Komax (KOMN) H1 2025 earnings summary

Executive summary

• Revenue declined 13.3% year-over-year to CHF 280.3 million due to weak automotive demand, market volatility, and negative currency effects.

• Order intake increased by 2.9% year-over-year, with strong activity in North Africa and India, but volatility in Europe, North America, and China; book-to-bill ratio at 0.99.

• EBIT was CHF 6.2 million (2.2% margin), down from CHF 10.4 million (3.2%) in H1 2024, with CHF 1.5 million in restructuring costs.

• Group earnings after taxes were negative at CHF -3.5 million (H1 2024: CHF 2.5 million); basic EPS at CHF -0.68.

• Progress in China included successful localization, new machine launches, increased stake in Hosver, and a new Tianjin facility.

Financial highlights

• Gross margin improved to 68.1% (H1 2024: 63.4%), supported by a higher service share.

• Free cash flow was negative at CHF -2.0 million (H1 2024: CHF 9.8 million).

• Cash and cash equivalents at CHF 67.3 million as of June 2025, down CHF 12.7 million since year-end 2024.

• Net debt increased to CHF 101.3 million, up CHF 3.7 million from year-end 2024; net debt/EBITDA at 3.15x.

• Shareholders' equity stood at CHF 343.1 million, with an equity ratio of 52.0%.

Outlook and guidance

• FY 2025 revenues expected around CHF 580 million with slightly positive EBIT before CHF 7.5 million in restructuring expenses.

• New mid-term targets aim for a double-digit EBIT margin from 2027, with growth above the 6% average annual market rate.

• Focus remains on cost efficiency, structural adjustments, and strengthening the China market.