Medmix (MEDX) H2 2025 earnings summary

Executive summary

• Gross profit and adjusted EBITDA margin exceeded full-year guidance despite a 4.8% organic revenue decline year-over-year, with gross profit up 1.4% to CHF 161.9 million and gross margin at 36.1%.

• Strategic focus on healthcare, especially dental, drove margin improvements; industry turnaround and automation initiatives enhanced operational efficiency.

• Growth and Efficiency program delivered CHF 22.6m in savings over 2024/2025, with CHF 4.3m already secured for 2026.

• Recognized by TIME Magazine as a top global company for sustainable growth in 2026.

• Leadership changes: Sven Luginbühl appointed CFO; Jennifer Dean to lead Beauty business unit; Charity Kufaas as Chief Strategy & Transformation Officer.

Financial highlights

• Adjusted EBITDA reached CHF 89.7 million (20% margin), above guidance; reported EBITDA CHF 78.3 million (17.5% margin), up 5.1% year-over-year.

• EBIT increased 76.7% to CHF 22.8 million, with EBIT margin up to 5.1%.

• Operating net cash flow declined to CHF 40.3 million, mainly due to high prior-year working capital release and early cash receipts in 2024.

• Free cash flow was CHF 27.1m, down 31.7% year-over-year.

• Net debt/adjusted EBITDA at 2.41, up from 2.22 in 2024.

Outlook and guidance

• 2026 guidance: flat to low single-digit organic revenue growth, adjusted EBITDA margin around 20%.

• Midterm revenue CAGR target remains above 4%; adjusted EBITDA margin guidance raised to above 21%.

• H1 2026 expected to be flat/negative due to dual sourcing in drug delivery; H2 to improve with new product launches.

• Dividend policy updated: minimum 40% of EPS to be distributed, with higher payout possible based on performance and liquidity.