Bachem (BANB) H2 2025 earnings summary

Executive summary

• Sales reached CHF 695.1 million in 2025, up 14.8% in CHF and 19.2% in local currencies, with all product categories contributing to growth.

• EBITDA rose 21.8% to CHF 214.7 million, with a margin of 30.9%; adjusted for one-time effects, margin was 28.6%.

• Net income grew 23.7% to CHF 148.8 million, with EPS up 23.8% to CHF 1.98.

• Workforce expanded by over 300, ending at 2,511 FTE.

• Strong demand and high order levels supported by operational improvements and capacity expansion.

Financial highlights

• Cash flow from operations was CHF 271.6 million, up 85.6%.

• CapEx totaled CHF 332.6 million, with significant investments in Switzerland and the US.

• Net debt at year-end was CHF 26 million.

• Equity increased to CHF 1.5 billion, with a 69% equity ratio.

• EBIT rose 25.7% to CHF 167.3 million, representing 24.1% of sales.

Outlook and guidance

• 2026 sales expected to grow 35–45% in local currencies.

• EBITDA margin guidance for 2026 is low 30s% (30%–33%).

• CapEx for 2026 projected to exceed CHF 400 million.

• Building K ramp-up is a major growth driver, with most revenue impact in H2 2026.

• No extraordinary Sisslerfeld inflows expected in 2026.