COLTENE HOLDING AG

Latest Results (02.09.2026):

COLTENE HOLDING AG — first half of 2025 (H1 2025): sales and profitability declined versus H1 2024 amid geopolitical uncertainty (US tariffs, Middle East) and temporary dealer renegotiation delays. Net sales were CHF 118.1m, EBIT CHF 7.5m (6.4% margin) and net income CHF 4.3m; the company reports operational cost control, a stronger position entering H2 and expects a significantly better second half but is refraining from revenue guidance.

Revenue

Net sales CHF 118.1m (H1 2024: CHF 127.5m; -7.4% reported). On a constant‑currency basis the decline was -4.9%; currency movements (weaker USD, EUR, CAD) reduced revenue by ~2.5 percentage points. COLTENE cites cautious customer demand and temporary order delays from dealer-term renegotiations.

Profitability

Gross margin held near prior year at 66.4% (H1 2024: 66.6%) thanks to procurement savings. EBIT was CHF 7.527m (margin 6.4% vs 10.2% in H1 2024). Net profit fell to CHF 4.265m (down 59.1% y/y), reflecting lower volumes partly offset by strict cost control.

Cash flow and balance sheet

Free cash flow turned negative at CHF -0.3m (H1 2024: CHF 13.8m) due to lower earnings and proactive inventory build-up in North America and Europe. Operating cash flow CHF 1.588m (vs CHF 16.471m). Net debt reported as -CHF 34.6m (i.e., net cash position), improving versus -CHF 24.1m a year earlier; equity CHF 90.4m (down 9.6%).

Segments & regions

All product areas were affected: Infection Control down 2.0% (cc), Dental Preservation & Improvement down 4.8% (cc), Treatment Auxiliaries down 7.4% (cc). North America (48.3% of sales) fell ~4.1% (cc); EMEA down 6.8% (cc) impacted by dealer changes and Middle East; Asia slight share gain to 11.0% but -3.5% local; Latin America -3.0% (cc).

Operational actions and product launches

COLTENE cites optimisation of dealer management, procurement savings and a streamlined cost structure. The company launched the HYDRIM 112W washer (soft launch in Canada) aimed at reducing manual work and resource use, positioning for growth in automated instrument washers.

Outlook and guidance

COLTENE expects a significantly better H2 2025 but limits visibility due to geopolitics and therefore provides no revenue guidance. It now expects a 2025 EBIT margin around 10% (previously ~11%). Medium‑term targets remain 3–5% organic growth and 13–15% EBIT margin, assuming geopolitical stabilisation.