Bossard (BOSN) H2 2025 earnings summary

Executive summary

• Achieved CHF 1,068.9 million in sales for 2025, up 8.6% year-over-year, with organic growth of 2% and acquisitions contributing 10.2%.

• EBIT reached CHF 106.6 million (10% margin), adjusted EBIT CHF 112 million (10.5% margin), with net income at CHF 74.6 million (7% margin), slightly down 0.9% due to higher tax rate.

• Significant Swiss franc appreciation negatively impacted sales and profits; excluding FX, sales would have grown 12.2% and EBIT 12.4%.

• Acquisition of Ferdinand Gross (EUR 80 million sales, 250 employees) strengthened European market position and expanded operations in Germany, Poland, and Hungary.

• Smart Factory Logistics and Assembly services saw strong growth, with 493,000 smart devices installed and over 300 Smart Factory Assembly systems sold, supporting customer retention and operational efficiency.

Financial highlights

• Gross profit margin (adjusted) was 32.8%, slightly down from 33% prior year; including PPA effects, margin was 32.3%.

• Sales and administrative expenses rose 6.3% to CHF 241.4 million, mainly due to acquisition and ERP rollout.

• Net debt increased from CHF 245 million to CHF 311 million; gearing (net debt/equity) rose from 0.6 to 0.8.

• Free cash flow was negative CHF 8.8 million, but positive CHF 49.6 million excluding acquisitions.

• Dividend proposal of CHF 3.90 per share, unchanged, representing a 40% payout of net income.

Outlook and guidance

• Cautious outlook for 2026 due to geopolitical and economic uncertainties; expect subdued demand in H1 and potential acceleration in H2.

• Sunrise industries (aerospace, data center, semiconductor, railway, automation) expected to drive above-average growth.

• Midterm targets reiterated: organic sales growth >5%, EBIT margin 12–15%, equity ratio >40%, dividend payout 40% of net income.

• CapEx for 2026 expected at CHF 36 million, with IT investments tapering after major ERP rollouts.