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Conference Call Presentation Q2 2026 Prepared for tomorrow Alexander Geis ( CEO ) & Frank Lorenz - Dietz ( CFO ) August 6 , 2026 SAF Holland Group
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Highlights and regional performance Q2/H1 2026 Q2 2026 Call Presentation 2 01
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Q2 2026 Call Presentation 3 Q2 2026 Financial highlights Outlook Outlook for fiscal year 2026 confirmed Leverage 2.3x (Dec 2025: 2.3x) Stable leverage despite dividends and share buybacks Operating FCF EUR 21.0 mn (PY: 0.9 mn) Solid cash flow due to improved NWC management Adj. EBITDA margin 13.2% (PY: 12.8%) Resilient profitability despite adverse regional mix effects Adj. EBIT margin 9.6% (PY: 9.1%) Continued margin improvement and resilience Sales EUR 454.0 mn (PY: EUR 442.4 mn) Recovery and stabilization of major OE markets result in moderate organic growth of 3.8%
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Q2 2026 Call Presentation 4 Continued organic growth with margin improvement Sales • Group sales increased by 2.6% yoy in Q2, driven by an organic growth of 3.8% yoy • Growth was primarily driven by continued trailer OE demand in EMEA and strong momentum in APAC, more than offsetting weakness in Americas; aftermarket business developed robustly • H1 sales increased by 1.6% yoy, with organic growth of 4.7% which was largely offset by adverse currency translation effects Group sales (in EUR mn) Group adj. EBIT and margin (in EUR mn and %) Adj. EBIT and margin • Higher sales and an improved cost structure supported operational performance in Q2, driving the adj. EBIT margin up from 9.1% to 9.6%, despite muted market in North America • Although an unfavorable regional mix effect in H1, the adj. EBIT margin increased to 9.5% (PY: 9.3%) 0 5 10 15 0 50 100 150 200 12.8 9.1 Q2 13.2 9.1 Q3 14.2 10.1 Q4 13.0 9.4 Q1 13.2 9.6 Q2 40.3 38.1 42.9 42.5 43.4 0 5 10 0 200 400 600 Q2 Q3 Q4 Q1 Q2 442.4 417.2 425.6 451.7 454.0 +2.6% Adj. EBITDA margin Adj. EBIT margin 73.1 73.1 891.6 905.7 +1.6% H1 73.1 77.1 2025 2026 H1 2025 2026 0 5 10 15 0 50 250 13.1 9.3 13.1 9.5 83.0 85.9 2025 2026 2025 2026
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Q2 2026 Call Presentation 5 Sales split by region and customer segment 49.4% 11.5% 39.1% Group sales split (by region, by customer category) • EMEA mainly benefitted from a continued solid trailer demand and a robust aftermarket, despite the ongoing Middle East conflict • Solid pre-buy demand for trucks in North America more than offset slightly weaker trailer demand in the region due to investment prioritization upfront of upcoming EPA 27 legislation • APAC again showed the strongest growth benefitting especially from solid demand in India and Australia, despite unfavorable FX effects • Trailer OE sales were mainly driven by solid demand in EMEA as well as in APAC and thus remained the largest customer segment • Truck OE sales were supported by recovering North American business • Hence, OE sales accounted for EUR 276.4 mn (+5.6% yoy) • Aftermarket confirmed its robust and resilient contribution, despite unfavorable FX burden 50.5% 38.4% 11.1% EMEA Americas APAC 50.9% 36.9% 12.2% Q2 2026 Q2 2025 47.0% 12.2% 40.8% Trailer OE Truck OE Aftermarket Q2 2026 Q2 2025
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Q2 2026 Call Presentation 6 EMEA maintains momentum with sound profitability Sales • Continued positive momentum in the OE trailer segment in Europe remained the key growth driver, while the aftermarket business developed robust • Hence, sales grew by 3.6% organically in Q2 yoy • Sales in H1 increased organically by 5.8%, predominantly in line with the overall market development Adj. EBIT and margin • Operating leverage from higher volumes and first effects from the efficiency program in indirect area supported earnings development, resulting in a slightly improved adj. EBIT margin of 8.0% (PY: 7.9%) • Profitability in H1 increased to a solid level of 8.0%, while the PY was also impacted by a negative FX valuation effect 0 2 4 6 8 10 12 0 20 40 60 80 7.9 Q2 8.2 Q3 9.1 Q4 8.1 Q1 8.0 Q2 17.5 17.7 20.6 19.0 18.5 0 5 10 0 100 200 300 Q2 Q3 Q4 Q1 Q2 223.1 216.8 225.6 236.2 231.0 +3.6% EMEA sales (in EUR mn) EMEA adj. EBIT and margin (in EUR mn and %) 73.1 73.1 441.9 467.3 +5.7% H1 73.1 77.1 2025 2026 H1 2025 2026 0 2 4 6 8 10 12 0 20 40 60 80 7.7 8.0 34.0 37.6 2025 2026 2025 2026
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Q2 2026 Call Presentation 7 Resilient operating performance despite weak market environment, with signs of recovery Sales • Americas Q2 sales remained slightly below prior year due to continued muted North American CV demand and negative FX effects of EUR 2.4 mn resp. 1.4% • Sequential improvement especially driven by truck pre-buy demand in North America • H1 Americas sales were 6.3% below prior year (organically -1.3% yoy) with resilient aftermarket activity being offset by muted OE demand; FX effects were negatively impacting topline by 5.0% Adj. EBIT and margin • During Q2, continued execution of efficiency measures in SG&A as well as strict cost management more than compensated for the negative effects of slightly lower sales volumes • The adj. EBIT margin improved significantly to 11.1% in Q2, compared to a prior-year quarter impacted by temporary tariff- related costs • As a result, H1 adj. EBIT margin slightly improved by 10 BP, mainly due to a strict cost management especially within indirect areas0 2 4 6 8 10 12 0 10 20 30 40 50 10.2 Q2 10.0 Q3 11.5 Q4 10.7 Q1 11.1 Q2 17.4 15.5 17.0 16.8 18.6 0 5 10 0 100 200 Q2 Q3 Q4 Q1 Q2 170.1 155.0 147.6 156.9 167.7 -1.4% Americas sales (in EUR mn) Americas adj. EBIT and margin (in EUR mn and %) 73.1 73.1 346.5 324.5 -6.3% H1 73.1 77.1 2025 2026 H1 2025 2026 0 2 4 6 8 10 12 0 10 20 30 40 50 60 10.8 10.9 37.5 35.4 2025 2026 2025 2026
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Q2 2026 Call Presentation 8 Strong organic growth and operational momentum Sales • Continued strong trailer demand in India as well as Australia drove double-digit organic growth of 18.1% yoy in Q2, while FX effects significantly reduced reported sales by 5.8% • The sequential decline compared to Q1 2026 was primarily driven by normal seasonality and more cautious investment behavior among some fleet operators amid increased geopolitical uncertainty • H1 organic sales growth amounted to 20.2% yoy, supported in particular by strong OE development; FX was negatively effecting topline by 9.8% yoy Adj. EBIT and margin • Adj. EBIT margin improvement in Q2 was mainly driven by scale effects and stronger profitability in China • H1 profitability benefited from positive operating leverage driven by the market recovery, alongside continued strict cost management 0 10 0 25 10.8 Q2 10.8 Q3 10.3 Q4 11.4 Q1 11.4 Q2 5.3 4.9 5.4 6.7 6.3 0 5 10 0 20 40 60 Q2 Q3 Q4 Q1 Q2 49.2 45.5 52.4 58.6 55.3 +12.4% APAC sales (in EUR mn) APAC adj. EBIT and margin (in EUR mn and %) 73.1 73.1 103.1 113.9 +10.4% H1 73.1 77.1 2025 2026 H1 2025 2026 0 2 4 6 8 10 12 0 5 10 15 20 25 11.1 11.4 11.5 13.0 2025 2026 2025 2026
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Financials Q2/H1 202602 Q2 2026 Call Presentation 9
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in EUR mn Q2 2026 Q2 2025 EBIT 38.7 34.5 EBIT margin in % 8.5 7.8 Additional depreciation & amortization from PPA 4.8 5.6 Restructuring and transaction costs -0.1 0.2 Adj. EBIT 43.4 40.3 Adj. EBIT margin in % 9.6 9.1 Adj. EBITDA 59.8 56.8 Adj. EBITDA margin in % 13.2 12.8 Q2 2026 Call Presentation 10 EBIT to adjusted EBIT reconciliation for the Group Reported EBIT improved due to higher topline scale effects and materialization of groups efficiency program in SG&A PPA amortization improved due to expiring depreciation from M&A Restructuring and transaction costs in H1 mainly refer to legal and transaction expenses; Q2 with positive one-time adjustment of provisions related to the efficiency program initiated last year Improved EBITDA margin reflecting strict cost discipline 1 2 12.1% 7.9% 5.4% 3 4 1 4 2 3 H1 2026 H1 2025 75.6 70.4 8.3 7.9 9.5 11.5 0.9 1.1 85.9 83.0 9.5 9.3 118.4 116.5 13.1 13.1 7.4% 3.6% 1.7% 3 2
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in EUR mn Q2 2026 Q2 2025 EBIT 38.7 34.5 Finance result -5.7 -17.0 thereof unrealized FX effects 3.3 -8.7 EBT 33.0 17.5 Income taxes -11.4 -6.8 Tax rate (in %) -34.5 -38.9 Result for the period 21.6 10.7 Minorities - +0.3 Result attributable to shareholders 21.6 11.0 Basic EPS 0.48 0.24 Adj. result attributable to shareholders 28.0 17.6 Adj. EPS 0.63 0.38 Q2 2026 Call Presentation 11 EPS benefits from revenue growth and improved financing result 1 12.1% 96.3% 58.8% 1 2 2 Finance result improved strongly by EUR 11.3 mn • PY was impacted by unrealized FX effects of EUR -14.5 mn • FY exposure partially reduced by adjustment of intercompany financing • Remaining FX exposure influenced by favorable currency development mainly from USD • Improved interest expenses from financing (-3.2% yoy) Tax rate improved compared to PY and was influenced by non- capitalized deferred tax assets on interest and loss carryforwards For FY 2026, a tax rate of around 35% is expected H1 2026 H1 2025 75.6 70.4 -11.0 -32.3 6.5 -14.5 64.6 38.0 -22.5 -14.0 -34.9 -36.8 42.0 24.0 - - 42.0 24.0 0.93 0.53 55.7 37.7 1.24 0.83 7.4% 75.0% 47.6%
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Q2 2026 Call Presentation 12 Equity ratio mainly impacted by dividend payment • Compared to 31 December 2025, equity rose by 3.1% mainly due to the result for the period • Balance sheet total grew by 4.8% compared to 31 December 2025 primarily due to the seasonal build-up of working capital • Hence, SAF-HOLLAND’s equity ratio of 29.1% was slightly below the level at year-end 2025 EUR mn Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Equity 492.3 484.4 527.1 539.4 464.7 477.2 492.0 516.2 507.0 Balance sheet total* 1,726.1 1,689.2 1,711.9 1,731.1 1,674.9 1,771.5 1,663.3 1,759.1 1,743.5 28.5% 28.7% 30.8% 31.2% 27.7% 26.9% 29.6% 29.3% 29.1% * Restated until Sep 2024 Equity ratio (in %)
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Q2 2026 Call Presentation 13 Seasonal NWC build-up in line with FY expectations • NWC ratio increased to 17.6% as of June 2026 (Dec 2025: 16.8%), mainly reflecting the usual seasonal build-up in inventories and receivables • A structural different customer mix impacted trade receivables, while improved trade payables largely offset this effect • Factoring amounted to EUR 38.5 mn (Dec 2025: EUR 40.8 mn) • Compared to June 2025, NWC ratio improved from 18.2% to 17.6%, benefitting mainly from an improved inventory level 15.8% 16.4% 15.5% 16.9% 18.2% 18.7% 16.8% 17.1% 17.6% * LTM sales include acquisition-related contribution on a pro forma basis EUR mn Jun 2024* Sep 2024* Dec 2024 Mar 2025* Jun 2025* Sep 2025* Dec 2025 Mar 2026 Jun 2026 Inventories 311.0 302.7 291.5 304.4 301.4 297.3 260.4 273.2 273.5 Trade receivables 241.0 223.6 185.0 221.4 217.5 212.8 203.6 249.3 255.0 Trade payables -219.6 -195.6 -185.4 -215.7 -198.9 -186.5 -173.2 -225.4 -220.6 NWC 332.4 330.7 291.1 310.1 320.0 323.6 290.9 297.1 307.9 Sales (LTM) 2,100.7 2,012.3 1,876.7 1,832.3 1,758.7 1,733.1 1,734.4 1,736.9 1,748.5 Net working capital (in % of sales)
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H1 2026 H1 2025 117.5 115.4 -17.0 -46.5 -18.8 -20.7 +4.9 -17.7 86.6 30.5 -20.8 -21.5 65.8 9.1 in EUR mn Q2 2026 Q2 2025 EBITDA 59.9 56.5 Change in net working capital -10.4 -18.8 Taxes paid -12.3 -12.3 Others -0.1 -11.3 Net CF from operating activities 37.0 14.1 Operating capex (net) -16.0 -13.2 Operating free cash flow 21.0 0.9 Q2 2026 Call Presentation 14 Favorable NWC development drives solid cash flow Improved NWC drove lower cash outflow compared to PY Capex amounted to 2.3% of Group sales during H1 2026 Investments focused on further automation and modernization processes, the implementation of SAP S4/HANA, production equipment in line with the drive2030 strategy as well as the acquisition of real estate as part of PMI measures Operating free cash flow* (in EUR mn) Q1 Q2 Q3 Q4 8.2 38.5 63.5 44.8 21.0 2025 2026 1 2 1 2 * Pre acquisitions 0.9
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Q2 2026 Call Presentation 15 Solid leverage ratio despite dividend payment and repurchasing of shares EUR mn Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Net debt1 502.8 509.3 473.5 477.7 574.5 547.0 505.3 482.3 507.6 EBITDA2 273.2 259.4 252.4 247.0 235.3 227.5 221.7 220.5 223.8 Net debt/EBITDA 1.8 2.0 1.9 1.9 2.4 2.4 2.3 2.2 2.3 1 Restated until Sep 2024 2 Reported EBITDA (LTM) • Net debt/EBITDA ratio amounted to 2.3x at the end of June 2026 • Solid net debt development despite dividend-cash out of EUR 28.8 mn as well as EUR 13.3 mn spent for repurchasing of SAF-HOLLAND shares • Leverage excl. IFRS 16 leases amounted to 2.0x at the end of June 2026
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Outlook FY 2026 and key takeaways03 Q2 2026 Call Presentation 16
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Q2 2026 Call Presentation 17 2026 Market outlook – Positive momentum across key end markets H1 2026 Trailer market H1 2026 Truck market FY 2026e Trailer market FY 2026e Truck market EMEA ~ +5 to +10% +5 to +10% ~ 5 to +10% (previously: ~ 0 to +5%) ~ +5 to +10% North America -8% -17% ~ -5 to +5% ~ 0 to +10% Brazil -9% -14% ~ -10 to -5% ~ -10 to -5% China ~ +10 to 15% ~ +10 to 15% ~ +5 to +10% (previously: ~ 0 to +5%) ~ 0 to +5% India 22% 14% ~ +10 to +15% ~ +5 to +10% Truck OEM business* EMEA North America Brazil China India Rest of APAC Trailer OEM business* * Indicative view based on FY 2025 sales Note: Market forecasts are management assumptions based on customer communication, IHS Markit (Q2 2026), ACT Research (July 2026), ANFAVEA (July 2026), ANFIR (July 2026), SIAM (July 2026)
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Q2 2026 Call Presentation 18 Outlook 2026 confirmed Group FY 2025 Results Group FY 2026 Outlook as of March 2026 Sales EUR 1,734.4 mn EUR 1,700 mn – EUR 1,850 mn Adj. EBIT margin 9.5% 9.0 – 10.0% Capex ratio* 3.0% up to 3% Sales • OE business to be supported by continued recovery trend in EMEA as well as in APAC • Americas expected to show recovery momentum from truck customers as well as a gradually improved trailer market for the remainder of the year • Aftermarket expected to develop stable • Stable foreign exchange rates – no currency effects included Adj. EBIT margin • Margin development generally dependent on volume development as well as segment mix • Margin to continue benefitting from resilient aftermarket business • Input cost increases may occur; however, based on resilient business model no material impact is anticipated • Efficiency program in administrative and sales area expected to gradually reduce costs and offset wage inflation Capex • Focus areas: optimization of production network along drive2030 strategy implementation, automation to enhance manufacturing efficiency, and further rollout of SAP S/4HANA * Incl. payments for investments in property, plant and equipment and intangible assets as well as capitalized R&D
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Q2 2026 Call Presentation 19 Key takeaways Recovery in key markets drives continued organic growth1 Scale effects, operational excellence, and resilient aftermarket business translate into strong profitability2 Strong earnings quality translates into robust cash generation3 Constructive market backdrop supports FY 2026 guidance4
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Contact and additional information04 Q2 2026 Call Presentation 20
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Q2 2026 Call Presentation 21 Investor relations contact & financial calendar Issuer & contact SAF-HOLLAND SE Hauptstrasse 26 63856 Bessenbach Dana Unger Vice President Investor Relations, Corporate & ESG Communications Tel: +49 6095 301 – 949 Alexander Pöschl Senior Manager Investor Relations, Corporate & ESG Communications Tel: +49 6095 301 – 117 Marleen Prutky Manager Investor Relations, Corporate & ESG Communications Tel: +49 6095 301 – 592 E-mail: ir@safholland.de Financial calendar and roadshow activities August 6, 2026 Publication Half-year Report H1 2026 August 18, 2026 Roadshow Toronto August 25-26, 2026 Roadshow Nordics September 2, 2026 Commerzbank and ODDO BHF Corporate Conference, Frankfurt September 15, 2026 Meet the Management at IAA, Hanover September 22, 2026 Berenberg and Goldman Sachs German Corporate Conference, Munich September 23, 2026 Baader Investment Conference, Munich November 5, 2026 Publication Quarterly Statement Q3 2026 November 17, 2026 BNP Paribas MidCap CEO Conference, Paris December 1, 2026 Berenberg European Conference, Windsor
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Q2 2026 Call Presentation 22 Disclaimer This presentation has been prepared by SAF-HOLLAND SE (“SAF-HOLLAND”) and comprises written materials concerning SAF-HOLLAND. It is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. It contains summary information only and does not purport to be comprehensive and is not intended to be (and should not be used as) the sole basis of any analysis or other evaluation of SAF-HOLLAND or its business. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither SAF-HOLLAND nor any of the members of its management board or any of its officers, employees or advisors nor any other person shall have any responsibility or liability whatsoever (for negligence or otherwise) arising, directly or indirectly, from the use of this presentation, or its contents or otherwise in connection with this presentation. This presentation contains certain statements related to our future business and financial performance and future events or developments involving SAF-HOLLAND and/or the industry in which SAF- HOLLAND operates that may constitute forward-looking statements. These statements may be identified by words such as “believes,” “expects,” “predicts,” “intends,” “projects,” “plans,” “estimates,” “aims,” “foresees,” “anticipates,” “targets,” and similar expressions. Forward-looking statements are not historical facts, but solely opinions, views and forecasts which are based on current expectations and certain assumptions of SAF-HOLLAND’s management or cited from third party sources which are uncertain and subject to risks. Actual events may differ significantly from the anticipated developments due to a number of factors, including without limitation, changes in general economic conditions, changes affecting the fair values of the assets held by SAF-HOLLAND and its subsidiaries, changes affecting interest rate levels, changes in competition levels, changes in laws and regulations, environmental damages, the potential impact of legal proceedings and actions and the Group’s ability to achieve operational synergies from past or future acquisitions. 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In the United States, any securities may not be offered or sold absent registration or an exemption from registration under the U.S. Securities Act of 1933. The information contained in this document has not been subject to any independent audit or review. Information derived from unaudited financial information should be read in conjunction with the relevant audited financial statements, including the notes thereto. Certain financial data included in the document consists of "non-IFRS financial measures". These non-IFRS financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS. You are cautioned not to place undue reliance on any non-IFRS financial measures and ratios included herein.