Record Operating Free Cash Flow and Strong Balance Sheet
Operating free cash flow of CHF 365 million (highest in ~20 years) and free cash flow slightly above CHF 100 million. Enabled shareholder returns (dividend and share buyback ~CHF 150 million). Net cash position close to CHF 500 million and equity ratio of 66%.
Order Intake Recovery (Group and Kuhn)
Group order intake rose ~7% year‑over‑year on a like‑for‑like basis, driven mainly by Kuhn Group and Bucher Hydraulics. Kuhn Group order intake increased ~20% (from a low base), with the Kuhn order book reaching ~6 months of sales.
Solid Profitability Metrics Despite Headwinds
Group EBIT margin improved to 9.7% (vs. 9.0% in 2024), helped by a property sale (CHF 43 million). Notable margins by division: Emhart Glass operating profit margin 12.6%, Bucher Hydraulics ~10.1%, and Bucher Municipal ~9.4%.
Meaningful Net Working Capital Improvement
Net working capital reduced by about CHF 180 million. Net working capital as a percentage of net sales improved to 18.5% from 22.8% year‑on‑year, supporting cash conversion and liquidity management.
Sustainability Progress
CO2 emissions reduced ~13% year‑on‑year to ~60,000–61,000 tonnes, a 35% reduction since 2021. Investments in renewable energy and solar contributed to the improvement.
Continued R&D Investment and Controlled CapEx
R&D spending maintained at nearly CHF 134 million (~4.6% of sales). CapEx reduced from ~CHF 150 million to ~CHF 120 million in the year; planned CapEx around CHF 150 million for 2026 (~4–4.5% of sales).
Consistent Capital Return Policy
Board proposes an unchanged dividend of CHF 11 per share for 2025. Share buyback program nearly complete (~4% of capital, ~CHF 150 million spent) and a capital reduction proposed at the AGM.
Product and Operational Wins
Successful product introductions and recognition (e.g., Kuhn GMD 15030 mower award, Highlander tine cultivator). Bucher Municipal developing electric/autonomous sweepers (VR17e) and Emhart maintains leading global position in glass forming machinery (claimed >50% of bottles produced globally on its machines).