Dätwyler (DAE) H2 2025 earnings summary

Executive summary

• Net revenue reached CHF 1,100.5 million in 2025, with 3.1% currency-adjusted growth despite a 0.6% reported decline due to FX headwinds.

• Healthcare division drove growth, achieving 8.1% currency-adjusted growth, margin expansion to 17.1%, and a strong ramp-up in high-value offerings.

• EBIT increased to CHF 136.6 million, with a margin of 12.4%, up 1.7pp year-over-year (adjusted), supported by the Forward Now transformation program.

• Strategic acquisition of a 51% stake in Capsul'in/Capsul'Invest S.A. strengthened the aluminum coffee capsule business, with an option for full ownership by 2029.

• Industrial division maintained stable currency-adjusted revenues and improved profitability, with Food & Beverage and Automotive strong in Asia.

Financial highlights

• Gross profit margin improved to 23.4% (from 21.5% YoY), driven by Healthcare volume, product mix, and efficiency gains.

• EBIT increased to CHF 136.6 million (12.4% margin), up from CHF 80.2 million (7.2% margin) in 2024.

• Net result reached CHF 80.8 million, representing 7.3% of sales, up 159.8% YoY, with EPS at CHF 4.75.

• Free cash flow improved to CHF 129.4 million, with net cash from operating activities at CHF 173.8 million.

• Net debt reduced to CHF 379.1 million, leverage improved to 1.8x, and all bank debt repaid in 2024.

Outlook and guidance

• 2026 outlook focuses on structural growth in Healthcare, stable to modest recovery in Automotive, and regulatory-driven growth in Food & Beverage.

• Execution of strategic initiatives and operational improvements remain priorities, with transformation program continuing through 2027.

• Midterm targets: organic revenue growth in high single digits, EBIT margin above 17% under normal conditions, Healthcare EBIT margin ~22%, Industrial EBIT margin ~12%.

• Focus on high-value, system-critical components and ongoing optimization of production footprint.

• Food & Beverage segment to benefit from regulatory-driven shift to aluminum, with 3-5% CAGR.