Kardex (KARN) H2 2025 earnings summary

Executive summary

• Achieved all-time high bookings (€981.6m), net revenues (€850.4m), and EBIT (€101.2m) in 2025 despite geopolitical and trade uncertainties.

• Accelerated growth strategy launched, targeting €1.5 billion net revenue by 2029–2031, with major investments in sales, marketing, innovation, and digitalization.

• Acquired majority shares of ROCKETSOLUTION, adding a fourth business unit and enhancing the solution portfolio.

• Gained significant market share in both automated products and standardized systems in a flat market.

• Dividend proposed at CHF 6 per share, unchanged from 2024.

Financial highlights

• Bookings increased by 24.1% year-over-year, nearing CHF 1 billion for the first time.

• Net revenues grew 7.5% year-over-year to €850.4m, with a strong backlog for 2026.

• EBIT reached €101.2 million, surpassing €100 million for the first time; EBIT margin at 11.9%.

• Gross profit margin declined to 34.1% due to sales mix and higher personnel expenses.

• Free cash flow dropped to €20.5 million, mainly due to higher CapEx and increased net working capital.

• Result for the period dropped 48.3% to €41.8m, mainly due to non-cash write-off related to Rocket acquisition.

Outlook and guidance

• Net revenue growth for 2026 expected to be above 14%, with financial targets confirmed.

• EBIT margin guidance for 2026 remains slightly below 12%.

• Continued elevated CapEx of CHF 40–50 million expected for 2026 and 2027, with possible reduction if Asian factory plans are scaled back.

• Positive net working capital momentum anticipated in 2026, with higher cash inflows from project execution.

• U.S. market expected to rebound in 2026, especially with government and industry spending.

• Medium-term growth guidance maintained, with order intake momentum expected in the teens for 2026.

• Group targets: €1.5bn net revenues by 2029-2031, EBIT margin 10-14%, ROIC >25%.