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 with 8.1% currency-adjusted increase, strong GLP-1 ramp-up, and EBIT margin of 17.1%.

• Transformation program 'Forward Now' delivered operational efficiency and sustainable margin improvement.

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

• Acquisition of majority stake in Capsul'in/Capsul'Invest S.A. strengthened position in aluminum coffee capsules and solution design.

Financial highlights

• Gross profit margin improved to 23.4% (from 21%/21.5% YoY), reflecting better 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, more than doubling year-over-year, 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 million, leverage ratio improved to 1.8x, and all bank debt repaid in 2024.

Outlook and guidance

• 2026 outlook based on structural trends in injectables, biologics, and self-administration therapies, not broad cyclical recovery.

• Healthcare expected to remain core growth and margin driver; Industrial to deliver moderate growth and improving profitability.

• Midterm targets: Group revenue CAGR ~8%, EBIT margin above 17%, Healthcare EBIT margin ~22%, Industrial EBIT margin ~12%.

• Effective tax rate expected to trend back toward 25-27% over time.

• Transformation program continues through 2027, with focus on execution and operational improvements.