Kardex Holding AG reported a marked increase in demand for its intralogistics solutions in the second half of 2025, with order intake rising 29% to €527.3 million, according to results released on Thursday. That intake outpaced analyst expectations, which had been for €450.8 million.
Despite stronger orders, revenue for the period climbed only 3% to €434.7 million, coming in below the consensus estimate of €456.7 million. Operating profit increased 4% to €52.3 million, essentially in line with the expected €53.1 million.
Net profit for the half-year was €5.7 million. The result was affected by a one-off, non-cash charge of €39 million related to the acquisition of Rocket Solution, which reduced reported profitability for the period.
Order growth was driven by the company’s Standardized Systems portfolio, notably AutoStore, and by Mlog. AutoStore orders rose 113% compared with the same period in 2024, while Mlog delivered 27% order growth. Overall sequential order intake increased 16% from the first half of 2025.
Performance by business segment showed a divergence between Automated Products and Standardized Systems:
- Automated Products (including Remstar) - Order intake totalled €266.5 million, up 6.2% year-over-year. Revenue in the segment edged down 0.5% to €289.8 million, while operating profit rose 2.6% to €46.8 million.
- Standardized Systems (Mlog and AutoStore) - Order intake came in at €261.7 million, an increase of 66% from the second half of 2024. Revenue in the division grew 11% to €145.1 million, with operating profit steady at €8.4 million.
Cash generation weakened compared with the prior year. Free cash flow for the half was €12.1 million, down from €34.7 million in the second half of 2024. Kardex attributed the decline to higher capital expenditure and increased working capital requirements. The equity ratio stood at 53.6%, down from 57.7% at the end of 2024, and the company reported a net cash position of €136.5 million.
Looking ahead, Kardex said it expects demand for its intralogistics solutions to remain strong. The company projects that revenue growth in 2026 will exceed the average growth rate implied by its medium-term target of reaching €1.5 billion in sales by either 2029 or 2031 - a target that corresponds to an implied annual growth rate of 10% to 15%.
The results present a mixed picture: order momentum strengthened significantly, led by AutoStore and Mlog, while revenue, net profit and free cash flow showed short-term pressure from acquisition-related charges, higher investment and working capital needs.