Dottikon Es (DESN) investor relations material

Executive summary

• Net sales increased by 11.2% year-over-year to CHF 428.4 million, driven by higher demand and increased production capacity.

• EBITDA rose 5.4% to CHF 148.0 million, while EBIT declined 1.4% to CHF 116.8 million due to higher depreciation and amortization from new plant investments.

• Net income decreased by 1.9% to CHF 103.6 million, reflecting margin pressure and increased costs.

• No dividend proposed as net income is being reinvested to support ongoing expansion and capacity projects.

Financial highlights

• EBITDA margin was 34.6%, down from 36.5% the previous year; EBIT margin fell to 27.3% from 30.7%.

• Cash flow from operating activities increased 19.8% to CHF 114.6 million; free cash flow turned positive at CHF 29.3 million.

• Equity ratio improved to 77.9% from 73.5% year-over-year.

• Cash and equivalents plus financial assets totaled CHF 225.0 million, up from CHF 197.8 million.

Outlook and guidance

• Continued high investment planned for 2026/27 to expand production and storage capacity.

• Medium-term demand for CDMO services, especially for small molecule APIs, expected to remain robust despite market headwinds.

• New production and drying plants are being commissioned, with further expansions planned through 2029.