Good morning, ladies and gentlemen, and welcome to the SAF-Holland SE H1 2026 results call. Today's presenters are CEO Alexander Geis and CFO Frank Lorenz-Dietz. The presentation slides are available on the SAF-Holland corporate website. The presentation will be followed by a Q&A session. Please note the conference call will be recorded and published on the corporate website of SAF-Holland SE. Everything spoken through the unmuted microphone will be processed during the online meeting and published on the website of SAF-Holland SE. If a participant does not wish to be recorded, they should refrain from participating in the Q&A session and keep their microphone muted. The Q&A session is exclusively for institutional investors and analysts. All other participants of the conference call are kindly asked to contact the investor relation teams directly if they have any questions. Mr. Geis, the floor is yours. Good morning, everyone, welcome to our conference call on our Q2 2026 results. Let me start with a brief overview of our second quarter performance on page three. Overall, we delivered another solid quarter, which supports the confirmation of our outlook for fiscal year 2026. Sales increased to EUR 454 million, supported by an organic growth of 3.8% and the continued recovery and stabilization across our key OE markets. This positive top-line development was also reflected in our profitability. Adjusted EBIT margin increased to 9.6% from 9.1% a year ago, while adjusted EBITDA margin improved to 13.2%. At the same time, we continued to generate a strong cash flow. Operating free cash flow increased to EUR 21 million, driven by further improvements in net working capital management. This strong cash generation also supported a solid balance sheet with an unchanged leverage at 2.3x, despite the dividend payment and the ongoing execution of our share buyback program. Altogether, our second quarter performance once again demonstrates the strengths of SAF-Holland's business model, combining organic growth, improving profitability, and a strong cash generation. On page four, you can see the development of group sales and the adjusted EBIT development. We delivered a solid second quarter with group sales increasing by 2.6% year-over-year to now EUR 454 million. Organic growth reached 3.8%, supported by continued strength in the EMEA trailer OE business and strong momentum in APAC. At the same time, our aftermarket business remained resilient and continued to provide a robust contribution to the overall top line. Looking at the first half of 2026, sales increased by 1.6% year-over-year to EUR 905.7 million, organic growth was even stronger at 4.7%, although a large portion of this was offset by adverse currency effects. Turning to profitability, adjusted EBIT increased by around 8% to EUR 43.4 million in the second quarter, resulting in a margin improvement from 9.1% to now 9.6%. The performance was driven by higher volumes and benefited from our ongoing focus on operational excellence, productivity improvements, and cost discipline. Despite an unfavorable regional mix effect in the first half of the year, profitability remained resilient. Adjusted EBIT for H1 increased to EUR 85.9 million, while the adjusted EBIT margin improved to 9.5% from 9.3% a year ago. Overall, these results once again demonstrate the resilience of our business model. Moving on to the sales split by region and customer category on page five, please. Starting with EMEA, we continued to benefit from a solid trailer demand and a robust aftermarket business. As a result, the region slightly increased its contribution to group sales to around 51%. In North America, market conditions remained mixed. A positive organic growth in the truck segment, supported by initial pre-buy effects ahead of the EPA 2027 legislation, helped balance a more moderate trailer market environment. Moreover, APAC delivered again the strongest growth among all regions, supported by solid demand, especially in India and Australia. Despite unfavorable currency effects, the region increased its share of group sales to more than 12%. Looking at the performance by customer segment, trailer OE sales remained the largest category, accounting for around 49% of group sales, and growth was mainly driven by continued strong demand in EMEA and APAC. Truck OE sales represented approx. 12% of group sales and benefited from the first recovery effects in the North American truck market. Consequently, OE sales increased by around 6% year-over-year and amounted to EUR 276 million in the second quarter. Once again, the aftermarket business demonstrated its resilience and strategic importance, contributing a solid 39% of group sales despite adverse FX effects. Let's turn to the development of the EMEA region on page six. EMEA continued to perform well in the second quarter, benefiting from solid momentum in the European trailer market and a resilient aftermarket business. As a result, sales in the region increased by 3.6% year-over-year. Looking at the first half, organic growth reached 5.8%, broadly in line with the market development and underlining our strong market position in the region. On the profitability side, earnings benefited from the higher business volume as well as the first contributions from our efficiency initiatives in indirect area. As a result, the adjusted EBIT margin improved to 8.0%. For the first six months of 2026, adjusted EBIT increased to EUR 37.6 million, with the adjusted EBIT margin also reaching 8%. Overall, EMEA maintained its positive momentum in the second quarter, combining solid growth with a further improvement in earnings quality. Turning to the Americas region on page seven, please. In North America, market conditions remained challenging overall. We start to see more encouraging signs of improvement during the second quarter. This was visible in the truck market, where demand benefited from initial pre-buy activity ahead of the upcoming EPA 2027 legislation. At the same time, our aftermarket business demonstrated its resilience and continued to provide a stable contribution to the region's performance. Against this, sales in the Americas remained only slightly below the prior year level. On an organic basis, Q2 sales were broadly stable, while currency effects reduced top line by 1.4% year-over-year. For the first six months, sales were organically 1.3% below the previous year. On the profitability side, our ongoing focus on efficiency and cost discipline continued to pay off, and measures implemented across the organization helped offset the impact of lower volumes. As a result, adjusted EBIT increased to EUR 18.6 million in the second quarter. The adjusted EBIT margin improved to 11.1% compared to 10.2% in the prior year quarter, which had also been impacted by temporary tariff-related costs. Looking at the first half of the year, profitability remained resilient, with the adjusted EBIT margin improving slightly to 10.9%. The Americas region once again demonstrated its resilience, maintaining a solid double-digit margin despite a still challenging market environment. Let's turn to the APAC region on page eight. Our APAC region continued to be a strong growth driver in the second quarter. We saw solid demand across the region, especially in India and Australia, which resulted in an organic growth of more than 18%. Unfavorable FX effects remained a headwind and negatively impacted reported sales by 5.8%. Compared to the strong first quarter, sales were slightly lower due to usual seasonality and a somewhat more cautious investment behavior among certain fleet operators. Profitability also developed positively. Higher sales volumes improved operating leverage and a stronger contribution from China supported earnings growth. At the same time, our continued focus on cost discipline helped further improve earnings quality across the region. Overall, APAC delivered another strong performance, combining double-digit organic growth with improved profitability and continued operational momentum. Having said this, I hand over to Frank, who will take you through the key financials for the second quarter and the first half of 2026. Thank you, Alex, and hello to everybody on the line. Let me start with a short overview on the EBIT to adjusted EBIT reconciliation for the group on page 10. In the second quarter of 2026, reported EBIT increased by 12.1% year-over-year to EUR 38.7 million, driven by higher sales and improved profitability. As usual, depreciation and amortization from purchase price allocations were adjusted and declined compared to the prior year due to expiring amortization from the IMS acquisition. Our adjustments remained very limited and included a positive one-time adjustment of provisions related to the efficiency program in the indirect area. As a result, adjusted EBIT increased to EUR 43.4 million, corresponding to an adjusted EBIT margin of 9.6%. As such, the adjusted EBITDA margin improved to 13.2% and reflects our continued cost discipline and operational efficiency. Looking at the first half of 2026, adjusted EBIT increased to EUR 85.9 million, while the adjusted EBIT margin improved to 9.5%. Moving on to page 11, there you see the bridge from EBIT to basic earnings per share. As mentioned earlier, EBIT increased to EUR 38.7 million in the second quarter, driven by higher sales and improved profitability. At the same time, the finance result improved significantly to minus EUR 5.7 million. Mainly reflecting lower unrealized FX effects, as well as reduced interest expenses. The effective tax rate came in at 34.5%. While it is still affected by non-capitalized deferred tax assets relating to interest and loss carry-forward, we continue to expect a tax rate of around 35% for the full year. The combination of higher profitability and improved finance result led to a strong increase in earnings. Basic earnings per share doubled year-over-year to EUR 0.48, while adjusted EPS increased to EUR 0.63. For the first half as a whole, basic earnings per share amounted EUR 0.93 and adjusted earnings per share to EUR 1.24, clearly demonstrating the progress we have made in terms of profitability and earnings quality. Moving to page 12, where you can see the development of the equity ratio. Equity increased by 3.1% to EUR 507 million compared to year-end, mainly supported by the positive net profit in the first half-year. At the same time, total assets increased by 4.8%, primarily reflecting the seasonal build-up in working capital. In addition, equity was impacted by the dividend payment completed during the second quarter, as well as our ongoing share buyback program. As a result, equity ratio stood at 29.1% at the end of June 2026, only slightly below the year-end 2025 level. Overall, our balance sheet remains very solid, underlining the continued strength of our financial position. Turning to page 13, I would like to speak about net working capital development. Net working capital increased compared to year-end 2025, mainly reflecting the usual seasonal inventory build-up. In addition, we deliberately built inventory buffers ahead of the successful SAP S/4HANA Go Live at our Haldex facilities in the Americas in July. Trade receivables were somewhat higher due to a change in customer mix with longer payment terms, while trade payables developed favorably and offset a large part of this effect. As a result, net working capital ratio increased to 17.6% of sales from 16.8% at year-end. At the same time, we further improved the ratio compared to June last year, reducing it from 18.2% to 17.6%, mainly thanks to more efficient inventory management and improved payment terms. Overall, net working capital remained well within our target range. Now let me address the cash flow development on page 14. We delivered a very strong performance in the first half of 2026, with operating cash flow increasing to EUR 86.6 million compared to EUR 30.5 million in the prior year period. The main driver was a significantly lower cash outflow from net working capital, reflecting the improvements and measures I discussed earlier. Tax payments remained broadly stable, while the other cash flow item benefited mainly from favorable valuation effects in other assets, as well as from positive changes related to deferred tax assets. Investment in property, plant, and equipment, as well as intangible assets, amounted to EUR 20.8 million or to 2.3% of group sales and were fully in line with our full-year guidance. Our investments remain focused on automation and modernization projects, the ongoing SAP S/4HANA implementation and selected production equipment investments supporting our drive2030 strategy. These investments also included the acquisition of real estate related to our former Italian acquisitions and the construction of our new facility in Nashik, which is scheduled to become operational next year. As a result, operating free cash flow increased significantly to EUR 65.8 million in the first half of 2026, demonstrating the group's strong cash generation capabilities. Moving on to an overview of the leverage development on page 15. At the end of June 2026, the net debt to EBITDA ratio remained stable at 2.3x compared to year-end 2025, despite cash outflows of EUR 28.8 million for the dividend payment and EUR 13.3 million for our ongoing share buyback program. Excluding IFRS 16 lease liabilities, leverage would have stood at two times. Now I hand back to Alex. Thank you, Frank. I'm on page 17, showing the fiscal year 2026 forecast for the trailer and truck markets. Overall, our market assumptions remain largely unchanged, and the trends we have seen in the first half continue to support our outlook for 2026. In Europe, we have slightly upgraded our expectations for the trailer market and now expect growth of between +5% and +10%, reflecting the ongoing solid demand momentum. In North America, production levels remained relatively low during the second quarter. However, recent order activity, improving freight rates, and greater regulatory clarity around EPA 2027 reinforce our expectation for a stronger second half. Therefore, our outlook remains unchanged, with Class 8 truck productions expected to grow by 0% to 10%+, and trailer production expected to remain broadly stable. In APAC, our overall assumptions are also largely unchanged. Following the solid start to the year, we have become slightly more optimistic on the Chinese trailer market and now expect growth in a range of +5% to +10%. Overall, the expectations provide further confidence in our outlook for 2026. Having said that, let me briefly come to our guidance for fiscal year 2026 on page 18. As discussed in the market outlook, we continue to expect solid demand in EMEA and APAC, while North America is expected to gain momentum as we move through the second half of the year. Building on this, profitability will continue to be influenced by the overall volume development as well as the business mix. At the same time, the resilience of our aftermarket business remains an important support for margins and earnings quality. In addition, the overall economic environment could continue to be shaped by geopolitical uncertainties and increased volatility in the energy and commodities market. This could result in pressures on the procurement side. However, we expect to be able to largely offset the resulting pressures through pricing measures and ongoing efficiency and productivity gains, as we have done in the past. In addition, our efficiency initiatives continue to progress according to plan. The measures implemented across admin and sales functions are expected to generate increasing benefits over time and help offset general wage inflation. Overall, this gives us confidence in our current outlook for the year. Let me briefly summarize the key takeaways on page 19. Looking back at the first half, we have continued to execute on the priorities we set at the beginning of the year, growing the business, improving profitability, and generating strong cash flow. The progress we have made across all three regions reflects the resilience of our business model, the strength of our aftermarket activities, and the commitment of our teams around the world. With positive momentum in our key markets and a solid financial foundation, we enter the second half of the year with confidence and remain firmly on track to deliver our objectives for 2026. Ladies and gentlemen, this concludes the presentation. We can now start with your questions. Operator, the first question, please. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and then two. Questioners on the phone are requested to disable the loudspeaker mode while asking a question. Anyone who has a question may press star one at this time. The first question comes from Holger Schmidt, DZ Bank. Please go ahead. Good morning, everyone. My first question is on the guidance. You confirmed the guidance for the current year, but you raised the market outlook for trailers in EMEA, which is one of your largest end markets. Is it fair to assume that you now consider the upper end of the guidance range to be more feasible than the midpoint? I will take that, Mr. Schmidt. This is Alex Geis. Well, absolutely. We confirmed the guidance. You know that our guidance has a spread of some millions. At this point of time, we already incorporated, at the beginning of our guidance, a better second half in the Americas, specifically in the truck market, which is also a key market for us. Now, the European trailer market is getting a little bit better. Not really hugely better, but a little bit better. We continue to confirm our guidance. I would not say anything if it's the upper end of the guidance. As you know us, we stay conservative, and at this point of time, we will not touch our guidance. We confirm our guidance as you just have read it. Also, we have a little bit less working days in the second half of the year. Please don't forget that also. Yeah. Well understood. My second question is with regard to the Americas region. You reported a 17% increase in the adjusted EBIT on more or less robust sales. Was it solely based on improved efficiency, or was it also supported by any effects related to the U.S. tariff refunds? Well, it was not only the increased productivity that was also a cornerstone of our increased profitability. We also have a very strong aftermarket business in the Americas, with a higher share than we have in aftermarket in Europe. That was also strong. Our REMAN business also kicked in with a good profitability for us. It was a mix of everything. Basically, it's the volume mix, it's the productivity, it's also getting more volume in our newly opened facilities, for instance, for the truck fifth wheels in Piedras Negras, which we opened two years ago or one and a half years ago. It's a mix of everything, I would say. Okay. My last question is with regard to the U.S. trailer market. I know we have seen substantial improvements in monthly order data recently, and the CEO of Wabash, one of the big trailer manufacturers, noted that the current freight market recovery trends are driving trailer demand in a way that the company has not seen for 40 years. How do you think demand will develop in the future, not only in 2026 but going forward? Is this the start of a new cycle in the U.S. trailer market? Let's hope it will be. For 2026, I have to say again, it will be subdued. It's not increasing heavily. Of course, we also talked with the big trailer manufacturers, also Mr. Yeagy, the CEO of Wabash, of course. We hope that it will be increasing by the end of the year, and I'm pretty sure that it will be substantially increasing in 2027. The trailer market was really bad the last two years already, 2025, 2026, also not really good. We see, let's say, an increasing financial interest of the fleets to also now invest in trailer equipment again, and I really hope that it will be increasing substantially in 2027. Sounds very good. Thanks a lot. Good. The next question comes from Yasmin Steilen, Berenberg. Please go ahead. Hello. Many thanks for taking my questions. I have two, if I may. The first one, I guess, more for you, Alexander, on the strategy. We have heard other truck suppliers becoming more vocal about the structural change among the truck OEMs and the shift towards EV. What's your assumption on the speed of the electrification and the increasing importance of the Asian truck OEMs, and how is SAF positioned in terms of customer inroads to the kind of new truck OEMs and in terms of the product portfolio? Do you see any chances to increase your content per vehicle in the electrified world? That's my first question. Let me start answering the first part of your question, how I see the speed of the electrification in the truck market. It's still very low. We have seen a big momentum like four or five years ago. It went down a little bit, and we also have seen that with a lot of depreciations with the big truck manufacturers. It will come for sure. We have more trucks on the road, which are EV vehicles, specifically also now more in the Asian world. We not only supply to all the truck manufacturers globally our fifth wheels, but also truck suspensions and also a big basket of our products from the Haldex world. A lot of valves, slack adjusters we're supplying. We have a huge basket, also in the future, we'd like to increase supplying more and more products, to get more content throughout the whole vehicle. We're working towards that. Also, one of the major cornerstones will be the [Air Disc] brake. We started now manufacturing truck brakes also in China, we are succeeding now with the first orders coming from truck manufacturers from Chinese trucks. This is the start. We gained some momentum in North America with our [Air Disc] brakes being manufactured in Monterrey, in Mexico, also started supplying in Europe, coming from our Swedish facilities. Now also starting to supply to Turkey. This is then a bigger, let's say, basket and a bigger content overall in the future. That's very helpful. My second question on your working capital development. You stated that Q2 development was mainly affected by the usual seasonal build-up. Have you experienced any stress to supply chain already, or should we expect, in terms of working capital, some effects in the second half? Many thanks. Yasmin, I can take this. We have a really solid supply strategy, always dual or even a triple source plan, we don't see really stress on the supply chain. There are some discussions in the market, from our own organization, we don't see. Many thanks. All very clear. I will step back into the line. Thank you. As a reminder, if you wish to register for a question, please press star followed by one. The next question comes from Nicolai Kempf, Deutsche Bank. Please go ahead. Yeah, good morning. It is Nicolai from Deutsche Bank, and well done for a good quarter. Couple of questions also my side, and I will take them one by one. First, on the U.S. market, and you have mentioned both, right? That is supporting the outlook for H2, its higher freight rate, and also with the EPA changes, a potential pre-buy effect. Do you see rather the freight rates or rather the EPA emission change as an underlying driver? Because the reason could be then if you look at 2027, whether there will be a lower start to the year, in H1, and I know some OEMs are also talking about a phase-in, and because I think there is still a bit of unclarity how the final details will work out. That is my first question. I will take that. Hello, Nicolai. This is Alex Geis. I would say it's a mix of both. It's the increased freight rates and also the EPA. Normally, if you come with a new EPA regulation, there is a massive pre-buy effect. This slowed down, so it will not look like a hockey stick. By January 2027, when the truck owners didn't do the registration, will fall down like 30%. We don't see that. We see a continuously increasing order intake with the truck manufacturers. They're now taking orders for the fourth quarter already. We also see that in our orders. They are picking up for slack adjusters, for fifth wheels, for truck suspensions. For everything, basically. It will not be dropping by 30% by 2027. We see more a constant increase now for the second half of 2026, and then a continuation in 2027. As I mentioned before, we rather see then an increase, a massive increase in trailer orders by beginning of 2027. I would say it's a mix of everything. Okay, sounds good. On EMEA, you, I think, partly answered that. There's especially truck OEMs flagging high input costs and also higher freight costs. You said you're going to raise prices. Have you raised prices so far? Is that something that's going to happen in H2? I didn't speak about the truck manufacturers in detail. The thing is, we still have the Middle East conflict going on. Unfortunately, this is not being solved. We all know when we fill our passenger cars up with gasoline, and we can see the record prices at the gas station. This really is a drawback for the whole industry, I have to say. You have to get more and higher diesel surcharges in Europe. We have to pay the fleets also for our output goods and our suppliers for incoming goods to us. What is a little bit of a big question mark is actually all the goods being exported from India. Because at the moment, it's really hard to get sea freight containers. There is a little bit of a shortage. It's not massive, but there is a little bit of a shortage, and the sea freight rates increased at the moment. We are watching that. Of course, our suppliers too at the moment, everything is still okay, but there might be a moment coming that if we see increasing prices from logistics, we, of course, have to also ask our customers to do that. For the time being, we didn't do that, but we are ready to do that if we have to do it. At the moment, there is no big demand of doing that. We are watching it very closely with our sourcing teams around the globe. Okay. That sounds good. Just my last question with leverage coming down in H2. Anything we should keep in mind for potential M&A? Do you think this year is rather focusing on lifting synergies, bit of de-levering, execute on the share buyback, maybe next year, take another look at potential M&A targets? I can take this, Nicolai. First of all, based on our solid operational performance, leverage should be expected to come down step by step. That's the usual. You see our strong performance in terms of cash flow, this is how we expect it usually, also really stable and solid EBITDA generation. Without considering any M&A, it's a clear tendency to be expected. Talking about M&A, as we are explaining this in every call, we really do a strong market review and monitoring. We are discussing with a lot of companies about potential ideas. On the other hand, to be honest, as we are now in August, there is not so much time left to publish a big thing the next month. In our capital allocation, we continue our share buyback program to keep the money in the company. We will let you all know if we have something to announce as soon as it's precise and clear. Understood. Thank you. Once again, for any further questions, please press star and one on your telephone. Ladies and gentlemen, there are no further questions. I would now like to turn the conference back over to CFO Frank Lorenz-Dietz for closing remarks. Yeah. Thank you. Thank you for your questions and for joining today's call. As always, our investor relations team remains available should you have any follow-up questions. Over the coming months, we will be attending various road shows and conferences, and we look forward to meeting many of you in person. We would also be delighted to welcome you at our IAA event on September 15 in Hanover and look forward to the opportunity for further discussions. Have a great day and goodbye. Ladies and gentlemen, the conference is now over. 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