Bucher Industries (BUCN) Q1 2026 earnings summary

Executive summary

• Order intake increased by 6.7% in 2025, but group sales declined 5.7% due to a lower starting order book; Q1 2026 saw modest demand and lower sales year-over-year despite a solid order book.

• Kuhn Group's order intake declined after a strong pre-order season, while Bucher Municipal and Bucher Hydraulics performed positively; profitability in 2025 was supported by a CHF 43m property sale.

• Political and economic uncertainties increased, impacting demand and order intake, especially in glass and agricultural machinery segments.

• CEO and chairman transitions completed as planned; capital reduction approved following share buyback.

Financial highlights

• Net sales for 2025 were CHF 2,914m, down 5.7% year-over-year; order intake reached CHF 2,883m, up 6.7%. Q1 2026 group order intake fell 8.9% and net sales dropped 7.3% year-over-year.

• EBIT was CHF 281m (9.7% margin), including a CHF 43m property gain; profit for the year was CHF 235m (8.1% margin).

• Earnings per share rose to CHF 23.22 from CHF 22.15 in 2024.

• Free cash flow was CHF 106m, with net cash at CHF 498m and an equity ratio of 66.1%.

• Kuhn Group order intake fell 27.4% in Q1 2026, but sales were stable due to a strong order book.

Outlook and guidance

• For 2026, stable sales and operating profit margin are expected on a comparable basis, excluding the 2025 property sale gain.

• Kuhn Group anticipates higher sales and margin; Bucher Hydraulics expects slight sales and margin increases; Bucher Municipal and Emhart Glass foresee lower sales and margins; Bucher Specials expects slight sales growth and improved margin.