Bobst (BOBNN) H1 2025 earnings summary

Executive summary

• Sales declined 19.4% year-over-year to CHF 667.4 million in H1 2025, with net result turning negative at CHF -3.3 million.

• Order entries decreased by 4% and order backlog at June-end was 27% lower than the previous year, reflecting weak demand and market uncertainty.

• Operating result (EBIT) dropped to CHF 5.4 million from CHF 34.7 million in H1 2024.

• Geopolitical uncertainties, U.S. tariffs, and currency devaluation led to delayed investments and cautious customer behavior.

• Management expects a strong sales rebound in H2 2025, but full-year results are projected to be significantly below 2024 levels.

Financial highlights

• Revenue: CHF 667.4 million, down from CHF 828.2 million in H1 2024.

• EBIT: CHF 5.4 million (0.8% margin), down from CHF 34.7 million (4.2% margin) in H1 2024.

• Net result: CHF -3.3 million, compared to CHF 7.7 million in H1 2024.

• Net debt increased to CHF 237.1 million from CHF 125.8 million at end-2024.

• Shareholders' equity ratio fell to 23.2% from 27.9% at end-2024, mainly due to lower net result and CHF 82.3 million dividend payment.

Outlook and guidance

• Full-year 2025 sales expected to be down around 15% from CHF 1.891 billion in 2024.

• Operating results for 2025 will be less than half of the restated 2024 figure (CHF 141.6 million).

• Stronger H2 sales anticipated, especially in machine business, but order intake will remain below prior year due to tariffs, overcapacity, and global uncertainty.

• Digital printing breakeven target postponed to 2027.

• Margins remain under pressure despite expected revenue improvement in H2.