Kardex released its full-year 2025 results on Thursday, reporting a notable increase in order intake during the second half of the year alongside mixed operational and profitability metrics.
Orders and sales - second half
Group order intake for H2 reached €528 million, up 29% year-over-year on a reported basis, outperforming the consensus expectation of €444 million. Group sales for the same period were €435 million, representing a 3% year-over-year increase on a reported basis, but below the consensus sales estimate of €458 million.
Profitability and net result
The company recorded an EBIT margin of 12.0% in the second half, ahead of the consensus forecast of 11.4%. Net income for H2 was CHF6 million, significantly under consensus expectations of CHF40 million. The shortfall was driven by a CHF39 million impairment connected to a prior loan to Rocket Solution, which has since been acquired.
Full year and shareholder return
For the full year 2025, Kardex reported reported sales growth of 8% and a group EBIT margin of 11.9%. The company proposed a dividend per share of CHF6.00, above the consensus expectation of CHF5.85.
Performance by segment
In the Automated Products segment, second-half orders totaled €267 million, an increase of 6% year-over-year on a reported basis. Revenues in that segment were €290 million for H2, a 1% decline year-over-year on a reported basis, with the company citing weakness in demand in its US business as a contributing factor. The Automated Products segment posted an H2 EBIT margin of 16.1%, which sits inside the company’s stated long-term guidance range of 14-17%.
The Standardized Systems segment posted second-half orders of €262 million, up 66% year-over-year on a reported basis, with AS Solutions orders expanding 59%. Sales for the segment reached €145 million in H2, an 11% year-over-year increase on a reported basis. The segment’s second-half EBIT margin was 5.8%, within the long-term guidance range of 5-8%.
Outlook commentary
Kardex did not provide discrete fiscal year 2026 targets. The company indicated, however, that its medium-term margin targets remain applicable for 2026. Those medium-term targets include sales of €1.5 billion for fiscal years 2029-2031 and an EBIT margin range of 10-14%.
Note: The company’s figures above are presented on a reported basis unless otherwise stated.