Bucher Industries (BUCN) Q3 2025 earnings summary

Executive summary

• Order intake recovered in the first nine months of 2025, led by Kuhn Group and Bucher Hydraulics, especially in Europe, despite ongoing global trade policy uncertainties and weak order books in some regions.

• Net sales declined year-over-year, reflecting lower order books at the start of the year and continued weak demand, particularly in the USA.

• Profitability was supported by a CHF 43 million gain from the sale of a non-operational property, partially offsetting reduced volumes.

• Cost-saving measures and workforce adjustments continued, mainly in the USA and regions with low capacity utilisation.

• Operating free cash flow remained strong, and a share buyback programme continued, with up to 2.0% of shares repurchased for CHF 79 million by Q3 2025.

Financial highlights

• Order intake: CHF 2,063m (+7.3% or +5.2% year-over-year); Net sales: CHF 2,164m (–8.6% or –10.6% year-over-year); Order book: CHF 1,054m (–4.4% or –5.9% year-over-year).

• EBIT margin for HY 2025 was 10.3%, down from 11.6% in HY 2024; Group EBIT included CHF 43m property sale gain (2.8pp margin impact).

• Profit for the period margin at 9.3%; EPS CHF 13.98 (–0.6% year-over-year).

• Exceptionally strong operating free cash flow in HY1, driven by lower net working capital increase.

• Net cash position at CHF 327m; equity ratio increased to 67.0%.

Outlook and guidance

• Slightly lower sales expected for 2025 on a comparable basis; operating profit margin to decrease (excluding property sale gain) due to low US capacity utilisation.

• Trade policy uncertainties and tariffs expected to impact margins, especially in Kuhn Group and Hydraulics.

• Share buyback programme initiated; solid financial position supports further strategic investments.

• Kuhn Group anticipates a slight sales decline and lower operating margin in 2025.

• Bucher Municipal expects stable sales and a higher operating margin.