2025 business result: Bucher with strong cash flow and a solid financial position in a challenging economic policy environment

In the course of 2025, some of Bucher Industries’ markets stabilised as expected, and a recovery was particularly noticeable in Europe. Despite the uncertainties surrounding trade tariffs, order intake was higher than the prior year. However, sales still fell due to the low order book at the beginning of the reporting period. The operating profit margin benefitted from the expected sale of a property not required for operations. The Group’s profit for the year and the earnings per share were slightly above the prior-year levels. Thanks to a strong cash flow, Bucher Industries’ financial position remains extremely solid. This ensures flexibility and establishes a solid base for future growth. The board of directors proposes a dividend of CHF 11.00 per share. The ongoing share buyback programme is well advanced and expected to be completed soon. The board of directors also announces a change of the chairman of the board.

Demand for Bucher Industries’ products and services started to show signs of recovery during the course of the reporting period. The European markets in particular performed positively. However, the general willingness to invest was partly hampered by economic policy uncertainties. Led by Kuhn Group and Bucher Hydraulics, order intake exceeded the prior-year figure. Demand for glass forming machines continued to decline. The decline in Group sales compared with the prior year also reflects the lower order book at the beginning of the year. Only Bucher Municipal achieved sales at the prior-year level. The Group’s operating profit margin reached 9.7% and benefitted from the expected profit of CHF 43 million from the sale of a property not required for operations. Profitability was particularly affected by falling volumes. The cost-saving measures already initiated were consistently expanded at locations with low capacity utilisation. The Group’s profit for the year of CHF 235 million and the earnings per share of CHF 23.22 were slightly above the prior-year levels.

Group

Change

CHF million

2025

2024

%

%¹⁾

%²⁾

Order intake

2’883

2’756

4.6

7.4

6.7

Net sales

2’914

3’156

-7.6

-5.2

-5.7

Order book

1’120

1’172

-4.5

-2.2

-2.8

Operating profit (EBIT)

281

283

-0.4

% of net sales

9.7%

9.0%

Profit for the period

235

228

3.4

% of net sales

8.1%

7.2%

Earnings per share in CHF

23.22

22.15

4.8

Operating free cash flow

365

200

82.4

Net cash/debt

498

402

23.9

Total assets

2‘716

2’785

-2.5

Equity

1‘796

1’883

-4.6

Equity ratio

66.1%

67.6%

Return on equity (ROE)

12.8%

12.3%

Net operating assets (NOA) average

1‘391

1’513

-8.0

Return on net operating assets (RONOA) after tax

16.2%

14.6%

Average number of FTEs

13’696

14’173

-3.4

-3.9

Employees at 31 December

14’198

14’107

0.6

-0.1

CO₂ emissions in tCO₂e

60’927

69’680

-12.6

¹⁾ Adjusted for currency effects
²⁾ Adjusted for currency and acquisition effects

Strong cash flow The return on net operating assets (RONOA) after tax was 16.2%, well above the cost of capital of 8%. While investments in the expansion of the production infrastructure and the modernisation of production facilities were consistently continued, the ongoing reduction in inventories enabled a significant reduction in net working capital in the reporting period. As a result, operating free cash flow increased to CHF 365 million compared with the already high level of the prior year. With net cash of CHF 498 million and an equity ratio of 66%, the Group’s financial position remains extremely solid. Bucher Industries therefore has the necessary flexibility and optimal conditions to consistently continue investing in future growth and spending on research and development.

Business performance in the divisions

Kuhn Group

Change

CHF million

2025

2024

%

%¹⁾

Order intake

1’124

966

16.4

19.9

Net sales

1’053

1’159

-9.2

-6.5

Order book

524

464

13.0

15.9

Operating profit (EBIT)

75

93

-19.3

% of net sales

7.1%

8.0%

Average number of FTEs

5’300

5’497

-3.6

Employees at 31 December

5’457

5’281

3.3

¹⁾ Adjusted for currency effects

Significant increase in order intake Farmers’ willingness to invest improved overall in the reporting period, although there were significant differences in trends between the various regions. In Europe in particular, the normalised dealer inventories and positive weather conditions led to more confidence and increased demand for agricultural machinery. The dairy and livestock segment was also supported by high milk and meat prices. Overall, Kuhn Group’s order intake rose significantly by 16%. Sales reflected the lower order book at the beginning of the year and fell 9% compared with the prior year. This negative development was most pronounced in the USA, while Europe posted sales growth in the second half of the year. Due to lower volumes, which led to lower capacity utilisation in the USA in particular, the operating profit margin declined to 7.1%. The additional tariffs imposed on imports into the USA were increasingly reflected in rising purchase prices. Kuhn Group has continued to work on optimising its costs. Capacity adjustments were made primarily in the USA.

Outlook for 2026 Driven by the higher order book, Kuhn Group expects an increase in sales on a comparable basis and a higher operating profit margin than in the prior year.

Bucher Municipal

Change

CHF million

2025

2024

%

%¹⁾

Order intake

556

591

-6.0

-3.4

Net sales

605

602

0.6

3.4

Order book

239

296

-19.2

-17.4

Operating profit (EBIT)

57

46

24.2

% of net sales

9.4%

7.6%

Average number of FTEs

2’569

2’508

2.4

Employees at 31 December

2’649

2’561

3.4

¹⁾ Adjusted for currency effects

Pleasing increase in margin Bucher Municipal continued to experience good demand in a stable market situation. The compact sweeper and sewer cleaning vehicle segments in particular developed positively. Spare parts and maintenance services were relatively stable. Orders for truck-mounted sweepers, winter maintenance equipment and refuse collection vehicles declined. As expected, order intake was lower than in the strong prior year and fell by 6%. Sales remained at the high level of the prior year. The lower volumes in Australia and Asia were offset by growth in Europe and America. This growth was specifically attributable to the compact sweeper, sewer cleaning vehicle and winter maintenance equipment segments. The division benefitted from the high capacity utilisation and the continued efficiency measures. As a result, the operating profit margin increased further to 9.4%.

Outlook for 2026 Bucher Municipal expects a slight decline in sales on a comparable basis and a slightly lower operating profit margin than in 2025.

Bucher Hydraulics

Change

CHF million

2025

2024

%

%¹⁾

%²⁾

Order intake

631

575

9.8

13.0

10.4

Net sales

626

653

-4.2

-1.5

-3.7

Order book

154

148

4.0

7.0

3.7

Operating profit (EBIT)

63

71

-11.1

% of net sales

10.1%

10.9%

Average number of FTEs

2’906

2’979

-2.5

-3.9

Employees at 31 December

3’100

3’074

0.8

-0.8

¹⁾ Adjusted for currency effects
²⁾ Adjusted for currency and acquisition effects

Demand picking up again Demand in the hydraulics markets increased overall in the reporting period, although uncertainties surrounding global trade tariffs were noticeable among Bucher Hydraulics’ customers. Order intake at Bucher Hydraulics exceeded the figure for the prior year by 10%. Demand for hydraulic solutions increased, particularly for construction machinery, agricultural machinery, stationary industrial hydraulics and mobile electric drive technology. Due to the low order book at the beginning of the year, the division’s sales declined slightly by 4% compared with 2024. However, with the recovery in order intake, sales in Europe and Asia stabilised in the second half of the year. Sales continued to fall in the USA, and therefore also in the materials handling segment. The lower capacity utilisation, coupled with acquisition and integration costs, had an impact on the operating profit margin, which narrowed to 10.1% compared with the prior year.

Outlook for 2026 Bucher Hydraulics anticipates a slight increase in sales on a comparable basis and a correspondingly slightly higher operating profit margin.

Bucher Emhart Glass

Change

CHF million

2025

2024

%

%¹⁾

%²⁾

Order intake

297

359

-17.1

-15.0

-15.4

Net sales

374

462

-19.2

-17.3

-17.6

Order book

114

193

-41.0

-39.4

-40.0

Operating profit (EBIT)

47

78

-39.4

% of net sales

12.6%

16.8%

Average number of FTEs

1’496

1’627

-8.1

-8.7

Employees at 31 December

1’494

1’605

-6.9

-9.3

¹⁾ Adjusted for currency effects
²⁾ Adjusted for currency and acquisition effects

Continued double-digit operating profit margin Persisting overcapacities at some glass manufacturers influenced demand during the reporting period. Geographically, Europe and North America were particularly affected by the downturn, while some emerging markets continued to record growth. Bucher Emhart Glass’ customers continued to be cautious with investments in the reporting period, and the division’s order intake fell by 17%. In particular, orders for glass forming machines and sections remained at a low level, while the service and spare parts business was more stable. Sales were also significantly lower than the prior year, falling by 19%. The operating profit margin likewise fell significantly due to the low capacity utilisation but remained in double digits at 12.6% due to the more stable service and spare parts business. Production planning was adjusted in line with the lower order book and capacities were further reduced. By shifting production in the area of inspection machines, the division also pushed ahead with the consolidation of assembly and manufacturing activities.

Outlook for 2026 On a comparable basis, Bucher Emhart Glass expects significantly lower sales compared with the prior year. The operating profit margin is expected to be significantly lower than in 2025.

Bucher Specials

Change

CHF million

2025

2024

%

%¹⁾

%²⁾

Order intake

337

333

1.2

2.4

1.1

Net sales

322

357

-9.7

-8.6

-9.1

Order book

112

97

14.7

15.9

13.9

Operating profit (EBIT)

10

8

19.0

% of net sales

3.1%

2.3%

Average number of FTEs

1’356

1’495

-9.3

-10.8

Employees at 31 December

1’424

1’515

-6.0

-7.0

¹⁾ Adjusted for currency effects
²⁾ Adjusted for currency and acquisition effects

Disappointing business development Bucher Specials’ markets presented a mixed picture in the reporting period. Demand at Bucher Vaslin and Bucher Automation remained significantly below the prior-year level, while business at Bucher Unipektin remained strong. At Bucher Landtechnik, the market stagnated at a low level. Overall, the division’s order intake was stable compared to the prior year, while sales declined by 10%. Despite low capacity utilisation at Bucher Vaslin and Bucher Automation, as well as additional costs associated with reorganisations, the operating profit margin increased to 3.1% as a result of efficiency measures.

Outlook for 2026 Bucher Specials anticipates slight sales growth on a comparable basis. The operating profit margin is expected to rise due to higher capacity utilisation and efficiency measures.

The results of Bucher products can be seen everywhere in our daily lives. That is because many foods come into contact with Bucher during their production, be it the apple juice obtained using a Bucher Unipektin press to the storage jar made using Bucher Emhart Glass equipment. Bucher was even involved in a glass of milk, in this case for example with “Aura”, an autonomous self-propelled feed mixer from Kuhn Group, which fed the cows. We also benefit from clean roads cleared early in the morning by a Bucher Municipal sweeper. Read about more interesting everyday applications in the divisional reports in the annual report 2025.

In the reporting period, Bucher Industries continued to invest in the modernisation and automation of its facilities and sites, and expanded its infrastructure where necessary. In addition, Bucher Emhart Glass in Sanjin (China) and Bucher Hydraulics in Frutigen (Switzerland) have also commissioned further photovoltaic systems. And Bucher Municipal has switched to biogas as a heat source at its site in Dorking (England). Overall, CO₂ emissions (Scope 1 and 2) were reduced by 13% compared with the prior year. With a total reduction of 35%, Bucher Industries has thus achieved its target of reducing emissions by 25% by 2028 compared with 2021, although this reduction was partly due to the economic slowdown.

As announced, there were two changes to the group management as of 1 January 2026. Martin Starkey was appointed as the internal successor to Aurelio Lemos as division president of Bucher Municipal. Daniel Schippan took over as division president of Bucher Emhart Glass from Matthias Kümmerle, who will succeed Jacques Sanche as CEO after the annual general meeting on 16 April 2026. These changes ensure long-term succession planning. The board of directors is confident that the group management is well positioned for the future. Urs Kaufmann, a member of the board of directors since 2023 and chairman since 2024, has decided for personal reasons not to stand for re-election on 16 April 2026. Urs Kaufmann played a decisive role in shaping the strategic development of Bucher Industries and sharpened its focus on sustainable and profitable growth. The board of directors and the group management would like to thank Urs Kaufmann for his commitment and far-sighted work. The board of directors proposes to the annual general meeting that Stefan Scheiber, a member of the board of directors since 2022, be elected as chairman. A Swiss citizen, Stefan Scheiber is a business economist and a proven leader in the international field. He held various management positions at the Bühler Group at different locations worldwide and in Switzerland from 1988 onwards before becoming CEO of the globally active industrial group for innovative solutions for the food and feed industry and high-tech materials from 2016 to 2025. Stefan Scheiber has been a member of the board of directors of the Bühler Group since 2020 and was elected chairman of the board of directors in February 2026. Stefan Scheiber is also a member of the board of directors of St. Galler Kantonalbank AG.

The Group expects the recovery in demand for Bucher Industries’ products and services to continue. At the same time, economic policy uncertainties remain. The Group therefore anticipates stable sales on a comparable basis for 2026. The operating profit margin is expected to remain at the prior-year level (excluding the profit of CHF 43 million from the sale of a property in 2025).

The board of directors proposes a dividend of CHF 11.00 per share to the annual general meeting on 16 April 2026, as in the prior year. This proposal takes into account a consistent dividend policy, the profit for the year 2025, the outlook for the current year as well as further internal and external investment opportunities. Due to its solid financial position and strong cash generation, Bucher Industries launched a share buyback programme in May 2025, comprising up to 4% of the current share capital for the purpose of capital reduction. The share buyback programme is well advanced and expected to be completed soon. The board of directors therefore intends to propose a share capital reduction to the coming annual general meeting.

The annual general meeting of Bucher Industries AG will be held on 16 April 2026 at the Hotel Mövenpick in Regensdorf, starting at 3.30 p.m. The resolutions to be proposed can be found in the invitation to the annual general meeting, which will be sent out to shareholders on 18 March 2026. Shareholders registered in the company’s share register on 10 April 2026 will be entitled to vote at the annual general meeting. From 11 to 16 April 2026 the share register will be closed for entries. Shares purchased on or after 20 April 2026 are not entitled to a dividend. The dividend will be paid out on 22 April 2026. The 2025 annual report will be available for download from 3 March 2026, and the invitation to the annual general meeting from 18 March 2026, at bucherindustries.com. A printed version of the 2025 annual report will be available from 3 March 2026.

The annual report as well as the annual press and analysts’ conference presentation are available on bucherindustries.com under “Media dossiers”.

The analysts' conference will take place at 2 p.m. (link to registration). The recording will be published on bucherindustries.com.