Kardex (KARN) H1 2025 earnings summary

Executive summary

• Bookings rose 18.7% year-over-year to EUR 454.3 million, with strong demand across regions, especially Central Europe, and normalized decision-making for large projects despite geopolitical and trade uncertainties.

• Net revenues increased 12.4% year-over-year to EUR 415.7 million, driven by growth in Standardized Systems.

• EBIT grew 1.5% to EUR 48.9 million, with margin at 11.8%, reflecting significant investments in R&D, IT, and sales & marketing.

• Net profit declined 5.7% year-over-year to EUR 36.1 million due to lower financial income.

• Return on invested capital remained strong at 37.6%.

Financial highlights

• Gross profit rose 11.5% year-over-year to EUR 141.9 million, with gross margin at 34.1%.

• Free cash flow dropped to EUR 8.4 million from EUR 56.0 million, mainly due to increased NWC, higher CAPEX, and dividend payout.

• Equity ratio stood at 53.3% as of 30 June 2025, down from 57.7% at year-end 2024.

• Net cash position was EUR 125.8 million, down from EUR 137.4 million a year earlier.

• EBITDA rose 1.9% to EUR 54.1 million; EBIT margin was 11.8%.

Outlook and guidance

• Anticipates a stronger H2 2025 in bookings, net revenues, and EBIT, expecting to meet communicated financial targets.

• Ongoing investments in sales, marketing, R&D, and IT to support profitable growth and market outperformance.

• Positive market sentiment expected, driven by reshoring, labor shortages, and automation megatrends.

• Confident in achieving results in line with communicated financial targets.