SFS Group Ltd

Latest Results (05.01.2026):

SFS Group Ltd — Q4 2024 (full‑year results for 2024, year ended 31 Dec 2024): The group reported stable full‑year revenue of CHF 3,031.1 million (2023: CHF 3,073.0m) with EBIT of CHF 350.2m (2023: CHF 358.6m) and net income of CHF 242.7m (2023: CHF 268.5m). Earnings per share fell to CHF 6.21 (2023: CHF 6.84). Operating cash flow strengthened to CHF 375.0m and equity rose to CHF 1,559.2m, lifting the equity ratio to 59.7%.

Key headline figures

Net sales: CHF 3,031.1m (–1.4% vs 2023). EBIT: CHF 350.2m (–2.4%). Net income: CHF 242.7m (–9.6%). EPS: CHF 6.21 (–9.2%). EBITDA: CHF 479.8m (2023: CHF 486.0m).

Profitability and costs

Contribution margin improved slightly to CHF 1,787.8m (59.0% of sales). Personnel and other operating expenses remained broadly stable (personnel CHF 854.2m; other operating expenses CHF 453.8m). Financial result weakened to CHF –26.7m (2023: –8.3m), driven by higher FX/financial losses, lifting the pre‑tax decline to CHF 326.3m (2023: CHF 352.2m). Effective tax rate increased to 25.6% (2023: 23.8%).

Segments & sales mix

Third‑party sales by segment (2024): Engineered Components CHF ~1,115m, Fastening Systems CHF ~481m, Distribution & Logistics CHF ~1,443m. Top end markets: Industrial manufacturing CHF 826.9m, Automotive CHF 633.7m, Construction CHF 616.9m. Regionally, Germany and Other Europe remain the largest markets (Germany CHF 897.3m; Other Europe CHF 857.8m).

Balance sheet & liquidity

Total assets CHF 2,612.2m (up from CHF 2,546.8m). Equity CHF 1,559.2m (up from CHF 1,375.7m); equity ratio 59.7% (2023: 54.0%). Cash and cash equivalents CHF 224.6m. Borrowings configuration changed materially: current borrowings CHF 276.0m (2023: CHF 36.7m) and non‑current borrowings CHF 283.6m (2023: CHF 636.1m), reflecting refinancing/reclassification activity and lower long‑term debt.

Cash flow & investments

Operating cash flow rose to CHF 375.0m (2023: CHF 313.4m). Cash used in investing CHF –158.0m (capex and intangibles; PPE additions CHF 141.3m). Financing cash flow CHF –223.3m (dividends CHF –97.2m; net debt repayments and treasury share activity also contributed).

Shareholder returns

Dividends paid to shareholders: CHF 97.2m (consistent with prior year). EPS down to CHF 6.21 reflecting lower net income. Equity strength and improved equity ratio support balance‑sheet resilience.

Other notable points

Pillar Two global minimum tax was assessed — management expects to meet Transitional CbCR Safe Harbour tests and does not anticipate material top‑up taxes for 2024. R&D and development remain significant (reported R&D costs CHF 76.0m). Net working capital modestly increased to CHF 737.3m.