Komax (KOMN) H2 2024 earnings summary

Executive summary

• 2024 was marked by a challenging market with order intake down 15.9% and revenues down 16.2% year-over-year due to overcapacity and geopolitical uncertainties, but saw a 14.2% sequential recovery in H2.

• Positive EBIT of CHF 16.0 million was achieved despite a 76.3% drop, driven by cost reductions and structural optimizations.

• Non-automotive segments grew revenues by 7%, increasing their share from 25% to 35% of total revenues.

• Significant progress in strategy: optimized product portfolio, sales network, and site structure; strengthened China market via acquisitions.

• Continued strong focus on innovation, with R&D at 11.8% of revenues and multiple new product launches.

Financial highlights

• Revenues: CHF 630.5 million, down 16.2% year-over-year; order intake: CHF 577.2 million (-15.9%).

• EBIT: CHF 16.0 million (2.5% margin), positive despite CHF 11.5 million in one-off expenses; EBIT margin excluding one-offs at 4.4%.

• Group earnings after taxes (EAT): CHF -2.9 million (-0.5% margin); EPS CHF -0.63 (2023: CHF 8.55).

• Free cash flow: CHF 16.1 million (2023: CHF 51.7 million); stable operating cash flow at CHF 59.7 million.

• Gross profit margin improved to 63.1% (2023: 61.8%).

Outlook and guidance

• No financial forecast for 2025 due to ongoing economic and geopolitical uncertainties and volatile order intake.

• Focus remains on cost efficiency, innovation, site and portfolio optimization, and strengthening China market position.

• Long-term automation trends expected to drive future growth; targeting CHF 1.0–1.2 billion in revenues and CHF 120–160 million EBIT by 2030.