Record Sales
Sales reached a record CHF 6.95 billion in FY2025, driven by 5.6% organic growth and 1.7% from M&A; reported growth was 2.2% (adversely impacted by ForEx).
Record Adjusted Operating Income and Margin Expansion
Adjusted operating income hit a record CHF 1.1 billion, representing a 16.0% AOI margin — an improvement of 70 basis points vs 2024 and 130 basis points vs 2023 (Strategy 27 baseline).
Record Free Cash Flow and Strong Cash Conversion
Free cash flow was a record CHF 774 million (57% cash conversion on adjusted EBITDA). With CHF 67 million net proceeds from HQ disposal, total free cash flow reached CHF 841 million.
Earnings Per Share Growth
Earnings per share increased to CHF 3.48 (+12.3%). Excluding the HQ disposal gain, EPS was CHF 3.21, up 3.5% year-on-year.
Operational Efficiency and Procurement Savings
Lean operating model and procurement plans delivered CHF 115 million visible savings to the P&L since 2024, achieving a CHF 150 million run rate at end-2025; an additional CHF 35 million is expected to flow through in 2026.
Strong ROIC and Attractive Leverage
Return on invested capital (ROIC) remained industry-leading at 24%; net debt to adjusted EBITDA improved to 1.7x (pre-ATS closing).
Strategic M&A and North America Expansion (ATS)
Acquisition of Applied Technical Services (ATS) closed in January 2026 to bolster North America presence; bolt-on M&A program added seven companies since last update, representing approximately CHF 190 million of annualised sales.
Broad-Based Organic Growth by Division and Region
Multiple business lines delivered strong organic growth: Health & Nutrition +7.3% (AOI margin 14.1%), Industries & Environment +6.5% (margin 13.1%), Connectivity & Products +6.4% (margin 22.8%), Business Assurance +4.2% (margin 19.6%), Natural Resources +3.4% (margin 13.6%). Regional organic growth: Asia Pacific +7.7%, Latin America +13.6%, North America +3.9%, EMEA +5.3%, Europe +2.4%.
Sustainability and Digital Trust Momentum
Sustainability-related services grew ~15% (strong organic performance) and Digital Trust delivered double-digit growth (both organic and from acquisitions), underpinning strategic priorities and future double-digit potential.
Stakeholder and ESG Progress
Customer satisfaction increased to 92%; 7.7 million training hours provided; maintained leading ESG ratings and inclusion for a second year in Times World's Most Sustainable Companies list.
Shareholder Returns Maintained
Board intends to propose an attractive dividend of CHF 3.20 per share (scrip dividend option retained; >60% take-up historically), balancing returns with growth and M&A funding.