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Kardex Holding AG
Interim / Quarterly Report • Jul 31, 2025
911_rns_2025-07-31_502a756a-4a88-40cb-bb98-e96e7dc769dd.pdf
Interim / Quarterly Report
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2025 Interim Report
Kardex at a glance
Net revenues
01.01. - 30.06. in EUR million
EBIT and EBIT margin
01.01. - 30.06. in EUR million and in %
Free cash flow
01.01. - 30.06. in EUR million
Equity and equity ratio
30.06. in EUR million and in %
2025
2024
Highlights first half 2025
Bookings Net revenues
With varying levels of demand across regions, overall bookings increased by 18.7%
Net revenues rose by 12.4% to EUR 415.7 million with Standardized Systems delivering overproportional growth
EBIT
ROIC
EBIT up by 1.5% to EUR 48.9 million, despite substantial investments in R&D, IT, and S&M
Return on invested capital remains consistently strong, currently standing at 37.6%
Key figures
in EUR million
| 01.01. - 30.06. | 2025 | (%) | 2024 | (%) | (+/-%) |
|---|---|---|---|---|---|
| Bookings | 454.3 | 109.3% | 382.8 | 103.5% | 18.7% |
| Order backlog (30.06.) | 512.7 | 123.3% | 488.3 | 132.1% | 5.0% |
| Net revenues | 415.7 | 100.0% | 369.7 | 100.0% | 12.4% |
| Gross profit | 141.9 | 34.1% | 127.3 | 34.4% | 11.5% |
| OPEX | 93.0 | 22.4% | 79.1 | 21.4% | 17.6% |
| EBITDA1 | 54.1 | 13.0% | 53.1 | 14.4% | 1.9% |
| Operating result (EBIT) | 48.9 | 11.8% | 48.2 | 13.0% | 1.5% |
| Result for the period (net profit) | 36.1 | 8.7% | 38.3 | 10.4% | -5.7% |
| Free cash flow1 | 8.4 | 56.0 | -85.0% | ||
| ROIC1 | 37.6% | 39.0% | |||
| 30.06.2025 | (%) | 30.06.2024 | (%) | (+/-%) | |
|---|---|---|---|---|---|
| Net working capital1 | 100.1 | 84.1 | 19.0% | ||
| Net cash1 | 125.8 | 137.4 | -8.4% | ||
| Equity/Equity ratio1 | 263.4 | 53.3% | 240.9 | 54.7% | 9.3% |
| Employees (FTE) | 2'850 | 2'538 | 12.3% |
1 Definition according Alternative Performance Measures (APM) see notes.
Based on Swiss GAAP FER, figures reported in euros.
Report to the shareholders
The first half of 2025 was marked by significant uncertainty regarding future global trading conditions and tariffs, as well as their corresponding consequences. However, demand for Kardex' intralogistics solutions remained strong across most business sectors and market regions. Kardex continued its investment program to set the stage for accelerated growth.
Bookings and net revenues increased significantly, and profitability remained at a robust level. The ongoing positive demand dynamics for Kardex intralogistics solutions, combined with Kardex' strong market position, are reflected in bookings, which totaled EUR 454.3 million, an 18.7% increase year-on-year. While Central Europe performed better than anticipated, demand in the US lagged behind expectations. Decision-making processes for larger projects have normalized. Bookings in New Business increased by 21.1% and in Life Cycle Services by 12.8%. As of 30 June 2025, the order backlog stood at EUR 512.7 million, 7.8% above the level at the beginning of the year. Net revenues amounted to EUR 415.7 million, a 12.4% increase year-on-year. Of this, EUR 307.6 million or 74.0% came from New Business, while Life Cycle Services generated EUR 108.1 million or 26.0%.
The sales mix between Automated Products and Standardized Systems was the main driver of the slightly lower gross profit margin of 34.1% (34.4%). As planned, operating costs increased by 17.6% to EUR 93.0 million (EUR 79.1 million), mainly due to significantly higher R&D and IT (ERP) costs, as well as sales and marketing expenses. This resulted in a robust operating result and an EBIT margin of 11.8%. EBIT for the first half of the year totaled EUR 48.9 million, representing a 1.5% increase compared to the same period in the previous year. The net profit for the period amounted to EUR 36.1 million (EUR 38.3 million) due to a decrease in financial income.
Growing demand for Automated Products
After a brief phase of moderate bookings following the post-COVID boom, demand for Kardex Automated Products (Kardex Remstar) picked up again. The Segment recorded bookings of EUR 294.1 million, an 11.1% increase over H1 2024. The order backlog at the end of
the period stood at EUR 281.8 million (EUR 271.7 million at the beginning of the year). With net revenues of EUR 283.0 million (EUR 265.8 million), Automated Products achieved a 6.5% increase. Correspondingly, EBIT increased by 2.0% to EUR 45.3 million despite the significantly higher operating costs to accelerate growth. This resulted in a solid EBIT margin of 16.0% (16.7%).
Continued growth for Standardized Systems
Demand for Standardized Systems (Kardex Mlog and Kardex AS Solutions) accelerated, and the sales funnel is well filled. The period of decision-making delays for larger projects that affected Kardex Mlog in 2023 and the first half of 2024 has passed, and demand for AutoStore systems continued to be high, in particular for small to mid-size projects.
Overall bookings totaled EUR 160.4 million, representing a strong 35.6% year-over-year increase. Bookings at Kardex Mlog rose to EUR 76.5 million, 85.2% higher than H1 2024, while Kardex AS Solutions' bookings grew by 9.2% to EUR 84.1 million in the reporting period. The order backlog amounted to EUR 230.9 million, a 13.3% increase compared to the beginning of the year. Net revenues increased by 27.9% to EUR 133.0 million. Kardex Mlog achieved an increase of 4.8% to EUR 54.6 million, while Kardex AS Solutions increased by 51.6% to EUR 78.7 million. The first half of the year saw continued substantial investments in expansion to strengthen Kardex AS Solution's global setup. Due to these investments and timing effects in project progress, EBIT of EUR 5.4 million for the Segment was 10.0% below last year's period, resulting in a temporarily lower EBIT margin of 4.1% (5.8%), as already announced in the last media information in March 2025.
Completion of generation change
Following the retirement of Urs Siegenthaler, CEO Jens Hardenacke successfully took over the helm of Kardex Remstar in January 2025. At Kardex Mlog, the succession of Hans-Jürgen Heitzer has been initiated, with Winnie Ahrens nominated as Co-Head of the Business Unit effective 01 July 2025. She started at Kardex Mlog as Head of Sales in 2023. The handover will be completed by the end of 2025.
Strong ROIC
The Return on Invested Capital (ROIC) remained at a consistently high level of 37.6% (39.0%), with the slight decline attributable to a higher equity base. The prior year's free cash flow benefited from favorable project milestones. The reduced free cash flow resulted from higher accounts receivables and investments. Cash and cash equivalents declined slightly year-over-year, primarily due to the significant dividend distribution, yet remain at a solid and stable level.
Outlook
Despite ongoing geopolitical tensions and trade uncertainties, Kardex anticipates a stronger second half of the year 2025 and further substantial growth opportunities in the years to come. The Board of Directors and Group Management remain confident that the demand for intralogistics solutions in general and for Kardex solutions in particular will continue. Reshoring, labor shortages, and automation are key growth drivers. Kardex will continue to invest over the next two years into its sales organization, marketing, R&D, and IT (ERP) infrastructure to benefit overproportionally from these trends. Kardex is confident to achieve results in line with the communicated financial targets.
Felix Thöni Jens Hardenacke Chairman of the Board of Directors Chief Executive Officer
Consolidated interim income statement
| in EUR million | 01.01. - 30.06.2025 | (%) | 01.01. - 30.06.2024 | (%) |
|---|---|---|---|---|
| Net revenues | 415.7 | 100.0% | 369.7 | 100.0% |
| Cost of goods sold and services provided | -273.8 | -65.9% | -242.4 | -65.6% |
| Gross profit | 141.9 | 34.1% | 127.3 | 34.4% |
| Sales and marketing expenses | -50.4 | -12.1% | -41.7 | -11.3% |
| Administrative expenses | -30.2 | -7.3% | -26.5 | -7.2% |
| R&D expenses | -11.9 | -2.9% | -10.5 | -2.8% |
| Other operating income | 0.1 | 0.0% | 0.3 | 0.1% |
| Other operating expenses | -0.6 | -0.1% | -0.7 | -0.2% |
| Operating result (EBIT) | 48.9 | 11.8% | 48.2 | 13.0% |
| Financial result, net | -0.4 | -0.1% | 2.4 | 0.6% |
| Result for the period before tax (EBT) | 48.5 | 11.7% | 50.6 | 13.7% |
| Income tax expense | -12.4 | -3.0% | -12.3 | -3.3% |
| Income tax rate (based on EBT) | 25.6% | 24.3% | ||
| Result for the period | 36.1 | 8.7% | 38.3 | 10.4% |
| Attributable to: | ||||
| Shareholders of Kardex Holding AG | 36.2 | 8.7% | 38.2 | 10.3% |
| Non-controlling interests | -0.1 | 0.0% | 0.1 | 0.0% |
| Result for the period | 36.1 | 8.7% | 38.3 | 10.4% |
| Earnings per share attributable to shareholders of Kardex Holding AG (EUR)1 |
4.69 | 4.95 |
1 No dilutive effect occurred in 2025 and 2024.
The notes to the consolidated interim financial statements from page 11 to page 16 represent an integral part of Kardex' interim financial statements.
Consolidated interim balance sheet
| in EUR million | 30.06.2025 | (%) | 31.12.2024 | (%) |
|---|---|---|---|---|
| Cash and cash equivalents | 105.0 | 21.2% | 136.0 | 27.6% |
| Trade accounts receivable | 94.7 | 19.1% | 89.9 | 18.2% |
| Other receivables | 66.9 | 13.5% | 49.9 | 10.1% |
| Current fixed term deposits | 17.6 | 3.6% | 37.3 | 7.6% |
| Inventories and work in progress | 28.4 | 5.7% | 24.0 | 4.9% |
| Prepaid expenses | 22.4 | 4.5% | 11.8 | 2.4% |
| Current assets | 335.0 | 67.7% | 348.9 | 70.7% |
| Property, plant and equipment | 75.0 | 15.2% | 72.0 | 14.6% |
| Intangible assets | 12.5 | 2.5% | 6.9 | 1.4% |
| Non-current fixed term deposits | 3.2 | 0.6% | - | 0.0% |
| Financial assets | 68.9 | 13.9% | 65.7 | 13.3% |
| Non-current assets | 159.6 | 32.3% | 144.6 | 29.3% |
| Assets | 494.6 | 100.0% | 493.5 | 100.0% |
| Trade accounts payable | 50.1 | 10.1% | 41.5 | 8.4% |
| Other current liabilities | 49.9 | 10.1% | 41.1 | 8.3% |
| Current provisions | 9.1 | 1.8% | 9.6 | 1.9% |
| Accruals | 89.3 | 18.1% | 84.9 | 17.2% |
| Current liabilities | 198.4 | 40.1% | 177.1 | 35.9% |
| Non-current financial liabilities | - | 0.0% | 0.1 | 0.0% |
| Non-current provisions | 32.8 | 6.6% | 31.4 | 6.4% |
| Non-current liabilities | 32.8 | 6.6% | 31.5 | 6.4% |
| Liabilities | 231.2 | 46.7% | 208.6 | 42.3% |
| Share capital | 2.5 | 0.5% | 2.5 | 0.5% |
| Capital reserves | 33.0 | 6.7% | 33.0 | 6.7% |
| Goodwill offset | -45.5 | -9.2% | -45.0 | -9.1% |
| Retained earnings and translation differences | 275.2 | 55.6% | 294.5 | 59.7% |
| Treasury shares | -2.8 | -0.6% | -1.1 | -0.2% |
| Equity before non-controlling interests | 262.4 | 53.1% | 283.9 | 57.5% |
| Non-controlling interests | 1.0 | 0.2% | 1.0 | 0.2% |
| Equity | 263.4 | 53.3% | 284.9 | 57.7% |
| Equity and liabilities | 494.6 | 100.0% | 493.5 | 100.0% |
The notes to the consolidated interim financial statements from page 11 to page 16 represent an integral part of Kardex' interim financial statements.
Consolidated interim cash flow statement
| in EUR million | 01.01. - 30.06.2025 | 01.01. - 30.06.2024 |
|---|---|---|
| Result for the period | 36.1 | 38.3 |
| Depreciation and amortization | 5.2 | 4.9 |
| Additions and reversals of provisions | 2.4 | 3.5 |
| Change in deferred tax assets | -0.7 | -2.3 |
| Other non-cash items | 2.5 | -1.6 |
| Change in trade accounts receivable | -7.3 | 17.3 |
| Change in other receivables | -18.2 | 0.8 |
| Change in inventories and work in progress | -6.5 | -3.4 |
| Change in prepaid expenses | -11.0 | -3.1 |
| Change in trade accounts payable | 9.6 | 4.3 |
| Change in other current liabilities | 9.5 | 2.3 |
| Change in provisions | -1.2 | -1.4 |
| Change in accruals | 6.5 | 8.5 |
| Net cash flow from operating activities | 26.9 | 68.1 |
| Purchase of property, plant and equipment | -10.1 | -5.8 |
| Purchase of intangible assets | -5.8 | -0.6 |
| Change in current fixed term deposits | 19.5 | -2.4 |
| Purchase of non-current fixed term deposits | -3.4 | - |
| Purchase of financial assets | -0.3 | - |
| Change in other investments | -2.1 | -5.7 |
| Acquisition of non-controlling interests | -0.2 | - |
| Net cash flow from investing activities | -2.4 | -14.5 |
| Acquisition of treasury shares | -1.7 | - |
| Change in non-current financial liabilities | -0.1 | - |
| Dividend paid (shareholders of Kardex Holding AG) | -48.5 | -39.4 |
| Dividend paid (non-controlling interests) | -0.1 | -0.1 |
| Net cash flow from financing activities | -50.4 | -39.5 |
| Effect of currency translation differences on | ||
| cash and cash equivalents | -5.1 | 1.2 |
| Net change in cash and cash equivalents | -31.0 | 15.3 |
| Cash and cash equivalents at 1 January | 136.0 | 107.3 |
| Cash and cash equivalents at 30 June | 105.0 | 122.6 |
| Net change in cash and cash equivalents | -31.0 | 15.3 |
The notes to the consolidated interim financial statements from page 11 to page 16 represent an integral part of Kardex' interim financial statements.
Consolidated interim statement of changes in equity
| in EUR million | capital Share |
reserves Capital |
Goodwill offset |
Retained earnings |
Translation differences |
Treasury shares1 |
non-controlling Equity before interests |
Non-controlling interests |
Equity |
|---|---|---|---|---|---|---|---|---|---|
| Opening balance 1 January 2025 | 2.5 | 33.0 | -45.0 | 290.6 | 3.9 | -1.1 | 283.9 | 1.0 | 284.9 |
| Result for the period | - | - | - | 36.2 | - | - | 36.2 | -0.1 | 36.1 |
| Acquisition of non-controlling interests |
- | - | -0.5 | - | - | - | -0.5 | 0.3 | -0.2 |
| Currency translation differences | - | - | - | - | -7.4 | - | -7.4 | -0.1 | -7.5 |
| Acquisition of treasury shares | - | - | - | - | - | -1.7 | -1.7 | - | -1.7 |
| Dividend paid | - | - | - | -48.5 | - | - | -48.5 | -0.1 | -48.6 |
| Share-based remuneration | - | - | - | 0.1 | - | - | 0.1 | - | 0.1 |
| Valuation of hedging reserves | - | - | - | 0.3 | - | - | 0.3 | - | 0.3 |
| Closing balance 30 June 2025 | 2.5 | 33.0 | -45.5 | 278.7 | -3.5 | -2.8 | 262.4 | 1.0 | 263.4 |
| Opening balance 1 January 2024 | 2.5 | 32.3 | -45.0 | 250.3 | 0.8 | -1.8 | 239.1 | 1.0 | 240.1 |
| Result for the period | - | - | - | 38.2 | - | - | 38.2 | 0.1 | 38.3 |
| Currency translation differences | - | - | - | - | 2.1 | - | 2.1 | - | 2.1 |
| Disposal of treasury shares1 | - | 0.5 | - | - | - | 0.5 | 1.0 | - | 1.0 |
| Dividend paid | - | - | - | -39.4 | - | - | -39.4 | -0.1 | -39.5 |
| Share-based remuneration | - | - | - | -0.9 | - | - | -0.9 | - | -0.9 |
| Valuation of hedging reserves | - | - | - | -0.2 | - | - | -0.2 | - | -0.2 |
| Closing balance 30 June 2024 | 2.5 | 32.8 | -45.0 | 248.0 | 2.9 | -1.3 | 239.9 | 1.0 | 240.9 |
| Opening balance 1 July 2024 | 2.5 | 32.8 | -45.0 | 248.0 | 2.9 | -1.3 | 239.9 | 1.0 | 240.9 |
| Result for the period | - | - | - | 42.5 | - | - | 42.5 | - | 42.5 |
| Currency translation differences | - | - | - | - | 1.0 | - | 1.0 | - | 1.0 |
| Disposal of treasury shares1 | - | 0.2 | - | - | - | 0.2 | 0.4 | - | 0.4 |
| Share-based remuneration | - | - | - | 0.1 | - | - | 0.1 | - | 0.1 |
| Closing balance 31 December 2024 | 2.5 | 33.0 | -45.0 | 290.6 | 3.9 | -1.1 | 283.9 | 1.0 | 284.9 |
1 Number of treasury shares held as of 30 June 2025: 16'875 (30 June 2024: 10'452).
The notes to the consolidated interim financial statements from page 11 to page 16 represent an integral part of Kardex' interim financial statements.
Notes to theconsolidated interim financial statements
Alternative performance measures (APM)
Kardex uses certain key figures to measure its financial performance that are not defined by Swiss GAAP FER, and consequently, comparability with similar figures presented by other companies might be limited. Explanations of these key figures and the reconciliation of certain key figures can be found here.
Earnings before interest, taxes, depreciation and amortization (EBITDA)
| in EUR million | H1 2025 | H1 2024 |
|---|---|---|
| Operating result (EBIT) |
48.9 | 48.2 |
| Depreciation and amortization |
5.2 | 4.9 |
| EBITDA | 54.1 | 53.1 |
Free cash flow
| in EUR million | H1 2025 | H1 2024 |
|---|---|---|
| Net cash flow from operating activities |
26.9 | 68.1 |
| Net cash flow from investing activities |
-2.4 | -14.5 |
| Adjustment for changes in fixed term deposits |
-16.1 | 2.4 |
| Adjusted net cash flow from investing activities |
-18.5 | -12.1 |
| Free cash flow | 8.4 | 56.0 |
Net cash
| in EUR million | 30.06.2025 | 30.06.2024 |
|---|---|---|
| Cash and cash equivalents |
105.0 | 122.6 |
| Current fixed term deposits |
17.6 | 14.8 |
| Non-current fixed term deposits |
3.2 | - |
| Net cash | 125.8 | 137.4 |
Equity ratio
| in EUR million | 30.06.2025 | 30.06.2024 |
|---|---|---|
| Assets | 494.6 | 440.5 |
| Equity | 263.4 | 240.9 |
| Equity ratio1 | 53.3% | 54.7% |
1 'Equity' divided by 'Assets'.
Invested capital
| in EUR million | 30.06.2025 | 30.06.2024 |
|---|---|---|
| Equity | 252.2 | 223.5 |
| Value adjustment for doubtful accounts |
-0.6 | -0.6 |
| Deferred tax liabilities |
5.6 | 5.3 |
| Accrual for income tax < 1 year |
6.7 | 5.4 |
| Invested capital2 | 263.9 | 233.6 |
2 Each position is calculated on average basis of one year.
H1 = 01.01. – 30.06.
Net working capital (NWC)
| in EUR million | 30.06.2025 | 30.06.2024 |
|---|---|---|
| Trade accounts receivable1 |
95.4 | 76.6 |
| Construction contracts with amounts due from customers (underfinanced - POC)2 |
33.9 | 18.1 |
| Advance payments | 8.7 | 5.5 |
| Accounts receivable | 138.0 | 100.2 |
| Raw materials, supplies and other consumables1 |
23.5 | 23.6 |
| Finished goods1 | 5.1 | 8.0 |
| Spare parts1 | 11.3 | 10.7 |
| Work in progress1 | 43.9 | 54.6 |
| Advance payments from customers |
-58.3 | -68.2 |
| Advance payments to suppliers |
9.7 | 5.3 |
| Inventories | 35.2 | 34.0 |
| Trade accounts payable |
-50.1 | -30.0 |
| Construction contracts with amounts due to customers (overfinanced – POC)2 |
-20.2 | -13.6 |
| Other payables | -2.8 | -6.5 |
| Accounts payable | -73.1 | -50.1 |
| NWC | 100.1 | 84.1 |
Return on invested capital (ROIC)
| in EUR million | 30.06.2025 | 30.06.2024 |
|---|---|---|
| Operating result (EBIT)3 |
99.2 | 91.0 |
| Invested capital | 263.9 | 233.6 |
| ROIC4 | 37.6% | 39.0% |
3 'Operating result (EBIT)' of last 12 months.
4 'Operating result (EBIT)' of last 12 months divided by 'Invested capital'.
1 Excluding value adjustment.
2 POC = Percentage of completion.
Segment reporting
Kardex is a leading global partner for intralogistics solutions in an attractive and growing market. The Group offers premium automated products, standardized systems and lifecycle services that guarantee high availability and low total cost of ownership. The Kardex Group consists of three business units which are reported in two reporting segments: Kardex Remstar provides an intelligent entry into automation with its dynamic storage and retrieval systems and is reported as the segment "Automated Products"; Kardex Mlog offers integrated material handling systems, small parts storage systems and automated high-bay warehouses; and Kardex AS Solutions acts as a global AutoStore partner, offering high-performance, space-saving storage and picking solutions for small parts. The business units Kardex Mlog and Kardex AS Solutions are both in the project business and therefore reported in the segment "Standardized Systems".
Income statement on 30 June 2025
| Automated | Standardized | ||||
|---|---|---|---|---|---|
| in EUR million | Products | Systems | Holding | Eliminations | Kardex |
| Bookings1 | 294.1 | 160.4 | - | -0.2 | 454.3 |
| Net revenues, third party | |||||
| - Europe, Middle East and Africa | 183.5 | 111.8 | - | - | 295.3 |
| - Americas | 77.6 | 14.7 | - | - | 92.3 |
| - Asia/Pacific | 21.6 | 6.5 | - | - | 28.1 |
| Total net revenues, third party | 282.7 | 133.0 | - | - | 415.7 |
| Net revenues, with other operating segments | 0.3 | - | - | -0.3 | - |
| Net revenues2 | 283.0 | 133.0 | - | -0.3 | 415.7 |
| Cost of goods sold and services provided | -171.3 | -102.8 | - | 0.3 | -273.8 |
| Gross profit | 111.7 | 30.2 | - | - | 141.9 |
| Gross profit margin | 39.5% | 22.7% | 34.1% | ||
| Sales and marketing expenses | -34.6 | -15.6 | -0.2 | - | -50.4 |
| Administrative expenses | -23.3 | -5.3 | -4.7 | 3.1 | -30.2 |
| R&D expenses | -8.1 | -3.8 | - | - | -11.9 |
| Other operating income | 0.1 | - | 3.1 | -3.1 | 0.1 |
| Other operating expenses | -0.5 | -0.1 | - | - | -0.6 |
| Operating result (EBIT) | 45.3 | 5.4 | -1.8 | - | 48.9 |
| EBIT margin | 16.0% | 4.1% | 11.8% | ||
| Depreciation and amortization | 4.6 | 0.5 | 0.1 | - | 5.2 |
| EBITDA | 49.9 | 5.9 | -1.7 | - | 54.1 |
| EBITDA margin | 17.6% | 4.4% | 13.0% |
1 'Bookings' are legally binding contracts with customers entered into during the reporting period.
2 'Net revenues' comprise EUR 307.6 million from New Business and EUR 108.1 million from Life Cycle Services.
Income statement on 30 June 2024
| in EUR million | Automated Products |
Standardized Systems |
Holding | Eliminations | Kardex |
|---|---|---|---|---|---|
| Bookings1 | 264.6 | 118.3 | - | -0.1 | 382.8 |
| Net revenues, third party | |||||
| - Europe, Middle East and Africa | 175.1 | 93.9 | - | - | 269.0 |
| - Americas | 65.6 | 8.0 | - | - | 73.6 |
| - Asia/Pacific | 25.0 | 2.1 | - | - | 27.1 |
| Total net revenues, third party | 265.7 | 104.0 | - | - | 369.7 |
| Net revenues, with other operating segments | 0.1 | - | - | -0.1 | - |
| Net revenues2 | 265.8 | 104.0 | - | -0.1 | 369.7 |
| Cost of goods sold and services provided | -161.7 | -80.8 | - | 0.1 | -242.4 |
| Gross profit | 104.1 | 23.2 | - | - | 127.3 |
| Gross profit margin | 39.2% | 22.3% | 34.4% | ||
| Sales and marketing expenses | -30.0 | -11.5 | -0.2 | - | -41.7 |
| Administrative expenses | -20.9 | -4.0 | -4.8 | 3.2 | -26.5 |
| R&D expenses | -8.5 | -1.7 | -0.3 | - | -10.5 |
| Other operating income | 0.3 | - | 3.2 | -3.2 | 0.3 |
| Other operating expenses | -0.6 | - | -0.1 | - | -0.7 |
| Operating result (EBIT) | 44.4 | 6.0 | -2.2 | - | 48.2 |
| EBIT margin | 16.7% | 5.8% | 13.0% | ||
| Depreciation and amortization | 4.5 | 0.4 | - | - | 4.9 |
| EBITDA | 48.9 | 6.4 | -2.2 | - | 53.1 |
| EBITDA margin | 18.4% | 6.2% | 14.4% |
1 'Bookings' are legally binding contracts with customers entered into during the reporting period.
2 'Net revenues' comprise EUR 271.0 million from New Business and EUR 98.7 million from Life Cycle Services.
Earnings per share
| 01.01. - 30.06. | 2025 | 2024 |
|---|---|---|
| Number of outstanding shares, 1 January | 7'721'272 | 7'715'790 |
| Acquisition of treasury shares | -8'147 | - |
| Disposal of treasury shares | - | 3'758 |
| Number of outstanding shares, 30 June | 7'713'125 | 7'719'548 |
| Weighted average number of outstanding shares | 7'717'692 | 7'718'032 |
| Result for the period attributable to shareholders of Kardex Holding AG (EUR 1'000) |
36'191 | 38'238 |
| Basic earnings per share (EUR) | 4.69 | 4.95 |
| Diluted earnings per share (EUR)¹ | 4.69 | 4.95 |
1 No dilutive effect occurred in 2025 and 2024.
Contingent liabilities
Kardex is currently involved in various litigations arising in the course of business. Kardex does not anticipate that the outcome of these proceedings, either individually or in total, will have a material effect on its financial or income situation.
Change in consolidation scope
Change in consolidation scope 2025
In January and February 2025, Kardex Solutions (Thailand) CO., LTD., Bangkok, Thailand and Kardex Japan K.K., Tokyo, Japan, were established to intensify market development and provide closer support in Southeast Asia. Both are 100% subsidiaries of Kardex Holding AG, Zurich, Switzerland.
In April 2025, the non-controlling interest (40%) of Kardex Korea Co., Ltd., Seoul, Korea, were acquired by Kardex Holding AG, Zurich, Switzerland, which now owns 100%. The difference between the consideration transferred and the respective reduction of non-controlling interests is recorded as goodwill and has been offset within equity.
Change in consolidation scope 2024
In February and December 2024, Kardex Central and South America LLC, Wexford, PA, USA, and Kardex Solutions Canada Inc., Toronto, Canada, were established to intensify market development and provide closer support in South and North America. Both are 100% subsidiaries of Kardex USA Inc., Wexford, PA, USA, respectively Kardex Holding AG, Zurich, Switzerland.
Changes in accounting policy and disclosure
There were no changes related to the accounting policy in the first half of 2025.
Events after the balance sheet date
No events took place between 30 June 2025 and 30 July 2025 that would require an adjustment to the book value of Kardex Holding AG's assets, liabilities or equity or need to be disclosed here.
General information
The accompanying consolidated interim financial statements of Kardex include Kardex Holding AG and its subsidiaries (referred to collectively as "Kardex", the "Group", or the "Organization" and individually as the "Group companies") and comprise the unaudited consolidated interim financial statements for the six months ended 30 June 2025. Kardex Holding AG is Kardex' parent company, a limited company under Swiss law, which is registered and domiciled in Zurich, Switzerland. Kardex Holding AG is listed on SIX Swiss Exchange.
Kardex' consolidated interim financial statements are prepared in accordance with Swiss GAAP FER (FER). The consolidated interim financial statements, which have been prepared in accordance with FER 31 "Complementary recommendation for listed companies", section "Interim reporting", do not include all the information and disclosures presented in the annual consolidated financial statements and should therefore be read in conjunction with the consolidated financial statements compiled for the financial year ending 31 December 2024 as they represent an update of the last complete set of financial statements.
The Board of Directors approved these consolidated interim financial statements on 30 July 2025 and released them for publication.
Agenda
Publication Annual Report 2025
12 March 2026 Conference Call for Media and Analysts
Annual General Meeting 30 April 2026 SIX Swiss Exchange, Zurich, Switzerland
Publication Interim Report 2026 30 July 2026 Conference Call for Media and Analysts Kardex publishes its Interim Report in English. Figures indicated in brackets refer to the previous year.
This communication contains statements that constitute "forward-looking statements". In this communication, such forward-looking statements include, without limitation, statements relating to Kardex' financial condition, results of operations and business and certain of the Group's 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' 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' past and future filings and reports and in past and future filings, press releases, reports and other information posted on Kardex' website. 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.
Realized and published by
Kardex Holding AG, Zurich, Switzerland
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