JOST Werke (ETR:JST) executives said the company delivered “exceptional growth” in full-year 2025, driven largely by the consolidation of Hyva and early synergy capture, while also reporting modest organic growth despite what management described as a weak market environment—particularly in the U.S.
Hyva integration and portfolio actions
CEO Joachim Dürr said 2025 was a year of growth with Hyva consolidated into the group starting Feb. 1. Management said it began capturing synergies during 2025 and expects the post-merger integration (PMI) to conclude in 2026, with all synergies implemented by the fourth quarter of 2026.
Full-year 2025 results and cash flow
Management reported sales growth of 44% to about EUR 1.5 billion in 2025. Dürr said this was supported by the acquisition but also by approximately 2% organic growth in the continuing business.
Adjusted EBIT from continuing operations rose 29% to EUR 145 million, with an adjusted EBIT margin of 9.5% (9.6% at constant currency). Free cash flow increased 6% to EUR 126 million, which management said was a record and was supported by Hyva’s contribution and working-capital improvements. Net debt leverage ended the year at 2.27x EBITDA, below the company’s target of under 2.5x after the debt-financed Hyva acquisition.
Schmitz noted that working capital as a percentage of sales was 14.8%, which he called an all-time low, but he also cautioned it was partly driven by factoring and year-end optimization and should not be viewed as a through-the-year run rate.
Regional and segment performance
Executives emphasized the group’s geographic and end-market diversification. Dürr said EMEA accounted for 47% of sales in 2025, with the Americas at 27% and APAC at 26%. He added that EBIT contributions were spread across regions, with Europe at 25%, the Americas at 30%, and APAC at 42%.
Schmitz provided additional detail by region:
- EMEIA: Reported sales grew 28%, with Hyva contributing EUR 126 million on a full-year basis. Organic growth was 5%, driven mainly by agriculture (7% organic growth). Adjusted EBIT was roughly EUR 36 million, or close to a 5% margin, which management said reflected expected dilution from Hyva and the allocation of central costs into EMEIA.
- Americas: Reported sales rose 24%. Despite a sharp decline in the U.S. transport market, JOST reported an organic decline of only 4% in the region for the full year. Schmitz attributed support to South America, including ramping new customer business with Caterpillar and CNH, and some share gains in North America. Adjusted EBIT margin was 10.9%, with EUR 44 million in adjusted EBIT; management said Hyva’s dilution in the region had disappeared in the second half due to strong performance.
- APAC: Sales more than doubled to just under EUR 400 million from EUR 167 million in 2024, driven by EUR 235 million from Hyva. Management cited export momentum out of China and improving momentum in India after tax adjustments in September. Adjusted EBIT rose to nearly EUR 62 million and the adjusted EBIT margin was almost 16%, which Schmitz said was better than initially anticipated.
For the group, management also highlighted a sharp fourth-quarter acceleration. In Q4, sales rose 71% to EUR 387.7 million, with organic growth of 15%. Adjusted EBIT nearly doubled year over year in the quarter to EUR 35 million. Adjusted net income from continuing operations increased 12% to EUR 84 million, and adjusted EPS from continuing operations rose 11% to EUR 5.52.
Earnings bridge, balance sheet, and ESG commentary
Schmitz said reported net income was EUR 9 million, which he attributed to “extraordinary effects,” including purchase price allocation (PPA) impacts from the Hyva acquisition. He said the PPA effect included about EUR 20 million related to inventory step-up, depreciation and order book depreciation, and he referred to a total PPA impact in the P&L of EUR 55 million, with a runway going forward “roughly EUR 20 million less.”
Management also discussed exceptional items tied to integration and restructuring, indicating roughly EUR 20 million to EUR 24 million of exceptional expenses from the start of the acquisition, with EUR 15 million consumed so far. Schmitz also pointed to two special effects in finance results totaling EUR 6 million of extraordinary expenses.
On capital metrics, ROCE declined to almost 16% from 16.9% in 2024, which management attributed to the balance-sheet expansion from the acquisition. The equity ratio fell to 21.2%, with Schmitz citing balance-sheet extension and a negative FX translation effect from a weakening U.S. dollar versus the euro that reduced equity by nearly EUR 40 million (about 2 percentage points). He said a capital increase completed at the end of February would “significantly” lift the equity ratio in the first quarter.
On sustainability, Schmitz said JOST reduced CO2 intensity by 2% organically, even after more than a 50% reduction compared with targets set in 2020. He said the company is expanding photovoltaic usage globally and has discussed new CO2 intensity targets through 2035 aiming for an additional 50% reduction.
2026 outlook, synergies, and Q&A highlights
For 2026, Dürr described market expectations as broadly stable, with slight increases in transport markets in EMEA and U.S. trucks, around flat to slightly down in U.S. trailers, and slight decreases expected in APAC transport. For agriculture, he cited slight increases in Europe and slight decreases in North America and APAC. Hydraulics was characterized as stable.
Against that backdrop, management guided for single-digit sales growth in 2026 and said adjusted EBIT should grow faster than sales, implying an increase in the adjusted EBIT margin. CapEx was guided at around 2.8% of sales, and working capital at 17.5% to 18.5% of sales.
In Q&A, Dürr said upside to the guidance could come from improved U.S. stability—such as easing tariffs—or a potential pre-buy ahead of 2027 U.S. EPA regulations, and that such upside “would come on top” of the current guidance. He also said the guidance does not assume any major, long-term impacts from the Iran conflict, though management said it is monitoring potential effects via energy and freight costs.
On agriculture, Dürr said he did not expect a major impact from fertilizer shortages based on what the company was seeing and noted improving dealer demand as stocks decline. He also said JOST’s mid-range tractor segment is “a bit more positive” than broader market indicators.
Schmitz said the company expects negative FX effects in 2026—estimated in a 2% to 4% range—impacting reported sales, while reiterating management will stick to the guidance even with that FX headwind.
Management also reiterated synergy targets from the Hyva deal. In response to a question, Schmitz said the company had originally guided to around EUR 5 million of synergies in 2025 and incremental EUR 7 million to EUR 8 million in 2026, reaching a run rate of roughly EUR 13 million in 2026 and the full EUR 20 million in 2027.
JOST proposed a dividend of EUR 1.50 per share, which Dürr said represents 30% of adjusted net income and sits at the upper end of the company’s dividend corridor.
About JOST Werke (ETR:JST)
JOST Werke SE manufactures and supplies safety-critical systems for the commercial vehicle industry. The company offers truck and trailer components, including sensor systems and lubetonic systems, fifth wheel couplings and mounting plates, dual-height fifth wheel systems, sliders, king pins, ball bearing turntables and slewing rings, landing gears, and hubodometers and axle caps; container equipment, such as components for intermodal transports, twist locks, bolsters, airbag lifting devices, and spare wheel holders; and axle systems and its spare parts.
