Georg Fischer (GF) H2 2025 earnings summary

Executive summary

• Completed transformation into a pure-play Flow Solutions business after divesting Machining Solutions and Casting Solutions, focusing on buildings, industry, and infrastructure.

• Integration of Uponor and VAG enhanced product portfolio and market reach, with synergy targets on track.

• Launched Fit for Growth program targeting CHF 40 million in cost savings in 2026, affecting 600 employees.

• Achieved CHF 3 billion in Flow Solutions sales with 0.6% organic growth, in line with guidance.

• Net sales decreased 13.9% year-over-year to CHF 4,110 million, reflecting divestments and challenging market conditions.

Financial highlights

• Net sales were CHF 4.1 billion, down from CHF 4.8 billion, mainly due to divestments and FX effects; organic group sales down 1.7%.

• Comparable EBIT margin for Flow Solutions was 10% (reported 8.9%), with comparable EBITDA margin at 13.4%.

• Net profit to shareholders declined to CHF 103 million, but continuing business net profit rose to CHF 196–200 million, including book gain from divestments.

• Free cash flow before acquisitions/divestments was CHF 412 million; after these items, CHF 21 million.

• Proposed dividend per share is CHF 1.35, unchanged from last year.

Outlook and guidance

• Expect low single-digit organic sales growth and comparable EBITDA margin of 14%-16% in 2026.

• EBIT margin guidance for 2026 is 10.5%-12.5%.

• Free cash flow for Flow Solutions targeted at CHF 175 million-200 million in 2026.

• Net debt/EBITDA expected to be below 3x by end of 2026.

• Growth acceleration expected in H2 2026 as end-markets recover.