Bachem (BANB) H2 2025 earnings summary

Executive summary

• Sales reached CHF 695.1 million in 2025, up 14.8% (19.2% in local currencies), with EBITDA at CHF 214.7 million and a margin of 30.9%; all product categories contributed to growth.

• Net income rose 23.7% to CHF 148.8 million, with EPS up 23.8% to CHF 1.98.

• Operating cash flow improved to CHF 271.6 million, and headcount increased by over 300 to 2,511 FTEs.

• Major investments in capacity expansion and operational excellence, especially at Bubendorf and new sites.

• Dividend increase proposed to CHF 0.90 per share.

Financial highlights

• EBITDA margin improved to 30.9% (30.2% in local currency), up from 29.1% in 2024; adjusted for one-time effects, margin was 28.6%.

• EBIT rose 25.7% to CHF 167.3 million, representing 24.1% of sales.

• Operating cash flow surged 85.6% to CHF 271.6 million.

• CapEx totaled CHF 332.6 million (48% of sales), with significant investments in Switzerland and the US.

• Equity ratio reached 69% at year-end 2025.

Outlook and guidance

• Sales expected to grow 35–45% in local currencies for 2026; EBITDA margin guided to low 30s%.

• CapEx for 2026 projected to exceed CHF 400 million, mainly for capacity expansion.

• Building K ramp-up is the main growth driver, with most revenue impact in H2 2026.

• No extraordinary income from Sisslerfeld expected in 2026.

• Margin guidance (30%–33%) reflects ramp-up costs and potential FX impacts.