SAF-HOLLAND SE, one of the world's leading suppliers of trailer and truck components, has reported its half-year results for 2026, with Group sales rising 1.6% to EUR 905.7 million and operating free cash flow increasing to EUR 65.8 million from EUR 9.1 million in the prior-year period. The Bessenbach-based manufacturer also reported a significant improvement in net profit attributable to shareholders, which rose to EUR 42.0 million from EUR 24.0 million. The Management Board confirmed its full-year 2026 outlook, targeting Group sales of EUR 1,700 million to EUR 1,850 million and an adjusted EBIT margin of between 9% and 10%.

Key Points

  • SAF-HOLLAND SE (ISIN: DE000SAFH001, ticker reference: 0O4N), listed in the Prime Standard of the Frankfurt Stock Exchange and included in the SDAX
  • Group H1 2026 sales rose 1.6% to EUR 905.7 million; adjusted EBIT margin improved to 9.5% from 9.3%
  • Operating free cash flow of EUR 65.8 million, up from EUR 9.1 million; adjusted earnings per share rose to EUR 1.24 from EUR 0.83
  • Investors should watch for progress in North American market recovery and the sustainability of APAC organic growth of 20.2%

EMEA and APAC Regions Drive SAF-HOLLAND's H1 2026 Sales Growth

Regional performance diverged across SAF-HOLLAND's three operating segments. The EMEA region increased sales to EUR 467.3 million from EUR 441.9 million, consolidating its position as the Group's highest-revenue region. The APAC region delivered organic growth of 20.2%, with sales reaching EUR 113.9 million compared to EUR 103.1 million, driven by strong trailer demand in India and Australia. In the Americas, sales declined to EUR 324.5 million from EUR 346.5 million, though on an organic basis the decrease was limited to 1.3% amid continued subdued demand in the North American commercial vehicle markets.

Trailer OE Business Grows to 50.7% of Group Sales While Aftermarket Remains Resilient

By customer group, the trailer original equipment segment remained SAF-HOLLAND's most significant revenue source, rising to EUR 459.1 million from EUR 428.3 million and representing 50.7% of Group sales. The truck original equipment business contributed EUR 101.8 million, or 11.2% of Group sales. The aftermarket business, which spans spare parts distribution through manufacturers' service networks, wholesalers, and end customers globally, generated EUR 344.8 million and accounted for 38.1% of Group sales. Adjusted for negative currency effects, aftermarket organic growth was 1.9%, which the announcement describes as a resilient pillar of the Group.

SAF-HOLLAND's Adjusted EBIT Rises to EUR 85.9 Million Amid Improved Cost Structure

Adjusted EBIT increased to EUR 85.9 million from EUR 83.0 million, with the adjusted EBIT margin improving to 9.5% from 9.3%. All three regions improved their profitability year-on-year. The result for the period attributable to shareholders rose 75.0% to EUR 42.0 million, supported partly by a significantly improved financial result of EUR –11.0 million compared to EUR –32.3 million in the prior-year period. Basic earnings per share improved to EUR 0.93 from EUR 0.53, whilst adjusted earnings per share rose to EUR 1.24 from EUR 0.83, based on a weighted average of 45.0 million ordinary shares outstanding.

Full-Year 2026 Outlook Confirmed Despite Geopolitical and Commodity Market Risks

The Management Board has confirmed its fiscal year 2026 guidance, targeting Group sales of EUR 1,700 million to EUR 1,850 million at stable exchange rates, alongside an adjusted EBIT margin of 9% to 10% and a capital expenditure ratio of up to 3% of Group sales. The announcement highlights geopolitical uncertainties and volatility in energy and commodity markets as risks that could create procurement-side pressures. SAF-HOLLAND states it expects to offset such headwinds through pricing measures and efficiency improvements. Investors may be watching whether the anticipated gradual recovery in North American commercial vehicle markets materialises in the second half of the year.