Kardex Holding AG: Half-Year Results 2025

Media Information – Half-Year Results 2025

Zurich, 31 July 2025

Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
 

Half-Year Results 2025

• With varying levels of demand across regions, overall bookings increased by 18.7%
• Net revenues rose by 12.4% to EUR 415.7 million with Standardized Systems delivering overproportional growth
• EBIT up by 1.5% to EUR 48.9 million, despite substantial investments in R&D, IT, and S&M
• Return on invested capital remains consistently strong, currently standing at 37.6%

The first half of 2025 was marked by significant uncertainty regarding future global trading conditions and tariffs, as well as their corresponding consequences. However, demand for Kardex’ intralogistics solutions remained strong across most business sectors and market regions. Kardex continued its investment program to set the stage for accelerated growth.

Bookings and net revenues increased significantly, and profitability remained at a robust level. The ongoing positive demand dynamics for Kardex intralogistics solutions, combined with Kardex’ strong market position, are reflected in bookings, which totaled EUR 454.3 million, an 18.7% increase year-on-year. While Central Europe performed better than anticipated, demand in the US lagged behind expectations. Decision-making processes for larger projects have normalized. Bookings in New Business increased by 21.1% and in Life Cycle Services by 12.8%. As of 30 June 2025, the order backlog stood at EUR 512.7 million, 7.8% above the level at the beginning of the year. Net revenues amounted to EUR 415.7 million, a 12.4% increase year-on-year. Of this, EUR 307.6 million or 74.0% came from New Business, while Life Cycle Services generated EUR 108.1 million or 26.0%.

The sales mix between Automated Products and Standardized Systems was the main driver of the slightly lower gross profit margin of 34.1% (34.4%). As planned, operating costs increased by 17.6% to EUR 93.0 million (EUR 79.1 million), mainly due to significantly higher R&D and IT (ERP) costs, as well as sales and marketing expenses. This resulted in a robust operating result and an EBIT margin of 11.8%. EBIT for the first half of the year totaled EUR 48.9 million, representing a 1.5% increase compared to the same period in the previous year. The net profit for the period amounted to EUR 36.1 million (EUR 38.3 million) due to a decrease in financial income.

Growing demand for Automated Products
After a brief phase of moderate bookings following the post-COVID boom, demand for Kardex Automated Products (Kardex Remstar) picked up again. The Segment recorded bookings of EUR 294.1 million, an 11.1% increase over H1 2024. The order backlog at the end of the period stood at EUR 281.8 million (EUR 271.7 million at the beginning of the year). With net revenues of EUR 283.0 million (EUR 265.8 million), Automated Products achieved a 6.5% increase. Correspondingly, EBIT increased by 2.0% to EUR 45.3 million despite the significantly higher operating costs to accelerate growth. This resulted in a solid EBIT margin of 16.0% (16.7%).    

Continued growth for Standardized Systems
Demand for Standardized Systems (Kardex Mlog and Kardex AS Solutions) accelerated, and the sales funnel is well filled. The period of decision-making delays for larger projects that affected Kardex Mlog in 2023 and the first half of 2024 has passed, and demand for AutoStore systems continued to be high, in particular for small to mid-size projects.

Overall bookings totaled EUR 160.4 million, representing a strong 35.6% year-over-year increase. Bookings at Kardex Mlog rose to EUR 76.5 million, 85.2% higher than H1 2024, while Kardex AS Solutions’ bookings grew by 9.2% to EUR 84.1 million in the reporting period. The order backlog amounted to EUR 230.9 million, a 13.3% increase compared to the beginning of the year. Net revenues increased by 27.9% to EUR 133.0 million. Kardex Mlog achieved an increase of 4.8% to EUR 54.6 million, while Kardex AS Solutions increased by 51.6% to EUR 78.7 million. The first half of the year saw continued substantial investments in expansion to strengthen Kardex AS Solution's global setup. Due to these investments and timing effects in project progress, EBIT of EUR 5.4 million for the Segment was 10.0% below last year’s period, resulting in a temporarily lower EBIT margin of 4.1% (5.8%), as already announced in the last media information in March 2025.

Completion of generation change
Following the retirement of Urs Siegenthaler, CEO Jens Hardenacke successfully took over the helm of Kardex Remstar in January 2025. At Kardex Mlog, the succession of Hans-Jürgen Heitzer has been initiated, with Winnie Ahrens nominated as Co-Head of the Business Unit effective 01 July 2025. She started at Kardex Mlog as Head of Sales in 2023. The handover will be completed by the end of 2025.

Strong ROIC
The Return on Invested Capital (ROIC) remained at a consistently high level of 37.6% (39.0%), with the slight decline attributable to a higher equity base. The prior year’s free cash flow benefited from favorable project milestones. The reduced free cash flow resulted from higher accounts receivables and investments. Cash and cash equivalents declined slightly year-over-year, primarily due to the significant dividend distribution, yet remain at a solid and stable level.

Outlook
Despite ongoing geopolitical tensions and trade uncertainties, Kardex anticipates a stronger second half of the year 2025 and further substantial growth opportunities in the years to come. The Board of Directors and Group Management remain confident that the demand for intralogistics solutions in general and for Kardex solutions in particular will continue. Reshoring, labor shortages, and automation are key growth drivers. Kardex will continue to invest over the next two years into its sales organization, marketing, R&D, and IT (ERP) infrastructure to benefit overproportionally from these trends. Kardex is confident to achieve results in line with the communicated financial targets.

in EUR million

Interim Report
A PDF version of the Interim Report 2025 of Kardex is available on our website.

Contact for media and investors
Alexandre Müller; investor-relations@kardex.com
Mobile: +41 (0)79 635 64 13

Kardex Corporate Profile
Kardex is a global industry partner for intralogistics solutions and a leading supplier of automated storage solutions and material handling systems. The Group consists of two entrepreneurially managed divisions, Kardex Remstar and Kardex Mlog. Kardex Remstar develops, produces, and maintains dynamic storage and retrieval systems and Kardex Mlog offers integrated materials handling systems and automated high-bay warehouses. Kardex also acts as a global AutoStore partner. The two business units are partners for their customers over the entire lifecycle of a product or solution. This begins with an assessment of customer requirements and continues via the planning, realization, and implementation of customer-specific systems through to ensuring a high level of availability and low lifecycle costs by means of customer-oriented lifecycle management. Around 2’900 employees in over 30 countries work for Kardex. Kardex Holding AG is listed on the Swiss SIX Stock Exchange since 1989.

Disclaimer
This communication contains statements that constitute “forward-looking statements”. In this communication, such forward-looking statements include, without limitation, statements relating to our financial condition, results of operations and business and certain of our strategic plans and objectives. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors which are beyond Kardex’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors detailed in Kardex’s past and future filings and reports and in past and future filings, press releases, reports and other information posted on Kardex companies’ websites. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Kardex disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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