BESSENBACH, Germany — SAF-HOLLAND SE, one of the world’s leading suppliers of trailer and truck components, having achieved a strong start to the year in Q1 2023, also recorded a significant increase in sales and earnings in Q2 2023.
Significant sales increase due to the consolidation of Haldex and strong organic growth
Specifically, Americas (+61.5% to €244.0 million) and APAC (Asia Pacific, +85.5% to €69.6 million) contributed to the 37.7% increase in sales to €555.7 million in the second quarter. The EMEA (Europe, Middle East, Africa) region grew by 12.6% to €242.0 million and benefited from the consolidation of Haldex. On an organic basis, sales in the EMEA region declined slightly, but exceeded the development of the market due to SAF-HOLLAND’s strong market position.
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On an organic basis, the Group grew by 11.4% in the second quarter, which means that the growth momentum accelerated somewhat compared to the first quarter (10.8%).
Overall, SAF-HOLLAND grew by 34.0% to a record sales level of €1,036.1 million in the first half of the year. Haldex AB, which has been included in the scope of consolidation since February 21, 2023, contributed €176.4 million to Group sales. Organic growth in the first half of the year was 11.1%.
“SAF-HOLLAND is on the way to exceeding the €2 billion mark in terms of sales this year. The acquisition of Haldex supports us on this path. At the same time, important regions such as America and APAC are showing very pleasant organic growth rates, helping us to achieve greater regional diversification and making us even more resilient,” said Alexander Geis, Chairman of the Management Board and CEO of SAF-HOLLAND SE.
As expected, the distribution of sales by customer segment shifted in favor of the aftermarket business in the first half of 2023. As a result of an increase in revenue of 43.6% to €301.5 million (previous year €210.0 million), the share of the aftermarket business of Group sales rose to 29.1% (previous year 27.2%).
The inclusion of Haldex in particular had a positive effect, since Haldex generates around half of sales in the aftermarket business.
At the same time, the strong growth of SAF-HOLLAND in recent quarters has significantly expanded the basis for aftermarket sales. The original equipment business for trucks also grew significantly by 44.7 % and benefited above all from the persistently high demand in the US market. Sales in the original equipment business for trailers grew by 27.4%, causing a decline of the share of Group sales to 57.3% (previous year: 60.2%).
Adjusted EBIT margin increased significantly to 9.1%
Adjusted EBIT increased by 69.3% in the first half of the year and reached €94.2 million (previous year: €55.6 million). The adjusted EBIT margin consequently improved from 7.2% to 9.1%.
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