JOST Werke (JST) Q4 2025 earnings summary

Executive summary

• Achieved strong profitable growth in 2025, driven by the successful and efficient integration of Hyva, organic gains, and the divestment of the non-core Cranes business, despite global economic volatility and challenging market conditions, particularly in North America.

• Gained market share through new customer projects, leveraging a local-for-local approach and global strength, with all regions and business lines contributing to growth, especially in agriculture.

• Diversification across industries, customers, and regions enhanced resilience and profitability.

• Robust order intake in Q1 2026 with visible recovery across all business lines and regions.

• Set new CO2 reduction targets, aiming for a further 50% reduction per production hour by 2035 compared to 2025.

Financial highlights

• Sales from continuing operations rose 44% to approximately EUR 1.5 billion in 2025, including EUR 468.0 million from Hyva, with organic growth of 2%.

• Adjusted EBIT increased by 29% to EUR 145 million, with a margin of 9.5%; adjusted EBITDA up 29.1% to EUR 191.2 million.

• Adjusted net income from continuing operations up 12% to EUR 84 million; adjusted EPS up 11% to EUR 5.52.

• Free cash flow reached a record EUR 126 million, up 6%.

• Leverage at 2.27x EBITDA, below the 2.5x target, despite debt-financed Hyva acquisition.

Outlook and guidance

• 2026 guidance: single-digit sales growth, mid to high single-digit Adjusted EBIT growth, and margin improvement, supported by further Hyva synergies.

• CapEx expected at 2.8% of sales; working capital projected between 17.5%-18.5% of sales.

• Guidance includes negative FX effects; upside potential from U.S. market recovery and EPA 2027 pre-buy, downside from Iran conflict and energy costs.

• Dividend proposal of EUR 1.50 per share, or 30% of adjusted net income.

• Hyva PMI to conclude in 2026, with remaining synergies targeted by Q4 2026.