Mikron (RXO) H2 2025 earnings summary

Executive summary

• Net sales reached CHF 381.9 million, up 4.1% vs. 2024 at constant FX rates, with operating profit margin at a record 10.3% and EPS rising 16.1% to CHF 1.95.

• Automation segment delivered strong growth in Europe and Asia, while Machining Solutions faced a 6.2% sales decline amid weak market conditions.

• Free cash flow turned negative at CHF -11.9 million due to timing of order entry, but the group remains debt-free with a strong cash position.

• Proposed dividend distribution per share increased by 20% to CHF 0.60.

Financial highlights

• Operating profit rose to CHF 39.5 million, with margin improving to 10.3% from 8.5% in 2024.

• Net cash at year-end was CHF 98.0 million, and shareholders’ equity increased to CHF 236.6 million, representing 62.4% of total assets.

• Net working capital increased to CHF 25.4 million.

• Order intake declined to CHF 332.7 million from CHF 388.6 million in 2024.

Outlook and guidance

• 2026 net sales forecasted in the range of CHF 340–380 million, with operating profit margin expected between 7% and 10%.

• Order intake in 2026 anticipated to be similar to prior year but more evenly distributed.

• Persistent slowdown expected in Machining Solutions market in Europe; Automation segment expects a rebound in the U.S.

• Strategic plan targets 5% organic sales CAGR through 2030 and EBIT margin guidance of 8–11% for 2027–2030.