Annual General Meeting on May 20, 2025. With the addition of Hans-Werner Kaas, the Supervisory Board of SAF-HOLLAND SE now consists of six members. Further information is available on the SAF-HOLLAND SE website at https://corporate.safholland.com/en/company/supervisory-board.
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
| in EUR thousand | |||||
|---|---|---|---|---|---|
| Notes | Q1–Q2/2025 | Q1–Q2/2024 | Q2 2025 | Q2 2024 | |
| Sales | (5) | 891,565 | 1,012,522 | 442,399 | 507,091 |
| Cost of sales | –687,202 | –788,946 | –343,061 | –392,390 | |
| Gross profit | 204,363 | 223,576 | 99,338 | 114,701 | |
| Other income | 1,817 | 2,207 | 1,051 | 966 | |
| Selling expenses | –58,494 | –56,634 | –28,211 | –27,612 | |
| Administrative expenses | –60,031 | –59,278 | –28,926 | –31,106 | |
| Research and development expenses | –17,723 | –20,659 | –8,990 | –10,895 | |
| Operating result | 69,932 | 89,212 | 34,262 | 46,054 | |
| Share of net profit of investments accounted for using the equity method | 430 | 502 | 207 | 255 | |
| Earnings before interest and taxes | 70,362 | 89,714 | 34,469 | 46,309 | |
| Financial income | (6) | 6,784 | 10,326 | 2,930 | 2,650 |
| Financial expenses | (6) | –39,104 | –28,458 | –19,941 | –14,566 |
| Financial result | (6) | –32,320 | –18,132 | –17,011 | –11,916 |
| Result before income tax | 38,042 | 71,582 | 17,458 | 34,393 | |
| Income tax | (7) | –14,013 | –20,899 | –6,788 | –10,170 |
| Result for the period | 24,029 | 50,683 | 10,670 | 24,223 | |
| Attributable to: | |||||
| Equity holders of the parent | 24,029 | 50,260 | 10,982 | 24,035 | |
| Shares of non-controlling interests | – | 423 | –312 | 188 | |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| in EUR thousand | |||||
|---|---|---|---|---|---|
| Notes | Q1–Q2/2025 | Q1–Q2/2024 | Q2 2025 | Q2 2024 | |
| Result for the period | 24,029 | 50,683 | 10,670 | 24,223 | |
| Attributable to: | |||||
| Equity holders of the parent | 24,029 | 50,260 | 10,982 | 24,035 | |
| Shares of non-controlling interests | – | 423 | –312 | 188 | |
| Other comprehensive income | |||||
| Remeasurements of defined benefit plans | (12) | 896 | – | 896 | – |
| Income tax effects on items recognized in other comprehensive income | (12) | –254 | – | –254 | – |
| Items that may be reclassified subsequently to profit or loss | |||||
| Exchange differences on translation of foreign operations | (12) | –35,808 | 4,225 | –35,391 | 4,361 |
| Other comprehensive income | –35,166 | 4,225 | –34,749 | 4,361 | |
| Comprehensive income for the period | –11,137 | 54,908 | –24,079 | 28,584 | |
| Attributable to: | |||||
| Equity holders of the parent | –11,367 | 54,390 | –24,144 | 28,374 | |
| Shares of non-controlling interests | 230 | 518 | 66 | 210 | |
| Basic earnings per share in EUR | (17) | 0.53 | 1.11 | 0.24 | 0.53 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| in EUR thousand | |||
|---|---|---|---|
| Notes 06/30/2025 12/31/2024 | |||
| Assets | |||
| Non-current assets | 832,066 | 854,619 | |
| Goodwill | (8) | 130,384 | 137,925 |
| Other intangible assets | (8) | 283,558 | 302,371 |
| Property, plant and equipment | (9) | 357,288 | 358,567 |
| Investments accounted for using the equity method |
10,702 | 13,024 | |
| Financial assets | (16) | 8,890 | 7,288 |
| Other non-current assets | 24,953 | 26,191 | |
| Deferred tax assets | 16,291 | 9,253 | |
| Current assets | 842,846 | 857,250 | |
| Inventories | (10) | 301,446 | 291,469 |
| Trade receivables | (10) | 217,472 | 184,975 |
| Income tax receivables | 10,706 | 6,757 | |
| Other current assets | 75,504 | 62,869 | |
| Financial assets | (16) | 10,958 | 10,450 |
| Cash and cash equivalents | (11) | 226,760 | 300,730 |
| Balance sheet total | 1,674,912 | 1,711,869 |
| in EUR thousand | |||
|---|---|---|---|
| Notes 06/30/2025 12/31/2024 | |||
| Equity and liabilities | |||
| Total equity | (12) | 464,707 | 527,100 |
| Equity attributable to equity holders of the | |||
| parent | 464,707 | 523,463 | |
| Subscribed share capital | 45,394 | 45,394 | |
| Share premium | 224,104 | 224,104 | |
| Retained earnings | 236,389 | 259,749 | |
| Accumulated other comprehensive income | –41,180 | –5,784 | |
| Shares of non-controlling interests | – | 3,637 | |
| Non-current liabilities | 662,272 | 673,022 | |
| Pensions and other similar benefits | 42,635 | 42,713 | |
| Other provisions | (13) | 13,601 | 17,755 |
| Interest bearing loans and bonds | (14) | 452,872 | 479,070 |
| Lease liabilities | (15) | 93,592 | 72,841 |
| Other liabilities | 526 | 417 | |
| Deferred tax liabilities | 59,046 | 60,226 | |
| Current liabilities | 547,933 | 511,747 | |
| Other provisions | (13) | 19,091 | 23,436 |
| Interest bearing loans and bonds | (14) | 238,504 | 205,010 |
| Lease liabilities | (15) | 16,269 | 17,284 |
| Trade payables | (10) | 198,906 | 185,381 |
| Income tax liabilities | 14,352 | 13,138 | |
| Other financial liabilities | (16) | 8,414 | 16,283 |
| Other liabilities | 52,397 | 51,215 | |
| Balance sheet total | 1,674,912 | 1,711,869 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| in EUR thousand | |||||||
|---|---|---|---|---|---|---|---|
| Q1–Q2/2025 | |||||||
| Attributable to equity holders of the parent | |||||||
| Subscribed | share capital Share premium | Retained earnings |
Accumulated other comprehensive income |
Total amount | Shares of non controlling interests |
Total equity (Note.12) |
|
| As of 01/01/2025 | 45,394 | 224,104 | 259,749 | –5,784 | 523,463 | 3,637 | 527,100 |
| Result for the period | – | – | 24,029 | – | 24,029 | – | 24,029 |
| Other comprehensive income | – | – | – | –35,396 | –35,396 | 230 | –35,166 |
| Comprehensive income for the period | – | – | 24,029 | –35,396 | –11,367 | 230 | –11,137 |
| Dividend | – | – | –38,585 | – | –38,585 | – | –38,585 |
| Transactions with non-controlling interests | – | – | –8,804 | – | –8,804 | –3,867 | –12,671 |
| As of 06/30/2025 | 45,394 | 224,104 | 236,389 | –41,180 | 464,707 | – | 464,707 |
| in EUR thousand | ||||||||
|---|---|---|---|---|---|---|---|---|
| Q1–Q2/2024 | ||||||||
| Attributable to equity holders of the parent | ||||||||
| Accumulated | ||||||||
| other | Shares of non | |||||||
| Subscribed | Retained | comprehensive | controlling | Total equity | ||||
| share capital Share premium | earnings | income | Total amount | interests | (Note.12) | |||
| As of 01/01/2024 | 45,394 | 224,104 | 220,896 | –17,348 | 473,046 | 2,923 | 475,969 | |
| Result for the period | – | – | 50,260 | – | 50,260 | 423 | 50,683 | |
| Other comprehensive income | – | – | – | 4,130 | 4,130 | 95 | 4,225 | |
| Comprehensive income for the period | – | – | 50,260 | 4,130 | 54,390 | 518 | 54,908 | |
| Dividend | – | – | –38,585 | – | –38,585 | – | –38,585 | |
| As of 06/30/2024 | 45,394 | 224,104 | 232,571 | –13,218 | 488,851 | 3,441 | 492,292 |
CONSOLIDATED STATEMENT OF CASH FLOWS
| in EUR thousand | Notes Q1–Q2/2025 Q1–Q2/2024 | ||||
|---|---|---|---|---|---|
| Cash flow from operating activities | |||||
| Result before income tax | 38,042 | 71,582 | |||
| – | Financial income | (6) | –6,784 | –10,326 | |
| + | Financial expenses | (6) | 39,104 | 28,458 | |
| +/– | Share of net profit of investments accounted for using the equity method |
–430 | –502 | ||
| +/– Other non-cash transactions | 2,314 | –2,486 | |||
| + | Amortization and depreciation of intangible assets and property, plant and equipment |
45,027 | 42,754 | ||
| + | Allowance of current assets | 3,980 | 7,241 | ||
| +/– Change in other provisions and pensions | –6,709 | –2,650 | |||
| +/– Change in other assets | –14,085 | –9,856 | |||
| +/– Change in other liabilities | –4,029 | –13,324 | |||
| +/– | Loss/Gain on disposal of property, plant and equipment |
–143 | –235 | ||
| Dividends from investments accounted for | |||||
| + | using the equity method | 1,484 | 847 | ||
| Cash flow before change of net working capital |
97,771 | 111,503 | |||
| +/– Change in inventories | –29,438 | 5,004 | |||
| +/– Change in trade receivables1 | –40,409 | –9,368 | |||
| +/– Change in trade payables | 23,322 | –17,775 | |||
| Change of net working capital | –46,525 | –22,139 | |||
| Cash flow from operating activities before income tax paid |
51,246 | 89,364 | |||
| – | Income tax paid | –20,703 | –26,723 | ||
| Net cash flow from operating activities | 30,543 | 62,641 | |||
| Cash flow from investing activities | |||||
| – | Purchase of property, plant and equipment | –14,810 | –16,613 | ||
| – | Purchase of intangible assets | –7,407 | –3,385 |
| in EUR thousand | Notes Q1–Q2/2025 Q1–Q2/2024 | |||
|---|---|---|---|---|
| + | Proceeds from sales of property, plant and equipment |
760 | 1,675 | |
| – | Purchase of other financial assets | –1,483 | –1,025 | |
| – | Payments for acquisition of subsidiaries net of cash |
– | –16,158 | |
| + | Interest received | 2,199 | 1,741 | |
| Net cash flow from investing activities | –20,741 | –33,765 | ||
| Cash flow from financing activities | ||||
| – | Dividend payments to shareholders of SAF-HOLLAND SE |
(12) | –38,585 | –38,585 |
| + | Proceeds from the increase in long-term other loans. |
35,000 | – | |
| – | Interest paid for finance leases | –2,729 | –1,423 | |
| – | Repayments of current and non-current financial liabilities |
(14) | –74,625 | –5,625 |
| +/– | Proceeds and payments from hedging instruments |
–150 | –127 | |
| – | Payments for lease liabilities | –9,109 | –7,408 | |
| – | Interest paid | –15,480 | –18,393 | |
| +/– | Change in drawings on the credit line and other financing activities |
(14) | 45,743 | 69,055 |
| +/– Transactions with non-controlling interests | –12,671 | – | ||
| – | Paid transaction costs | –22 | – | |
| Net cash flow from financing activities | –72,628 | –2,506 | ||
| Net increase/decrease in cash and cash equivalents |
–62,826 | 26,370 | ||
| +/– | Effect of changes in exchange rates on cash and cash equivalents |
–11,144 | 2,018 | |
| Cash and cash equivalents at the beginning of the period |
(11) | 300,730 | 246,276 | |
| Cash and cash equivalents at the end of the period |
(11) | 226,760 | 274,664 |
(1) As of June 30, 2025, trade receivables in the amount of EUR 40.0 million (previous year: EUR 32.9 million) were sold as part of a factoring agreement. Assuming the legal existence of the receivable, there are no further rights of recourse to SAF-HOLLAND from the receivables sold.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the period from January 1 to June 30, 2025
1. INFORMATION ON THE COMPANY
SAF-HOLLAND SE, headquartered in Bessenbach, Hauptstraße 26, is the ultimate parent company of the SAF-HOLLAND Group. The company is entered in the commercial register of the Aschaffenburg Local Court under the registration number HRB 15646.
The SAF-HOLLAND Group is one of the leading international manufacturers of chassis-related assemblies and components, primarily for trailers, trucks and buses. 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.
The company's shares are listed on the SDAX of the Frankfurt Stock Exchange.
2. KEY ACCOUNTING AND MEASUREMENT POLICIES
The Consolidated Financial Statements of SAF-HOLLAND SE and its subsidiaries (the "Group") were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union and applicable as of the reporting date.
The Interim Consolidated Financial Statements for the first half of 2025 were prepared in accordance with IAS 34 "Interim Financial Reporting." The same accounting and measurement policies and consolidation methods were applied as those applied in the preparation of the Consolidated Financial Statements for fiscal year 2024, unless explicitly stated otherwise. The Interim Consolidated Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements for the year ended December 31, 2024.
In preparing the Interim Consolidated Financial Statements, management is required to make assumptions and estimates that affect the reported amounts of assets and liabilities, income and expenses, and contingent liabilities as of the reporting date. In certain cases, actual amounts may differ from the assumptions and estimates made.
Expenses and income incurred irregularly during the fiscal year are brought forward or deferred when it is appropriate to recognize these expenses at the end of the fiscal year.
The major functional currencies of the foreign operations are listed in the table below:
| Closing rate | Average rate | ||||
|---|---|---|---|---|---|
| 06/30/2025 06/30/2024 Q1–Q2/2025 Q1–Q2/2024 | |||||
| Australian Dollar | 0.55748 | 0.62168 | 0.58088 | 0.60912 | |
| Brazilian Real | 0.15562 | 0.16879 | 0.15895 | 0.18225 | |
| Chinese Renminbi | 0.11901 | 0.12862 | 0.12638 | 0.12856 | |
| Indian Rupee | 0.00999 | 0.01120 | 0.01065 | 0.01112 | |
| Canadian Dollar | 0.62396 | 0.68207 | 0.65013 | 0.68131 | |
| Polish Zloty | 0.23584 | 0.23200 | 0.23638 | 0.23176 | |
| Swedish Krona | 0.09002 | 0.08799 | 0.09015 | 0.08779 | |
| US-Dollar | 0.85354 | 0.93431 | 0.91664 | 0.92518 |
The Interim Consolidated Financial Statements and the Interim Group Management Report have not been reviewed by an auditor.
3. SEASONALITY EFFECTS
In the course of the year, seasonality effects may lead to varying sales and resulting profits. For information on the development of earnings, please refer to the comments in the Interim Group Management Report.
4. SCOPE OF CONSOLIDATION
The following describes the changes to the scope of consolidation compared to the Consolidated Financial Statements as of December 31, 2024:
COMPANY ACQUISITIONS
There were no company acquisitions in the first half of 2025.
OTHER CHANGES
Effective April 11, 2025, York Transport (India) Pty. Ltd. acquired the outstanding 40% stake in Haldex India Limited from its joint venture partner ANAND Group for EUR 12.7 million.
The companies SAF-HOLLAND (Xiamen) Co., Ltd. and SAF (Xiamen) Axle Co., Ltd. were deconsolidated upon their liquidation in May 2025.
The deconsolidation had no impact on the asset, financial or earnings position.
5. SEGMENT REPORTING
For the purposes of managing the company and Group reporting, the Group is organized into the regionally focused segments "EMEA," "Americas" and "APAC." The three regions cover both the original equipment and the aftermarket business.
Management assesses the performance of the regional segments based on adjusted EBIT. The reconciliation from operating profit to adjusted EBIT for the Group is as follows:
| in EUR thousand | ||
|---|---|---|
| Q1–Q2/2025 Q1–Q2/2024 | ||
| Operating result | 69,932 | 89,212 |
| Share of net profit of investments accounted | ||
| for using the equity method | 430 | 502 |
| EBIT | 70,362 | 89,714 |
| Additional depreciation and amortization from PPA | 11,518 | 11,708 |
| Restructuring and transaction expenses | 1,080 | 1,352 |
| Adjusted EBIT | 82,960 | 102,774 |
Information on segment sales and earnings for the period from January 1 to June 30, 2025:
| in EUR thousand | EMEA1 | Americas2 | APAC3 | Total | ||||
|---|---|---|---|---|---|---|---|---|
| Q1–Q2/2025 | Q1–Q2/2024 | Q1–Q2/2025 | Q1–Q2/2024 | Q1–Q2/2025 | Q1–Q2/2024 | Q1–Q2/2025 | Q1–Q2/2024 | |
| Sales | 441,941 | 477,531 | 346,481 | 406,277 | 103,143 | 128,714 | 891,565 | 1,012,522 |
| Adjusted EBIT | 33,978 | 40,306 | 37,519 | 46,515 | 11,463 | 15,953 | 82,960 | 102,774 |
| Adjusted EBIT margin in % | 7.7% | 8.4% | 10.8% | 11.4% | 11.1% | 12.4% | 9.3% | 10.2% |
| Amortization and depreciation of intangible assets and property, plant and equipment (without PPA) |
17,813 | 16,879 | 12,997 | 10,979 | 2,699 | 3,188 | 33,509 | 31,046 |
| in % of sales | 4.0% | 3.5% | 3.8% | 2.7% | 2.6% | 2.5% | 3.8% | 3.1% |
| Adjusted EBITDA | 51,791 | 57,185 | 50,516 | 57,494 | 14,162 | 19,141 | 116,469 | 133,820 |
| Adjusted EBITDA margin in % | 11.7% | 12.0% | 14.6% | 14.2% | 13.7% | 14.9% | 13.1% | 13.2% |
| Purchase of property, plant and equipment and intangible assets |
8,551 | 11,085 | 12,558 | 8,254 | 1,108 | 659 | 22,217 | 19,998 |
| in % of sales | 1.9% | 2.3% | 3.6% | 2.0% | 1.1% | 0.5% | 2.5% | 2.0% |
| No. of employees as of reporting date | 2,380 | 2,222 | 2,138 | 2,349 | 1,224 | 1,158 | 5,742 | 5,729 |
1 Includes Europe, Middle East and Africa.
2 Includes Canada, the USA as well as Central and South America.
3 Includes Asia/Pacific, India and China.
In the first half of 2025, Group sales of the SAF-HOLLAND Group amounted to EUR 891.6 million and were thus 11.9% below the level of the same period of the previous year (H1 2024: EUR 1,012.5 million).
In the first half of 2025, the truck and trailer industry in the EMEA region recorded a noticeable decline in production figures compared to the same period of the previous year. This was mainly due to weaker demand as a result of declining transport volumes and a reluctance to invest in the wake of geopolitical uncertainties and new trade barriers.
At EUR 346.5 million, sales in the Americas region in the first half of 2025 were 14.7% lower than in the same period of the previous year. This decline is mainly due to the fact that customers are reluctant to place new vehicle orders in light of current US policy and its potential impact on the freight markets. In addition, there are uncertainties regarding the possible introduction of tariffs and a potential postponement of the emissions regulations (EPA27) that will apply from 2027. These factors have noticeably dampened customers' willingness to invest in the region.
The decline in sales in the APAC region in the first half of 2025 is due in particular to the expected market recovery in the Indian commercial vehicle market, which failed to materialize. In addition to delayed infrastructure projects, the main reasons for the lack of market recovery were a high level of investment restraint as a result of deteriorating financing conditions and geopolitical uncertainties.
The Group's organic sales growth amounted to –12.8% in the first half of 2025 compared to the same period of the previous year.
At 9.3%, the Group's adjusted EBIT margin was 0.9 percentage points below the previous year's figure of 10.2%. The decline is partly of a temporary nature, as the US tariff increases that took effect in the first quarter are passed on to customers with a time lag. In addition, lower production volumes compared to the same period last year led to reduced capacity utilization at the plants and thus to disadvantages in terms of economies of scale. Both effects had a negative impact on the profit margin in the first half of the year.
For further information on sales and earnings performance in the segments, please refer to the corresponding notes in the interim Group Management Report.
6. FINANCIAL RESULT
Financial income was comprised as follows:
| in EUR thousand | ||
|---|---|---|
| Q1–Q2/2025 | Q1–Q2/2024 | |
| Unrealized foreign exchange gains on foreign currency | ||
| loans and dividends | 3,791 | 6,523 |
| Realized foreign exchange gains on foreign currency | ||
| loans and dividends | 157 | 1,220 |
| Finance income due to derivatives | 113 | 319 |
| Finance income due to pensions and other similar | ||
| benefits | 353 | 123 |
| Interest income | 2,199 | 1,940 |
| Other | 171 | 201 |
| Total | 6,784 | 10,326 |
Financial expenses were comprised as follows:
in EUR thousand
| Q1–Q2/2025 | Q1–Q2/2024 | |
|---|---|---|
| Interest expenses due to interest bearing loans and | ||
| bonds | –14,640 | –17,491 |
| Amortization of transaction costs | –617 | –767 |
| Finance expenses due to pensions and other similar | ||
| benefits | –356 | –1,060 |
| Finance expenses due to derivatives | –594 | –294 |
| Realized foreign exchange losses on foreign currency | ||
| loans and dividends | –378 | –379 |
| Unrealized foreign exchange losses on foreign currency | ||
| loans and dividends | –18,256 | –6,078 |
| Finance expenses due to leasing | –2,729 | –1,423 |
| Other | –1,534 | –966 |
| Total | –39,104 | –28,458 |
Unrealized foreign exchange gains and losses on loans and dividends denominated in foreign currency resulted primarily from the translation of intercompany foreign currency loans at the closing rate. Realized foreign exchange gains consist mainly of translation effects from the repayment of intercompany loans.
Amortization of transaction costs in the amount of EUR –0.6 million (previous year EUR –0.8 million) were related to contract closing fees for financing, which were recognized as an expense for the period over the term of the respective financing agreement using the effective interest method.
Financial income and financial expenses related to derivatives resulted mainly from the fair value measurement of foreign currency derivatives as of June 30, 2025.
7. INCOME TAXES
As of June 30, 2025, the average Group tax rate of SAF-HOLLAND SE was 25.59% and thus slightly higher than in the previous year (25.50%). This change mainly reflects structural shifts in the regional composition of earnings and the resulting national tax burdens.
The Group's effective tax, which is the ratio of actual tax expenses for the reporting period to the result before income taxes, amounted to 36.8% for the first half of the year (previous year: 29.2%), an increase of 7.6 percentage points compared to the same period of the previous year. The increase in the Group's effective tax rate resulted in particular from lower deductible interest expenses due to the interest barrier regulations applicable in Germany, which limit deductible interest expenses and thus increase the tax assessment basis, as well as from higher losses in subsidiaries for which no deferred tax assets were recognized for reasons of prudence. It should also be emphasized that the previous year's effective tax rate of 29.2% was boosted by a positive non-recurring effect. In the previous year, tax loss carryforwards could be used for which no deferred tax assets had previously been recognized.
The difference between the effective Group tax rate and the average Group tax rate is mainly due to unrecognized deferred tax assets on loss carryforwards and interest carryforwards.
8. INTANGIBLE ASSETS
Intangible assets consisted of the following:
| in EUR thousand | ||
|---|---|---|
| 06/30/2025 | 12/31/2024 | |
| Goodwill | 130,384 | 137,925 |
| Customer relationship | 157,814 | 174,656 |
| Licenses and software | 7,643 | 8,220 |
| Service network | 131 | 216 |
| Brand | 61,251 | 62,441 |
| Technology | 23,664 | 25,439 |
| Development costs | 33,055 | 31,399 |
| Total | 413,942 | 440,296 |
The decline in intangible assets in the Group is mainly the result of two effects: Firstly, exchange rate effects in connection with the translation of assets of foreign subsidiaries led to a decline. Secondly, the scheduled amortization of intangible assets capitalized as part of the purchase price allocations – in particular for customer relationships and technologies – had a reducing effect.
9. PROPERTY, PLANT AND EQUIPMENT
The composition of property, plant and equipment is shown in the table below:
| in EUR thousand | ||
|---|---|---|
| 06/30/2025 | 12/31/2024 | |
| Land and buildings | 67,382 | 72,053 |
| Plant and equipment | 122,467 | 132,736 |
| Other equipment, office furniture and equipment | 27,146 | 27,862 |
| Advance payments and construction in progress | 39,478 | 44,233 |
| Thereof right of use assets: | ||
| Land and buildings | 90,583 | 71,628 |
| Plant and equipment | 488 | 662 |
| Other equipment, office furniture and | ||
| equipment | 9,744 | 9,393 |
| Total | 357,288 | 358,567 |
At EUR 357.3 million, fixed assets were at the same level as the previous year as at the half-year reporting date (December 31, 2024: EUR 358.6 million). In particular, effects from the currency translation of foreign subsidiaries and depreciation and amortization had a reducing effect. In contrast, fixed assets increased due to the conclusion of a long-term rental agreement for a new plant in Texas, USA, which led to the recognition of an additional right of use.
In the first half of the year, investments focused in particular on the US, Brazil and Sweden. A total of EUR 14.8 million (previous year: EUR 16.6 million) was invested in property, plant and equipment in the first half of the year.
10. NET WORKING CAPITAL
Net working capital is defined as the sum of inventories and trade receivables less trade payables. The net working capital ratio – measured as the ratio of net working capital to pro forma Group sales for the last 12 months – amounted to 18.2% as of June 30, 2025, and was therefore 2.7 percentage points higher than the figure on the balance sheet date of December 31, 2024, mainly due to seasonal factors and a significantly higher share of the aftermarket business with a higher commitment of funds.
11. CASH AND CASH EQUIVALENTS
| in EUR thousand | ||
|---|---|---|
| 06/30/2025 | 12/31/2024 | |
| Cash on hand, cash at banks and checks | 219,940 | 288,080 |
| Short-term deposits | 6,820 | 12,650 |
| Total | 226,760 | 300,730 |
12. EQUITY
The company's share capital as of June 30, 2025, remained unchanged at EUR 45,394,302.00 compared to December 31, 2024. It consists of 45,394,302 (previous year: 45,394,302) fully paid-in ordinary shares.
The changes in accumulated other comprehensive income consisted of the following items as of the reporting date:
| in EUR thousand | ||||||
|---|---|---|---|---|---|---|
| Before tax amount | Tax income/expense | Net of tax amount | ||||
| Q1–Q2/2025 | Q1–Q2/2024 | Q1–Q2/2025 | Q1–Q2/2024 | Q1–Q2/2025 | Q1–Q2/2024 | |
| Exchange differences on translation of foreign operations | –35,808 | 4,225 | – | – | –35,808 | 4,225 |
| Remeasurements of defined benefit plans | 896 | – | –254 | – | 642 | – |
| Total | –34,912 | 4,225 | –254 | – | –35,166 | 4,225 |
At the Annual General Meeting on May 20, 2025, a dividend payment of EUR 0.85 per share was approved for fiscal year 2024, which corresponds to a total dividend payout – based on the 45,394,302 shares – of EUR 38.6 million. The payout ratio thus amounted to 49.9% of the net profit available for distribution to the shareholders of the parent company and was therefore at the upper end of the target range. A dividend of EUR 0.85 per share was also distributed in the previous year.
Equity decreased by 11.8% to EUR 464.7 million as of June 30, 2025 (December 31, 2024: EUR 527.1 million). The decrease is mainly due to the dividend distribution in May 2025 in the amount of EUR 38.6 million and negative currency differences from the translation of foreign business operations of EUR 35.8 million. In contrast, the profit for the period of EUR 24.0 million had the effect of increasing equity. The equity ratio decreased to 27.7% compared to December 31, 2024 (December 31, 2024: 30.8%).
13. OTHER PROVISIONS
As of June 30, 2025, other provisions amounted to EUR 32.7 million, a decrease of EUR 8.5 million compared to the end of 2024 (December 31, 2024: EUR 41.2 million). The decrease in other provisions is mainly due to two factors: Firstly, due to the currency translation of provisions of foreign subsidiaries, in particular as a result of the exchange rate development of the US dollar against the Group currency. Secondly, due to the decrease from the reversal of warranty provisions due to an updated risk assessment for existing guarantee and warranty incidents.
14. INTEREST-BEARING LOANS AND BONDS
Interest-bearing loans and borrowings consisted of the following:
| in EUR thousand | |||||||
|---|---|---|---|---|---|---|---|
| Non-current | Current | Total | |||||
| 06/30/2025 | 12/31/2024 | 06/30/2025 | 12/31/2024 | 06/30/2025 | 12/31/2024 | ||
| Interest bearing bank loans | 211,750 | 201,866 | – | – | 211,750 | 201,866 | |
| Promissory note loan | 239,500 | 233,609 | 190,500 | 200,500 | 430,000 | 434,109 | |
| Financing costs | –863 | –1,437 | –981 | –1,009 | –1,844 | –2,446 | |
| Accrued interests | – | – | 3,959 | 5,482 | 3,959 | 5,482 | |
| Other loans | 2,485 | 45,032 | 45,026 | 37 | 47,511 | 45,069 | |
| Total | 452,872 | 479,070 | 238,504 | 205,010 | 691,376 | 684,080 |
The following table shows the calculation of total liquidity as the sum of freely available credit lines valued at the rate as of the reporting date, plus available cash:
| in EUR thousand | ||||
|---|---|---|---|---|
| 06/30/2025 | ||||
| Amount drawn valued as at the period-end exchange |
Agreed credit lines valued as at the period-end |
|||
| rate | exchange rate | Cash and cash equivalents | Total liquidity | |
| Revolving credit line | 108,000 | 250,000 | 226,760 | 368,760 |
| Total | 108,000 | 250,000 | 226,760 | 368,760 |
| in EUR thousand | ||||
|---|---|---|---|---|
| 12/31/2024 | ||||
| Amount drawn valued as at the period-end exchange |
Agreed credit lines valued as at the period-end |
|||
| rate | exchange rate | Cash and cash equivalents | Total liquidity | |
| Revolving credit line | 62,000 | 250,000 | 300,730 | 488,730 |
| Total | 62,000 | 250,000 | 300,730 | 488,730 |
15. LEASE LIABILITIES
Lease liabilities increased by EUR 19.7 million compared to December 31, 2024. The increase in lease liabilities is mainly due to the conclusion of a long-term lease agreement for a new plant in the US.
The age structure of lease liabilities was as follows:
Aging of lease liabilities
| in EUR thousand | 06/30/2025 | 12/31/2024 | |||
|---|---|---|---|---|---|
| <1 Year | >1 Year | <1 Year | >1 Year | ||
| Land and buildings | 12,202 | 86,879 | 13,500 | 65,903 | |
| Plant and equipment | 161 | 709 | 536 | 1,252 | |
| Vehicles | 3,600 | 5,782 | 2,930 | 5,370 | |
| Other equipment, office furniture and equipment | 306 | 222 | 318 | 316 | |
| Total | 16,269 | 93,592 | 17,284 | 72,841 | |
16. FINANCIAL ASSETS AND OTHER FINANCIAL LIABILITIES
The fair values and carrying amounts of financial assets and liabilities as of the reporting date were as follows:
Financial Instruments
in EUR thousand
| 06/30/2025 | 12/31/2024 | ||||
|---|---|---|---|---|---|
| Measurement | |||||
| category | |||||
| in accordance | Carrying | Carrying | |||
| with IFRS 9 | Fair value | amount | Fair value | amount | |
| Assets | |||||
| Cash and cash equivalents | FAAC | 226,760 | 226,760 | 300,730 | 300,730 |
| Trade receivables | FAAC | 217,472 | 217,472 | 184,975 | 184,975 |
| Other financial Assets | |||||
| Derivatives without a hedging relationship | FAtPL | 98 | 98 | 314 | 314 |
| Other financial Assets | FAAC | 19,750 | 19,750 | 17,424 | 17,424 |
| Equity and liabilities | |||||
| Trade payables | FLAC | 198,906 | 198,906 | 185,381 | 185,381 |
| Interest bearing loans and bonds | FLAC | 658,404 | 691,376 | 669,530 | 684,080 |
| Other financial liabilities | |||||
| Derivatives without a hedging relationship | FLtPL | 250 | 250 | 129 | 129 |
| Other financial liabilities | FLAC | 8,164 | 8,164 | 16,154 | 16,154 |
| of which aggregated by category in accordance with IFRS 9 | |||||
| Financial assets measured at amortized cost | FAAC | 463,982 | 463,982 | 503,129 | 503,129 |
| Financial liabilities measured at amortized cost | FLAC | 865,474 | 898,446 | 871,065 | 885,615 |
| Financial assets at fair value through profit and loss | FAtPL | 98 | 98 | 314 | 314 |
| Financial Liabilities at fair value through profit and loss | FLtPL | 250 | 250 | 129 | 129 |
The following table shows the financial assets and liabilities measured at fair value allocated to the three fair value hierarchy levels:
| 06/30/2025 | |||
|---|---|---|---|
| Level 1 | Level 2 | Level 3 | Total |
| – | 19,750 | – | 19,750 |
| – | 98 | – | 98 |
| – | 19,848 | – | 19,848 |
| – | 417,195 | – | 417,195 |
|---|---|---|---|
| – | 241,209 | – | 241,209 |
| – | 8,164 | – | 8,164 |
| – | 250 | – | 250 |
| – | 666,818 | – | 666,818 |
measurement is therefore to be allocated to Level 2 of the hierarchy under IFRS 7.
17. EARNINGS PER SHARE
| Q1–Q2/2025 Q1–Q2/2024 | |||
|---|---|---|---|
| Result for the period | in EUR thousand | 24,029 | 50,260 |
| Weighted average number | |||
| of shares outstanding | thousand | 45,394 | 45,394 |
| Basic earnings per share | EUR | 0.53 | 1.11 |
| Diluted earnings per share | EUR | 0.53 | 1.11 |
Basic earnings per share are calculated by dividing the result for the period attributable to the shareholders of SAF-HOLLAND SE by the average number of shares outstanding.
As of the reporting date, the Group did not hold any debt instruments that could have a dilutive effect on earnings per share.
| in EUR thousand | ||||
|---|---|---|---|---|
| 12/31/2024 | ||||
| Financial assets | Level 1 | Level 2 | Level 3 | Total |
| Other financial Assets | – | 17,424 | – | 17,424 |
| Derivative financial assets | – | 314 | – | 314 |
| Total financial assets | – | 17,738 | – | 17,738 |
Financial liabilities
| Promissory note loan | – | 472,329 | – | 472,329 |
|---|---|---|---|---|
| Interest bearing loans and bonds | – | 197,201 | – | 197,201 |
| Other financial liabilities | – | 16,154 | – | 16,154 |
| Derivative financial liabilities | – | 129 | – | 129 |
| Total financial liabilities | – | 685,813 | – | 685,813 |
The fair values of the liabilities from interest-bearing loans and the promissory note, as well as the other financial assets and liabilities, were determined on the basis of factors that can be observed directly (prices, for example) or indirectly (derived from prices). This fair value
18. RELATED PARTY DISCLOSURES
The following tables show the composition of the Management Board and the Supervisory Board of SAF-HOLLAND SE as of the reporting date:
| Management Board | |
|---|---|
| Alexander Geis | Chief Executive Officer (CEO) |
| Frank Lorenz-Dietz | Chief Financial Officer (CFO) |
Supervisory Board
| Dr. Martin Kleinschmitt | Chairman of the Supervisory Board |
|---|---|
| Matthias Arleth | Member of the Supervisory Board |
| Member of the Supervisory Board | |
| Ingrid Jägering | (Until 05/20/2025) |
| Carsten Reinhardt | Member of the Supervisory Board |
| Jurate Keblyte | Member of the Supervisory Board |
| Member of the Supervisory Board | |
| Dagmar Rehm | (since 05/20/2025) |
| Member of the Supervisory Board | |
| Hans-Werner Kaas | (since 07/29/2025) |
Transactions with associated companies and joint ventures:
| in EUR thousand | |||||
|---|---|---|---|---|---|
| Purchases from related | |||||
| Sales to related parties | parties | ||||
| Q1–Q2/2025 Q1–Q2/2024 Q1–Q2/2025 Q1–Q2/2024 | |||||
| Joint Ventures | 1,704 | 1,503 | – | – | |
| Associates | – | – | 15,932 | 18,566 | |
| Total | 1,704 | 1,503 | 15,932 | 18,566 |
| Amounts owed by related parties |
Amounts owed to related parties |
||
|---|---|---|---|
| 856 | 433 | – | – |
| – | – | 2,225 | 1,472 |
| 856 | 433 | 2,225 | 1,472 |
| 06/30/2025 12/31/2024 06/30/2025 12/31/2024 |
Transactions with associated companies and joint ventures include transactions with Castmetal FWI S.A., SAF-HOLLAND Nippon Ltd. and Shaanxi Fast Haldex Brake Products Co. Ltd. The transactions are carried out on an arm's length basis.
19. SUBSEQUENT EVENTS
On July 9, 2025, SAF-HOLLAND SE successfully placed a promissory note transaction with a volume of EUR 330 million via its subsidiary SAF-HOLLAND GmbH.
The tranches of the promissory note loan have variable and fixed interest rates and terms of three, four, five and seven years. Allocation was made across the entire volume with interest rates at the lower end of the respective marketing range. Payment will be made with the value dates of July 18, 2025, and June 26, 2026.
No other significant events have taken place since the balance sheet date.
Bessenbach, August 7, 2025
Alexander Geis
Frank Lorenz-Dietz
Chairman of the Management Board and Chief Executive Officer (CEO)
Member of the Management Board and Chief Financial Officer (CFO)
RESPONSIBILITY STATEMENT
To the best of our knowledge and in accordance with the applicable financial reporting principles, the Interim Consolidated Financial Statements give a true and fair view of the results of operations, net assets and financial position of the Group, and the Interim Group Management Report provides a fair review of the development and performance of the Group's business and position, together with a description of the principal opportunities and risks associated with the development of the Group for the remaining fiscal year.
Bessenbach, August 7, 2025
SAF-HOLLAND SE
The Management Board
Alexander Geis
Frank Lorenz-Dietz
Chairman of the Management Board and Chief Executive Officer (CEO)
Member of the Management Board and Chief Financial Officer (CFO)
FINANCIAL CALENDAR AND CONTACTS
FINANCIAL CALENDAR
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 [email protected]
WEBSITE
www.safholland.com
IMPRINT
PUBLISHER
SAF-HOLLAND SE Hauptstraße 26 63856 Bessenbach
PUBLICATION DATE
August 7, 2025
Produced in-house with firesys.
ALTERNATIVE PERFORMANCE INDICATORS
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 2024 in the section "Explanation of financial ratios and alternative performance measures."
DISCLAIMER
This Half-Year Financial Report is also available in German. In case of doubt, the German version shall take precedence. The key figures in the Half-Year Financial Report have been rounded in accordance with standard commercial practice. In individual cases, rounding may result in figures in this Half-Year Financial Report not adding up to exactly the totals shown and percentages may not add up to the figures shown.
This Half-Year Financial Report contains forward-looking statements. Such forward-looking statements are based on certain assumptions and expectations at the time of publication of this Half-Year Financial Report. 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.
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