From the Sector

Autoneum's new impact protection plate, made from thermoplastic composite material, shields the battery of electric vehicles from impact, fire and corrosion. The lightweight com-ponent not only meets the highest requirements in terms of shock resistance and durability but also contributes to improved energy management and thus to a longer range thanks to its thermal insulation properties.

The ongoing transformation of the automotive industry towards an increasingly electrified mobility requires new shielding technologies to protect the battery system in electric vehicles. In this regard, Autoneum's new impact protection plate offers a high-performance, safe and cost-effective option thanks to its mechanical and thermal insulation properties, low weight and ability to withstand extreme temperatures.

Autoneum’s composite impact protection plate shields the vehicle battery from damage caused by impact, fire and corrosion. It is significantly lighter than metal alternatives and at the same time ther-mally insulating, which contributes to a longer driving range. In addition, the part meets the highest requirements for impact resistance and springs back into shape without structural loss or deforma-tion even after repeated exposure to stones and road debris. The new impact protection plate is based on long-fiber thermoplastic (LFT) technology, which allows the greatest possible freedom in terms of design and construction as well as waste-free production. Moreover, the additional rein-forcement of the basic structure ensures maximum rigidity and impact protection at minimal weight.

The impact protection plate reflects Autoneum’s technological expertise in underbody shields, ther-mal management and the application of the LFT process, adapted specifically for battery electric vehicles. The technology for the composite impact protection plate has been validated by simulations and vehicle testing at different European OEMs.

Im Geschäftsjahr 2024 konnte Autoneum seinen Umsatz in einem leicht rückläufigen Marktumfeld um 4.2% steigern, unterstützt durch anorganisches Wachstum. Konsolidiert in Schweizer Franken erhöhte sich der Umsatz um 36.4 Mio. CHF auf 2 338.7 Mio. CHF. Gegenüber dem Vorjahr stieg das EBIT um 25.7 Mio. CHF auf 125.0 Mio. CHF, entsprechend einer EBITMarge von 5.3% (2023 ohne Sondereffekte: 4.3%). Der Free Cashflow erreichte im Berichtsjahr 109.7 Mio. CHF. Damit hat Autoneum alle finanziellen Zielsetzungen für 2024 vollumfänglich erreicht. Der Konzerngewinn verbesserte sich im Geschäftsjahr 2024 ebenfalls und erreichte 70.0 Mio. CHF (2023: 61.1 Mio. CHF). Aufgrund dieser positiven Entwicklung beantragt der Verwaltungsrat eine Dividende von 2.80 CHF pro Aktie.
 
Autoneum schloss das im Frühjahr 2023 aufgelegte, für die Zukunft des Unternehmens wichtige Strategieprogramm «Level-up One 6–8» erfolgreich ab, das verschiedene kurzfristige Initiativen zur Steigerung der Effizienz und des profitablen Wachstums zum Ziel hatte. Daraus entstand ein Fundament, auf dem die neue, langfristige Strategie Level Up mit überarbeiteten Mittelfristzielen definiert wurde. In Asien sind mit der Akquisition der Jiangsu Huanyu Gruppe in China sowie mit der Eröffnung neuer Produktionsstandorte in Changchun, China, und in Pune, Indien, bedeutende Fortschritte erzielt worden, um Autoneum in dieser Region deutlich stärker zu positionieren.
 
2024 verzeichnete Autoneum mit 3.2 Mrd. CHF den höchsten Auftragseingang in der Geschichte des Unternehmens. Dazu hat auch das Nutzfahrzeuggeschäft einen wesentlichen Beitrag geleistet. Die globalen Forschungs- und Entwicklungskapazitäten wurden weiter ausgebaut. Hierzu bildete Autoneum ein spezialisiertes Team im Bereich New Mobility und ergänzte das globale Innovationsnetzwerk mit einem R&T-Zentrum in Schanghai, China.

Gemäß den jüngsten Marktprognosen wird die Automobilproduktion im Jahr 2025 kein Wachstum verzeichnen. Autoneum erwartet daher für das Geschäftsjahr 2025 einen Umsatz von 2.3 bis 2.5 Mrd. CHF. Darin eingerechnet ist die Akquisition der Jiangsu Huanyu Group per 28. Februar 2025.
 
Aufgrund des erwarteten Umsatzes rechnet Autoneum für das Geschäftsjahr 2025 mit einer EBITMarge von 5 bis 6% und einem Free Cashflow von rund 100 Mio. CHF (ohne einmaligen Netto-Mittelabfluss für M&A-Transaktionen).

As in the previous year, Autoneum’s Swiss headquarters in Winterthur was again recognized as a Top Employer in Switzerland by the renowned Top Employers Institute in 2025. Fostering a people-centric culture is a central pillar of Autoneum’s Level Up strategy and thus an integral part of the global guidelines and people practices implemented throughout the company.

Participation in standardized certification programs supports organizations in making their commitment to an employee-oriented corporate culture measurable and tangible. Following the first successful participation of Autoneum’s Human Resources (HR) department at the Swiss headquarters in Winterthur in the comprehensive survey carried out by the renowned Top Employers Institute last year, the location was again recognized again as a Top Employer in Switzerland in 2025.

The internationally recognized Top Employers Institute certifies organizations based on their results in the HR Best Practices Survey. The survey covers six HR domains and twenty areas such as People Strategy, Work Environment, Talent Acquisition, Learning, Diversity, Equity & Inclusion, Wellbeing and more. Participation in this survey enables companies to objectively evaluate the measures, guidelines and people practices implemented in these areas.

The program has certified and recognized over 2 400 Top Employers in 125 countries/regions across five continents.

Autoneum expands its sustainable product portfolio for commercial vehicles with new polyester-based side and rear wall panels. Their carrier material consists of Propylat PET, the company’s eco-friendly and fully recyclable Pure technology made of 100 percent polyester. Autoneum’s components thus offer a significantly more sustainable alternative to the composite or thermoset resin panels commonly used in trucks today, which are difficult to recycle. Thanks to the unique material composition of Propylat PET, they contribute to optimized acoustic and thermal management.

With the establishment of a dedicated Business Unit Commercial Vehicles at the beginning of 2024, Autoneum has set the course for further sustainable and profitable growth in this market segment on a global scale. Manufacturers of medium and heavy trucks as well as agricultural vehicles thus benefit not only from Autoneum’s existing production footprint and comprehensive product and technology portfolio, but also from the Company’s longstanding experience in the development and manufacturing of environmentally friendly monomaterials. Components such as the new polyester-based side and rear wall panels support customers in improving the environmental performance of commercial vehicles and are therefore an important step towards a circular economy also in this vehicle segment.

The carrier material of Autoneum’s sustainable trim components consists of 100 percent polyester. Thanks to the high content of recycled fibers and the excellent end-of-life recyclability of Propylat PET, the side and rear wall panels from Autoneum are considerably more environmentally friendly than the composite or thermoset resin alternatives commonly used in trucks today. Furthermore, additional components can be welded onto the material without the use of adhesives or other chemicals, which further increases the products’ recyclability at the end of their service life. Due to the unique material composition of Propylat PET, the components also improve the acoustic and thermal insulation of the vehicle interior and are characterized by minimal emission of volatile organic compounds as well as low odor. In addition, Autoneum continues to invest in the develop-ment of monomaterial components for commercial vehicles, where both the carrier material and the aesthetic surface are made entirely of polyester, thus further advancing the transition to a sustaina-ble circular economy.

Autoneum signed an agreement to acquire 70 percent of the shares of Jiangsu Huanyu Group, a leading automotive supplier for acoustic and thermal management in China. Business Group Asia is thus expanding its customer base to include major Chinese vehicle manufacturers such as BYD, BAIC and GAC, and will significantly increase its annual revenue. The transaction is scheduled to close in March 2025.

With around 30 million light vehicles produced annually, China is the world’s largest automotive market and, with an expected increase to 32.4 cars in 2030, it is also one of the most important growth markets for the automotive industry. Established in 2001, Jiangsu Huanyu Group is today one of China’s leading suppliers of lightweight components for light and commercial vehicles. The company operates 14 production facilities with around 1 100 employees in the immediate vicinity of local automotive manufacturers in the north, west and southeast of China.

Jiangsu Huanyu Group’s product portfolio includes components for the vehicle interior such as carpets, inner and outer dashes, headliners, trunk and interior trim, wheelhouse outer liners as well as insulation for the engine bay and the underbody. Jiangsu Huanyu Group also supplies commer-cial vehicle manufacturers in China, supporting Autoneum’s strategic initiative to grow its truck business in China. Synergies in the areas of technology and purchasing will also contribute to the further development of Business Group Asia. In the 2023 financial year, Jiangsu Huanyu Group generated revenue of around CHF 130 million and is recording strong growth in 2024. It is planned to continue operating the company under the Chinese company name.

The acquisition of Jiangsu Huanyu Group will be done in two phases. The closing of phase 1, the takeover of a majority stake of 70 percent at a purchase price of around CHF 75 million (excluding cash and cash equivalents and debt), is expected in March 2025 after approval by the authorities. As for the acquisition of the remaining 30 percent of the share capital, phase 2, Autoneum has a call option, which can be exercised in 2028. This two-phase approach binds both the current shareholders and the employees in key positions and allows Autoneum, together with Jiangsu Huanyu Group, to continue and further develop existing business activities smoothly.

“Jiangsu Huanyu Group has broad customer access to the largest local vehicle manufacturers in China. With its plants in the key automotive hubs in China, the company is an excellent strategic addition to Autoneum and brings us a significant step closer to our medium-term target of generating 20 percent of Group revenue in Asia,” explains Eelco Spoelder, Chief Executive Officer of Autoneum. “The acquisition of the majority stake in Jiangsu Huanyu Group will strengthen our position in China, the world’s largest and fastest-growing market, both in the light and commercial vehicle business. This step not only gives us access to an established customer base in China, but also allows us to further expand our presence and gain strong influence in the booming automotive hubs of Anhui and Shaanxi.”

Im Nachhaltigkeitsrating von EcoVadis wurde die Autoneum Holding AG für 2024 erneut mit der Goldmedaille ausgezeichnet. Der Automobilzulieferer konnte das Ergebnis aus dem Vorjahr steigern und gehört damit zum zweiten Mal in Folge zu den besten fünf Prozent der bewerteten Unternehmen. Autoneum verbesserte seine Leistung insbesondere in den Bereichen Ethik und Umwelt, was in der Gesamtbewertung erneut in der zweithöchsten Anerkennungsstufe resultierte.

Als ein führender Zulieferer im Bereich Akustik- und Wärmemanagement für Fahrzeuge ist sich Autoneum seiner unternehmerischen Verantwortung bewusst, die Nachhaltigkeit seiner Produkte und Prozesse kontinuierlich zu verbessern. Im Sinne einer transparenten Berichterstattung hat sich das Unternehmen verpflichtet, die Öffentlichkeit regelmäßig über die wichtigsten Aktivitäten und Meilensteine im Bereich Corporate Social Responsibility (CSR) zu informieren. Um die Qualität des eigenen Nachhaltigkeitsmanagementsystems zu bewerten, nutzt Autoneum unter anderem externe Plattformen wie EcoVadis, mit über 130 000 bewerteten Unternehmen aus mehr als 180 Ländern der weltweit größte Anbieter von Nachhaltigkeitsratings.

Autoneum hatte sich im letztjährigen Nachhaltigkeitsrating von EcoVadis von Silber auf Gold und damit auf die zweithöchste Anerkennungsstufe verbessert. Für 2024 konnte das Unternehmen die Punktezahl in der Gesamtbewertung der vier Kategorien Umwelt, Arbeits- und Menschenrechte, Ethik und nachhaltige Beschaffung weiter steigern und seinen EcoVadis-Goldstatus trotz strengerer Bewertungskriterien halten.

Autoneum significantly increased its revenue consolidated in Swiss francs by CHF 109.8 million to CHF 1 212.3 million compared to the prior-year period, supported by inorganic growth. In a slightly declining market, the Company succeeded in increasing its EBIT margin excluding special effects by 1.3 percentage points to 5.4%. A solid net result of CHF 36.1 million was generated in the first half-year of 2024. Due to the positive margin development, the Company now expects an EBIT margin of 5.0% to 5.5% for the current financial year (previously 4.5% to 5.5%).

In the first half of 2024, automotive industry production volumes were somewhat restrained world-wide and even declined slightly in Europe. While economic conditions in the automotive supply industry have improved to a certain extent since the coronavirus crisis, high vehicle prices in some markets were putting a damper on demand. Only North America and Asia recorded slight growth compared to the same period of the previous year.

Despite the flat market development, Autoneum managed to significantly increase both revenue and profitability before special effects over the prior-year period. This positive development was achieved through the automotive business of traditional German company Borgers, which had been acquired as of April 1, 2023, and thus contributed for the first time to the entire reporting period. At the same time, Autoneum achieved operational improvements worldwide.

Outlook
The current S&P market forecasts assume that global automobile production will decline by 2.0%* in 2024 compared with 2023. Based on the forecast market development and further operational improvements, Autoneum continues to expect total revenue in 2024 of CHF 2.3 billion to 2.5 billion and free cash flow in the high upper double-digit million range. Due to the positive margin develop-ment, the company now expects an EBIT margin of 5.0% to 5.5% (previously 4.5% to 5.5%).

* Source: S&P Global Light Vehicle Production Forecast of July 17, 2024.

Die Aktionäre der Autoneum Holding AG haben heute im Rahmen der ordentlichen Generalversammlung allen Anträgen des Verwaltungsrats zugestimmt. Für das Geschäftsjahr 2023 wurde eine Dividende von 2.50 CHF pro Aktie genehmigt. Neu wurde Martin Klöti in den Verwaltungsrat gewählt. Mit ihm erweitert sich der Verwaltungsrat der Autoneum Holding AG von sechs auf sieben Mitglieder.

Verwaltungsratspräsident Hans-Peter Schwald betonte in seiner Rede: „Die Übernahme von Borgers Automotive war ein strategisch wichtiger Schritt. Dadurch baut Autoneum seine globale Markt- und Technologieführerschaft mit nachhaltigen und leichten Akustik- und Wärmemanagement-Lösungen für Fahrzeuge deutlich aus.“

Die Aktionärinnen und Aktionäre genehmigten den Jahresbericht 2023 einschließlich der Konzern-und Jahresrechnung. Der Antrag des Verwaltungsrats, aufgrund des positiven Konzernergebnisses eine Dividende von 2.50 CHF je Namenaktie für das Geschäftsjahr 2023 auszuschütten, wurde von der Generalversammlung ebenfalls angenommen. Die Dividendenzahlung erfolgt ab dem 15. April 2024. Der Corporate Responsibility Report 2023 wurde im Sinne einer Konsultativabstimmung mit 99.48 Prozent genehmigt.

Hans-Peter Schwald wurde als Präsident, Liane Hirner, Norbert Indlekofer, Michael Pieper, Oliver Streuli und Ferdinand Stutz als Mitglieder des Verwaltungsrats für ein weiteres Jahr im Amt bestätigt. Hans-Peter Schwald, Norbert Indlekofer, Ferdinand Stutz und Oliver Streuli wurden in den Vergütungsausschuss wiedergewählt. Die Aktionärinnen und Aktionäre der Autoneum Holding AG haben ferner sämtlichen Mitgliedern der Konzernleitung und des Verwaltungsrats mit deutlicher Stimmenmehrheit Entlastung erteilt.

• Autoneum is expanding its production capacities in Asia with two new plants in Changchun in the Chinese province of Jilin and Pune in Western India.

The world's largest automotive market Asia is one of the most important sales regions for vehicle manufacturers and suppliers as well as a pioneer for new forms of e-mobility. Autoneum already supplies both international and local vehicle manufacturers in Asia with multifunctional lightweight components for noise and heat protection, supporting them in their commitment to sustainable mobility. Autoneum is expanding its production capacities in the key automotive hubs of China and India to increase its presence and thus its proximity to customers in these important production centers.

Autoneum’s new plant in China, which will be operated as a joint venture, will be located in Changchun in the northern Chinese Jilin province, which is one of Asia’s largest car production centers. The proximity to key local and international vehicle manufacturers makes Changchun a strategically important and attractive location for Autoneum. The plant will help to increase market share with European, Japanese and Chinese car manufacturers with products for light vehicles and also support the expansion of the Company’s business with components for commercial vehicles in this region. The project is supported by the local authorities in China. From the end of 2024, the plant will ramp up production with first samples for already awarded business for inner dashes, interior floor insulators and other NVH (noise, vibration, harshness) components for cars of all drive types.

Autoneum is furthermore expanding its local presence in Western India with a fully owned production facility in Pune in the state of Maharashtra. The Company already operates two locations in India: one in Behror near New Delhi in the north and a joint venture plant in Chennai in the south. Thanks to the new Pune plant, Autoneum will now be present in the north, west and south of the country and gain access to the third of four major automobile production centers in India. Orders have already been received and the plant in Pune will start manufacturing carpet systems, interior trim, wheelhouse outer liners, e-motor covers and other noise protection components as of the second quarter of 2024. From the 7 500 square meter building, Autoneum will supply international as well as local car manufacturers with a particular focus on Indian and Korean vehicle manufacturers.

Autoneum's consolidated revenue increased by 24.1% from CHF 888.7 million to CHF 1 102.6 million in the first half of 2023. The Group grew significantly both organically, thanks to a market recovery in Europe and North America, and inorganically, through the acquisition of the traditional German company Borgers. All business units improved their profitability compared to the prior-year period. EBIT adjusted for special effects increased by CHF 33.0 million to CHF 45.0 million and the EBIT margin rose from 1.4% to 4.1% compared to the prior-year period. EBIT rose by CHF 78.5 million to CHF 84.9 million in the same period, with an increase in EBIT margin of 7.0 percentage points to 7.7%. Autoneum achieved a solid net result of CHF 57.8 million. Business Group North America nearly reached break-even point before special effects. As planned, the Borgers units, consolidated for the first time in the second quarter, made a positive contribution to the overall result from day one.

Economic conditions in the automotive supply industry improved in the first half of 2023 compared to the prior-year period. There was a slight easing of supply chains and a rise in production volumes among vehicle manufacturers already in the first quarter of 2023. This was especially true in markets that had previously been heavily impacted by supply chain bottlenecks.

Global automobile production climbed by 11.8%* compared with the prior-year period, although consumer demand was somewhat dampened by high vehicle prices in some markets. In this improved market environment and supported by the acquisition of the automotive business from Borgers, a long-standing German company, as of April 1, 2023, Autoneum increased its revenue and net result substantially in the first six months compared with the same period of the previous year.

• Positive revenue development supported by inorganic growth
• Significant improvement of operational profitability and solid net profit
• Equity ratio influenced by the acquisition of Borgers Automotive
• Creation of a capital band
• Business Groups
• Integration of Borgers automotive business
• Working on behalf of electromobility with sustainable noise absorption in underbody
• shields
• Change to the Group Executive Board
• SBTi recognizes Autoneum’s science-based targets

Outlook unchanged
According to the current S&P market forecasts, it is expected that global automobile production will climb by 5.7%* in 2023 compared with 2022. Autoneum anticipates that production volumes in the various regions will develop in line with the forecasts. Customer negotiations are ongoing and Autoneum expects that the increase in costs for raw materials, energy, transportation and staff will be completely offset in the second half of the year. Based on the forecast market development and the renegotiated customer agreements, Autoneum confirms the outlook that it published in March 2023. The Company expects total revenue of CHF 2.4 to 2.5 billion at unchanged exchange rates for the financial year 2023, an EBIT margin of 3.5% to 4.5% excluding one-time effects and a free cash flow in the higher double-digit millions, excluding acquisition-related net cash outflows.

For more information, see attached document.

*Source: S&P market forecast – August 15, 2023