Resilient operating performance and return to positive EBIT
Group sales of CHF 661.4 million in FY2025 with a positive EBIT of CHF 4.7 million versus an adjusted EBIT of -CHF 2.2 million in the prior year; group net sales down 8% reported but only ~4.5% on a currency-adjusted basis, demonstrating underlying resilience.
EBITDA growth and margin improvement
EBITDA increased to CHF 55.6 million from CHF 51.9 million (increase of CHF 4.7 million year-on-year). Material cost ratio improved to ~47% from 52% (improvement of ~5 percentage points), driven by a more profitable product mix and sourcing initiatives.
Cost reductions and structural measures
Personnel costs decreased by CHF 6.6 million; restructuring and efficiency measures materially reduced the breakeven level. Completed European stamping restructuring to deliver full annual savings of around CHF 12 million from FY2026.
Strong U.S. performance and capacity expansion
U.S. sales of CHF 199.8 million (up 2.8% reported; up 9.6% in local currencies / robust organic growth of 9.6%). Second half 2025 showed ~15% year‑on‑year growth, reflecting stronger underlying demand and program start-ups; Nashville plant expansion completed.
Order intake and strategic e-motor positioning
Around 60% of new orders relate to e-motor core projects in Europe and Asia, including a major contract with a large Chinese commercial vehicle manufacturer and a significant European e-stamping project — validating strategic focus on e-lamination stamping and e-motor cores.
Market entry and diversification wins
Secured a major order for e-motor cooling fan cores in North America (entry into NA e-lamination stamping market). Non-automotive sales remained ~16% of revenue, supporting diversification into industrial and energy applications.
Solid balance sheet and cash generation
Equity ratio strong at 55.6%; total assets decreased to CHF 770 million reflecting working capital discipline. Operational cash flow ~CHF 27 million, with ~CHF 28.5 million contribution from working capital management and near‑neutral free cash flow despite CHF 55.7 million of investments.
Strategic capacity build-out in India and capex discipline
First Indian plant in Pune on track to open in mid-2026, positioned to capture regional demand and geopolitical shifts; 2025 marked the end of the high investment cycle and management expects much reduced capital spending in 2026 to focus on free cash flow.
Midterm targets reaffirmed
Management reaffirmed a midterm target of achieving an EBIT margin of more than 6%, reflecting confidence in margin recovery as markets improve.