Kardex Holding AG: Financial Results 2025 – boerse.de

Kardex entered 2025 positioned for faster growth and set new mid-term financial targets. Despite pronounced uncertainty around global trade conditions and tariffs—especially visible in Q3—demand for the Group’s intralogistics solutions remained resilient across most sectors and regions. Orders surged, revenues rose solidly, and profitability stayed robust.

Full-Year 2025 Highlights

• Bookings: EUR 981.6 million, up 24.1% year-on-year, with Europe outperforming expectations, the US softer than planned, and Asia broadly stable. New Business bookings increased by 27.5%, while Life Cycle Services (LCS) rose by 14.6%.
• Order backlog: EUR 599.2 million as of 31 December 2025, up 26.0% year-on-year.
• Net revenues: EUR 850.4 million, up 7.5% year-on-year. New Business contributed EUR 625.4 million (73.5%), LCS EUR 225.0 million (26.5%).
• Margin and costs: Gross margin at 34.1% (vs. 35.0%), primarily due to sales mix between Automated Products and Standardized Systems. Operating costs rose 5.8% to EUR 188.7 million, reflecting increased sales, marketing, R&D, and digitalization spending.
• EBIT: EUR 101.2 million, up 2.8% year-on-year, demonstrating resilient operating performance.
• Net profit: EUR 41.8 million (prior year EUR 80.8 million), impacted by a one-time, non-cash write-down of approximately EUR 39 million related to loans associated with the majority acquisition of Rocket Solution.

Segment Performance

Automated Products (Kardex Remstar)

• Bookings: EUR 560.6 million, up 8.7% year-on-year, with New Business at 67.4% of bookings and LCS at 32.6%.
• Net revenues: EUR 572.8 million, up 2.8% and a new record, despite a slight slowdown in H2.
• Profitability: EBIT of EUR 92.1 million; EBIT margin at 16.1%, stable year-on-year, supported by disciplined operating costs amid growth investments.

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

• Bookings: EUR 422.1 million, up 52.9%; net revenues: EUR 278.1 million, up 18.6%.
• Profitability: EBIT of EUR 13.8 million, down 4.2%; EBIT margin at 5.0%, reflecting substantial investments to support future expansion.
• Order backlog: Record EUR 345.6 million and a strong sales funnel, underpinning a solid start to the next financial year.

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 Flow, and Balance Sheet

• ROIC: 35.0% (vs. 36.1%), remaining consistently high.
• Free cash flow: Lower, driven by higher investments in property, plant, equipment, and intangibles, as well as increased receivables.
• Liquidity and equity: Year-end cash at EUR 118.1 million; equity ratio at 53.6% (vs. 57.7%), reflecting the non-cash treatment related to Rocket Solution loans.

Leadership Update

After 16 years of service, Hans-Jürgen Heitzer transferred leadership of Kardex Mlog to Winnie Ahrens and will support a structured transition during 2026. The Board and the company thank him for his long-standing contributions.

Dividend Proposal and Governance

• Dividend: The Board will propose a dividend of CHF 6.00 per share to the Annual General Meeting on 30 April 2026, aligned with the policy of distributing up to 75% of operational net profit and supported by a debt-free balance sheet.
• Board: All current members will stand for re-election.

Outlook

Kardex expects fundamental industry drivers—reshoring, labor scarcity, and ongoing automation—to continue fueling demand in intralogistics. The Group is intensifying cross-unit sales synergies and sees attractive growth opportunities ahead. Management remains confident in delivering results in line with the communicated financial targets.

Kardex Corporate Profile

Kardex is a global partner for intralogistics solutions, offering premium automated products, standardized systems, and comprehensive life cycle services designed to ensure high availability and low total cost of ownership. Its portfolio spans dynamic storage and retrieval systems, integrated material handling, small parts storage with multi-shuttle technology, automated high-bay warehouses, and flexible, modular storage and order fulfillment solutions. The Group employs about 2,900 people across more than 30 countries and has been listed on the SIX Swiss Exchange since 1989.