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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.
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H2 2025 earnings summary17 Feb, 2026

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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Frequently asked questions

DKSH Holding AG is a Swiss company that provides market expansion services, primarily focusing on helping businesses grow in Asia. The company offers a range of services, including sourcing, marketing, sales, distribution, and after-sales support for various industries. DKSH operates across sectors such as consumer goods, healthcare, performance materials, and technology, acting as a link between suppliers and customers. It helps clients expand their presence by providing local expertise and comprehensive solutions tailored to specific market needs, including logistics and regulatory compliance. The company is headquartered in Zurich, Switzerland, and its shares are listed on the SIX.

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