Daetwyler Holding AG

Latest Results (15.04.2026):

Daetwyler Holding AG — Q4 2025 / Full-Year 2025: The company delivered FY2025 net revenue of CHF 1,100.5m (reported -0.6% vs FY2024, currency-adjusted +3.1%), with a strong profitability improvement: EBIT CHF 136.6m and an EBIT margin of 12.4% (up vs prior year adjusted). Healthcare was the main growth engine, FX was a meaningful headwind, free cash flow stayed strong and was used to continue deleveraging; a dividend of CHF 3.20 per bearer share is proposed.

Key financials

Net revenue CHF 1,100.5m (reported -0.6%; FX-adjusted +3.1%). Gross profit CHF 257.9m (gross margin 23.4% vs 21.5% PY). EBIT CHF 136.6m (EBIT margin 12.4% vs adjusted 10.7% PY). Net result CHF 80.8m; net result per bearer share CHF 4.75 (FY2024: CHF 1.83).

Revenue drivers and FX

Reported top line was hit by CHF -41.2m FX effects (-3.7%) due to a stronger Swiss franc. Underlying growth was driven by Healthcare (+8.1% currency-adjusted), partly offset by weaker Automotive demand.

Healthcare division

Healthcare confirmed as the core growth engine: FY2025 Healthcare revenue ~CHF 462.7m, currency-adjusted growth +8.1%, improved EBIT margin (around 17.1% in H2) supported by GLP‑1 production ramp‑up, NeoFlex traction and expanded HVO projects (~70% of pipeline).

Industrial division

Industrial was resilient: FX-adjusted revenues roughly flat, reported revenues down vs PY (FX impact ~CHF -22.1m). Profitability improved to ~8.9% EBIT margin on cost measures and operational gains; Food & Beverage and some Automotive/Asia demand helped stability.

ForwardNow transformation

ForwardNow execution on track: prior-year ForwardNow costs were CHF 37.9m (including provisions/impairments); only CHF 4.7m of that was used in 2025, with the remainder expected in 2026–27. Early efficiency gains contributed to margin improvement.

Cash flow and leverage

Free cash flow CHF 129.4m (used for further debt reduction). Net interest and hedging costs improved (net finance result -CHF 23.2m vs -27.9m PY). Deleveraging continued and net debt/EBITDA improved; all bank debt repaid in 2024, remaining bonds and term facilities noted in the report.

Tax and working capital

Income tax expense CHF 32.6m; effective tax rate 28.7% (weighted average tax rate 23.6% with withholding taxes and non‑recognized DTAs increasing the effective rate). Net working capital improved with notable progress in trade payables and inventory management.

Capital allocation and shareholder return

Management proposes a dividend of CHF 3.20 per bearer share. Capital allocation in 2025 prioritized debt reduction while maintaining capex for growth and executing site consolidations/sales.

Outlook for 2026

Management expects continued healthcare-driven growth (injectables, biologics, GLP‑1), stable to selective growth in Industrial end markets, and further margin improvement via ForwardNow, portfolio focus, optimized footprint and commercial excellence. Guidance is execution‑driven rather than a single numeric target in the presentation.