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Kardex Holding (KARN) investor relations material

Kardex Holding H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary31 Jul, 2025

Executive summary

  • Bookings rose 18.7% year-over-year to EUR 454.3 million, with strong demand across regions, especially Central Europe, and normalized decision-making for large projects despite geopolitical and trade uncertainties.

  • Net revenues increased 12.4% year-over-year to EUR 415.7 million, driven by growth in Standardized Systems.

  • EBIT grew 1.5% to EUR 48.9 million, with margin at 11.8%, reflecting significant investments in R&D, IT, and sales & marketing.

  • Net profit declined 5.7% year-over-year to EUR 36.1 million due to lower financial income.

  • Return on invested capital remained strong at 37.6%.

Financial highlights

  • Gross profit rose 11.5% year-over-year to EUR 141.9 million, with gross margin at 34.1%.

  • Free cash flow dropped to EUR 8.4 million from EUR 56.0 million, mainly due to increased NWC, higher CAPEX, and dividend payout.

  • Equity ratio stood at 53.3% as of 30 June 2025, down from 57.7% at year-end 2024.

  • Net cash position was EUR 125.8 million, down from EUR 137.4 million a year earlier.

  • EBITDA rose 1.9% to EUR 54.1 million; EBIT margin was 11.8%.

Outlook and guidance

  • Anticipates a stronger H2 2025 in bookings, net revenues, and EBIT, expecting to meet communicated financial targets.

  • Ongoing investments in sales, marketing, R&D, and IT to support profitable growth and market outperformance.

  • Positive market sentiment expected, driven by reshoring, labor shortages, and automation megatrends.

  • Confident in achieving results in line with communicated financial targets.

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Frequently asked questions

Kardex Holding AG is a global leader in providing intralogistics solutions, specializing in automated storage solutions and material handling systems. The company operates through two main divisions: Kardex Remstar, which focuses on automated storage and retrieval systems designed to increase efficiency in retrieving, storing, and managing items, and Kardex Mlog, which offers integrated material handling systems and high-bay warehouses. These divisions serve a wide range of industries by enhancing operational efficiency and optimizing space utilization in warehouses and distribution centers. The company is headquartered in Zurich, Switzerland, and its shares are listed on the SIX Swiss Exchange.

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