Stable Full-Year Sales and Local-Currency Outperformance
Reported sales of CHF 11.2 billion; 0.6% growth in local currency versus an estimated market decline of ~2.5%, demonstrating outperformance in a weak market.
Strong Cash Generation
Operating free cash flow of CHF 1.36 billion (12.1% of sales); consistent multi-year cash generation (~CHF 1.4 billion redeployable), enabling reinvestment and shareholder returns.
Material Margin Expansion and Value Selling
Material (gross) margin expanded to 54.9% (up ~50 basis points year-over-year), reflecting successful value selling and innovation-driven pricing.
EBITDA Resilience After One-Offs
Reported EBITDA CHF 2.065 billion (18.4%); excluding Fast Forward one-time costs (CHF 86 million in EBITDA), adjusted EBITDA was CHF 2.15 billion (19.2%), only marginally below prior-year margin (19.3%).
Fast Forward Program: High Returns and Payback
Fast Forward onetime costs recognized in 2025 (CHF 108 million total; CHF 86 million in EBITDA) but program delivers <2-year cash payback; benefits of CHF 80 million realized in 2025 and ~CHF 80 million expected in 2026; total expected annual benefit CHF 150–200 million by 2028.
M&A and Synergy Execution
Signed 7 / closed 6 bolt-on transactions in 2025; MBCC synergies generated CHF 182 million (already above original targets) and synergy target increased ~25% over two years — demonstrating accretive integration capability.
Targeted Growth Pockets — Data Centers & Infrastructure
Large exposure to high-growth pockets: participation in >4,000 data centers historically (400 in 2025, 230 in the Americas), plus strong infrastructure and mega-project pipeline that provides above-market opportunities.
Operational & Sustainability Progress
Opened 5 new plants in first 6 weeks of the year (demand-driven expansions). Nonfinancial improvements: Scope 1/2 GHG reductions (reconfirmed), water discharge down 3%, waste disposal down 5.7%, employee safety improved ~14%.
Shareholder Returns Maintained
Board proposes dividend increase to CHF 3.70 per share (+2.8%), reflecting commitment to progressive returns despite cyclical headwinds.