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Investor Relations14 Oct 2025
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KAP (KAP) investor relations material
KAP H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary28 Aug, 2025
Executive summary
Revenue increased 2% year-over-year to CHF29.6 billion/R29.6 billion, driven by new MDF capacity and normalized production, despite challenging trading conditions and margin pressures across all segments.
Operating profit declined 14% and headline earnings dropped 47% due to project ramp-ups, margin pressure, and impairments in key divisions.
Four major projects totaling R2.6 billion were completed and ramped to full capacity, notably PG Bison's new MDF line.
Debt was refinanced for 1H26, with the group remaining within covenants and reducing net interest-bearing debt.
Executive restructuring included new appointments and CEO/CFO transitions.
Financial highlights
EBITDA fell 7% year-over-year to CHF3.4 billion; free cash flow before dividends was CHF482 million/R482 million, slightly below target.
Net interest-bearing debt reduced by CHF220 million/R220 million to CHF8.1 billion; gearing ratio at 65%.
Net debt to EBITDA at 2.4x, within covenant limits; cash flow conversion ratio at 88%.
Major impairments: CHF145 million goodwill, CHF215 million intangibles in Optics/Optix, PET plant impairment, and CHF57 million in Maxi/Maxe.
Expansion capex dropped 72% to CHF500 million/R500 million.
Outlook and guidance
Major project startup effects expected to ease; focus on extracting value from investments and reducing net debt from FY26 onward.
CapEx will be constrained to replacement; no rights issue planned.
Targeting net debt to EBITDA below 2x and maintaining covenant compliance.
PG Bison and Sleep Group margin targets remain at 18–20% and 13–15% respectively.
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