Orell Füssli (OFN) H1 2026 earnings summary

Executive summary

• Revenue increased to CHF 121.4 million from CHF 120.1 million year-over-year, with high capacity utilization in production facilities.

• Adjusted EBIT declined to CHF 6.9 million from CHF 10.2 million, mainly due to a less favorable product mix in Security Printing.

• Net income for the half-year was CHF 4.4 million, down from CHF 7.2 million in the prior year.

• Strategic acquisitions included the purchase of A. Köhler AG, expanding the retail footprint with 13 stationery stores and opening three new bookstores.

• Publishing business consolidated under Orell Füssli Verlage AG, with new educational products launched.

Financial highlights

• EBITDA for the half-year was CHF 12.4 million, down from CHF 16.1 million year-over-year.

• Cash flow from operating activities was negative CHF 7.7 million, compared to positive CHF 6.9 million in the previous year.

• Earnings per share (undiluted and diluted) were CHF 2.08, down from CHF 3.41 year-over-year.

• Cash and cash equivalents decreased to CHF 52.8 million from CHF 82.2 million at year-end 2025.

• Employee count rose to 703 FTEs from 649 year-over-year.

Outlook and guidance

• Full-year revenue growth is expected to be slightly below the 4-6% target range, with an EBIT margin around 9%.

• Second-half performance is anticipated to be stronger due to seasonal effects in publishing and retail, and delayed project deliveries.

• Order books in Security Printing and Zeiser divisions support a positive outlook.

• Strategic goals for 2028 remain on track, with forecasts for 2026 confirmed.