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DKSH (DKSH) investor relations material
DKSH H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net sales grew 2.9% at constant exchange rates to CHF 11.1 billion, with accelerated growth in the second half of 2025 and strong execution of strategy in a muted market environment.
Core EBIT increased 6.7% at CER to CHF 349 million, with margin expanding to 3.2% for the fifth consecutive year, driven by Healthcare and Consumer Goods.
Free cash flow reached CHF 215.5 million, with a 95.2% cash conversion rate, supporting nine M&A transactions and a proposed 6.4% dividend increase to CHF 2.50 per share.
Nine M&A transactions were announced in 2025, with over 80% of spend focused on higher-margin businesses and expansion beyond APAC.
Ordinary dividend proposed to increase for the 13th consecutive year, now CHF 2.50 per share, up 6.4%.
Financial highlights
Net sales up 2.9% year-over-year at constant FX to CHF 11.1 billion; organic growth 2.5%, M&A contributed 0.4%.
Core EBIT margin increased by 0.1 percentage points to 3.2%, fifth consecutive year of expansion.
Core profit after tax reached CHF 226.4 million, up 3.3% at CER.
Free cash flow of CHF 215.5 million, cash conversion at 95.2% for the sixth year.
Negative FX impact on net sales was 3.1%.
Outlook and guidance
Confident in delivering sustainable Core EBIT growth in 2026, expecting higher Core EBIT than 2025, with ongoing accelerated M&A activity.
Recent acquisitions expected to contribute 0.8% to net sales in 2026, with more deals anticipated.
Tax rate guidance for 2026 remains at 27%-29%; capital expenditure expected at 0.3%-0.4% of net sales.
Asia Pacific expected to remain a key growth driver, with strong GDP forecasts and favorable industry trends.
Mid-term roadmap reaffirmed, with focus on margin expansion, cash efficiency, and above-GDP sales growth.
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