Medmix (MEDX) H2 2025 earnings summary

Executive summary

• Gross profit and adjusted EBITDA margin exceeded guidance despite a 4.8% organic and 7.4% reported revenue decline, with gross profit up 1.4% to CHF 161.9 million and gross margin at 36.1% (+310 bps).

• Profitability improved with adjusted EBITDA margin rising to 20.0% (+90 bps YoY), driven by efficiency gains, higher Dental volume, and lower OPEX.

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

• Strategic focus on healthcare, with Dental outpacing market growth and new product launches planned for 2026; industry business unit returned to growth.

• Recognized by TIME Magazine as one of the world's best companies in sustainable growth for 2026.

Financial highlights

• Revenue declined 7.4% on a reported basis to CHF 448 million, impacted by -2.6% FX effects and a 4.8% organic decline.

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

• EBIT increased 76.7% to CHF 22.8 million (5.1% margin, +228/240 bps).

• Operating net cash flow fell to CHF 40.3 million, mainly due to high 2024 comparables and flat net working capital in 2025.

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

Outlook and guidance

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

• Midterm revenue CAGR above 4%, with adjusted EBITDA margin guidance raised to above 21%.

• H2 2026 expected to be stronger, driven by new product launches; dual sourcing impact in drug delivery to subside by year-end.

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