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LEM Holding (LEHN) investor relations material
LEM Holding Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary10 Nov, 2025
Executive summary
Sales declined 5.3% year-over-year to CHF 148.3 million, but grew 0.5% at constant exchange rates, with resilience in Automation, Automotive, and Track segments offsetting currency headwinds.
Margin recovery was achieved through the Fit for Growth program, with EBIT margin improving from 5.5% in Q1 to 9.9% in Q2, despite lower sales.
Net profit for the period was CHF 6.8 million, down 20.8% year-over-year, with a net margin of 4.6%.
Free cash flow improved to CHF 5.6 million from CHF -11.6 million a year earlier, driven by tighter working capital management.
No ordinary dividend was distributed in the period, compared to CHF 56.9 million in the previous year.
Financial highlights
Gross margin decreased to 39.6% from 44.1% year-over-year, but rebounded to 41.1% in Q2 from 38.2% in Q1.
EBIT for the half year was CHF 11.4 million (7.7% margin), down 19.8% year-over-year; EBIT before restructuring was CHF 12.8 million (8.6% margin).
SG&A expenses dropped 13% year-over-year, with further sequential savings in Q2; R&D expenses decreased by over 20% due to cost discipline and restructuring.
Net working capital increased by CHF 4.6 million, mainly due to severance and vendor payments.
Cash and cash equivalents increased to CHF 20.4 million from CHF 18.7 million at the end of March 2025.
Outlook and guidance
Sales guidance for FY 2025-2026 set at CHF 265–290 million, with high single-digit EBIT margin.
Mid-term ambitions updated: after a market adjustment phase through FY2026/27, targets are 4–7% average annual sales growth and EBIT margin of 10–15% at constant exchange rates.
Market stabilization expected through 2026–2027, with growth resuming thereafter.
Free cash flow expected to remain positive in H2, with continued focus on cost control and capital discipline.
No major change in business development expected for the remainder of the year.
What drives the extended market adjustment phase?
How does Fit for Growth impact R&D strategy?
How to maintain margins amid Asia's cost pressure?
What factors led to the revised midterm EBIT margin?
Assess Fit for Growth's impact on future costs
ICS/TMR product launch and market ramp-up
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Next LEM Holding earnings date
Q3 20266 Feb, 2026
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Q3 20266 Feb, 2026
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Frequently asked questions
LEM Holding SA is a Switzerland-based company primarily engaged in the electric measurement industry. The company specializes in developing, producing, and selling transducers for measuring electrical parameters such as current and voltage. These products find a wide range of applications across various sectors including industrial automation, traction (rail transport), energy (both renewable and conventional), and automotive markets. In particular, LEM's transducers are integral to technologies in drives and welding, power supplies, AC/DC converters, battery management systems, and motor drive applications in vehicles. The company is headquartered in Geneva, Switzerland, and its shares are listed on the SIX.
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