Medmix (MEDX) H1 2025 earnings summary

Executive summary

• Profitability and gross profit rose above guidance despite a 6.5% year-over-year revenue decline to CHF 225.4 million, driven by cost savings and efficiency programs.

• CHF 8.5 million in H1 2025 cost savings realized, with CHF 15 million secured toward a CHF 30 million two-year target and 70 initiatives underway.

• Strategic focus on reallocating resources, reducing costs, and strengthening management to support future growth.

• Recognized as one of only nine Swiss companies to achieve an "A" score in the CDP rating.

Financial highlights

• Revenues declined 6.5% year-over-year to CHF 225.4 million (–4.6% organic), with FX effects of –2%.

• Adjusted EBITDA margin improved to 19.9% (+80bps), above the 18–19% full-year guidance.

• EBIT rose 22.2% year-on-year to CHF 15.7 million, with EBIT margin up 170 basis points to 7%.

• Free cash flow increased 50.9% year-over-year to CHF 11.4 million; operating net cash flow slightly decreased due to inventory build-up.

• Gross profit reached CHF 82.5 million (+2.4% year-over-year); gross margin 36.6% (+320bps).

Outlook and guidance

• Full-year 2025 revenue expected to decline at a rate similar to H1 on an FX-adjusted basis.

• Adjusted EBITDA margin guidance for 2025 remains at 18–19%; midterm guidance targets >4% CAGR in revenues and >20% EBITDA margin.

• Cost-out program targets CHF 30 million over two years, with CHF 17–20 million expected in 2025.

• Price increases from July 2025 to offset most of the U.S. tariff impact, with some lag.