EQS-Adhoc: JOST Werke SE: JOST publishes preliminary interim results for the third quarter of 2024 and adjusts outlook for fiscal year 2024

JOST publishes preliminary interim results for the third quarter of 2024 and adjusts outlook for fiscal year 2024

Neu-Isenburg, October 11, 2024 - JOST Werke SE ("JOST"), a leading global producer and supplier of safety-critical systems for commercial vehicles, announced its preliminary and unaudited interim results for the third quarter of 2024 and adjusted its outlook for fiscal year 2024.

Preliminary interim results for the third quarter of 2024

The typical seasonality of the summer months in Europe and North America was more pronounced than in the previous year, which had still been positively influenced by pent-up demand effects in the transport markets. As a result, group sales declined by 15.7% to EUR 246.3 million in the third quarter of 2024 according to preliminary figures (Q3 2023: EUR 292.0 million).

Mainly due to the lower sales, adjusted EBIT decreased to EUR 26.5 million in the third quarter of 2024 (Q3 2023: EUR 33.4 million). JOST managed to maintain profitability at a high level, with adjusted EBIT margin reaching 10.8% during the third quarter of 2024 despite the decline in sales (Q3 2023: 11.4%).

In the first nine months of 2024, group sales decreased by 12.6% to EUR 843.0 million (9M 2023: EUR 964.0 million). Following the sales development, adjusted EBIT declined by 14.0% to EUR 94.9 million in the same period (9M 2023: EUR 110.4 million). The high flexibility of JOST's business model paired with a strict cost discipline enabled JOST to maintain its adjusted EBIT margin high at 11.3% during the first nine months of 2024 (9M 2023: 11.5%).

Outlook for the full year 2024 adjusted

JOST is currently observing an increasing cooling off in demand for commercial vehicles in the transportation sector both in Europe and North America. In the agricultural sector, the latest market forecasts indicate that the market recovery expected for the second half of 2024 will be postponed to 2025. Against this backdrop and taking into account the latest call-off figures and adjusted forecasts from OEM customers, JOST is updating its outlook for fiscal year 2024.

For 2024, JOST now expects a reduction in sales of around 15% (+/- 2.5 percentage points) compared to the prior year (previous outlook: single-digit percentage decline; prior year: EUR 1,249.7 million). Despite the expected decline in sales, JOST is convinced it will be able to maintain its strong profitability. Adjusted EBIT in 2024 is still expected to decline at a slightly faster pace than sales, leading to a reduction in the low double-digit percentage range compared to prior year (previous outlook: single-digit percentage decline; prior year: EUR 140.8 million). JOST is also narrowing the range for the expected adjusted EBIT margin in 2024 to between 10.5% and 11.0% (previous outlook: below the prior-year level (prior year: 11.3%), in the upper half of the 10.0%-11.5% corridor).

JOST will release its final interim financial results for the third quarter of 2024 together with the interim report on November 14, 2024. A virtual conference for analyst and investor will take place on the same day at 11:00 a.m. CET.

Contact:

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

2007089  11-Oct-2024 CET/CEST