JOST increases sales and earnings supported by the integration of the new Hydraulics business

JOST increases sales and earnings supported by the integration of the new Hydraulics business
 

• Growth path continues: Sales increased through M&A (Hyva) by 44% to EUR 429 million in Q2 2025 (Q2 2024: EUR 298 million) and adjusted EBIT grew by 10% to EUR 37 million (Q2 2024: EUR 34 million)
• Sale of the Cranes business: Hyva’s cranes business will be sold and is being reported as “discontinued operations”
• Robust profitability of continuing operations: Sales from continuing operations grew by 31% to EUR 391 million (Q2 2024: EUR 298 million), adjusted EBIT increased by 10% to EUR 37 million (Q2 2024: EUR 34 million) with adjusted EBIT margin reaching 9.5% (Q2 2024: 11.3%)
• Adjusted earnings per share grow: Adjusted earnings per share increased by 3% to EUR 1.41 (Q2 2024: EUR 1.37)
• Outlook for the 2025 financial year confirmed

Neu-Isenburg, August 14, 2025 - JOST Werke SE ("JOST"), one of the world's leading manufacturers and suppliers of safety-related systems for the on- and off-highway commercial vehicle industry, published today its interim report for the second quarter of 2025.

Joachim Dürr, CEO of JOST Werke SE, said: "Our business performance in the second quarter of 2025 highlighted the strength of JOST’s growth strategy. Our clear focus on branded products and strong customer relationships, as well as our broad, international sales network, enabled us to gain market share and grow profitably despite the challenging market environment. The integration of the Hyva Group was crucial to this, but also organically we were able to grow selectively in EMEA and China, thus largely cushioning the steep decline in demand in other countries. In a market environment characterized by increasing volatility and uncertainty, our business model has once again proven itself of being resilient and successful. We therefore look to the future with confidence and confirm our outlook for 2025." 

Sales and earnings continue to grow

JOST performed well in a challenging market environment. The integration of Hyva remained a key focus of the Group's activities in the second quarter of 2025 and progressed as planned. The Cranes business acquired as part of Hyva was identified as being non-core to JOST’s growth strategy, therefore it will be sold swiftly. A purchase agreement with the private equity investor Mutares SE & Co. KGaA was already signed on August 11, 2025. The Cranes business has been classified as assets held for sale in accordance with IFRS 5, effective February 1, 2025.

Consolidated revenue, including the discontinued operations of the Cranes business, increased by 43.8% year-on-year to EUR 428.9 million in the second quarter of 2025 (Q2 2024: EUR 298.2 million). Adjusted EBIT (including discontinued operations of the Cranes business) increased by 10.1% to EUR 37.2 million (Q2 2024: EUR 33.8 million) and the adjusted EBIT margin amounted to 8.7% (Q2 2024: 11.3%).

Consolidated sales from continuing operations (i.e., adjusted for the contribution of the Cranes business from February to June 2025) grew by 31.0% to EUR 390.7 million in the second quarter of 2025 (Q2 2024: EUR 298.2 million). This includes EUR 108.9 million acquisition effects from the consolidation of the continuing operations of the Hyva Group, which are consolidated in the Hydraulics business line. JOST largely offset the declining demand in AMERICAS through increased sales in EMEA and China. Adjusted for acquisition and currency effects, consolidated sales in the second quarter of 2025 declined by only 3.2% year-on-year.

Sales in the Transport business line declined by 5.0% to EUR 207.1 million in the second quarter of 2025 (Q2 2024: EUR 218.0 million). However, sequentially, i.e. compared to the first quarter of 2025, JOST was able to grow its sales in the Transport business, supported by the growing demand for JOST products in EMEA. In the Agriculture business line, sales declined by 6.8% to EUR 74.7 million in the second quarter of 2025 (Q2 2024: EUR 80.2 million). However, the slowly growing sales of agricultural components in EMEA and the gain in market share in APAC were encouraging signs for this business.

Adjusted EBIT from continuing operations increased by 9.8% to EUR 37.0 million in the second quarter of 2025 (Q2 2024: EUR 33.8 million) and adjusted EBIT margin reached 9.5% (Q2 2024: 11.3%). The margin reduction is primarily due to the consolidation of Hyva. By realizing the identified synergies, JOST aims to bring Hyva's profitability into the Group's strategic EBIT margin corridor of 10% to 12% two years after closing.

EMEA

In EMEA, JOST increased sales from continuing operations by 20.9% to EUR 188.1 million in the second quarter of 2025 compared to the previous year (Q2 2024: EUR 155.5 million). This increase is primarily attributable to acquisition effects from the consolidation of Hyva amounting to EUR 25.4 million. Adjusted for acquisition and currency effects, JOST was also able to increase sales organically by 3.7% compared to the second quarter of the previous year. The year-on-year increase in business volume in Transport and Agriculture had a positive impact on the region's operational performance. Adjusted EBIT from continuing operations increased by 29.3% to EUR 10.9 million in the second quarter of 2025 (Q2 2024: EUR 8.5 million) and the adjusted EBIT margin grew to 5.8% (Q2 2024: 5.4%).

AMERICAS

In the AMERICAS region, revenue from continuing operations increased by 7.5% to EUR 103.3 million in the second quarter of 2025 (Q2 2024: EUR 96.1 million). Hyva contributed EUR 23.5 million to sales and was the main driver of the achieved sales growth. Negative currency effects, however, impacted the region's sales by EUR -5.7 million in the second quarter of 2025. Adjusted for acquisition and currency effects, sales in AMERICAS declined by 11.1% in the second quarter of 2025. Particularly in North America, JOST experienced customers’ purchasing reluctance across all business lines due to the US tariff debate, although the company was able to acquire new customers with its local-for-local business model. Adjusted EBIT from continuing operations decreased to EUR 11.3 million in the second quarter of 2025 (Q2 2024: EUR 15.7 million) and the adjusted EBIT margin amounted to 11.0% (Q2 2024: 16.3%).

APAC

In APAC, JOST more than doubled its revenue from continuing operations by 113.3% to EUR 99.4 million in the second quarter of 2025 (Q2 2024: EUR 46.6 million). This strong increase is due to the acquisition of Hyva, as the company has a very strong market penetration in APAC. Hyva generated revenue of EUR 59.9 million in APAC during the second quarter. Adjusted for the acquisition and currency effects, revenue in APAC declined by 10.2% in the second quarter of 2025. A key reason for the organic decline was lower demand for transport products in India. In contrast, the development in the Agricultural business line, particularly in China, was positive. Adjusted EBIT from continuing operations increased by 80.7% to EUR 13.6 million in the second quarter of 2025 (Q2 2024: EUR 7.6 million) and the adjusted EBIT margin was 13.7% (Q2 2024: 16.2%).

Earnings after taxes

Earnings after tax declined to EUR 6.8 million in the second quarter of 2025 (Q2 2024: EUR 14.4 million), and earnings per share amounted to EUR 0.46 (Q2 2024: EUR 0.97). The decline was negatively impacted by exceptionals related to the Hyva acquisition.

Adjusted for exceptionals, earnings after taxes increased by 3.0% to EUR 21.0 million (Q2 2024: EUR 20.4 million). This was due to the positive earnings contribution from Hyva, as the earnings development of JOST's legacy business declined slightly in line with the organic sales development. Adjusted earnings per share also increased by 3.0% to EUR 1.41 (Q2 2024: EUR 1.37).

Net assets and free cash flow

As of June 30, 2025, the company's equity decreased by EUR 57.5 million to EUR 347.9 million (December 31, 2024: EUR 405.5 million). This reduction is mainly attributable to high negative non-cash and non-income-related currency effects from the currency translation of foreign subsidiaries, which amounted to EUR 57.1 million, as well as the distribution of dividends in the second quarter of 2025 amounting to EUR 22.4 million.

Free cash flow totaled EUR +5.1 million in the second quarter of 2025 (Q2 2024: EUR +25.5 million). The reduction was primarily due to changes in working capital. Working capital amounted to EUR 277.1 million as of June 30, 2025 (June 30, 2024: EUR 210.7 million), primarily due to the initial consolidation of Hyva. Furthermore, the increase in safety stock to reduce supply chain uncertainties following the US tariff discussion also led to an increase in working capital. Nevertheless, JOST was able to slightly improve the ratio of working capital to last-twelve-months sales compared to the same period of the previous year, reaching 17.5% (Q2 2024: 17.7%).

Net debt (excluding IFRS 16 liabilities) increased to EUR 493.8 million as of June 30, 2025, due to the debt financing for the Hyva acquisition and the dividend payout in the second quarter of 2025 (December 31, 2024: EUR 127.5 million). As a result, the leverage ratio (the ratio of net debt to adjusted EBITDA) temporarily increased to 2.78x as of June 30, 2025 (December 31, 2024: 0.86x). As forecast, leverage is expected to be below the 2.5x mark again by the end of the year.

Oliver Gantzert, Chief Financial Officer of JOST Werke SE, said: "We achieved solid results in the second quarter of 2025. In a very challenging market environment, we managed to maintain our profitability at a good level. The stronger focus on our core business following the divestment of Cranes will enable us to tackle the identified synergies even more effectively and accelerate the Group's deleveraging."

Outlook for fiscal year 2025 confirmed

Considering the business performance to date and based on current market expectations, JOST confirms its outlook for 2025: Subject to the timing of the closing of the Cranes divestment, consolidated sales (including discontinued operations of the Cranes business) are expected to continue to increase by 50% to 60% compared to 2024 (2024: EUR 1,069.4 million). Adjusted EBIT is expected to grow by 25% to 30% compared to the previous year (2024: EUR 113.0 million).

Excluding the contribution of the Cranes business to be divested, consolidated sales from continuing operations is expected to increase by 40% to 50% in fiscal year 2025, compared to 2024. Adjusted EBIT from continuing operations is expected to grow by 23% to 28% in fiscal year 2025, compared to 2024.

This forecast assumes that the economic situation in our key markets does not deteriorate unexpectedly and that the ongoing geopolitical conflicts will not spread further to other regions. It also assumes that there are no unforeseen, extended plant closures at key JOST customers or suppliers.

The interim report for the second quarter of 2025 is available at http://ir.jost-world.com/reports. The accompanying earnings conference will take place on August 14, 2025, at 11:00 a.m. CEST. After the conference, the recording will be available on the JOST website https://ir.jost-world.com.

Contact:

JOST Werke SE
Romy Acosta
Head of Investor Relations
T: +49 6102 295-379
romy.acosta@jost-world.com

About JOST: JOST is a world-leading producer and supplier of safety-critical systems for the commercial vehicle industry. Under the umbrella brand of JOST, the comprehensive range of products is categorized into systems for On-Highway (transport industry) and Off-Highway applications (agriculture and construction industries). JOST’s global leadership position is driven by the strength of its brands JOST, ROCKINGER, TRIDEC, Quicke and Hyva, its long-standing client relationships serviced through its global distribution network, and its efficient and asset-light business model. With its five core brands, the company is the global leading producer of fifth wheel couplings, landing gears, agricultural front loaders and front-end tipping cylinders. Since the acquisition of Hyva in 2025, JOST employs over 7,500 staff worldwide, has sales and production sites in more than 35 countries, and operations on six continents. JOST has been listed on the Frankfurt Stock Exchange. Further information on JOST can be found here: https://www.jost-world.com