SKAN Group (SKAN) H2 2025 earnings summary

Executive summary

• Order intake rose 3.1% to CHF 370.6 million, with strong demand in Europe and a cautious U.S. market; order backlog increased 8.7% to CHF 346.1 million, supporting future visibility.

• Net sales declined 7.7% to CHF 333.3 million due to above-average project postponements, mainly vaccine lines, shifting revenue into 2026 and 2027.

• EBITDA dropped 32.3% to CHF 38.6 million (margin 11.6%), mainly from lower project business sales and higher operating expenses; profitability rebounded in H2 with a 19% margin.

• Two strategic acquisitions (Metronik and ABC Transfer) expanded the high-margin Services and Consumables segment and broadened the offering.

• Net profit reached CHF 17.6 million; a dividend of CHF 0.22 per share (30% payout ratio) is proposed.

Financial highlights

• Order intake: CHF 370.6 million (+3.1% year-over-year); order backlog: CHF 346.1 million (+8.7%); book-to-bill ratio: 1.1x.

• Net sales: CHF 333.3 million (-7.7% year-over-year; -6.4% at constant currency).

• EBITDA: CHF 38.6 million (margin 11.6%), with H2 margin at 19%.

• Operating cash flow: CHF 64.1 million, supported by advance payments and disciplined working capital.

• ROCE: 10.3%, down due to higher capital employed and lower EBIT.

• Net debt: CHF 37.4 million; net debt/EBITDA ratio of 0.97x; equity ratio: 26.5%, mainly due to acquisition-related goodwill.

• Investments totaled CHF 45.9 million, mainly for Pre-Approved Services development.

Outlook and guidance

• 2026 sales growth expected in the upper teens percentage range; midterm outlook unchanged with mid to upper teens sales growth and gradual EBITDA margin increase to upper teens.

• EBITDA margin forecasted at 13%-15% for 2026.

• Management expects a softer H1 2026 due to project timing, with stronger H2 performance anticipated.

• Guidance assumes no major tariff escalations, limited impact from geopolitical conflicts, and no significant currency effects.

• Services and Consumables, including Pre-Approved Services, are key growth and margin drivers.

• Launch of Pre-Approved Services planned for H2 2026, aiming to shorten customers’ time-to-market.