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EARNINGS CONFERENCE FY 2024 Joachim Dürr (CEO) & Oliver Gantzert (CFO) March 26, 2025
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DISCLAIMER THIS PRESENTATIONIS CONFIDENTIAL AND MUST NOT BE RELEASED,PUBLISHED, TRANSMITTED OR DISTRIBUTED, IN WHOLE OR IN PART,DIRECTLY OR INDIRECTLY,INTO OR WITHIN THE UNITED STATESOF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE SUCH DISTRIBUTIONIS UNLAWFUL. This presentation (the “Presentation”) was specifically prepared by JOST Werke SE (the “Company”) for informational purposes only. It is intended to provide a general overview of the Company’sbusiness and does not purport to include all aspects and details regarding the Company. This Presentation must not be reproduced in any form, passed on or otherwise made available, directly or indirectly, to any other person, or published or otherwise disclosed, in whole or in part, for any purpose, without prior written consent by the Company. Neither the Company nor any of its directors, officers,employees or advisors, nor any other person makes any representationor warranty,express or implied, as to, and accordingly no reliance should be placed on, the fairness, accuracy or completenessof the information contained in the Presentationor of the views given or implied. Neither the Company nor any of its respectivedirectors, officers,employees or advisors nor any other person shall have any liability whatsoever for any errorsor omissions or any loss howsoever arising, directly or indirectly,from any use of this information or its contentsor otherwise arising in connection therewith. This Presentation is neither an advertisement nor a prospectus and does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation, invitation or inducement to purchase, subscribe for, under- write or otherwise acquire any securities of the Company,nor should it, or any part of it, form the basis of or be relied on in connectionwith or act as any inducement to enter into any contract to purchase or subscribe for any securities of the Company,nor shall it, or any part of it, form the basis of or be relied on in connectionwith any contract or commitmentor investment decision whatsoever. This Presentationand the information and opinions contained therein are selective in nature and do not purport to contain all information that may be required to evaluate the Company and/or its shares. The information and opinions contained in this Presentationare provided as of the date of this Presentationand may be subject to updating, revision, amendment or change without notice. Neither the Company nor any of its directors, officers, employees or advisors are under any obligation to update or keep current the information contained in this Presentationor to correct any inaccuracies in any such information which may become apparent or to provide any additional information whether as a result of new information, future events or otherwise. This Presentationcontains forward-looking statementsrelating to mattersthat are not historical facts. These statementsreflect the Company’s current knowledge, intentions and beliefs as well as its current expectations and projectionsabout future events, including the Company’s prospects, growth, strategies,the industry in which it operates and potential or ongoing acquisitions. Forward-looking statementscan be identified by the context of such statements or words such as “anticipate,”“believe”,“estimate”,“expect”,“forecast”, “intend”,“plan”, “project”,“target”, “may”, “will”, “would”, “could” or “should” or similar terminology. By their nature, forward-looking statementsare subject to a number of risks, uncertainties and assumptions, many of which are beyond the Company’s control, that could cause the Company’s actual results and performance to differ materially from and adversely affect any expected future results or performance expressed or implied by any forward-looking statements as a result of various factors (including global economic conditions,changed market conditions,competition, costs of compliance, changing political, legal, economic and other conditions). Forward-looking statementsshould not therefore be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Similarly, past performance should not be taken as an indication of future results, and no representation or warranty, express or implied, is made regarding future performance. In addition, even if the development of the Company’s prospects, growth, strategiesand the industry in which it operates are consistent with the forward-looking statementscontained in this Presentationor past performance, those developments may not be indicative of the Company’sresults, liquidity or financial position or of results or developments in subsequent periods not covered by this Presentation. The Company undertakes no obligation to release the results of any revisions to any forward-looking statementsin this Presentationthat may occur due to any change in its expectations or to reflect events or circumstances after the date of this Presentation. To the extent available, the industry and market data contained in this Presentationis derived from third-party sources. Third-party industry publications, studies and surveys generally statethat the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completenessof such data. In addition, certain information in this Presentationis selective and may not necessarily be representativefor the Company. Further,some of the industry and market data contained in this Presentationis derived from the Company’sown internal researchand estimates based on the knowledge and experience of the Company's management in the market in which the Company operates. While the Company believes that such research and estimates are reasonable and reliable,they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completenessand are subject to change without notice. Accordingly,no reliance should be placed on the industry or market data contained in this Presentation. Subject to limited exceptions described below, the information contained in this Presentationis not to be released, published, transmitted or distributed within or into the United States of America (“United States”),Australia, Canada or Japan and does not constitute an offer of securities for sale in any of these jurisdictions. Any securities offered by the Company have not been, and will not be, registeredunder the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction of the United States and such securities may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws. This Presentation does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person or in any jurisdiction to whom or in which such offer or solicitation is unlawful. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. 2JOST Werke SE I Earnings Conference FY2024 – 26 March 2025
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3 2024 HIGHLIGHTS JOST signed acquisition of Hyva Group in Oct. 2024, taking first steps to implement its growth strategy in off-highway markets New OEMs customers contracts signed in Agriculture & Construction, gaining market shares and preparing for organic future growth Strategic R&D investments with Aitonomi AG and Trailer Dynamics GmbH, gaining access to pioneering technology in Transport Significant improvements to carbon footprint, reducing CO2 emissions from Scope 1&2 by 58% compared to 2020 JOST further developed its strategy and presented mid-term targets “AMBITION 2030” at Capital Markets Day JOST Werke SE I Earnings Conference FY2024 – 26 March 2025
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BOOSTING GLOBAL MARKET POSITIONING AND BUSINESS RESILIENCE 4JOST Werke SE I Earnings Conference FY2024 – 26 March 2025 Expansion of product portfolio Increasing exposure to off-highway markets Enhancing regional footprint worldwide Strengthening Push & Pull with Hyva brand Reducing dependency from individual OEMs Growing resilience on markets and products Mid-term profitability increase via synergies Enhancing USPs and market positioning
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OUTLOOK 2024 ACHIEVED 5 Sales Adj. EBIT Adj. EBIT margin Capex (in % of sales) 1 Working Capital 1: Excluding M&A JOST Werke SE I Earnings Conference FY2024 – 26 March 2025 -15% decline y-o-y (+/- 2.5pp); (2023: €1,250m) Low double-digit decline y-o-y, trailing sales (2023: €141m) Between 10.5% - 11.0% (2023: 11.3%) Approx. 2.5% - 2.9% of sales (2023: 2.5%) Below 19% from sales (2023: 18.0%) 2024 -14.4% to €1,069m -19.8% to €113m 10.6% 3.1% 15.3%
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6 financial HIGHLIGHTS M&A contributions from JACSA and LH supported sales in BL Agriculture, which grew by 5% Adj. EBITDA developed in line with sales, with adj. EBITDA margin stable at 13.9%vs. prior year, despite sales decline Record free cash flow of €+115m, supported strong improvement in leverage, which is down to 0.86x Reported net income grew by 1% to €53m, aided by financial result and low tax rate. Adj. for exceptionals, EPS declined by 16% to €5.20 Affected by market slowdown, sales in Transport declined by 19% Dividend proposal of €1.50 per share, stable vs. prior year, despite M&A Hyva financing JOST Werke SE I Earnings Conference FY2024 – 26 March 2025
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STRONG RESILIENCE THROUGH WIDE RANGE OF END MARKETS, PRODUCTS AND CUSTOMERS 7JOST Werke SE I Earnings Conference FY2024 – 26 March 2025 46% 32% 22% SALES BY DESTINATION 2024 (in % of sales) Europe Americas APA 72% 28% AFTERMARKET MIX 2024 (in % of sales) OEM Aftermarket 40% 35% 25% SALES BY APPLICATION 2024 (in % of sales) Trailer Truck Tractor
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EUROPE – PROFITABILITY STABILIZED DESPITE MARKET DECLINE 2.5 7.9 Q4 2023 Q4 2024 46.2 37.1 FY 2023 FY 2024 167 136 Q4 2023 Q4 2024 688 616 FY 2023 FY 2024 Reported Growth 6.7% 6.0% 1.5% 5.8%Adj. EBIT margin (%) Adj. EBIT growth (%) -10.4% -18.3% -17.0% -19.6% +217.4% -18.5% Organic - Strong headwinds from market environment in 2024: truck demand down 24%, trailers down 5% and tractors down 15% + Consolidation of JACSA (former: Crenlo do Brasil) and LH Lift provided positive M&A effect of ~52m€. This phased out by Q4 2024. + No significant FX impacts for sales in Europe in 2024 + Cost take out program implemented in H1 supported stabilization of profitability in H2. + Partial year-end cost allocation for global operating functions to other regions had positive impact on Q4 profitability. - Region Europe still bears higher proportion of fixed costs, due to higher share of SG&A and R&D in overall staff - Low utilization in European plants with short-time work in place Europe Sales (€m)Adj. EBIT (€m) 9 JOST Werke SE I Earnings Conference FY2024 – 26 March 2025
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NORTH AMERICA – SUCCESSFULLY ADAPTING TO LOWER MARKET VOLUMES Adj. EBIT (€m) 15.1 Q4 2023 Q4 2024 -0.1 44.8 29.3 FY 2023 FY 2024 67 48 Q4 2023 Q4 2024 354 259 FY 2023 FY 2024 Reported Growth 12.6% 11.3% 22.5% -0.2% Adj. EBIT margin (%) Adj. EBIT growth (%) -27.0% -26.9% -28.8% -34.7% -101% -28.2% Organic - Sales burdened by market decline in North America, with trailer demand going down by 26%, class 8 trucks by 5% and tractors by 15% - Truck demand weakened sharply in Q4, putting additional pressure on sales for the region + Recovering demand for premium loaders for 100+ HP tractors - Minimal FX-headwinds of -0.1pp in fiscal year 2024 + Aftermarket remains strong, both in Transport and Agriculture, supporting profitability - Final year-end adjustments and cost allocation across regions had one-off negative impact on Q4 profitability (prior year, one-off positive impact) - Low utilization of plants in Q4 due to shrinking market demand and less working days North America Sales (€m) 10 JOST Werke SE I Earnings Conference FY2024 – 26 March 2025
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ASIA-PACIFIC-AFRICA – STRONG PROFITABILITY SUPPORTED BY HIGH OFF-HIGHWAY PRODUCT MIX Sales (€m)Adj. EBIT (€m) 11.3 9.1 Q4 2023 Q4 2024 43.2 39.6 FY 2023 FY 2024 51 42 Q4 2023 Q4 2024 208 194 FY 2023 FY 2024 Reported Growth 20.8% 20.4% 22.0% 21.5% Adj. EBIT margin (%) Adj. EBIT growth (%) -6.4% -7.3% -19.6% -8.3% -20.1% -18.2% Organic + Robust markets in Australia & New Zealand as well as China’s export business supported development in the region - Demand in India remained weak through 2024, impacted by the election + LH Lift sales supported region with M&A contribution of €4m. Effect phased out by Q4 - FX-headwinds of -0.9pp also impacted reported sales in FY 2024 + Favorable product mix due to strong Pacific and South-East-Asia business with high off-highway mining share in product mix + Increasing proportion of agricultural business in India as volumes in Chennai production plant increase + Plant consolidation of LH Lift into JOSTs’ Ningbo plant in China led cost synergies that supported profitability APA 11 JOST Werke SE I Earnings Conference FY2024 – 26 March 2025
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140.8 113.0 FY 2023 FY 2024 993 801 256 268 FY 2023 FY 2024 +5% GROUP – PROFITABILITY REMAINS HIGH DESPITE MARKET-DRIVEN SALES DECLINE Sales (€m)Adj. EBIT (€m) 11.3% 10.6% 10.6% 8.0% 1,069 -14.4% -18.3% 222 172 64 55 Q4 2023 Q4 2024 -14% 226 -20.3% -19.8% -40.5% -20.7% 1,250 Transport Agriculture 286 30.3 18.0 Q4 2023 Q4 2024 -19% -23% 12 - Cyclical decline for Transport worldwide (organic sales Transport: -23% in 2024) - Markets for agricultural loaders weakened further in 2024, as stocks level decreased (organic sales Agriculture: -12% in 2024) + Positive M&A contribution in agriculture of €55m from JACSA and LH Lift (until Augst 2024, effect phased out in Q4) - FX-headwinds of -0.6pp had minimal impact on sales development + Profitability remained high despite sales decline. Adj. EBITDA-margin stable at 13.9% yoy. Adj. EBIT margin declined to 10.6%, due to D&A not declining in line with sales + Strict cost control paired with active portfolio management partially offset declining top-line + Support from favorable material and freight costs development in H1 + Resilient aftermarket business in both business lines group 12 JOST Werke SE I Earnings Conference FY2024 – 26 March 2025 Reported Growth Adj. EBIT margin (%) Adj. EBIT growth (%) Organic
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ADJUSTED NET INCOME AND ADJUSTED EPS Reported net income increased by 0.6% to €52.6m (2023: €52.3). Reported EPS went up to €3.53 (2023: €3.51) − PPA D&A adjustment in line with prior year at €-24m − Other exceptionals amounted to €-22m (M&A and legal fees €-9m, closure and consolidation of production plants €-8m, personnel measures €-4m) − Positive one-off of in finance result of €+14m, due to USD derivates set in October to hedge the purchase price of Hyva Adj. net income declined by 16% to €77m roughly in line with sales (2023: €93m). Adj. EPS reached €5.20 (2023: €6.24) − Adj. net earnings to sales ratio reached 7.2% (2023: 7.4%) − Taxes declined by 46% to €10m in 2024 (2023: €19m) 77 93 53 10 4 67 24 22 113 -18 -18 Net Income FY 2024 Taxes FY 2024 Finance Result FY 2024 EBIT FY 2024 D&A of PPA Other Exceptionals Adj. EBIT FY 2024 Adj. Finance Result FY 2024 Adj. Tax Rate Adj. Net Income FY 2024 Adj. Net Income FY 2023 income 13 JOST Werke SE I Earnings Conference FY2024 – 26 March 2025
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268 268 -88 -140 Dec 31, 2023 Dec 31, 2024 ROCE, EQUITY RATIO AND LEVERAGE DEVELOPMENT - ROCE declined compared to year-end, mostly affected by sales-driven reduction of adj. EBIT - ROCE slightly below the long-term target of >18% + Equity ratio was up by 2.3pp, for the first time above the 40% mark + Further deleveraging supported equity ratio increase - FX translation effects of €-8m reduced equity ROCE1 (%) Net debt2 (€m) + Leverage improved significantly to 0.86x despite payment for Trailer Dynamics (€15m), dividend payment (€22m) and earn-out payments for Ålö (€21m) → Excellent starting point to finance Hyva acquisition + Strong free cash Flow development supported reduction of net debt Equity ratio (%) 1 ROCE=LTM adj. EBIT (incl. acquisitions LTM) / interest-bearing capital employed (interest-bearing capital = equity + financial liabilities [excl. refinancing costs] – liquid assets + provisions for pensions) 2 Net debt = interest bearing capital [excl. refinancing costs] – liquid assets 3 Leverage = Net debt/LTM adj. EBITDA [LTM adj. EBITDA 2023 = € 181m (incl. acquisitions LTM); LTM adj. EBITDA 2024 = € 148m 0.998xLeverage³ Interest-bearing capital Liquid assets 21.0% 17.1% Dec 31, 2023 Dec 31, 2024 38.0% 40.4% Dec 31, 2023 Dec 31, 2024 0.861x €128m€180m -3.9pp BALANCE SHEET 14 JOST Werke SE I Earnings Conference FY2024 – 26 March 2025 2.3pp
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196 180 149 96 -109 -112 FY 2023 FY 2024 18.0% 15.3% CASH FLOW AND WORKING CAPITAL DEVELOPMENT 15 Free cash flow1 (€m) Net working capital (€m) CAPEX (€m) InventoryTrade receivables 112.3 115.1 FY 2023 FY 2024 30.8 33.3 FY 2023 FY 2024 Trade payables 2.5% 3.1%Capex3 (% of sales) 1.2 1.5Cash conversion rate2 1 Free cash flow = Operating cash flow – capex (excl. M&A) 2 Cash conversion = Free cash flow/adj. Net Income 3 Capex = Payments to acquire property, plant and equipment + payments to acquire intangible assets NWC (% of sales) + Strong development of operative cash flow + Additional support through factoring offset negative impact from earn-out payment for Ålö, beginning of 2024 + Cash conversation rate well-above long-term target range of ≥1 - Capex (excl. M&A) reached 3.1%, slightly above 2024 guidance of 2.5%-2.9% of sales + Capex projects to increase plant efficiency were carried out as planned. This resulted in slightly higher capex rate due to strong sales decline + Working Capital Management + Positive factoring contribution to trade receivables + NWC in % sales improved to record level 15.3% JOST Werke SE I Earnings Conference FY2024 – 26 March 2025 CASH FLOW
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outlook 2025
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BUSINESS STEERING ADJUSTED TO BE READY FOR HYVA INTEGRATION AND AMBITION 2030 TARGETS 17JOST Werke SE I Earnings Conference FY2024 – 26 March 2025 Group steering streamlined into three (new) regions: AMERICAS (North and South America), EMEA (Europe, Middle East and Africa) and APAC (Asia, Pacific and Oceania) Each region is headed by a regional Top Management Team developing and implementing regional initiatives to drive our Ambition 2030 strategy forward (Regional Fitness and Growth) Three Business Lines develop and steer the strategic global product and market roadmap (Transport, Agriculture, Hydraulics) Sales from Hyva group will be consolidated within the Business Line Hydraulics Group Executive Board (CEO, CFO, COO) Business Line TRANSPORT Business Line AGRICULTURE Business Line HYDRAULICS EMEA AMERICAS APAC
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MARKET DEVELOPMENT EXPECTATIONS FOR 2025 (INDUSTRY VOLUME) Note: Market estimates based on LMC, Clear Consulting, ACT, OEM announcements, JOST estimates (as of March 2025) 18JOST Werke SE I Earnings Conference FY2024 – 26 March 2025 APAC Indian and Chinese market expected to profit from incentives to boost manufacturing activity. 5 – 10 % AMERICAS Decline in class 8 demand specially during H1, expected to be partially offset during H2 (10) – (5) % EMEA Demand stable on prior’s year level with slight positive momentum expected in H2 0 – 5 % TRUCK India expected to increase due to government incentives, while rest of Asia will profit from economical driven demand 5 – 10 % Trailer demand expected to remain on prior year’s level, with slight increase in H2 0 – 5 % Market should start recovering after two very weak years, as fleets need to replace equipment grows. 5 – 10 % TRAILER Demand for agricultural tractors expected to remain stable or increase slightly compared to 2024. 0 – 5 % Demand for agricultural tractors in light and medium HP segment expected to remain on prior year’s level. (5) – 0 % Demand for agricultural tractors expected to start picking up as market uncertainties ease. 0 – 5 % TRACTORHYDRAULICS Infrastructure investments in India and Pacific region should support demand picking up, while China expected to stagnate. 0 – 5 % Lower demand for new equipment in North America. Slight decrease of activities in South America after strong 2024. (5) – (0) % Demand for construction equipment expected to pick up slightly with upside potential if infrastructure investment grow 0 – 5 %
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OUTLOOK FOR 2025 19 Sales Adj. EBIT Adj. EBITDA Capex (in % of sales) 1 Working Capital 1: Excluding M&A JOST Werke SE I Earnings Conference FY2024 – 26 March 2025 Up by 50% to 60% vs. prior year (2024: €1,069m) Up by 25% to 30% vs. prior year (2024: €113m) Up by 25% to 30% vs. prior year (2024: €148m) Approx. 2.9% of sales (2024: 3.1%) Below 18.5% of sales (2024: 15.3%) Outlook 2025
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STATUS POST-MERGER-INTEGRATION HYVA PPA analysis started and on-going. Information on PPA incl. P&L effects planned to be shared with Q1 2025 disclosures. Attractive bridge financing in place. Preparations started for take-out financing to stay flexible and opportunistic. Promising glance on further synergies showing upside vs. initial assessment of +€20m. More detailed update with Q2 2025 disclosure Strong cross-company collaboration and entrepreneurial mindset with similar values and customer-oriented culture. Closing executed February 1st, 2025. Global PMI program successfully launched with clear first 100-days priority list. 20 JOST Werke SE I Earnings Conference FY2024 – 26 March 2025
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21 EXECUTIVE SUMMARY Markets worldwide bottoming out with expected pick-up in demand in H2 2025 Hyva PMI integration well on track, with strong synergy potentials to support mid-term targets New steering matrix strengthens regions and drives entrepreneurial mindset to push growth JOST resilience growing further through more balanced regional footprint and customer mix Strong sales and adj. EBIT growth expected for 2025, mainly driven by Hyva consolidation JOST is well posed to generate value for shareholders and boost profitable growth JOST Werke SE I Earnings Conference FY2024 – 26 March 2025
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Appendix Questions
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HISTORICAL SEASONALITY DEVELOPMENT OF JOST’S SALES AND ADJUSTED EBIT BY QUARTER 23 Sales (€m) Adj. EBIT (€m) / Adj. EBIT Margin (%) 199 202 178 157 192 175 197 231 257 273 252 266 312 322 327 304 342 330 292 286 299 298 246 226 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2021 2022 2023 2024 24 23 19 11 15 11 20 27 30 30 24 21 34 32 30 27 40 37 33 30 35 34 27 18 12.0% 11.2%10.7% 7.1% 7.7% 6.3% 10.3% 11.7%11.6% 11.0% 9.6% 7.8% 11.0% 10.0% 9.3% 8.9% 11.6%11.3%11.4% 10.6% 11.6%11.3% 10.8% 8.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2021 2022 2023 2024 Cycle-driven sales decline of sales in Q4 2024 with year-end production plant closures extended. Profitability affected due to typical seasonality in Q4 and less working-days. JOST Werke SE I Earnings Conference FY2024 – 26 March 2025
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SHAREHOLDER STRUCTURE AND SHARE INFORMATION Shareholder structure as of March 26, 2025 24JOST Werke SE I Earnings Conference FY2024 – 26 March 2025 ISIN DE000JST4000 Trading symbol JST German Sec. Code Number (WKN) JST400 Shares in issue 14,900,000 Index SDAX Listed since July 20, 2017 20% 20% 10%5% 45% Allianz Global Investors PMB Management FMR LLCKempen Other Share information
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UPCOMING INVESTOR EVENTS 25 INVESTOR RELATIONS CONTACT ROMY ACOSTA Head of Investor Relations E-MAIL: romy.acosta@jost-world.com PHONE: +49-6102-295-379 FAX: +49-6102-295-661 JOST Werke SE SIEMENSSTRASSE 2 63263 NEU-ISENBURG GERMANY WWW.JOST-WORLD.COM March 26, 2025 April 2, 2025 May 8, 2025 May 15, 2025 Aug 14, 2025 Nov 13, 2025 Publication of Annual Group Report 2024 Metzler Small Cap Days 2025, Germany Annual General Meeting 2025 Publication of Q1 2025 Interim Report Publication of Q2 2025 Interim Report Publication of Q3 2025 Interim Report JOST Werke SE I Earnings Conference FY2024 – 26 March 2025