Orell Fuessli Ltd

Latest Results (20.03.2026):

Orell Fuessli Ltd — first half (H1) 2025 (Jan–Jun 2025): the Group reported strong H1 results with consolidated revenue of CHF 120.1m (vs CHF 107.1m a year earlier) and a marked improvement in profitability — EBIT CHF 10.2m (vs CHF 4.6m) and net income CHF 7.17m (vs CHF 1.83m). Management cites high capacity utilisation in Security Printing, the acquisition of Verlag SKV AG and international sales momentum as key drivers, and has raised its full‑year guidance to expect revenue growth above the prior 4–6% target and an EBIT margin slightly higher than in 2024.

Headline financials

Revenue: CHF 120.1m (H1 2024: CHF 107.1m). EBIT: CHF 10.22m (H1 2024: CHF 4.56m) — reported EBIT margin ~8.5%. EBITDA reported at CHF 16.1m. Net income: CHF 7.17m (H1 2024: CHF 1.83m). Basic/diluted EPS: CHF 3.41 (vs CHF 0.81).

Segment performance

Security Printing drove the improvement: revenue CHF 47.32m (vs 37.95m) and EBIT CHF 11.87m. Book Retailing grew to CHF 54.17m revenue with EBIT CHF 1.59m. Industrial Systems declined to CHF 9.31m revenue with a small EBIT loss (–CHF 0.22m); management notes Zeiser underperformed on revenue but has backlog to recover. Other business areas revenue CHF 9.78m with EBIT –CHF 0.47m.

Cash flow and balance sheet

Operating cash flow: CHF 6.87m (H1 2024: CHF 8.55m). Investing cash flow: –CHF 9.74m, including CHF 3.55m outflow for the Verlag SKV AG acquisition. Financing cash flow: –CHF 10.43m (dividends paid CHF 8.62m; minorities CHF 1.67m). Cash and equivalents at 30.06.2025: CHF 52.94m (31.12.2024: CHF 66.61m). Total assets CHF 180.25m; total equity CHF 130.55m. Freely available cash reported ~CHF 29.5m.

M&A and corporate actions

Acquired Verlag SKV AG (100%, retroactive 1 Jan 2025) — SKV contributed ~CHF 2.91m revenue in H1; goodwill was offset against equity and purchase price allocation is not yet finalised. Increased stake in Procivis AG to 99.3%. AGM approved raising the dividend to CHF 4.40 per registered share.

Operational highlights

High capacity utilisation in Security Printing, successful commissioning of a track & trace reference installation for banknote printing (plus a second installation pending acceptance), international marketing (ID4Africa, Intergraf Currency+Identity) and product launches including the JAGUAR mobile banknote authentication feature. Book retailing and events (BookLove Festival) supported sales growth; new store planned in Basel.

Outlook

Management has upgraded the 2025 outlook: expects revenue growth above the prior 4–6% target and an EBIT margin slightly above last year. Key drivers cited are Security Printing backlog (orders into 2026), Procivis momentum from eIDAS 2.0 tenders and the SKV acquisition; risks include geopolitical/economic uncertainty and consumer sentiment.