Bossard (BOSN) H2 2025 earnings summary

Executive summary

• Achieved CHF 1,068.9 million in sales for 2025, up 8.6% year-over-year, with organic growth of 2% and acquisitions contributing 10.2%, despite significant Swiss franc appreciation and challenging geopolitical conditions.

• EBIT reached CHF 106.6 million (10% margin), adjusted EBIT CHF 112 million (10.5% margin), and net income CHF 74.6 million, slightly down due to currency impacts and higher tax rate.

• Acquisition of Ferdinand Gross (EUR 80 million sales, 250 employees) strengthened market position in Europe and expanded operations.

• Smart Factory services and digitalization initiatives saw robust growth, with Smart Factory Logistics achieving a 5.1% CAGR and Smart Factory Assembly over 100% CAGR over five years.

• Group executive board streamlined from seven to five members, reducing costs and decentralizing functions.

Financial highlights

• Adjusted gross profit margin (excluding PPA effects) was 32.8%, slightly down from 33% prior year; including PPA effects, margin was 32.3%.

• Sales and administrative expenses rose 6.3% to CHF 241.4 million, mainly due to acquisitions and ERP investments.

• Net debt increased from CHF 245 million to CHF 311 million, with net debt/EBITDA at 2.3x due to acquisition and higher working capital.

• Free cash flow was negative CHF 8.8 million, but excluding acquisitions, positive CHF 49.6 million.

• Dividend proposal of CHF 3.90 per share, unchanged, reflecting a 40% payout of net income.

Outlook and guidance

• Cautious outlook for 2026 due to geopolitical and economic uncertainties; expect subdued demand in H1 and potential acceleration in H2.

• Sunrise industries (aerospace, data center, semiconductor, railway, energy, automation) expected to drive above-average growth.

• Midterm targets reiterated: organic sales growth >5%, EBIT margin 12–15%, equity ratio >40%, dividend payout 40% of net income.

• CapEx for 2026 expected around CHF 36 million, with IT investments tapering after major ERP rollouts.