Bucher Industries (BUCN) Q4 2025 earnings summary

Executive summary

• Markets stabilized with recovery in Europe and agriculture; order intake increased up to 6.7% year-over-year, but overall sales declined up to 7.6% due to a low starting order book; only the municipal division achieved sales growth.

• Profitability benefited from a CHF 43 million property sale, with EBIT margin rising to 9.7%; underlying margins were pressured by reduced volumes.

• Strong cash flow generation and a net cash position close to CHF 500 million; equity ratio at 66.1%.

• Dividend of CHF 11 per share proposed, with share buyback program nearly complete and capital reduction planned.

• Leadership changes announced, including new management team and chairman succession.

Financial highlights

• Order intake rose up to 7% year-over-year, mainly from Kuhn Group and Hydraulics; sales declined up to 7.6%.

• EBIT margin reached 9.7%, up from 9% in 2024, supported by a one-time property gain; EBIT was CHF 281 million.

• Profit for the year increased to CHF 235 million (8.1% of net sales), with EPS rising to CHF 23.22.

• R&D spending maintained at 4.6% of sales; CapEx reduced to just under CHF 120 million or 4% of sales.

• Operating free cash flow reached CHF 365 million, highest in 20 years.

Outlook and guidance

• Recovery in demand expected to continue, especially for Kuhn Group and Hydraulics; Kuhn Group expects higher sales and margin, Municipal expects slight decline, Hydraulics expects slight increase, Emhart Glass expects significant declines, Specials expects slight growth.

• Overall, sales and operating profit expected to be comparable to 2025, excluding the property gain.

• CapEx planned at CHF 150 million for 2026, about 4–4.5% of sales.

• Operating free cash flow for next year expected between CHF 100–150 million.