Kardex Holding AG / CH0100837282

Zurich, 12 March 2026 — Kardex reports solid results for the financial year 2025, marked by strong demand for intralogistics solutions and a record level of bookings despite a volatile macro environment and trade-policy uncertainty.

Key Highlights for 2025

• Bookings rose 24.1% to EUR 981.6 million, nearing the EUR 1 billion mark.
• Net revenues increased 7.5% to EUR 850.4 million, with strong momentum in Standardized Systems.
• EBIT surpassed EUR 100 million for the first time, up 2.8% to EUR 101.2 million, despite elevated growth investments.
• Acquisition of Rocket Solution established a fourth Business Unit and broadened lightgoods capabilities.
• Order backlog up 26.0% to EUR 599.2 million at year-end.

Group Performance

Demand proved resilient across most industries and regions. Europe exceeded expectations, Asia was broadly stable, while the United States trailed initial plans. Decision-making slowed in the summer but recovered in the fourth quarter. New Business bookings advanced 27.5%, and Life Cycle Services (LCS) rose 14.6%.

Net revenues reached EUR 850.4 million (+7.5%). New Business contributed EUR 625.4 million (73.5%) and LCS EUR 225.0 million (26.5%). A higher share of Standardized Systems versus Automated Products led to a modestly lower gross margin of 34.1% (prior year 35.0%). Operating costs increased 5.8% to EUR 188.7 million, reflecting higher sales and marketing activity as well as R&D and digitalization spending. EBIT rose to EUR 101.2 million (+2.8%).

The financial result was affected by the consolidation of Rocket Solution. Loans previously granted to the startup since 2021 were fully written off as a non-cash accounting effect of approximately EUR 39 million. As a result, net profit declined to EUR 41.8 million (prior year EUR 80.8 million).

Segment Performance

Automated Products (Kardex Remstar)

• Bookings: EUR 560.6 million (+8.7%).
• Mix: New Business 67.4%, LCS 32.6% of bookings.
• Net revenues: EUR 572.8 million (+2.8%), a new record.
• EBIT: EUR 92.1 million; EBIT margin maintained at 16.1%.

Despite substantial investments to support future growth, operating expenses were kept stable, underpinning robust profitability.

Standardized Systems (Kardex Mlog, Kardex AS Solutions, Rocket Solution)

• Bookings: EUR 422.1 million (+52.9%).
• Net revenues: EUR 278.1 million (+18.6%).
• EBIT: EUR 13.8 million (−4.2%); EBIT margin 5.0%, reflecting elevated growth investments.
• Order backlog: EUR 345.6 million (record level), supporting a solid start to 2026.

Business unit details:

• Kardex Mlog: Bookings EUR 187.1 million (+45.9%); order backlog EUR 191.4 million (+59.3%); net revenues EUR 115.9 million (+11.3%).
• Kardex AS Solutions: Bookings EUR 235.5 million (+59.1%); order backlog EUR 154.1 million (+83.5%); net revenues EUR 162.6 million (+24.7%).

Capital Efficiency, Cash and Balance Sheet

Return on Invested Capital remained high at 35.0% (prior year 36.1%). Free cash flow declined due to increased investments in property, plant and equipment and intangibles, as well as higher receivables. A higher dividend payout contributed to a year-end cash balance of EUR 118.1 million. The accounting treatment of the Rocket Solution loan reduced net profit and equity, resulting in an equity ratio of 53.6% (prior year 57.7%).

Leadership Update

After 16 years of service, Hans‑Jürgen Heitzer transferred leadership of Kardex Mlog to Winnie Ahrens and will continue to support a smooth transition during 2026. The Board of Directors and the Kardex team express their appreciation for his long-standing contributions.

Annual General Meeting Proposals

• Dividend proposal: CHF 6.00 per share, in line with the policy of distributing up to 75% of operational net profit and reflecting a debt-free balance sheet.
• All current members of the Board of Directors are standing for re-election.

Outlook

Structural drivers such as reshoring, labor shortages, and accelerating automation continue to support long-term demand in intralogistics. Kardex is increasing cross-unit sales synergies and sees substantial growth opportunities ahead. Management remains confident of delivering results consistent with the communicated financial targets.

Note on Forward-Looking Statements

This article may contain forward-looking statements, which are subject to risks and uncertainties that could cause actual outcomes to differ materially. Such factors include market conditions, currency movements, regulatory changes, and competitive dynamics. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect expectations as of the date of this publication and may change without notice.