Interroll (INRN) H2 2025 earnings summary

Executive summary

• Order intake increased by 5% to CHF 545.3 million (+9.2% in local currency), with strong acceleration in H2 2025, especially in China and e-commerce sectors.

• 2025 marked a transition year with restructuring, strategic refocus, and cultural transformation, emphasizing innovation, market focus, and expansion into high-growth sectors.

• Expanded global footprint with 16 factories and localized R&D, enabling resilience against macroeconomic and geopolitical challenges.

• Enhanced customer focus, innovation, and operational efficiency, including new R&D hub in China and acquisition of Sortteq.

• E-commerce and airport end markets showed recovery, while industrial manufacturing and automotive remained weak.

Financial highlights

• Order intake reached CHF 545.3 million (+5% in CHF, +9.2% in local currency), with a 12% surge in H2 and broad-based growth across regions and product groups.

• Sales declined 2.5% to CHF 514.2 million, but rose 1.4% in local currency; EMEA grew 1.4%, Americas fell 9.8%, APAC dropped 3.5%.

• EBITDA was CHF 94.1 million (18.3% margin), EBIT CHF 71.8 million (14.0% margin), both down year-over-year.

• Net result was CHF 55.9 million (10.9% margin), impacted by FX losses and lower interest income.

• Operating cash flow dropped 41.2% to CHF 54.1 million; free cash flow down 47.9% to CHF 40.3 million.

Outlook and guidance

• Market stabilization broadened in 2025, with optimistic customer feedback and growing project demand.

• Expectation of sales rebound in 2026, driven by strong order intake and backlog, especially in Americas.

• Continued investment in innovation and market access, with cost discipline maintained.

• FX headwinds expected to persist in 2026, with local currency sales growth anticipated.

• No specific quantitative guidance provided, but positive momentum in order pipeline and margin leverage expected.