CPH Group (CPHN) H1 2025 earnings summary

Executive summary

• Net sales for H1 2025 reached CHF 176 million, down 0.5% year-over-year; EBITDA was CHF 30.2 million with a 17.2% margin; net result CHF 17.1 million, impacted by non-recurrence of prior-year one-off income and higher financial expenses.

• Challenging economic and geopolitical environment led to deferred orders and investments, with currency headwinds from a strong Swiss franc and weaker US dollar.

• Global expansion continued with LOG Pharma (Israel, Hungary) and SiliCycle (Canada) acquisitions, strengthening positions in high-growth markets.

Financial highlights

• EBITDA margin improved slightly to 17.2% from 17.1% year-over-year; EBIT declined to CHF 21.9 million due to higher depreciation and amortization.

• Net result fell 19% to CHF 17.1 million, mainly due to absence of prior-year one-off financial and non-operating income and higher acquisition-related expenses.

• Free cash flow before acquisitions was negative CHF -1.8 million, reflecting seasonal working capital increase.

• Equity ratio decreased to 54.3% from 63.0% at year-end 2024, following asset growth from acquisitions.

Outlook and guidance

• Full-year 2025 earnings and net result expected to slightly improve over 2024, despite ongoing economic and geopolitical volatility.

• Zeochem anticipates full-year net sales below 2024 but higher EBITDA; Perlen Packaging expects higher net sales and stable EBITDA year-over-year.