Straumann Group (STMN) Q4 2025 earnings summary

Executive summary

• Achieved CHF 2.6 billion in revenue for 2025, up 8.9% organically, with strong Q4 performance and continued market share gains across all regions despite headwinds in China and currency impacts.

• Record year for innovation, including launches of iExcel implants, SIRIOS X3 intraoral scanner, and digital workflow expansion, supporting growth in implants and clear aligners.

• ClearCorrect manufacturing transition to Smartee is on track, supporting scalable growth in orthodontics.

• Delivered 7.3 million smiles in 2025, an increase of 600,000 from the previous year, reflecting growth in both implants and clear aligner cases.

• High employee engagement score of 80, reflecting a strong performance culture and entrepreneurial mindset.

Financial highlights

• Core EBIT margin reached 25.2% (26.5% at constant rates), with efficiency gains offsetting FX headwinds; core net result was CHF 478 million (18.3% margin).

• Gross profit margin was 70.1%, supported by product mix and scale, partially offset by tariffs and Shanghai ramp-up.

• Free cash flow reached CHF 290 million (11.1% of revenue), with CapEx of CHF 223 million, ending a major investment cycle.

• Non-core items totaled CHF 120 million after tax, mainly from restructuring and transformation costs.

• Proposed dividend increased to CHF 1.00 per share, up 5% year-over-year, with a payout ratio of about 33%.

Outlook and guidance

• Expects high single-digit organic revenue growth and 30–60 bps EBIT margin expansion at constant 2025 FX rates for 2026, with margin improvement more pronounced in H2 2026.

• China expected to recover in H2 2026 as VBP impact fades and destocking subsides.

• Business model expected to remain resilient amid ongoing market volatility and regulatory challenges.

• Dividend increase proposed, maintaining a stable payout policy.