Rieter Holding Ltd.

Latest Results (25.12.2025):

Rieter Holding Ltd. — results for the first half (H1) 2025 (January–June 2025): the company reported weaker demand with order intake and sales down, an operating loss and a net loss for the period, while executing a major planned acquisition (Barmag) and implementing cost and restructuring measures. Key headline figures: orders CHF 355.4m, sales CHF 336.2m, operating EBIT (before restructuring/transaction costs) CHF –2.7m, reported EBIT CHF –17.3m and net loss CHF –20.0m; free cash flow was negative CHF –36.7m.

Top-line and orders

Order intake fell to CHF 355.4m (down ~12% vs H1 2024: CHF 403.4m). Sales declined ~20% year‑on‑year to CHF 336.2m (H1 2024: CHF 421.0m). The company reports a lower order backlog of about CHF 510m at 30 June 2025 (vs ~CHF 640m a year earlier).

Profitability

Rieter recorded an operating result before restructuring/transaction costs of CHF –2.7m, but reported EBIT of CHF –17.3m and a net loss of CHF –20.0m for H1 2025 (H1 2024 net profit CHF 1.7m). The decline is attributed mainly to the lower sales volume and fixed cost absorption below the operational breakeven point.

Segment performance

Machines & Systems was hardest hit: sales CHF 144.0m (–28% vs prior year) and operating EBIT CHF –31.6m (reported EBIT –38.4m, ~–26.7% margin). Components: sales CHF 113.9m, operating EBIT CHF 0.2m (reported EBIT –2.4m). After Sales: more resilient with sales CHF 78.3m and operating EBIT CHF 6.3m (reported EBIT 5.6m, ~7.2% margin).

Special items, restructuring and one‑offs

H1 included restructuring charges and acquisition-related transaction costs (the report cites restructuring and transaction effects of roughly CHF 14–15m). Rieter also recognized a one‑off gain on disposal of Winterthur land/buildings (gain CHF 13.6m pre-tax) which boosted other income.

Cash flow and balance sheet

Free cash flow was negative CHF –36.7m (H1 2024: –1.1m). Cash and equivalents were CHF 107.9m at 30 June 2025; total financial debt (current + non‑current) was CHF 394.0m (current CHF 166.8m, non-current CHF 227.2m), implying an approximate net financial debt of ~CHF 286m. Total assets CHF 1,158.9m and shareholders’ equity CHF 355.5m.

Acquisition and financing

On 5 May 2025 Rieter signed to acquire Barmag (upfront equity price CHF 713.4m; enterprise value CHF 850m). Financing plan includes an UBS bridge facility (CHF 852.4m), a fully underwritten CHF 400m rights issue, a CHF 77.4m private placement (backed by largest shareholders) and additional bank financing. Closing expected in Q4 2025 subject to approvals.

Outlook

Rieter expects a stronger second half 2025 but has adjusted FY2025 guidance (excluding Barmag) to revenue of around CHF 750–800m (previously ~CHF 860m) and, excluding restructuring and Barmag costs, an operative EBIT margin at the lower end of the 0–4% range. Continued market uncertainty (trade/geopolitics) is cited as the main risk to recovery.