Bobst (BOBNN) H2 2025 earnings summary

Executive summary

• Turnover reached CHF 1.622 billion in 2025, significantly lower than the previous year, mainly due to lower equipment sales, adverse FX impacts, and tariffs.

• EBIT dropped to CHF 72.7 million, with a CHF 20 million negative impact from U.S. tariffs and CHF 50 million from FX variances.

• Net result was CHF 36.6 million, down 55.3% from the previous year, reflecting resilience amid geopolitical and market challenges.

• Service revenues remained stable or grew slightly, while equipment sales declined sharply, especially in corrugated and folding carton segments.

• Strategic focus is on digitalization, automation, regionalization, and sustainability, with progress in connected services and new business models.

Financial highlights

• Sales for 2025 were CHF 1,622.3 million, down 14.2% year-over-year but above 2021 levels.

• EBIT at CHF 72.7 million, down from CHF 141 million in 2024, a 48.7% decrease.

• Net income at CHF 36.6 million.

• FX impact totaled CHF 50 million, with major currencies weakening against the Swiss franc.

• Net debt increased to CHF 154.0 million.

Outlook and guidance

• Negative organic growth expected for 2026, with top-line pressure and limited visibility.

• EBIT for 2026 is guided to be similar to 2025, despite ongoing market and geopolitical uncertainties.

• Corrugated and folding carton markets are expected to remain weak, with no rebound anticipated before 2027.

• Pricing pressure is expected to stabilize, with no further deterioration anticipated.