Orell Fuessli Ltd

Latest Results (22.12.2025):

This is a summary of Orell Fuessli Ltd's Q4 2024 / full‑year 2024 results (Short Annual Report 2024). The Group reported revenue of CHF 252.5m (up 8.7% y/y), EBITDA CHF 35.1m and EBIT CHF 22.6m (up 24.5% y/y) with an EBIT margin of 8.9% (2023: 7.8%). Net income was CHF 17.5m and operating cash flow CHF 28.2m. The balance sheet remains strong (equity ratio ~73.8%) and the Board proposes raising the dividend to CHF 4.40 per share. Order intake—especially in Security Printing—was high and supports capacity utilisation into 2025.

Key numbers (FY 2024)

Revenue CHF 252.5m (2023: CHF 232.2m); EBITDA CHF 35.1m (2023: CHF 29.8m); EBIT CHF 22.6m (2023: CHF 18.1m); net income CHF 17.5m (2023: CHF 14.6m); operating cash flow CHF 28.2m (2023: CHF 26.1m); employees 659 (2023: 638).

Segment performance

All major segments grew: Security Printing revenue CHF 86.4m (EBIT CHF 12.9m); Industrial Systems/Zeiser revenue CHF 24.8m (EBIT CHF 3.5m); Book Retailing (Orell Füssli Thalia consolidated share) revenue CHF 124.3m (EBIT ~CHF 9.3m); Other areas slightly negative EBIT.

Security Printing — order backlog

Strong order intake for banknotes and ID documents kept Security Printing at full capacity and secured production well into 2025; the division added central‑bank anchor customers and continues international expansion.

Industrial Systems (Zeiser)

Zeiser ran at high capacity with solid revenue and margin. Demand for serialisation/track & trace and new hardware/software platforms (Harmony) is building a pipeline of larger system contracts for 2025.

Book retailing & publishers

Orell Füssli Thalia expanded omni‑channel sales, opened new stores and grew e‑commerce. Publishers (hep, legal, children’s) delivered stable growth; digital learning materials and licensing are gaining share.

Procivis / digital identities

Procivis One was launched and won initial major contracts (including city of Zug and DHS in the US). Regulatory momentum from eIDAS 2.0 and planned Swiss eID implementation supports further tender opportunities in 2025.

Balance sheet, cash and dividend

Equity ratio ~73.8%; freely available liquidity increased to CHF 37.9m after minority interests. Management proposes raising the dividend to CHF 4.40/share (~5.7% yield at year‑end price).

Outlook (2025)

Board and Executive expect further revenue and EBIT growth. Security Printing and Zeiser start 2025 with high order backlogs; Procivis has additional tenders pending. Company signals confidence in meeting its 2028 strategy targets.