Komax (KOMN) H2 2025 earnings summary

Executive summary

• Challenging market conditions in 2025 led to a focus on profitability and cost savings, lowering the cost base by CHF 25 million from 2026 compared to 2024.

• Achieved positive EBIT of CHF 6.8 million despite a 7.9% revenue decline, negative currency effects, restructuring costs, and US tariff impacts.

• Transformation advanced with the completed Schleuniger integration, strengthening market position in Asia and China, and expanding service and non-automotive segments.

• Order intake remained stable but subdued, with decreased customer investment due to geopolitical tensions.

• Positive business development in industrial, infrastructure, and transportation markets, now accounting for 38% of revenues.

Financial highlights

• Revenues fell by 7.9% year-over-year to CHF 580.9 million, with organic decline of 6.0%, acquisition-driven growth of 1.5%, and negative currency impact of 3.4%.

• EBIT margin was 1.2% (down from 2.5%), and excluding one-time expenses and currency effects, was 4.7%.

• Gross margin increased to 64.1% (from 63.1% in 2024) due to product mix and cost savings.

• Group earnings after taxes (EAT) were CHF -7.9 million, with basic EPS at CHF -1.77.

• Free cash flow was CHF -12.3 million (2024: CHF 16.1 million); cash flow from operating activities was CHF 6.1 million.

Outlook and guidance

• Strong foundation for profitable growth, targeting a double-digit EBIT margin from 2027 onwards, leveraging automation, electrification, and mobility megatrends.

• Continued investment planned in service business, Asia, and industrial/infrastructure markets.

• Order intake stable, but geopolitical uncertainties and volatile markets remain challenges.