Medmix (MEDX) H2 2025 earnings summary

Executive summary

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

• Strategic focus on healthcare, especially dental, and industry turnaround drove margin improvements and outperformance versus market.

• 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 one of the world's best companies in sustainable growth for 2026.

• Leadership changes included appointment of new CFO Sven Luginbühl and new Beauty business unit head Jennifer Dean.

Financial highlights

• Group revenues at CHF 448.0m, down 4.8% organically and 7.4% reported year-over-year.

• Gross profit margin increased 310 bps to 36.1%, gross profit up to CHF 161.9m.

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

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

• Free cash flow was CHF 27.1m, down 31.7% year-over-year; operating net cash flow declined to CHF 40.3m.

Outlook and guidance

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

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

• H2 2026 expected to be stronger due to 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.