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SKAN Group AG
Fund Information / Factsheet • Aug 19, 2025
1032_rns_2025-08-19_eb99b977-398a-4243-8d14-cb0511d1e2f0.pdf
Fund Information / Factsheet
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2 3
SKAN Fact Sheet (in CHF)
1 Percentage points 2 Investments in property, plant and equipment and intangible assets 3 Compared to 30.06.2024
4 22.6 m Change in CHF 213.0 m 134.6 m 0.9 m 0.7% Order intake +20.2% Net sales -17.8% EBITDA -95.7% EBITDA-Margin -12.4pp1 Operating cash flow +21.8 m4
52.9 m
381.5 m 21.5 m
1'504
Cash -1.4%
Assets -0.8%
Investments -3.2% 2/3
Employees +33
Changes compared to 1st half 2024 Changes compared to 31.12.2024
Locations
which was subsequently merged into Aseptic Technologies S.A.
2 New subsidiary founded on 6 February 2025.
Key Figures1
| in % of | 1st half 2024 | in % of | change |
|---|---|---|---|
| net sales | or 31.12.2024 | net sales | in % |
| 1st half 2025 | in % of | 1st half 2024 | in % of | change | |
|---|---|---|---|---|---|
| in thousand CHF | or 30.06.2025 | net sales | or 31.12.2024 | net sales | in % |
| Financial key figures | |||||
| Order intake | 212'972 | 177'221 | 20.2% | ||
| Order backlog2 | 386'392 | 318'341 | 21.4% | ||
| Net sales from goods and services | 134'568 | 163'729 | -17.8% | ||
| EBITDA | 928 | 0.7% | 21'507 | 13.1% | -95.7% |
| EBIT | -4'910 | -3.6% | 15'190 | 9.3% | nm3 |
| Result for the period | -8'261 | -6.1% | 14'694 | 9.0% | nm3 |
| Other key figures | |||||
| Net working capital (NWC)2 | -25'265 | 8'209 | nm3 | ||
| Return on capital employed (ROCE) | -2.3% | 7.9% | nm3 | ||
| Investments (PPE and Intangible Assets)4 | 21'531 | 22'232 | -3.2% | ||
| Equity2 | 183'430 | 202'563 | -9.4% | ||
| Equity ratio2 | 48.1% | 52.7% | -8.8% | ||
| Cash flow from operating activities | 22'576 | 694 | nm3 | ||
| Cash flow from investing activities | -13'381 | -30'156 | 55.6% | ||
| Cash flow from financing activities | -9'513 | -8'321 | -14.3% | ||
| Headcount2 | 1'504 | 1'471 | 2.2% | ||
| Segment key figures | |||||
| Equipment & Solutions | |||||
| Order intake | 160'440 | 124'924 | 28.4% | ||
| Order backlog2 | 346'008 | 282'964 | 22.3% | ||
| Net sales from goods and services | 90'696 | 120'136 | -24.5% | ||
| EBITDA | -9'094 | -10.0% | 8'892 | 7.4% | nm3 |
| Service & Consumables | |||||
| Order intake | 52'532 | 52'296 | 0.5% | ||
| Order backlog2 | 40'384 | 35'377 | 14.2% | ||
| Net sales from goods and services | 43'871 | 43'592 | 0.6% | ||
| EBITDA | 10'022 | 22.8% | 12'615 | 28.9% | -20.6% |
| Stock key figures | |||||
| Registered shares | 22'483'524 | 22'483'524 | 0.0% | ||
| Earnings per share (in CHF) | -0.40 | 0.61 | nm3 | ||
| 1 This table and report include references to operational indicators, such as customer projects, and alternative financial performance measures (APMs) that are not defined or specified by Swiss GAAP FER. These APMs should be regarded as complementary information to and not as substitutes for the Group's consolidated half-year financial results based on Swiss GAAP FER. For the definition of the main operational indicators and APMs used, please refer to the section entitled "Definitions". |
- 2 Comparison value as of 31.12.2024
- 3 Not meaningful
- 4 Investments in property, plant and equipment and intangible assets
Letter to shareholders
The SKAN Group recorded strong order intake in the first half of 2025. The order backlog reached a record high. Net sales and earnings for the period were still below the previous year's levels due to project postponements, which reflect the highly cyclical nature of SKAN's equipment business. Full order books and high-quality order pipeline will enable the company to compensate in the second half of the year for the temporary shortfalls and achieve its growth targets. Accordingly, SKAN confirms its guidance for 2025.
Dear Shareholder
The first half of 2025 was marked by two contrasting developments for the SKAN Group. On the one hand, we recorded a very strong order intake from all relevant regions. Filling lines for ADC (antibody drug conjugates) were in particularly high demand. These modern oncology drugs require complex, large-scale aseptic-toxic systems with the highest quality and safety requirements. SKAN has core expertise in this field and received several orders in the double-digit million CHF range. The success rate for tenders was over 40%, thanks to the high quality and leading technology of our systems and our process know-how. The order backlog reached a record high.
On the other hand, net sales were weak as a result of project delays in vaccine lines. This development is primarily attributable to the global shift in vaccine-related demand and strategic priorities by some pharmaceutical companies. Several lines ordered during the COVID phase are only slowly being put into operation, meaning that SKAN has not yet been able to book the remaining roughly 20% of the corresponding project revenues. As a result, EBITDA for the first half of 2025 was slightly positive and, after depreciation and financial results, net income was negative.
Key figures from the half-year results
Overall, the SKAN Group generated an order intake of CHF 213.0 million in the first six months. This represents an increase of 20.2% compared to the same period last year (H1 2024: CHF 177.2 million). The order backlog climbed to a record CHF 386.4 million, 21.4% more than at the end of 2024 (December 31, 2024: CHF 318.3 million), which gives us good visibility in the equipment business for the rest of the year. Net sales declined by 17.8% to CHF 134.6 million (H1 2024: CHF 163.7 million). Adjusted for currency effects, the decline was 16.9%.
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to CHF 0.9 million, compared with CHF 21.5 million for the first six months of the previous year. As a result, the SKAN Group reported a negative result of CHF -8.3 million for the first half of 2025 (H1 2024: CHF 14.7 million).
The SKAN Group made investments in property, plant and equipment totaling CHF 21.5 million in the first half of 2025 (H1 2024: CHF 22.2 million). The majority was attributable to the strategic initiative Pre-Approved Services. Free cash flow reached CHF 9.2 million, compared with CHF -29.5 million in the same period of the previous year. The SKAN Group's net liquidity remained virtually stable at CHF 42.9 million as of June 30, 2025 (December 31, 2024: CHF 43.1 million). Equity amounted to CHF 183.4 million at the end of June 2025, corresponding to a solid equity ratio of 48.1 percent (December 31, 2024: CHF 202.6 million; 52.7%).
Equipment & Solutions drives strategic initiatives forward
The Equipment & Solutions segment increased its order intake by 28.4% to CHF 160.4 million in the first half of the year (H1 2024: CHF 124.9 million). However, the aforementioned project postponements led to a 24.5% decline in net revenue to CHF 90.7 million (H1 2024: CHF 120.1 million). Segment EBITDA for the first half of the year amounted to CHF -9.1 million (H1 2024: CHF 8.9 million).
In addition to lower sales, the negative segment EBITDA is also attributable to SKAN's continued investments in its strategic initiatives. During the reporting period, a significant portion of research and development expenditures, corresponding to 9.8% of sales (H1 2024: 7.7%), was allocated to Integrated Process Solutions. The development of such flexible, integrated systems, which are designed for smaller production batches, is seeing good progress. The SKAN Group also progressed well with its initiative to increase the standardization level of its systems. Measurable successes were achieved in terms of reducing complexity and increasing efficiency through the use of standardized components and processes.
In addition to bringing forward certain orders, SKAN has also compensated for the gaps in production caused by project postponements by pre-producing standard isolators, for example, for quality control purposes. This pre-production will generate sales and margins in the second half of 2025.
Services & Consumables on track with Pre-Approved Services
At CHF 52.5 million, order intake in the Services & Consumables segment in the first half of the year was at the same level as in the prior-year period (H1 2024: CHF 52.3 million). Net sales were slightly higher at CHF 43.9 million (H1 2024: CHF 43.6 million). EBITDA amounted to CHF 10.0 million, corresponding to an EBITDA margin of 22.8% (H1 2024: CHF 12.6 million; 28.9%).
Beat Lüthi, BoD Chairman and Thomas Huber, CEO
The reason for the constant order intake and net sales, as well as the lower margin, is the high comparative basis from the first half of 2024, when we received, among other things, a substantial single order for high-margin consumables from Aseptic Technologies. Thanks to the many new service orders and the growth in the installed base, SKAN expects the service business to pick up in the second half of the year.
The development of Pre-Approved Services was driven forward during the reporting period. The installed systems are currently being validated. According to the current project status, inspection by the Swiss regulatory authority is planned for the first quarter of 2026, allowing commercial operations to start in the second half of 2026.
Extension of service offering for customers with immediate value contribution
At the end of July, the SKAN Group completed the acquisition of the Slovenian company Metronik d.o.o. As a leading provider of software for production digitization, including manufacturing execution systems, digital integration services and automation solutions, with a focus on the highly regulated life sciences sector, the company offers an attractive extension of our offering for our pharmaceutical customers. Metronik's software platform forms the digital backbone of modern pharmaceutical production environments and meets the highest requirements in the GMP framework. Together with Metronik, SKAN will become a holistic solution provider along the pharmaceutical value chain – from isolator technology and automation to fully digitized and integrated manufacturing processes.
Founded in 1990 and headquartered in Ljubljana, Metronik has more than 160 highly qualified employees and generated sales of over EUR 25 million in fiscal year 2024. Metronik will become part of the Services & Consumables segment and will strengthen segment sales and margin in line with the strategy. Metronik is already expected to make a positive contribution to the SKAN Group's earnings per share in the current financial year. SKAN has acquired 76% of Metronik; 24% remains with the existing management, which will continue to lead the company.
In addition, at the end of July, the SKAN Group acquired 84% of the shares of French company ABC Transfer SAS, based in Tours. The company specializes in transfer systems for the aseptic filling of pharmaceuticals. The sterile transfer connections (alpha/beta ports), containers and transfer bags (Betabags) enable the sterile introduction of materials into isolators and the safe removal of samples. The acquisition is in line with SKAN's strategy of significantly increasing the share of consumables in total sales. ABC Transfer SAS will continue to be managed as an independent company by its existing management team.
Guidance confirmed
Even though the cyclical nature of the first half of the year, which is typical for our business, was more pronounced than in previous years, we are confident that in the second half of the year we will be able to close the temporary gaps in net sales and EBITDA caused by project postponements. We are encouraged by the strong order intake, the high order backlog and the full pipeline of requests for quotations. In addition, pre-production of standard isolators can be sold in the second half of the year. Against this backdrop, we confirm our guidance for the full year 2025, which targets sales growth in the midteens and an EBITDA margin between 14 and 16%.
With our global presence and focus on customer proximity, SKAN is well positioned to ensure stability and delivery reliability even under changing trade and customs regulations. Current developments in US customs policy confirm the strategic relevance of our plan to expand the SKAN site in the US and establish local production. We are currently evaluating suitable options. Until then, we will continue to reliably supply our US customers from our site in Görlitz. This will enable SKAN to export to the US on the same terms as our competitors, all of which are based in the EU.
We remain optimistic about the future beyond the current year. We continue to operate in a structurally growing market. The underlying growth of the global pharmaceutical and biotech market, the increasing trend toward injectable drugs, and the replacement of traditional cleanrooms with safer and more sustainable isolator technology will ensure continued demand for process solutions for the aseptic filling of drugs and for the associated services and consumables. Together with Metronik, SKAN can also offer customers a comprehensive solution along the entire pharmaceutical value chain – from isolator technology and automation to fully digitalized and integrated manufacturing processes.
Sincere thanks
Our employees have once again demonstrated their strong commitment to the SKAN Group during the first half of this year. We would like to express our sincere thanks to them. We would also like to thank our customers for their trust and cooperation, and you, our valued shareholders, for your support.
Beat Lüthi Thomas Huber Chairman of the BoD CEO
Half-Year Financial Statements
Consolidated Half-Year Financial Statements 2025
- 14 Consolidated Income Statement
- 16 Consolidated Balance Sheet
- 18 Consolidated Cash Flow Statement
- 20 Consolidated Statement of Changes in Equity
- 24 Notes to the Consolidated Financial Statements
Consolidated Income Statement
| in CHF thousands | Note | 1st half 2025 |
1st half 2024 |
||
|---|---|---|---|---|---|
| Net sales from goods and services | 6 | 134'568 100% | 163'729 100% | ||
| Change in inventory of finished, unfinished goods and work in progress | 2'075 | 3'371 | |||
| Material and external services | -29'264 | -40'895 | |||
| Gross Profit | 107'378 | 80% | 126'206 | 77% | |
| Personnel expenses | 6 | -80'344 | -82'606 | ||
| Other operating expenses | 6 | -26'106 | -22'092 | ||
| EBITDA | 928 | 1% | 21'507 | 13% | |
| Depreciation | -4'558 | -5'132 | |||
| Amortization | -1'280 | -1'185 | |||
| Operating Result (EBIT) | -4'910 | -4% | 15'190 | 9% | |
| Financial expenses | 6 | -3'185 | -2'198 | ||
| Financial income | 6 | 1'170 | 3'919 | ||
| Result from associates | 0 | 19 | |||
| Ordinary Result Before Income Taxes (EBT) | -6'925 | -5% | 16'930 | 10% | |
| Income taxes | 6 | -1'335 | -2'236 | ||
| Result For The Period | -8'261 | -6% | 14'694 | 9% | |
| Result attributable to minority interests | 638 | 965 | |||
| Result attributable to shareholders of SKAN Group AG | -8'898 | 13'729 | |||
| Basic and diluted earnings per share in CHF | 4 | -0.40 | 0.61 |
Consolidated Balance Sheet
| in CHF thousands | Note | 30.06.2025 | 31.12.2024 | ||
|---|---|---|---|---|---|
| Cash and cash equivalents | 52'935 | 53'711 | |||
| Fixed term deposits | 7 | 0 | 8'000 | ||
| Trade receivables | 7 | 17'835 | 26'299 | ||
| Other current receivables | 13'413 | 14'091 | |||
| Inventories | 7 | 38'508 | 36'184 | ||
| Work in progress | 7 | 73'429 | 77'141 | ||
| Prepayments and accrued income | 9'843 | 8'062 | |||
| Total Current Assets | 205'962 | 54% | 223'489 | 58% | |
| Property, plant and equipment | 7 | 168'027 | 153'450 | ||
| Financial assets | 2'334 | 2'711 | |||
| Intangible assets | 3'896 | 3'465 | |||
| Deferred tax assets | 1'275 | 1'371 | |||
| Total Non-Current Assets | 175'531 | 46% | 160'997 | 42% | |
| Total Assets | 381'493 100% | 384'486 100% |
| in CHF thousands | Note | 30.06.2025 | 31.12.2024 | ||
|---|---|---|---|---|---|
| Trade payables | 29'283 | 28'894 | |||
| Advance payments from customers | 7 | 110'741 | 84'728 | ||
| Current financial liabilities | 1'161 | 1'094 | |||
| Other current liabilities | 5'645 | 5'855 | |||
| Current provisions | 7 | 27'165 | 35'950 | ||
| Accrued liabilities and deferred income | 5'456 | 6'141 | |||
| Current Liabilities | 179'453 | 47% | 162'662 | 42% | |
| Non-current financial liabilities | 8'855 | 9'511 | |||
| Other non-current liabilities | 5'520 | 5'707 | |||
| Deferred tax liabilities | 4'236 | 4'043 | |||
| Non-Current Liabilities | 18'611 | 5% | 19'261 | 5% | |
| Total Liabilities | 198'063 | 52% | 181'923 | 47% | |
| Share capital | 225 | 225 | |||
| Capital reserves | 7 | 108'851 | 113'348 | ||
| Retained earnings | 7 | 68'082 | 82'587 | ||
| Equity Attributable to Shareholders of SKAN Group AG | 177'158 | 46% | 196'159 | 51% | |
| Minority interests | 6'272 | 6'404 | |||
| Total Equity | 183'430 | 48% | 202'563 | 53% |
| 29'283 | 28'894 | |||
|---|---|---|---|---|
| 7 | 110'741 | 84'728 | ||
| 1'161 | 1'094 | |||
| 5'645 | 5'855 | |||
| 7 | 27'165 | 35'950 | ||
| 5'456 | 6'141 | |||
| 179'453 | 47% | 162'662 | 42% | |
| 8'855 | 9'511 | |||
| 5'520 | 5'707 | |||
| 4'236 | 4'043 | |||
| 18'611 | 5% | 19'261 | 5% | |
| 198'063 | 52% | 181'923 | 47% | |
| 225 | 225 | |||
| 7 | 108'851 | 113'348 | ||
| 7 | 68'082 | 82'587 | ||
| 177'158 | 46% | 196'159 | 51% | |
| 6'272 | 6'404 | |||
| 183'430 | 48% | 202'563 | 53% | |
| 384'486 100% | ||||
| 381'493 100% |
Consolidated Cash Flow Statement
| in CHF thousands | Note | 1st half 2025 | 1st half 2024 |
|---|---|---|---|
| Result for the period | -8'261 | 14'694 | |
| Depreciation and amortization | 5'838 | 6'317 | |
| Change of provisions (including deferred taxes) | 7 | -8'278 | 1'553 |
| Other non-cash items | -907 | 1'811 | |
| Gain from associates | 0 | -19 | |
| Loss on disposal of fixed assets | 0 | 5 | |
| Change of trade receivables | 7 | 7'935 | 1'497 |
| Change of inventories and work in progress | 7 | 362 | -8'581 |
| Change of other receivables, prepayments and accrued income | -1'335 | 11'373 | |
| Change of trade payables | 692 | -7'085 | |
| Change of advance payments from customers, other current lia bilities and accrued liabilities and deferred income |
7 | 26'680 | -20'717 |
| Change of other non-current liabilities | -148 | -155 | |
| Cash Flow from Operating Activities | 22'576 | 694 | |
| Inflows from fixed term deposits | 7 | 8'000 | 0 |
| Outflows for property, plant and equipment | 7 | -19'854 | -20'678 |
| Inflows from disposal of property, plant and equipment | 20 | 124 | |
| Outflows for purchase of financial assets | 0 | -46 | |
| Inflows from net cash proceeds of purchase of Plast4Life | 8.1 | 131 | 0 |
| Inflows from disposal of financial assets | 0 | 64 | |
| Outflows for purchase of intangible assets | -1'677 | -1'554 | |
| Outflows for purchase of Aseptic Technologies S.A. | 0 | -8'066 | |
| Cash Flow from Investing Activities | -13'381 | -30'156 |
| in CHF thousands | Note | 1st half 2025 | 1st half 2024 |
|---|---|---|---|
| Distribution of profits to shareholders of SKAN Group AG | 7 | -8'993 | -7'869 |
| Issuance/Repayment of current financial liabilities | -544 | 0 | |
| Issuance/Repayment of non-current financial liabilities | 25 | -452 | |
| Cash Flow from Financing Activities | -9'513 | -8'321 | |
| Net impact of foreign exchange rate differences on cash and cash equivalents |
-459 | 727 | |
| Change in Cash and Cash Equivalents | -777 | -37'055 | |
| Cash and cash equivalents as at 1 January | 53'711 | 85'122 | |
| Cash and cash equivalents as at 30 June | 52'935 | 48'067 | |
| Change in Cash and Cash Equivalents | -777 | -37'055 | |
| 727 | -459 | |
|---|---|---|
Cash and cash equivalents comprise current bank accounts, petty cash and short-term financial investments with an initial maturity of up to three months.
Consolidated Statement of Changes in Equity
| in CHF thousands | Share capital | Capital reserves | Treasury Shares | Goodwill offset | Currency transla tion differences |
Other retained earnings |
Retained earnings | Equity attributable to shareholders of SKAN Group AG |
Minority interests | Total Equity |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance as at 1 January 2024 | 225 | 117'282 | 0 | -30'014 | -5'955 | 87'694 | 51'725 | 169'232 | 7'129 | 176'362 |
| Result profit for the period | 0 | 0 | 0 | 0 | 0 | 13'729 | 13'729 | 13'729 | 965 | 14'694 |
| Dividends paid to minority interests1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -396 | -396 |
| Dividends paid to shareholders of SKAN Group AG |
0 | -3'935 | 0 | 0 | 0 | -3'935 | -3'935 | -7'869 | 0 | -7'869 |
| Addition of goodwill | 0 | 0 | 0 | -5'558 | 0 | 5'558 | 0 | 0 | 0 | 0 |
| Acquisition of minority interest | 0 | 0 | 0 | 0 | 0 | -5'558 | -5'558 | -5'558 | -2'508 | -8'066 |
| Currency translation differences2 | 0 | 0 | 0 | 0 | 3'593 | 0 | 3'593 | 3'593 | 302 | 3'895 |
| Balance as at 30 June 20243 | 225 | 113'347 | 0 | -35'573 | -2'362 | 97'488 | 59'554 | 173'127 | 5'493 | 178'620 |
| Balance as at 1 January 2025 | 225 | 113'348 | 0 | -35'573 | -4'404 | 122'562 | 82'587 | 196'159 | 6'404 | 202'563 |
| Result profit for the period | 0 | 0 | 0 | 0 | 0 | -8'898 | -8'898 | -8'898 | 638 | -8'261 |
| Dividends paid to minority interests4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -701 | -701 |
| Dividends paid to shareholders of SKAN Group AG |
0 | -4'497 | 0 | 0 | 0 | -4'497 | -4'497 | -8'993 | 0 | -8'993 |
| Addition of goodwill5 | 0 | 0 | 0 | -179 | 0 | 179 | 0 | 0 | 0 | 0 |
| Currency translation differences2 | 0 | 0 | 0 | 0 | -1'108 | 0 | -1'108 | -1'108 | -69 | -1'176 |
| Balance as at 30 June 2025 | 225 | 108'851 | 0 | -35'752 | -5'512 | 109'346 | 68'082 | 177'158 | 6'272 | 183'430 |
1 The dividend was paid out in July 2024.
2 A part of the currency translation effects arises from an intragroup loan which was considered to have equity character since 2023. Hence the repayment of the loan is not expected in the near future. Due to this change in assumption the foreign currency impact on this loan is recognized through equity.
3 The prior-year beginning balance of the "Currency translation differences" figures as of 30 June 2024 have been adjusted due to a retrospective accounting standard change; please refer to the Notes (Section 1, General Information).
4 The dividend was paid out in July 2025.
5 Goodwill from acquisition and merger, offset against equity. See further information on note 8.1.
Notes to the Consolidated Financial Statements
1 General Information
SKAN Group AG (hereafter the Company) is a public limited company incorporated under Swiss law and is headquartered in Allschwil. The Company is listed on the SIX Swiss Exchange with the security symbol "SKAN".
SKAN is a leading systems provider in the field of cleanroom equipment and produces isolators for the pharmaceutical and chemical industry. SKAN isolator systems aim to protect the product, the employees and the environment during sterile and toxic applications in production and quality control, as well as powder and substance processing.
The consolidated half-year financial statements as of 30 June 2025 present the income statement, balance sheet, cash flow statement, statement of changes in equity and notes of SKAN Group AG and its subsidiaries.
The prior-year figures as of 30 June in the statement of changes in equity are in accordance with Swiss GAAP FER Standard 30, section 37. Further details regarding this can be found in the notes to the consolidated financial statements 2024, section General Information - Revised Swiss GAAP FER 30.
2 Basis of Preparation and Significant Accounting Policies
The unaudited consolidated half-year financial statements comprise the unaudited half-year results of SKAN Group AG and its subsidiaries for the reporting period ended 30 June 2025 and have been prepared in accordance with Swiss GAAP FER 31 "Additional accounting and reporting recommendations for listed companies" and the consolidation and accounting principles described in the 2024 consolidated financial statements. The half-year report does 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 year ending 31 December 2024 as they represent an update of the last complete set of financial statements. Selected explanatory notes are included to explain significant transactions and events, that occurred in the first half-year. The figures and especially the totals may contain rounding differences.
3 Management Assumptions and Estimates
Management's estimates and assumptions used in the consolidated half-year financial statements have not changed compared to the 2024 consolidated financial statements.
4 Segment Information
In accordance with the management structure and the reporting to the Management and the Board of Directors of SKAN Group AG (hereafter Board of Directors), the reportable segments are the following:
| Equipment & Solutions | Within Equipment & Solutions, we provide mission-critical solutions for pharma ceutical production, including isolators, integrated automated systems, aseptic filling systems and solutions as well as laboratory and cleanroom equipment. Our products are characterized by their |
|---|---|
| Services & Consumables | With our Services & Consumables business we provide global customer support and offer our customers |
high reliability, innovative features and functions and quality. We offer system and customized solutions as well as end-to-end support to our customers for efficient approval processes with the relevant regulatory authorities (e.g. FDA, EMA, Swissmedic).
ready-to-use consumables as well as digital solutions.
| 1st half 2025 in CHF thousands |
Equipment & Solutions |
Services & Consumables |
Total segments/ Group |
|---|---|---|---|
| Order backlog | 346'008 | 40'384 | 386'392 |
| Order intake | 160'440 | 52'532 | 212'972 |
| Net sales from goods and services | 90'696 | 43'871 | 134'568 |
| EBITDA | -9'094 | 10'022 | 928 |
| EBITDA margin | -10.0% | 22.8% | 0.7% |
| Depreciation | -4'558 | ||
| Amortization | -1'280 | ||
| Operating Result (EBIT) | -4'910 | ||
| Financial result | -2'015 | ||
| Ordinary Result / Result Before Income Taxes (EBT) | -6'925 |
| 1st half 2024 | Equipment & | Services & | Total segments/ |
|---|---|---|---|
| in CHF thousands | Solutions | Consumables | Group |
| Order backlog | 294'154 | 33'815 | 327'969 |
| Order intake | 124'924 | 52'296 | 177'221 |
| Net sales from goods and services | 120'136 | 43'592 | 163'729 |
| EBITDA | 8'892 | 12'615 | 21'507 |
| EBITDA margin | 7.4% | 28.9% | 13.1% |
| Depreciation | -5'132 | ||
| Amortization | -1'185 | ||
| Operating Result (EBIT) | 15'190 | ||
| Financial result | 1'740 | ||
| Ordinary Result / Result Before Income Taxes (EBT) | 16'930 |
Net sales by region
| in CHF thousands | 1st half 2025 | 1st half 2024 |
|---|---|---|
| Asia | 16'552 | 10'880 |
| Europe | 70'936 | 88'823 |
| Americas | 44'678 | 62'972 |
| Other regions | 2'402 | 1'054 |
| Total Net Sales by Region | 134'568 | 163'729 |
Net sales include kCHF 77'164 (2024: kCHF 99'975) from long-term contracts.
Earnings Per Share
| 1st half 2025 | 1st half 2024 | |
|---|---|---|
| Result attributable to shareholders of SKAN Group AG | -8'898'450 | 13'729'161 |
| Weighted average number of shares outstanding | 22'483'524 | 22'483'524 |
| Basic and diluted earnings per share (in CHF) | -0.40 | 0.61 |
5 Order Intake and Seasonality
In the first half of 2025, SKAN Group experienced strong demand momentum. The order intake reached kCHF 212'972 (H1 2024: kCHF 177'221), representing a substantial increase of 20.2% compared to the prior-year period. While order intake is naturally subject to fluctuations due to the project-based nature of our business, this result reflects exceptionally strong demand, particularly in the Equipment & Solutions segment, which contributed significantly with an order intake of kCHF 160'440, up 28.4% year over year. The Services & Consumables segment remains stable, reporting kCHF 52'532 in order intake, up 0.5% from H1 2024.
A key driver of growth was the strong demand for filling lines for Antibody Drug Conjugates (ADCs), a class of cutting-edge oncology therapeutics that require complex, large-scale aseptic-toxic systems meeting the highest safety and quality standards. Consequently, the order backlog rose to a new record of kCHF 386'392 at the end of the reporting period, up 21.4% compared with 31 December 2024, providing the E&S Segment with more than a year of strong business visibility.
6 Income Statement Net Sales from Goods and Services
In the first half of 2025, SKAN's financial performance was impacted by a temporary decline in revenue. SKAN generated net sales of kCHF 134'568, representing a year-on-year decline of 17.8% (H1 2024: kCHF 163'729). This development is mainly due to a global shift in vaccine demand and to changing strategic priorities among certain pharmaceutical companies. As a consequence, SKAN Group has experienced project postponements in the first half of 2025.
Segment View
The Equipment & Solutions (E&S) segment was particularly impacted, with net sales decreasing by 24.5% to kCHF 90'696 (H1 2024: kCHF 120'136). This decline reflects both the nature of long-cycle project business and the current delay in revenue realization. The Services & Consumables (S&C) segment showed stable performance, posting a slight increase of 0.6% in net sales to kCHF 43'871 (H1 2024: kCHF 43'592). The moderate growth this year is mainly due to the strong performance in the prior year, which benefited from a substantial double-digit million CHF order from Aseptic Technologies.
Regional View
From a regional perspective, Europe remained the Group's largest market, generating net sales of kCHF 70'936 (H1 2024: kCHF 88'823) and accounting for 52.7% of Group revenue. In the Americas, net sales declined by 29.1% to kCHF 44'678 (H1 2024: kCHF 62'972), representing 33.2% of total revenue. The drop reflects postponed project execution amid increased market uncertainty, particularly in the U.S., where discussions around tariffs, drug pricing reforms and reduced FDA staffing have led some customers to reprioritize some projects. Despite this, underlying demand in the region remains strong. The Asian market recorded strong growth, with net sales rising by 52.1% to kCHF 16'552 (H1 2024: kCHF 10'880), increasing its share of Group revenue to 12.3%.
Gross Margin
Despite the lower top line, the Company's gross margin improved slightly to 79.8% (H1 2024: 77.1%), mainly due to a favorable product mix. Gross margin fluctuations are typical for the project business, as revenue recognition under the percentage of completion (PoC) method depends on project stage and cost distribution. Material and service costs are usually concentrated in the production and assembly phases, while earlier stages (e.g., design and engineering) and later stages (e.g., commissioning and qualification) are less cost-intensive in term of materials. As a result, gross margins may vary depending on the project mix and execution status.
Personnel Expenses
In the first half of 2025, SKAN continued to strengthen its organizational and operational foundation in anticipation of future growth and increased its global workforce by 33 employees, reaching 1'504. Despite an expansion of the workforce personnel expenses decreased by kCHF 2'262 (-2.7%) compared to the prior-year period. This decline is primarily attributable to the earnings-related nature of the SKAN's bonus system. Due to the current earnings profile, no bonus provisions were recognized. The personnel expense ratio increased to 59.7% (H1 2024: 50.5%), reflecting the lower revenue base against a largely stable cost structure.
Other Operating Expenses
Other operating expenses rose by 18.2% to kCHF 26'106 (H1 2024: kCHF 22'092). This increase was mainly driven by higher travel activity, increased maintenance and IT-related costs, reflecting the continued expansion of SKAN's operational activities.
EBITDA and Margin Development
EBITDA for the first half of 2025 amounted to kCHF 928, corresponding to a margin of 0.7% (H1 2024: kCHF 21'507; margin: 13.1%). The decline in EBITDA is attributable to lower net sales in combination with stable personnel and other operating expenses, whereas the gross margin showed a slight improvement.
Financial Result
The increase in currency valuation losses compared to the previous year is mainly attributable to unfavorable exchange rate movements between CHF and the Company's primary foreign currencies - USD, EUR and JPY. During the reporting period, the strengthening of the CHF relative to these currencies led to a reduction in the CHF value of foreign-denominated receivables, payables, and cash balances.
Income Taxes
The income taxes consist of corporate income taxes and deferred income taxes resulting from valuation differences. Due to the negative result in the first half of 2025, the expected income taxes are significantly lower.
7 Balance Sheet
Fixed term deposits
As of year-end 2024, two fixed term deposits were held with two Belgian banks for a period of six months and disclosed accordingly as a separate position. By 30 June 2025, the fixed term deposits were transferred to cash and cash equivalents.
Trade Receivables
The decline in trade receivables compared to 31 December 2024 is primarily due to the Company's proactive and effective management of accounts receivable.
Inventories and Work in Progress
Inventories increased by kCHF 2'324, from kCHF 36'184 to kCHF 38'508. This rise is mainly attributable to the ramp-up of preproduction activities and project-related buildup of materials to support upcoming deliveries in the second half of the year.
The decrease in work in progress (WIP) from kCHF 77'141 as of 31 December 2024 to kCHF 73'429 as of 30 June 2025 was mainly driven by higher advance payments at the project level.
Property, Plant and Equipment
In the reporting period, SKAN increased its property, plant and equipment by kCHF 14'577 to kCHF 168'027. This increase is primarily to the investments into the strategic initiative of Pre-Approved Services.
Advance Payments from Customers
Advance payments from customers increased significantly, from kCHF 84'728 to kCHF 110'741, reflecting the strong order intake in the first half of 2025.
| in CHF thousands | 30.06.2025 | 31.12.2024 |
|---|---|---|
| Work in Progress (projects with WIP overhang) | 283'645 | 315'166 |
| Advance payments from customers | -210'217 | -238'025 |
| Total Work in Progress (as disclosed in the balance sheet) | 73'429 | 77'141 |
| Work in Progress (projects with advance payment overhang) | 315'054 | 210'512 |
| Advance payments from customers | -425'796 | -295'240 |
| Total Advance payments from customers (as disclosed in the balance sheet) | -110'741 | -84'728 |
| Net Work in Progress/-Advance payments from customers | -37'313 | -7'587 |
Current Provisions
The decrease in current provisions compared to December 31, 2024, is primarily due to the absence of a bonus provision in the first half of 2025, as the company's bonus system is linked to EBIT performance, which was negative during this period.
Equity
The changes in equity are mainly attributable to the payment of the dividend to the shareholders. As per the resolution of the Annual General Meeting of SKAN Group AG held on 7 May 2025, a dividend of CHF 0.40 per registered share was paid out on 13 May 2025. Half of the dividends were paid from capital contributions reserves ("Kapitaleinlagereserven") and the other half from retained earnings.
8 Changes in the Scope of Consolidation
8.1 Changes 2025
The following change was made in the consolidation scope in the first half-year of 2025:
– Foundation of Maeven AG on 6 February 2025 in Allschwil. This entity is a subsidiary of SKAN AG and as such fully consolidated and reported in the financial statements of the group.
– Effective 01 January 2025, SKAN's subsidiary Aseptic Technologies S.A. acquired the remaining shares of a previously associated company Plast4Life, thereby gaining full ownership. Following the acquisition, the company was fully merged into Aseptic Technologies S.A. Total net sales of Plast4Life from the date of full acquisition and consolidation to the current reporting date amount to kEUR 1'109.
8.2 Changes 2024
The following change was made in the consolidation scope in the first half-year of 2024:
– Foundation of SKAN do Brasil Ltda. on 5 February 2024 in Brazil. This entity is a subsidiary of SKAN AG and as such fully consolidated and reported in the financial statements of the group.
9 Investments in Associates
9.1 Changes 2025
With the full acquisition and merger into Aseptic Technologies S.A., the previous investment in associates Plast4Life is no longer accounted for as such. Please refer to section 8.1.
9.2 Changes 2024
There were no changes in the first half-year of 2024.
10 Foreign Exchange Rates
| Unit | 30.06.25 | Average | 31.12.24 | 30.06.24 | Average | |
|---|---|---|---|---|---|---|
| Currency | 1st half 2025 | 1st half 2024 | ||||
| BRL | 1 | 0.1452 | 0.1498 | 0.1465 | 0.1635 | 0.1751 |
| EUR | 1 | 0.9347 | 0.9414 | 0.9412 | 0.9634 | 0.9615 |
| JPY | 100 | 0.5525 | 0.5810 | 0.5770 | 0.5603 | 0.5850 |
| USD | 1 | 0.7975 | 0.8628 | 0.9060 | 0.9000 | 0.8894 |
11 Subsequent Events after the Balance Sheet Date
Acquisition of Metronik d.o.o and ABC Transfer SAS
On 31 July 2025, SKAN acquired 76% of Metronik d.o.o., a Slovenia - based provider of software solutions for process digitization and automation in the pharmaceutical industry. The acquisition expands SKAN's digital service portfolio, particularly in Manufacturing Execution Systems and system integration for GMP-regulated production environments. In addition, at the end of July, SKAN acquired 84% of the French company ABC Transfer SAS, based in Tours. The company specializes in transfer systems for aseptic drug filling. Its sterile transfer ports (alpha/beta ports), containers, and transfer bags (Betabags) enable the sterile introduction of materials into isolators as well as the safe removal of samples. The acquisition aligns with SKAN's strategic objective to significantly increase the share of consumables in total revenue. Both acquisitions were fully financed with a bank loan. As these transactions occurred after the balance sheet date of 30 June 2025, they have no impact on the half-year financial statements. Further details will be disclosed in the annual financial statements as of 31 December 2025.
Definitions
Alternative Financial Performance Measures (APMs)
- ɩ EBITDA: Operating result (EBIT) plus depreciation, amortization.
- ɩ EBITDA margin: EBITDA as a percentage of net sales from goods and services.
- ɩ EBT: Profit before income taxes.
- ɩ Equity ratio: Equity at the end of the period divided by total assets at the end of the period.
- ɩ Headcount: Number of people employed by SKAN Group at the time indicated (i.e. excluding contractors).
- ɩ Personnel intensity: Total personnel expenses divided by total net sales from goods and services.
- ɩ Material intensity: Sum of material and external services plus change in inventory divided by total net sales from goods and services.
- ɩ Net cash: Cash and cash equivalents less current and non-current financial liabilities.
- ɩ Book-to-Bill ratio: Total order intake divided by total net sales from goods and services.
- ɩ Net working capital (NWC): Total current assets (excluding cash and cash equivalents) minus trade payables, advance payments from customers, other current liabilities, current provisions and accrued liabilities and deferred income.
- ɩ Operating result (EBIT): Earnings before total financial result and income taxes.
- ɩ Return on capital employed (ROCE): Operating result (EBIT) divided by the sum of the average total assets minus the average current liabilities, expressed as a percentage.
Financial Calendar
| Annual Report 2025, press conference and presentation for financial analysts | 24.03.2026 |
|---|---|
| Annual general meeting 2026 | 07.05.2026 |
| Half-Year Report 2026 | 18.08.2026 |
SKAN AG Kreuzstrasse 5 4123 Allschwil, Switzerland
Maeven AG Hegenheimermattweg 167d 4123 Allschwil, Switzerland
SKAN Stein AG Industriestrasse 3 4332 Stein, Switzerland
SKAN Deutschland GmbH Nickrischer Strasse 2 02827 Görlitz/Hagenwerder, Germany
SKAN US, Inc. 7409 ACC Blvd., Suite 200 Raleigh, NC 27617, USA
SKAN Real Estate LLC 7409 ACC Blvd., Suite 200 Raleigh, NC 27617, USA
SKAN Japan KK 5194-61 Katsuren-Haebaru Uruma-shi Okinawa 904 2311, Japan
Aseptic Technologies S.A. Rue Camille Hubert 7–9 5032 Gembloux / Les Isnes, Belgium
SKAN do Brasil Ltda. Green Valley Alphaville Av, Adromeda, 885 – 28th Floor, Office 2823 Barueri CEP: 06473-000, São Paulo – SP – Brazil