SAF-Holland (SFQ) CMD 2025 summary

Strategic direction and growth targets

• Targets sales above €3 billion by 2030, with at least €2.5 billion from organic growth and €500 million+ from M&A, aiming for a 10–12% adjusted EBIT margin and €300–360 million EBIT.

• Expands beyond commercial vehicles into adjacent industries such as mining, construction, agriculture, and material handling to reduce cyclicality and drive resilience.

• Pursues a balanced sales mix, targeting one-third aftermarket and two-thirds OE, leveraging strong regional positions and a diversified product portfolio.

• Maintains a robust M&A pipeline with 20–25 targets and firepower up to €1.5 billion, prioritizing strategic fit, global reach, and operational synergies.

• Focuses on megatrends: digitalization, electrification, automation, and sustainability, with net zero emissions by 2050 and nearly 30% CO2 reduction since 2020.

Financial performance and guidance

• Achieved €1.88 billion in sales and €190 million adjusted EBIT in 2024, with a 10.1% EBIT margin, the first double-digit result in company history.

• Outperformed 2025 and 2027 targets ahead of schedule, with new 2030 KPIs for working capital (14–17% of sales) and CapEx (≤3% of sales).

• Maintains net debt/EBITDA below 2x, with rapid deleveraging post-acquisitions and prudent cash allocation.

• Dividend policy targets a 40–50% payout ratio, with a proposed €0.85 per share for 2024 and dividends expected to rise with EBIT and net profit growth.

• Strong cash generation and operational efficiency support investments in growth and resilience against industry cyclicality.

Regional and business unit highlights

• Americas: €747 million sales in 2024, 11.3% EBIT margin, and expects >5% CAGR to 2030, driven by system sales, air disc brake growth, and capacity expansion.

• APAC: Fastest-growing region, aiming to double sales to >€500 million by 2030, leveraging market leadership in India (55% share) and tailored products.

• EMEA: €883 million sales in 2024, 8.7% EBIT margin, with growth in truck disc brakes, adjacent industries, and aftermarket, targeting double-digit profitability.

• Aftermarket: Record 38% of sales in 2024, with extensive distribution and digitalization efforts to ensure resilience and profitability.

• R&D: Invests €45 million annually (2.4% of sales), with 300+ R&D staff and global centers, focusing on electrification, digitalization, and autonomous solutions.