Bobst (BOBNN) H1 2026 earnings summary

Executive summary

• Sales declined by 11.6% to CHF 589.9 million in H1 2026, mainly due to lower equipment sales and adverse currency effects.

• Operating result (EBIT) dropped to CHF -25.0 million from CHF 5.4 million in H1 2025, driven by lower volumes and negative FX impacts.

• Net result was CHF -33 million, compared to CHF 3 million in the previous year.

• Order entries dropped 11% and backlog was 13% lower than the prior year, though up 11% from year-end 2025.

• Management expects a stronger H2 2026, but full-year results will remain below 2025 due to ongoing macroeconomic and geopolitical uncertainties.

Financial highlights

• Sales for H1 2026 were CHF 589.9 million, down CHF 77.5 million from H1 2025.

• EBIT: CHF -25.0 million (H1 2025: CHF 5.4 million); Net result: CHF -33 million (H1 2025: CHF 3 million).

• Net debt increased to CHF 241.6 million from CHF 154 million at end-2025, mainly due to bond repayment and lower operating cash flow.

• Shareholders' equity ratio declined to 21.9% from 22.6% at end-2025.

• Capital expenditure reduced to CHF 9.3 million (H1 2025: CHF 20.1 million).

Outlook and guidance

• Full-year 2026 sales and results are expected to remain below 2025 levels due to ongoing geopolitical tensions, weak industrial growth, and adverse FX.

• H2 2026 is projected to be as strong as H2 2025, supported by a solid backlog.

• Services & Performance unit expected to remain resilient but still impacted by currency headwinds.

• Order intake and revenue recognition increasingly weighted toward H2 2026 and 2027, increasing short-term volatility.

• CapEx for the full year will be lower than previous years, with careful review of investments.