Kardex Holding AG: Financial Results 2025

Media Information – Financial Results 2025

Zurich, 12 March 2026

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

Financial Results 2025

• Bookings increased by 24.1% to nearly 1bn Euro
• Net revenues rose by 7.5% to EUR 850.4 million, predominantly driven by Standardized Systems
• EBIT for the first time above EUR 100 million and up by 2.8% despite substantial investments
• Acquiring Rocket Solution as a fourth Business Unit enhanced the lightgoods solution portfolio of Kardex
   

Kardex has set the stage for accelerated growth in 2025 and is pursuing new mid-term financial targets. However, the financial year 2025 was marked by significant uncertainty about future global trade conditions and tariffs, and their consequences. Despite this higher market volatility, particularly during Q3, demand for Kardex’ intralogistics solutions remained strong across most business sectors and market regions.

Bookings increased significantly; net revenues grew solidly, and profitability remained robust. The ongoing positive demand dynamics for Kardex’ intralogistics solutions, combined with Kardex’ strong market position, are reflected in bookings, which totaled EUR 981.6 million, a 24.1% increase year-on-year. While Europe performed better than anticipated, demand in the US lagged behind expectations, and Asia was close to flat. Decision-making processes slowed down over the summer but improved again in Q4. Bookings in New Business increased by 27.5% and in Life Cycle Services (LCS) by 14.6%.
As of 31 December 2025, the order backlog stood at EUR 599.2 million, 26.0% above the level one year ago. Net revenues amounted to EUR 850.4 million, a 7.5% increase year-on-year. New Business contributed EUR 625.4 million or 73.5%, while LCS generated EUR 225.0 million or 26.5%.

The sales mix between Automated Products and Standardized Systems was the main driver of the slightly lower gross profit margin of 34.1% (35.0%). Operating costs increased by 5.8% to EUR 188.7 million, mainly due to significantly higher sales and marketing expenses, as well as R&D and digitalization costs. This resulted in a robust operating result (EBIT) of EUR 101.2 million, a 2.8% increase compared to the previous year.

The financial result was impacted by the acquisition of the majority stake in Rocket Solution. As a consequence of the accounting treatment of the acquisition, the loans that Kardex had granted to fund the startup since 2021, were written off in full. Due to this one-time non-cash effect of roughly EUR 39 million, the net profit for the period decreased to EUR 41.8 million (EUR 80.8 million).

Growing demand for Automated Products
In a volatile market environment, the Automated Products reporting segment (Kardex Remstar) delivered solid results in 2025. Bookings reached EUR 560.6 million, up 8.7% from the previous year. New Business accounted for 67.4% of total bookings while LCS made up the remaining 32.6%. Although net revenues growth slightly slowed in the second half of the year, it still reached 2.8%, resulting in a new record of EUR 572.8 million in net revenues. Despite substantial investments in various growth initiatives, operating expenses remained stable, leading to an EBIT of EUR 92.1 million. Consequently, the EBIT margin remained robust at 16.1%, equaling the level achieved in the previous year.

Continued growth for Standardized Systems
The Standardized Systems reporting segment (Kardex Mlog, Kardex AS Solutions and Rocket Solution) experienced strong business growth in 2025. Bookings surged by 52.9% to EUR 422.1 million, and net revenues rose by 18.6% to EUR 278.1 million. However, EBIT declined by 4.2% to EUR 13.8 million, resulting in an EBIT margin of 5.0%, following substantial investments in future growth. With a record order backlog of EUR 345.6 million and a promising sales funnel, all three Business Units are expecting a solid start in the new financial year.

At business unit level, Kardex Mlog's bookings reached EUR 187.1 million, up by 45.9%, its order backlog amounted to EUR 191.4 million, up by 59.3%, at the end of the period, and net revenues reached EUR 115.9 million, up by 11.3%. At Kardex AS Solutions, bookings increased by 59.1% to EUR 235.5 million. The order backlog reached EUR 154.1 million, up by 83.5%, and net revenues rose by 24.7% to EUR 162.6 million.

Resilient ROIC
The Return on Invested Capital (ROIC) remained consistently high at 35.0% (36.1%). Free cash flow declined primarily due to elevated investments in property, plant and equipment and intangible assets, alongside higher accounts receivable, while the increased dividend payout reduced the final cash balance to EUR 118.1 million. The technical treatment of the loan granted to Rocket Solution impacted the net profit which led to a lower equity and equity ratio 53.6% (57.7%).

Organizational changes at Kardex Mlog
After 16 years of dedicated service, Hans-Jürgen Heitzer has handed over responsibility for Kardex Mlog to Winnie Ahrens. To support a smooth and structured transition, he will continue to assist Kardex during 2026. The Board of Directors and the entire Kardex team express their sincere gratitude to Hans-Jürgen Heitzer for his outstanding commitment and valuable contributions over the years.

Proposals to the Annual General Meeting
In line with the dividend policy of distributing up to 75% of operational net profit and considering the debt-free balance sheet of the Company, the Board of Directors will propose a dividend of CHF 6.00 (CHF 6.00) to the Annual General Meeting on 30 April 2026. Furthermore, all current members of the Board of Directors are standing for re-election.

Outlook
The Board of Directors and Group Management are confident that reshoring, labor shortages, and automation remain key growth drivers of the intralogistics industry. Kardex is thereby increasingly leveraging sales synergies across the Business Units and anticipates further substantial growth opportunities in the years to come. Kardex is also confident of achieving results in line with the communicated financial targets.

 

                    in EUR million     2025 (%)     2024 (%) (+/-%) Bookings     981.6 115.4%     791.2 100.0% 24.1% Order backlog (31.12.)     599.2 70.5%     475.5 60.1% 26.0% Net revenues     850.4 100.0%     791.2 100.0% 7.5% Gross profit     289.9 34.1%     276.8 35.0% 4.7% OPEX     188.7 22.2%     178.4 22.5% 5.8% EBITDA¹     111.8 13.1%     112.1 14.2% -0.3% Operating result (EBIT)     101.2 11.9%     98.4 12.4% 2.8% Result for the period (net profit)     41.8 4.9%     80.8 10.2% -48.3% Free cash flow¹     20.5       90.7   -77.4% ROIC¹     35.0%       36.1%                                                   31.12.2025 (%)     31.12.2024 (%) (+/-%) Net working capital¹     118.8       88.8   33.8% Net cash¹     136.5       173.3   -21.2% Equity/Equity ratio¹     269.7 53.6%     284.9 57.7% -5.3% Employees (FTE)     2'957       2'678   10.4%                                               2025 (%)     2024 (%) (+/-%) Distribution per share (CHF)²     6.00       6.00   0.0%                    

¹ Definition according to Alternative Performance Measures (APM) see note 1 of the consolidated financial statements in the Annual Report.

² 2025: Distribution of a dividend as proposed to the Annual General Meeting to be held on 30 April 2026.

 

 

Annual Report
A PDF version of the Annual 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

 

Media and Analyst Conference
12 March 2026 at 2:00 pm – 3:00 pm (CET)
Access to Webcast (pre-registration required)
You will receive the link to directly access the Webcast by pre-registering here.

 

Agenda   30 April 2026 Annual General Meeting 2026
SIX ConventionPoint, Zurich, Switzerland 30 July 2026 Publication Interim Report 2026
Conference Call for Media and Analysts 11 March 2027 Publication Annual Report 2026
Conference Call for Media and Analysts 29 April 2027 Annual General Meeting 2027
SIX ConventionPoint, Zurich, Switzerland 29 July 2027 Publication Interim Report 2027
Conference Call for Media and Analysts

 

 

Kardex Corporate Profile
Kardex is a leading global partner for intralogistics solutions in an attractive and growing market. The Group offers premium automated products, standardized systems, and life cycle services that guarantee high availability and low total cost of ownership. Kardex provides an intelligent entry into automation with its dynamic storage and retrieval systems, offers integrated material handling systems, small parts storage systems including multi-shuttle technology, and automated high-bay warehouses. Additionally, Kardex acts as a global AutoStore™ partner, offering flexible and modular storage and order fulfillment solutions. The Group employs around 2’900 people in over 30 countries. Kardex Holding AG has been listed on the SIX Swiss 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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