Orell Füssli (OFN) H2 2025 earnings summary

Executive summary

• Achieved a highly successful business year in 2025, surpassing revenue and profitability expectations and raising midterm targets.

• Revenue grew by 8% year-over-year to CHF 272.8 million, marking the fifth consecutive year of growth.

• Adjusted EBIT rose 32% to CHF 29.8 million, with the margin improving to 10.9% from 8.9% last year.

• Net profit increased 31% to CHF 23 million compared to CHF 17.5 million in the prior year.

• Dividend proposal of CHF 5.80 per share, up from CHF 4.40.

Financial highlights

• Revenue reached CHF 272.8m, up 8% year-over-year; EBIT (adjusted) CHF 29.8m, up 32%; net income CHF 23.0m, up 31%.

• Free cash flow increased 71% to CHF 26.8m despite significant investments and acquisitions.

• EBITDA rose 17.7% to CHF 41.3m; operating cash flow driven by high EBIT and cost management.

• Equity ratio stood at 66% at year-end, compared to 74% the previous year.

• Number of employees increased to 684 FTEs from 659.

Outlook and guidance

• Revenue growth for 2026 expected at the lower end or slightly below the 4-6% corridor.

• EBIT margin for 2026 projected around 9%, with a stronger second half anticipated.

• 2028 targets confirmed: CHF 300 million revenue and EBIT margin of 8.5-9.5%.

• Security printing capacity to be extended by 15%, but 2026 results expected slightly lower due to order mix.

• Procivis aims to further establish its EU market presence and participate in tenders.