Komax (KOMN) Investor Day 2024 presentation summary

Market environment and financial performance

• Market conditions remained challenging in 2024, with a low point in order intake during the first half and slight improvement in the second half.

• Revenues by region in H1 2024: Europe 39%, Asia/Pacific 33%, North/South America 19%, Africa 9%.

• Free cash flow was CHF 9.8 million in H1 2024, down from CHF 11.5 million in H1 2023; cash and cash equivalents increased to CHF 80.5 million by mid-2024.

• Net debt remained stable, and the equity ratio stayed above 50%.

• EBIT guidance for 2024 is modestly positive despite one-off expenses and negative currency effects; cost reduction initiatives are expected to save CHF 20 million.

Strategic direction and growth drivers

• Automation is the primary growth driver, with organic growth consistently outperforming vehicle production growth.

• Mid-term targets for revenue (CHF 1.0–1.2 billion) and EBIT (CHF 120–160 million) have been postponed by two years, now set for 2030.

• Growth in automation is supported by trends such as rising wage costs, lack of skilled workers, e-mobility, and increased vehicle complexity.

• Service business is targeted to grow from 20% to 25% of total business by 2030.

• Non-automotive markets (aerospace, railway, industrial, infrastructure) are expected to increase their revenue share from 25% to 30% by 2030.

Strategy implementation and operational optimization

• Significant progress in strategy execution, including sales network, product portfolio, and organizational structure optimization.

• Distribution channels are being streamlined from 80 to 51, with redundancies eliminated in Benelux and Czech markets.

• Structural optimizations in Asia and Europe include site closures, relocations, and consolidation, affecting approximately 130 employees.

• Product portfolio overlaps are being eliminated, focusing on best-of products and reducing complexity and costs.

• Investment in R&D remains high at 8–9% of revenues, with numerous new product launches and a strong innovation pipeline.