Q1 2026 Saf-Holland Se Earnings Call Transcript
Key Points
- SAF Holland SE (WBO:SFQ2) reported strong organic sales growth of 8% in the EMEA region, supported by a stable aftermarket business.
- The company's adjusted EBIT increased by 16% year-over-year, driven by positive scale effects and strict cost management.
- The APAC region showed a solid performance with a 9% top-line growth, benefiting from the recovery in the Indian market and strong demand in Australia and New Zealand.
- The financial result improved significantly, with a positive FX contribution and reduced interest expenses, leading to a 57% increase in reported EPS.
- Net cash flow from operating activities was strong at EUR44.8 million, reflecting solid operating results and favorable working capital development.
- The Americas segment faced a subdued OE demand environment, with organic sales moderately lower by 2.5% compared to the previous year.
- FX developments posed a significant headwind, negatively impacting reported sales by 8.5% in the Americas and 13.4% in the APAC region.
- The Brazilian CV market underperformed expectations, with a projected market decline of 5% to 10% for 2026.
- The equity ratio stood at 29.3%, slightly below the year-end 2025 level, due to a seasonal build-up of working capital.
- The company faces ongoing geopolitical uncertainties, particularly related to the Middle East conflict, which could impact future market conditions.
(audio in progress) iportance-contributing a solid 37% of total group sales.
Let's speak about EMEA on the next page, please.
With OE demand improving across the trailer and truck segments, EMEA delivered strong organic sales growth of 8% in the first quarter of '26. And this performance was further supported by a stable and resilient aftermarket business. Providing an additional pillar of strength.
Geopolitical developments, including the conflict in the Middle East, have so far not had any material impact on the group's order book, which gives us confidence for the upcoming month.
And despite a slightly adverse mixed effect resulting from the higher share of the growing OE business, adjusted EBIT increased by around 16% compared to the prior year.
This improvement was primarily driven by the positive scale effects and continued strict cost management, reflecting the benefits of the efficiency program implemented in the indirect area, which we started already last
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