Bossard Holding AG

Interim / Quarterly Report • Jul 22, 2025

Semi-Annual Report 2025

Proven Productivity SHORT PROFILE

Bossard's global team is fully committed to Proven Productivity. Together we create sustainable values for our customers.

The Bossard Group is a leading strategic partner for industrial fastening and assembly technology solutions to OEM customers globally with proven expertise in engineering and logistic services.

Bossard was founded in Zug in 1831. Today local and multinational companies count on Bossard's expertise to increase their productivity – with success. Bossard calls this concept, which is also a promise to its customers, Proven Productivity. This includes, among other things, optimizing processes and reducing inventories to increase efficiency and productivity sustainably. In addition, Bossard is considered a pioneer in developing intelligent production facilities in line with Industry 4.0.

With around 3,000 employees in 33 countries, the Bossard Group generated CHF 986.4 million in sales in the financial year 2024. Bossard is listed on the SIX Swiss Exchange.

Content

• At a glance
• Report to the shareholders
• Financial Report
• Agenda

Key figures AT A GLANCE

in CHF 1,000	First 6 months 2025	First 6 months 2024	Year 2024
Net sales	547,871	509,398	986,431
Gross profit	178,573	169,477	326,656
in % of net sales	32.6	33.3	33.1
Gross profit (adjusted) 1)	181,661	169,477	327,424
in % of net sales	33.2	33.3	33.2
EBIT	55,527	58,090	100,123
in % of net sales	10.1	11.4	10.2
EBIT (adjusted) 2)	58,756	58,090	100,985
in % of net sales	10.7	11.4	10.2
Net income	38,713	42,434	75,272
in % of net sales	7.1	8.3	7.6
Cash flow from operating activites	32,680	64,250	126,812
Current assets	643,476	605,669	605,905
Non-current assets	270,233	229,373	238,053
Current liabilities	237,038	219,236	224,410
Non-current liabilities	319,457	220,332	227,211
Shareholders' equity	357,214	395,474	392,337
in % of total assets	39.1	47.4	46.5
Total assets	913,709	835,042	843,958
Net debt 3)	346,825	239,373	245,117
Weighted average number of employees 4)	3,139	2,831	2,878

2025	First 6 months 2024	Year 2024
6,356,956	6,350,238	6,355,030
6,750,000	6,750,000	6,750,000
7,706,956	7,700,238	7,705,030

Ticker symbol (BOSN)
Closing price at end of reporting period in CHF	174.6	211.5	191.0
Registered A share high during reporting period in CHF	216.0	230.0	240.5
Registered A share low during reporting period in CHF	166.2	193.4	185.0

Key figures

Consolidated earnings per registered A share in CHF 7) 8)	9.70	10.72	9.39
Net asset value per registered A share in CHF	46.3	51.4	50.9
Price/earnings ratio (basis 30.06./31.12.)	18.0	19.7	20.3
Price/book value per share (basis 30.06./31.12.)	3.8	4.1	3.8

1) For details see reconciliation gross profit (adjusted)

2) For details see reconciliation EBIT (adjusted)
---------------------------------------------------	--

3) Short-term debts + long-term debts, less cash and cash equivalents

4) Period average full time equivalents

• 5) Purchase price allocation effects (PPA effects) on inventories in accordance with Swiss GAAP FER 30 which may impair the comparability of key performance indicators
• 6) Purchase price allocation effects (PPA effects) on inventories and intangible assets in accordance with Swiss GAAP FER 30 which may impair the comparability of key performance indicators
• 7) Basis: annual average of share capital entitled to dividends
• 8) Basis: net income of shareholders of Bossard Holding AG first 6 months extrapolated to 12 months

Reconciliation gross profit (adjusted)

Gross profit	178,573	169,477	326,656
PPA effects 5)	3,088	0	768
Gross profit (adjusted)	181,661	169,477	327,424

Reconciliation EBIT (adjusted)

EBIT	55,527	58,090	100,123
PPA effects 6)	3,229	0	862
EBIT (adjusted)	58,756	58,090	100,985

REPORT TO THE SHAREHOLDERS

A challenging market environment that also offers opportunities

Dear Shareholders,

The first half of 2025 continued to be characterized by a challenging market environment. The three market regions showed different developments: In Asia, the Bossard Group benefited from positive demand dynamics. In Europe, successful acquisitions led to satisfactory growth. In America, however, a decline in sales was recorded. Group sales increased by 7.6 percent to CHF 547.9 million in the first half of 2025 (prior year: CHF 509.4 million). In local currency, sales growth was 10.1 percent, with an organic decline of 1.3 percent. The adjusted EBIT, excluding purchase price allocation effects (PPA effects) on inventories and intangible assets, amounted to CHF 58.8 million (prior year: CHF 58.1 million). This corresponds to an adjusted EBIT margin of 10.7 percent (prior year: 11.4 percent). Including the PPA effects, the EBIT was CHF 55.5 million. Compared to prior year, Group net income declined by 8.8 percent to CHF 38.7 million (prior year: CHF 42.4 million).

The first half of 2025 was marked by ongoing geopolitical and economic uncertainties. Following initial signs of stabilization in the first quarter, debates about the global trade conflicts led to a decline in demand during the second quarter. In Europe and America, the almost daily changing news regarding tariffs led to significant planning uncertainty for numerous market participants. The resulting weakening of demand was particularly evident in export-oriented and cyclical customer industries. In

addition, the significant appreciation of the Swiss franc compared to most currencies had a negative impact on the Bossard Group's result. In Asia, the Group benefited from satisfactory, increasingly broad-based demand. The region recorded double-digit sales growth in the first half of 2025.

The changing geopolitical environment and the increasing focus on local industrial value chains are driving the demand for automated, data-driven C-parts management solutions. Offering such solutions strengthens Bossard's position with its customers and its differentiation from the competition. This offers opportunities. With its Smart Factory solutions, Bossard – in collaboration with its customers – is making a relevant contribution to increase productivity, especially in the context of rising costs, increasing requirements for sustainability and the structural shortage of skilled workers.

Europe: growth thanks to strengthening of market position

In Europe, the Group achieved sales growth of 14.8 percent (in local currency: +16.6 percent) to CHF 337.4 million (prior year: CHF 293.8 million). Adjusted for acquisitions, there was a decline of 2.9 percent in local currency which intensified in the second quarter due to the challenging tariff situation and general economic uncertainties. The aerospace and railway sectors achieved satisfactory growth rates. Bossard was able to further expand its

market position in both industries and further strengthen the aerospace sector with last year's acquisition of Aero Negoce International SAS.

America: weak demand and negative currency effects

Bossard recorded a decline in sales in America of 11.4 percent to CHF 114.0 million (prior year: CHF 128.6 million) in the first half of 2025. In local currency, sales declined by 8.4 percent. While there was a positive sales trend in the electronics sector, demand remained weak, especially in the areas of electromobility and agriculture. In addition, the constant changes in tariffs and news led to market uncertainty, which had a negative impact on demand. The appreciation of the Swiss franc had an additional negative impact on results.

Asia: robust demand dynamics

In Asia, Bossard achieved sales growth of 10.9 percent (in local currency: +15.0 percent) to CHF 96.5 million (prior year: CHF 87.0 million). The positive development in Asia continued in the second quarter, which was reflected in the double-digit growth rate. In India, Bossard was able to benefit from the "Make in India" initiative and in Malaysia from customer nearshoring trends – especially in the semiconductor and electronics industries.

In China, growth was achieved thanks to improved demand, especially from electronics and machinery. Further interesting opportunities were identified in the region, among others in the field of automation and robotics, and new local customers were acquired, where Bossard is benefiting from increasing intra-Asian trade.

Sustainable development despite volatile market situation

In the first half of 2025, the market environment continued to be influenced by increased volatility. Despite the increased intensity of competition, the adjusted gross profit margin, excluding PPA effects on inventories, amounted to 33.2 percent and was therefore at prior year's level (33.3 percent). The gross profit margin including PPA effects on inventories was 32.6 percent.

In line with the Group's growth, selling and administrative expenses increased by 10.5 percent from CHF 111.4 million to CHF 123.0 million. At the same time, the number of full-time equivalents increased from 2,886 to 3,129 due to the acquisitions made. Adjusted for acquisitions, the number of full-time equivalents amounted to 2,860. The higher costs resulted mainly from the acquisitions and higher wage costs compared to the prior year. Investments within the framework of Strategy 200 were consistently driven forward – with a special focus on digitalization and increased efficiency. These strategic initiatives strengthen the long-term competitiveness of the Bossard Group.

Despite the challenging market environment, the lower gross profit margin caused by the PPA effect and higher costs, had an impact on profitability. Adjusted EBIT, excluding PPA effects on inventories and intangible assets, amounted to CHF 58.8 million in the first half of 2025 (prior year: CHF 58.1 million) with an adjusted EBIT margin of 10.7 percent. Including these effects, EBIT amounted to CHF 55.5 million which corresponds to an EBIT margin of 10.1 percent. Net income amounted to CHF 38.7 million (prior year: CHF 42.4 million).

Solid financial basis despite short-term challenges

Total assets increased from CHF 835.0 million in the prior year to CHF 913.7 million, mainly due to the acquisitions made.

Net debt increased since the beginning of the year to CHF 346.8 million (at the end of 2024: CHF 245.1 million), largely due to the acquisition of the Ferdinand Gross Group at the beginning of the year and the dividend payout in April 2025. Gearing – the ratio of net debt to equity – increased from 0.6 to 1.0 while the ratio of net debt to EBITDA was 2.8 (prior year: 1.9). The equity ratio at the end of June 2025 was 39.1 percent (prior year: 47.4 percent) underscoring the Group's continued solid capital structure.

Cash flow from operating activities totaled CHF 32.7 million (prior year: CHF 64.3 million). This was primarily due to the increase in operating net working capital. Cash flow from investment activities totaled CHF 77.1 million compared to CHF 33.4 million in the prior year and was significantly higher, especially due to the acquisition of the Ferdinand Gross Group. Overall, the first half of 2025 resulted in a negative free cash flow of CHF 44.4 million, after the prior year's positive free cash flow of CHF 30.9 million.

Progress in implementing Strategy 200

The comprehensive renewal of the IT platform as part of the strategic "Operations Engine" initiative aims to increase the Group's overall efficiency. To this end, a new ERP system will be introduced gradually over several years. Bossard consistently pursued the introduction even in a more challenging economic environment. Rollouts are planned in further countries in the second half of the year with the aim of replacing the core system by the end of 2026.

Bossard is also using the advantages of artificial intelligence (AI) as part of the "Sales Engine" to actively shape its future. Innovative sales acceleration initiatives, process automation, and intelligent tools increase efficiency and transparency. At the same time, Bossard empowers its employees to independently optimize processes through the use of AI tools. With a clear focus on the needs of their customers, agile implementation and measurable results, not only competitiveness is secured, but also sustainable value creation is achieved for the Group.

Although it is difficult to predict the further development of the economic environment in the coming quarters, Bossard is confident about the future due to selective growth impulses from individual markets and industries as well as its solid positioning. The focus is on winning new customers and projects as well as on further internal efficiency improvements. The Group remains committed to defined medium-term financial goals and the implementation of Strategy 200, with a clear ambition to achieve sustainable value creation and progress even in a challenging environment.

Outlook

Bossard is approaching the challenging situation around tariffs as well as the general economic and geopolitical challenges with great attention. Thanks to its global presence, the Group continuously analyzes possible courses of action in order to proactively address potential impacts on both the sales and purchase sides. This approach strengthens the Group's adaptability and flexibility.

David Dean Dr. Daniel Bossard Chair of the board of directors CEO

Zug, July 22, 2025

Consolidated balance sheet FINANCIAL REPORT

in CHF 1,000	30.06.2025	30.06.2024	31.12.2024
Assets
Current assets
Cash and cash equivalents	52,661	43,522	59,328
Accounts receivable, trade	195,187	188,535	171,585
Other receivables	5,222	4,165	4,988
Prepaid expenses	22,328	17,744	15,827
Inventories	368,078	351,703	354,177
	643,476	605,669	605,905
Non-current assets
Property, plant and equipment	166,981	146,850	146,449
Intangible assets	69,261	56,110	61,946
Financial assets	9,114	7,641	8,775
Deferred tax assets	24,877	18,772	20,883
	270,233	229,373	238,053
Total assets	913,709	835,042	843,958

in CHF 1,000	30.06.2025	30.06.2024	31.12.2024
Liabilities and shareholders' equity
Current liabilities
Accounts payable, trade	61,042	60,961	55,954
Other liabilities	12,501	15,637	12,203
Accrued expenses	49,723	48,026	44,942
Tax liabilities	8,492	7,810	8,913
Provisions	2,542	1,757	3,046
Short-term debts	102,738	85,045	99,352
	237,038	219,236	224,410
Non-current liabilities
Long-term debts	296,748	197,850	205,093
Provisions	9,707	9,608	9,156
Deferred tax liabilities	13,002	12,874	12,962
	319,457	220,332	227,211
Total liabilities	556,495	439,568	451,621
Shareholders' equity
Share capital	40,000	40,000	40,000
Treasury shares	–1,549	–1,737	–1,563
Capital reserves	75,148	74,739	74,518
Retained earnings	233,510	273,724	269,306
	347,109	386,726	382,261
Non-controlling interest	10,105	8,748	10,076
Total shareholders' equity	357,214	395,474	392,337
Total liabilities and shareholders' equity	913,709	835,042	843,958

Consolidated income statement FINANCIAL REPORT

in CHF 1,000	First 6 months 2025	First 6 months 2024
Net sales	547,871	509,398
Cost of goods sold	–369,298	–339,921
Gross profit	178,573	169,477
Selling expenses	–72,871	–72,417
Administrative expenses	–50,175	–38,970
EBIT	55,527	58,090
Share of result from associated companies	–379	0
Financial result	–5,638	–3,078
Income before taxes	49,510	55,012
Income taxes	–10,797	–12,578
Net income	38,713	42,434
Attributable to:
Shareholders of Bossard Holding AG	37,372	41,290
Non-controlling interest	1,341	1,144
in CHF	2025	2024
Earnings per registered A share 1)	9.70	10.72
Earnings per registered B share 1)	1.94	2.14

1) Earnings per share, extrapolated to 12 months, is based on the net income of shareholders of Bossard Holding AG and the number of shares entitled to dividends. There is no dilution effect.

FINANCIAL REPORT

Consolidated statement of changes in equity

		Treasury shares	Capital reserves	Retained earnings
in CHF 1,000	Share capital			Retained earnings	Goodwill offset	Translation differences	Shareholders Bossard	Non-controlling interest	Total share holders' equity
Balance at January 1, 2024	40,000	–2,911	74,459	823,743	–406,117	–163,662	365,512	7,174	372,686
Dividend				–30,806			–30,806		–30,806
Net income				41,290			41,290	1,144	42,434
Management participation plan			563				563		563
Change in treasury shares		1,174	–283				891		891
Offset goodwill from acquisitions					–10,168		–10,168		–10,168
Non-controlling interest from acquisitions					–3,149		–3,149	61	–3,088
Translation differences						22,593	22,593	369	22,962
Balance at June 30, 2024	40,000	–1,737	74,739	834,227	–419,434	–141,069	386,726	8,748	395,474
Balance at January 1, 2025	40,000	–1,563	74,518	865,298	–449,019	–146,973	382,261	10,076	392,337
Dividend				–30,062			–30,062		–30,062
Net income				37,372			37,372	1,341	38,713
Management participation plan			765				765		765
Change in treasury shares		14	–135				–121		–121
Offset goodwill from acquisitions					–16,498		–16,498		–16,498
Translation differences						–26,608	–26,608	–1,312	–27,920
Balance at June 30, 2025	40,000	–1,549	75,148	872,608	–465,517	–173,581	347,109	10,105	357,214

Consolidated cash flow statement FINANCIAL REPORT

in CHF 1,000	First 6 months 2025	First 6 months 2024
Net income	38,713	42,434
Share of result from associated companies	379	0
Income taxes	10,797	12,578
Financial result	5,638	3,078
Depreciation and amortization	14,581	13,043
Decrease provisions	–456	–794
Gain from disposals of property, plant and equipment	–144	–266
Interest received	337	658
Interest paid	–1,793	–3,554
Taxes paid	–12,950	–12,674
Increase management participation plan (part of equity)	765	563
Other non-cash expenses/(income)	307	–57
Cash flow from operating activities before changes in net working capital	56,174	55,009
Increase accounts receivable, trade	–26,337	–19,474
Increase other current assets	–6,710	–4,461
(Increase)/decrease inventories	–2,470	25,757
Increase accounts payable, trade	7,468	3,713
Increase other non-interest bearing liabilities	4,555	3,706
Cash flow from operating activities	32,680	64,250

in CHF 1,000	First 6 months 2025	First 6 months 2024
Investments in property, plant and equipment	–8,782	–8,391
Proceeds from sales of property, plant and equipment	1,170	1,077
Investments in intangible assets	–10,573	–7,004
Net cash flow from purchases of companies	–58,420	–19,648
Investments in associated companies	–200	–180
Investments in financial assets	–572	–74
Divestments of financial assets	304	823
Cash flow from investing activities	–77,073	–33,397
(Repayments)/Proceeds of short-term debts	–9,208	–5,928
Proceeds/(Repayments) of long-term debts	79,054	–6,148
Purchase/sale of treasury shares	14	1,174
Dividends paid to shareholders	–30,062	–30,806
Cash flow from financing activities	39,798	–41,708
Translation differences	–2,072	2,133
Change in cash and cash equivalents	–6,667	–8,722
Cash and cash equivalents at January 1	59,328	52,244
Cash and cash equivalents at June 30	52,661	43,522

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Scope of operations

Bossard Holding AG, Zug, Switzerland, a limited company subject to Swiss law, is the parent company of all entities within the Bossard Group (hereinafter Bossard or Group). Bossard is a leading distributor of fasteners of every kind and a provider of related engineering and logistics services. The Group operates in three geographic regions, Europe, America and Asia, and is one of the market leaders in its sector of industry.

Accounting principles of the consolidated financial statements

These unaudited consolidated interim financial statements for the first six months of 2025 were prepared in accordance with Swiss GAAP FER and in compliance with Swiss GAAP FER 31. They do not include all of the information and disclosures required for full annual financial statements and should be read in conjunction with the audited annual report 2024. These consolidated interim financial statements have been prepared using the same accounting policies and valuation principles as applied in the consolidated financial statements as of December 31, 2024.

Accounting estimates and assumptions

The estimates and assumptions made by the board of directors and executive committee in the consolidated interim financial statements have not changed significantly compared to the consolidated financial statements 2024.

1. Segment information

The Group and all its regional companies are operating internationally in the field of industrial fastening technology. There are no separate segments in terms of Swiss GAAP FER 31. All the regional companies are managed based on a uniform business strategy. The core of Bossard's strategy is a uniform business model with the same customer and product focus in the world's major industrial regions. Bossard supplies industrial companies at their worldwide production sites with fastening technology products and related services based on uniform quality standards using uniform operational systems and processes. The board of directors and executive committee manage the Group on the basis of the financial statements of the individual regional companies and the Group's consolidated financial statement. Based on the number of regional companies, the CEO delegates the monitoring of the goals and their implementation in daily operations to the members of the executive committee, which are responsible for a different number of companies in the various regions.

2. Sales by regions

in CHF million first 6 months	Europe		America		Asia		Group
	2025	2024	2025	2024	2025	2024	2025	2024
Sales	339.5	295.6	114.2	128.8	97.4	88.1	551.1	512.5
Sales deductions	–2.1	–1.8	–0.2	–0.2	–0.9	–1.1	–3.2	–3.1
Net sales	337.4	293.8	114.0	128.6	96.5	87.0	547.9	509.4

3. Acquisitions and disposals of subsidiaries and businesses

Acquisitions 2025

In 2025, the following companies were acquired:

• Ferdinand Gross Europa GmbH, Germany (January 7, 2025)
• Ferdinand Gross GmbH & Co. KG, Germany (January 7, 2025)
• HLE Besitz-GmbH & Co. KG, Germany (January 7, 2025)
• Ferdinand Gross Hungary Kft., Hungary (January 7, 2025)
• Ferdinand Gross Polska Sp. z o.o., Poland (January 7, 2025)

The following table presents the assets and liabilities acquired as of the acquisition date, valued at their market value, along with the goodwill resulting from the acquisitions.

Ferdinand Gross Group
3,097
7,377
28,454
689
27,751
1,986
4,574
–983
–12,984
–643
–12,793
–1,751
44,774
16,743
61,517
–3,097
58,420

The net sales of the acquired companies in the financial year 2024 amounted to CHF 80.4 million. Since the acquisition date, net sales of CHF 35.2 million have been included in the consolidated income statement 2025.

Disposals 2025

No subsidiaries or associated companies were disposed of.

Other changes in the scope of consolidation 2025

In the first half of 2025, the scope of consolidation changed as follows:

– 3d-prototyp GmbH in Liquidation, Switzerland (liquidation)

Acquisitions 2024

In 2024, the following companies were acquired:

• Dejond Fastening NV, Belgium (June 28, 2024)
• PN Aero SAS, France (September 25, 2024)
• Aero Negoce International SAS, France (September 25, 2024)
• C&C Aero Trading LLC, USA (September 25, 2024)

The following table presents the assets and liabilities acquired as of the acquisition date, valued at their market value, along with the goodwill resulting from the acquisitions.

in CHF 1,000	Dejond Fastening NV	Aero Negoce International Group
Cash and cash equivalents	0	4,133
Accounts receivable, trade	1,840	4,347
Inventories	5,997	12,924
Other current assets	781	986
Property, plant and equipment	2,935	134
Intangible assets	1,151	27
Other non-current assets	0	1,181
Accounts payable, trade	–426	–1,079
Other current liabilities	–1,545	–3,685
Non-current liabilities	–1,086	–5,346
Net assets acquired	9,647	13,622
Goodwill	8,569	31,184
Total	18,216	44,806
Less acquired cash and cash equivalents	0	–4,133
Cash flow from acquisitions	18,216	40,673

The net sales of the acquired companies up to the acquisition date in the financial year 2024 amounted to CHF 23.7 million. Since the acquisition date, net sales of CHF 11.6 million have been included in the consolidated income statement 2024.

In January 2024, the investment in bigHead Fasteners Ltd, England, was increased from 42.0 percent to 100.0 percent. This acquisition resulted in a cash outflow of CHF 3.1 million and a goodwill of CHF 3.1 million.

Disposals 2024

In August 2024, the investment in PDi Digital GmbH, Austria, was decreased from 30.0 percent to 10.0 percent. This disposal resulted in a cash inflow of CHF 1.3 million.

Other changes in the scope of consolidation 2024

• In 2024, the scope of consolidation changed as follows:
• Bossard Fastening Solutions (Guangdong) Co. Ltd, China (incorporation)
• Wenzhong Sealing System (Jiangsu) Co. Ltd, China (incorporation)
• Bossard Vietnam Co. Ltd, Vietnam (incorporation)

4. Exchange rates

The following principal exchange rates were applied:

	30.06.2025 Exchange rate	01.01.2025–30.06.2025 Average exchange rate	31.12.2024 Exchange rate	30.06.2024 Exchange rate	01.01.2024–30.06.2024 Average exchange rate
1 EUR	0.93	0.94	0.94	0.96	0.96
1 USD	0.80	0.86	0.91	0.90	0.89
100 DKK	12.52	12.61	12.58	12.92	12.89
100 RMB	11.12	11.89	12.59	12.62	12.35
100 INR	0.93	1.00	1.06	1.08	1.07

5. Events occurring after the balance sheet date

Since the balance sheet date June 30, 2025, there were no significant events that would have resulted in an adjustment of the carrying amounts of the Group's assets and liabilities or that would need to be disclosed here.

IMPRINT & AGENDA

Imprint

Publisher: Bossard Holding AG, Zug Concept and design: Keim Identity GmbH, Zurich

© Bossard Holding AG

The Semi-Annual Report 2025 is available on https://ir.bossard.com. This report is unaudited and prepared in accordance with Swiss GAAP FER 31. The Semi-Annual Report contains forecasts. They reflect the Group's present assessment of market conditions and future events and are thus subject to certain risks, uncertainties and assumptions. Through unforeseeable events the actual results could deviate from the forecasts made and the information published in this report. Thus all the forecasts made in this report are subject to this reservation.

This Semi-Annual Report 2025 is also available in German. The German version is binding.

Publication of sales results, 3rd quarter 2025 October 14, 2025

Publication of sales results 2025 January 15, 2026

Meeting for financial analysts & media conference March 5, 2026

Publication of Annual Report 2025 March 5, 2026

Annual general meeting April 10, 2026

Publication of sales results, 1st quarter 2026 April 10, 2026

Proven.

BOSSARD SEMI-ANNUAL REPORT 2025