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 and economic conditions.

• EBIT reached CHF 106.6 million (10% margin), adjusted EBIT CHF 112 million (10.5% margin), with net income at CHF 74.6 million (7% margin), slightly down 0.9% due to a higher effective tax rate.

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

• Smart Factory services and digitalization initiatives saw strong growth, with Smart Factory Logistics CAGR at 5.1%, Assembly over 100%, and continued investment in operational efficiency.

• Acceleration in the second half of 2025, with stabilization in Europe and Americas and positive demand in Asia.

Financial highlights

• Gross profit margin (adjusted) at 32.8%, slightly down from 33% prior year; including PPA effects, margin at 32.3%.

• Sales and admin expenses rose 6.3% to CHF 241.4 million, mainly due to acquisition and ERP rollout.

• Net debt increased from CHF 245 million to CHF 311 million; gearing rose from 0.6 to 0.8, and net debt/EBITDA increased to 2.3x due to acquisition and higher working capital.

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

• 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, with potential acceleration in H2.

• Sunrise industries (aerospace, data center, semiconductor, railway, 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.