Komax (KOMN) CMD 2024 summary

Market situation and financial performance

• Market showed slight improvement in H2 2024, with higher order intake and book-to-bill ratio above 1 in the second half.

• Revenues in 2024 expected to be 20% lower than 2023, but EBIT remains modestly positive despite one-off expenses and negative currency effects.

• Free cash flow in H1 2024 was CHF 9.8 million, down from CHF 11.5 million in H1 2023; operating cash flow also declined.

• Net debt remains stable and equity ratio is above 50%, reflecting a solid financial position.

• Cost reduction initiatives are ongoing, targeting CHF 20 million in savings for 2024 and a sustainable reduction of the break-even point.

Strategic priorities and progress

• Strategy execution is on track, with optimization of sales network, product portfolio, and organizational structure well advanced.

• Strengthening the position in China is progressing rapidly, including majority acquisition of Hosver, increased footprint, and site consolidations.

• Service business targeted to grow from 20% to 25% of revenues by 2030, with substantial increase in service contracts in 2024.

• Non-automotive markets targeted to increase revenue share from 25% to 30% by 2030, focusing on aerospace, railway, industrial, and infrastructure sectors.

• ESG initiatives are on track, with 13 targets in areas such as emissions, product lifecycle, and workplace safety.

Mid-term and long-term targets

• Mid-term targets for growth and profitability have been postponed by two years; now aiming for CHF 1.0–1.2 billion in revenues and CHF 120–160 million EBIT by 2030.

• Revenue growth is expected to be non-linear, with a CAGR of 6–9% through 2030.

• Organic growth continues to outperform vehicle production growth, with automation as the main driver.

• Significant automation potential remains, with only 20% of work currently automated and a long-term goal to double automation over 15 years.

• Investment in R&D remains high at 8–9% of revenues, supporting ongoing innovation and new product launches.