Adval Tech Holding AG

Latest Results (27.12.2025):

Adval Tech Holding AG — results for Q4 2024 / full year 2024: The Group reported FY 2024 net turnover of CHF 165.6 million (‑2.5% y/y) and total income of CHF 174.9 million (‑2.4%). Profitability weakened: EBITDA fell to CHF 3.0 million (1.7% margin) and EBIT was CHF ‑5.4 million, producing a net loss of CHF ‑7.8 million (‑4.4% margin). Operating cash flow was strongly negative (CHF ‑14.8m) and free cash flow CHF ‑20.0m, driven by high work‑in‑progress and tooling pre‑financing; the Group is implementing structural measures to restore profitability in 2025.

Key financial snapshot

Net turnover: CHF 165.6m (‑2.5% vs 2023). Total income: CHF 174.9m. EBITDA: CHF 3.0m (1.7% margin). EBIT: CHF ‑5.4m. Net result: CHF ‑7.8m (earnings per share CHF ‑10.63). Capex: ~CHF 5.1m. Equity: CHF 108.1m (equity ratio 69.6%). Market cap at year‑end: CHF 58.0m.

Profitability drivers

The main drag was a weak automotive market: component sales declined materially (components business down ~10.4%), squeezing margins amid higher energy, maintenance and supply‑chain costs. Medtech and consumer segments contributed positively, with new medtech contracts in Grenchen and Johor Bahru offering future upside.

Cash flow and liquidity

Operating cash flow was CHF ‑14.8m and free cash flow CHF ‑20.0m. Net financial position fell to CHF 6.3m (from CHF 25.9m) due to heavy working‑capital tied to tooling and long‑lead manufacturing orders (work‑in‑progress up ~CHF 10.2m). Short‑term liquidity and WIP management are priorities.

Regional / product mix

Revenue remains Europe‑heavy (≈68% of turnover), Asia ≈12%, Latin America ≈12% and North America ≈8%. Product mix is still dominated by components, while tools and presses showed mixed timing effects (some projects delayed; certain tooling orders increased manufacturing exposure).

Restructuring and strategic response

Management has begun a structural realignment: global functional organization, plant restructurings (Endingen, Querétaro), consolidation in Hungary, closure of the Muri development site, and about a 10% headcount reduction since Jan 2024. Investments are being refocused toward medtech (clean room capacity) and diversification.

Dividend, outlook and guidance

No dividend will be proposed given the FY 2024 loss. Management is refraining from a numerical 2025 sales forecast but aims to improve results in 2025 and return to stable, profitable medium‑term growth, leveraging medtech wins and the reorganized structure.

Governance and operational notes

CEO change: Volker Brielmann became CEO on 1 Apr 2024. Further Board and Executive changes were proposed/announced in Mar 2025 (new board nominations; CFO and COO succession planning).

Cyber incident (March 2025)

Adval Tech disclosed a cyber attack on 2 Mar 2025; production continued at all sites and no significant data loss was confirmed, though an outflow of data cannot be fully ruled out. External specialists and authorities were engaged and remediation measures implemented.