SAF-Holland SE

Second-quarter group sales were EUR 454 million, up 2.6% year over year, and organic growth was 3.8%. Adjusted EBIT increased to EUR 43.4 million, with the adjusted EBIT margin improving to 9.6% from 9.1% a year ago; adjusted EBITDA margin was 13.2%. Reported EBIT was EUR 38.7 million, up 12.1% year over year. Basic EPS doubled to EUR 0.48 and adjusted EPS was EUR 0.63. For the first half, sales were EUR 905.7 million, adjusted EBIT was EUR 85.9 million, and adjusted EBIT margin was 9.5%. Operating free cash flow was EUR 21 million in Q2 and EUR 65.8 million in H1; operating cash flow was EUR 86.6 million in H1. Management confirmed FY2026 guidance and said Europe trailer market expectations were slightly raised to growth of plus 5% to plus 10%, North America Class 8 truck production is still expected to grow 0% to 10% plus, North American trailer production is expected to be broadly stable, and Chinese trailer market growth is now expected at plus 5% to plus 10%.

Alexander Geis framed the quarter as another proof point of the company’s resilience, pointing to organic growth, margin expansion, and strong cash generation. He said the business is benefiting from recovery/stabilization in key OE markets, a resilient aftermarket, and improving momentum in APAC, while EMEA remains solid and North America is seeing early signs of improvement. On guidance, he stayed deliberately conservative and repeatedly said the company is confirming rather than raising the full-year outlook, even after the more favorable EMEA trailer view.

Frank Lorenz-Dietz focused on the profitability bridge and balance sheet strength. He highlighted reported EBIT of EUR 38.7 million, adjusted EBIT of EUR 43.4 million, adjusted EBITDA margin of 13.2%, and basic EPS of EUR 0.48, as well as H1 operating cash flow of EUR 86.6 million and operating free cash flow of EUR 65.8 million. He said net debt-to-EBITDA stayed at 2.3x despite EUR 28.8 million of dividend outflows and EUR 13.3 million of share buybacks, and noted capex of EUR 20.8 million, or 2.3% of sales, was in line with full-year guidance. He also pointed to a full-year tax rate expectation of around 35%.

Analysts pressed on whether the improved EMEA trailer outlook and better North American order trends should imply upside to full-year guidance, but management refused to lift the range and said it remains cautious. Questions also focused on the Americas margin improvement, where management said the gain was driven by a mix of higher productivity, strong aftermarket, reman business, and better volumes at newer facilities rather than any single tariff refund effect. On U.S. trailers and EPA 27, management said they expect a gradual pickup into late 2026 and a more substantial improvement in 2027, not a sudden spike; they also said the working-capital profile does not show supply-chain stress and that M&A remains under review but is not expected to be announced imminently.