Georg Fischer (GF) H1 2025 earnings summary

Executive summary

• Flow Solutions delivered resilient performance amid geopolitical tensions, strong Swiss franc, and market headwinds, with organic order intake up 5% year-over-year and solid infrastructure momentum.

• Strategic transformation advanced with the acquisition of BAG Group and VAG-Group, and divestment of Machining Solutions completed; Casting Solutions divestment progressing.

• Integration of Uponor operations and value creation program delivered CHF 14 million in EBIT-level savings by June 2025.

• Sustainability integration progressed, with 76% of sales linked to sustainable products and a 55% reduction in Scope 1 and 2 CO2 emissions; recognized by CDP, Financial Times, and TIME/Statista.

• Proceeds from divestments used to repay acquisition loans, strengthening financial flexibility for future investments.

Financial highlights

• Net sales CHF 2,255 million, down 3.6% year-over-year; organic growth +1.6%.

• Comparable EBIT margin for Flow Solutions at 10.4%, down from 11.7% year-over-year; reported EBIT margin at 9.5%.

• Net profit rose to CHF 165 million, up 63% year-over-year, mainly due to a CHF 140 million gain from the Machining Solutions divestment.

• Negative currency effects reduced sales by CHF 64.7 million and EBIT by CHF 14.4 million.

• Net debt to EBITDA reduced to 2.5x (June 2025) from 3.4x (Dec 2024); four new bonds totaling €1.05 billion issued.

Outlook and guidance

• Guidance for Flow Solutions confirmed: flat to low single-digit organic growth and comparable EBIT margin of 10.5%–12.5% for 2025.

• Second half expected to see higher absolute EBIT, driven by strong order intake and project execution in industrial and U.S. infrastructure segments.

• Well positioned to benefit from trends in semiconductors, data centers, water infrastructure, and energy-efficient buildings.

• Free cash flow before acquisitions expected around DKK 200 million for the full year.