Financial review
Unless otherwise indicated, changes from the previous year are based on nominal figures and revenue changes are based on FX adjusted figures.
“In 2025, the Group delivered significant improvements in margin and profitability. Revenue was in line with our revised guidance and all other key financial metrics exceeded targets as we reaped the benefits of our Growth & Efficiency program.”
JENNIFER DEAN
CHIEF FINANCIAL OFFICER
Revenue generation
In 2025, medmix generated revenues of CHF 448.0 million, down 4.8% year-on-year, in line with our revised guidance. Negative foreign exchange rate effects of 2.6% resulted in a nominal growth of -7.4%. Sequentially (second half of 2025 versus first half of 2025), revenues increased by 0.1%.
Healthcare segment revenue declined by 1.0% year-on-year to CHF 171.6 million, after delivering strong growth of 7.5% in the first half of 2025. Foreign exchange effects of -1.9% resulted in nominal growth of -2.9%. While Dental business unit growth normalized to 2.3% in the second half of 2025 versus the first half of 2025, the anticipated decrease in volumes in our Drug Delivery business unit negatively impacted the segment.
The Dental business unit delivered revenue of CHF 120.1 million, with above-market revenue growth of 5.9% year-on-year. It grew 2.3% sequentially.
Drug Delivery business unit revenue of CHF 34.2 million declined by 19.6% year-on-year, mainly due to the previously communicated dual sourcing of one customer. In addition, 2024 included non-recurring project milestones due to the close-out of a customer project.
Surgery business unit revenue of CHF 17.3 million represented an increase of 0.4% year-on-year after a strong 2024 driven by the timing of customer launches. Sequentially the business unit grew 11.9% in the second half of 2025.
The Consumer & Industrial segment generated revenues of CHF 276.5 million, declining by 7.0% year-on-year. Foreign exchange effects of -3.0% resulted in nominal growth of -10.0%.
Industry business unit revenue grew 1.4% to CHF 124.3 million despite softness in end-markets. Nominal growth stood at -1.8% due to foreign exchange effects of -3.2%. Second-half year-on-year revenue grew 4.2% despite tariff uncertainty.
The Beauty business unit delivered revenues of CHF 152.1 million, representing a 12.9% year-on-year decrease (-15.8% nominal), reflecting weakness in end-markets for our business, which drove project delays and lower commercial activity. Sequentially, the Beauty business grew 5.9% in the second half of 2025 after declining for two consecutive halves.
Revenue by business unit
millions of CHF | 2025 | +/–% change | +/–% organic2) | 2024 | ||||
Dental | 120.1 | 3.9% | 5.9% | 115.6 | ||||
Drug Delivery | 34.2 | –21.2% | –19.6% | 43.4 | ||||
Surgery | 17.3 | –2.5% | 0.4% | 17.7 | ||||
Total revenue Healthcare (HC) 1) | 171.6 | –2.9% | –1.0% | 176.7 | ||||
Industry | 124.3 | –1.8% | 1.4% | 126.6 | ||||
Beauty | 152.1 | –15.8% | –12.9% | 180.6 | ||||
Total revenue Consumer & Industrial (C&I) 1) | 276.5 | –10.0% | –7.0% | 307.2 | ||||
Total revenue | 448.0 | –7.4% | –4.8% | 483.9 |
1)Revenue from external customers.
2)Adjusted for acquisition and currency effects.
Gross profit
Gross profit grew by 310 basis points to CHF 161.9 million, delivering a strong gross profit margin of 36.1% despite a decline in group revenues. This increase was driven by an improved product mix due to a higher share of Dental revenue at higher than group average margins as well as efficiency improvements and cost-out achievements through our Growth & Efficiency program.
Healthcare generated a gross profit of CHF 88.9 million, delivering a gross profit margin of 51.8% representing an increase of 100 basis points year-on-year. This positive impact was driven by an improved mix, due to a higher share of Dental revenues, which also improved utilization of our manufacturing facilities. This growth was partly offset by the Drug Delivery business unit, as it remains in ramp-up mode. Gross profit margins in the Surgery business unit remained stable.
Consumer & Industrial delivered gross profit of CHF 74.2 million and a gross profit margin of 26.9%, representing an increase of 360 basis points year-on-year, driven by operational efficiencies and cost-out achievements from our Growth & Efficiency program, driving margin expansion across both Industry and Beauty business units.
Gross profit margin
Healthcare | Consumer & Industrial | Others | Total medmix | |||||||||||||
millions of CHF | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||
Revenue1) | 171.6 | 176.7 | 276.5 | 307.2 | – | – | 448.0 | 483.9 | ||||||||
Cost of goods sold | –82.6 | –87.0 | –202.2 | –235.8 | –1.3 | –1.4 | –286.1 | –324.2 | ||||||||
Gross profit | 88.9 | 89.7 | 74.2 | 71.4 | –1.3 | –1.4 | 161.9 | 159.7 | ||||||||
Gross profit margin | 51.8% | 50.8% | 26.9% | 23.3% | n/a | n/a | 36.1% | 33.0% | ||||||||
1)Revenue from external customers.
Operating expenses (OPEX)
OPEX decreased by CHF 7.7 million year-on-year, reflecting the positive impact from our Growth & Efficiency program, strong cost control and a one-off benefit related to the end of amortization of GEKA acquisition intangibles. These factors helped to offset the impact of the further ramp-up of the Atlanta site.
Bridge from gross profit to operating income (EBIT)
millions of CHF | 2025 | 2024 | ||
Gross profit | 161.9 | 159.7 | ||
Operating expenses | –139.0 | –146.7 | ||
Operating income (EBIT) | 22.8 | 12.9 |
Profitability
Group adjusted EBITDA was CHF 89.7 million, resulting in an adjusted EBITDA margin of 20.0%, an increase of 90 basis points year-on-year and exceeding our guidance of 18% to 19%. Upsides in margin and OPEX from our Growth & Efficiency program, the improved mix and the positive one-off impact of the end of GEKA intangibles amortization more than compensated the impact on lower revenues. Non-operational adjustments halved year-on-year. Adjusted EBITDA margin has grown sequentially for four consecutive halves, with 19.1% in H1 2024, 19.2% in H2 2024, 19.9% in H1 2025 and 20.1% in H2 2025. Reported EBITDA increased by 5.1% to CHF 78.3 million. The EBITDA margin grew materially by 210 basis points, from 15.4% to 17.5%, and has now risen for three consecutive years. EBIT witnessed a strong year-on-year increase of 76.7%, from CHF 12.9 million in 2024 to CHF 22.8 million.
Bridge from operating income (EBIT) to adjusted EBITDA
millions of CHF | 2025 | 2024 | ||
Operating income (EBIT) | 22.8 | 12.9 | ||
Depreciation | 35.6 | 34.9 | ||
Amortization | 16.7 | 21.5 | ||
Impairments on tangible and intangible assets | 3.1 | 5.2 | ||
EBITDA | 78.3 | 74.5 | ||
Restructuring expenses | 3.2 | 1.6 | ||
Non-operational items1) | 8.1 | 16.4 | ||
Adjusted EBITDA | 89.7 | 92.5 |
1)Non-operational items include significant acquisition-related expenses, gains and losses from the sale of businesses or real estate (including release of provisions), and certain non-operational items that are non-recurring or do not regularly occur in similar magnitude.
EBITDA margin
millions of CHF | 2025 | 2024 | ||
EBITDA | 78.3 | 74.5 | ||
Revenue | 448.0 | 483.9 | ||
EBITDA margin | 17.5% | 15.4% |
Adjusted EBITDA margin
millions of CHF | 2025 | 2024 | ||
Adjusted EBITDA | 89.7 | 92.5 | ||
Revenue | 448.0 | 483.9 | ||
Adjusted EBITDA margin | 20.0% | 19.1% |
Financial income and expenses
Total net financial expenses amounted to CHF 13.9 million, compared with CHF 13.5 million in 2024.
Income tax expenses
Income tax expenses for 2025 amounted to CHF 1.9 million, corresponding to an effective income tax rate of 21.6%, compared with CHF 0.0 million and an effective income tax rate of -0.7% in 2024. The increase in income tax expenses in 2025 primarily reflects the higher income before tax.
Net income and adjusted net income
Net income increased to CHF 7.0 million from CHF -6.4 million in the prior period, primarily driven by higher gross profit and reductions in selling and administrative expenses, lower amortization in research and development, lower other operating expenses and the absence of any share of loss of associates.
Adjusted net income marginally declined to CHF 32.3 million from CHF 33.4 million in 2024.
Bridge from net income to adjusted net income
millions of CHF | 2025 | 2024 | ||
Net income | 7.0 | –6.4 | ||
Amortization | 16.7 | 21.5 | ||
Impairments on tangible and intangible assets | 3.1 | 5.2 | ||
Impairments on investments in associates | – | 5.3 | ||
Restructuring expenses | 3.2 | 1.6 | ||
Non-operational items1) | 8.1 | 16.4 | ||
Tax impact on above items | –5.9 | –10.2 | ||
Adjusted net income | 32.3 | 33.4 |
1)Non-operational items include significant acquisition-related expenses, gains and losses from the sale of businesses or real estate (including release of provisions), and certain non-operational items that are non-recurring or do not regularly occur in similar magnitude.
Key balance sheet positions
Total assets as of December 31, 2025, amounted to CHF 956.4 million, compared with CHF 954.2 million as of December 31, 2024.
Non-current assets decreased from CHF 693.0 million in the previous year to CHF 691.0 million as of December 31, 2025. Additions to intangible assets (CHF 6.6 million), property, plant and equipment (CHF 35.2 million) and lease assets (CHF 7.1 million), primarily reflecting investments in our Industry production facility in Spain and our Healthcare manufacturing facility in Atlanta, were more than offset by depreciation (CHF 35.6 million), amortization (CHF 16.7 million) and impairments (CHF 3.1 million). Currency translation effects decreased non-current assets by CHF 18.6 million.
Current assets increased by CHF 4.1 million to CHF 265.3 million. The increase was mainly driven by higher contract assets, which rose by CHF 3.9 million, and higher trade accounts receivable, which increased by CHF 6.5 million. In addition, current financial assets amounted to CHF 8.4 million due to a reclassification from non-current to current, reflecting updated maturities. These increases were largely offset by a lower cash position, with cash and cash equivalents decreasing by CHF 12.6 million.
Equity amounted to CHF 432.8 million as of December 31, 2025, a decrease of CHF 13.9 million compared with the previous year. This reduction was driven by negative currency translation differences of CHF 12.2 million, acquisition of treasury shares worth CHF 2.6 million and dividends to shareholders of medmix of CHF 20.4 million (thereof CHF 15.0 million paid out) as well dividends to non-controlling interest in subsidiaries of CHF 5.0 million. Conversely, equity was increased by net income of CHF 7.0 million, cash flow hedges of CHF 2.6 million, remeasurements of defined benefit plans totaling CHF 12.6 million, subsequent measurement of put option liabilities of CHF 0.9 million and share-based payments of CHF 3.1 million.
Non-current liabilities increased by CHF 7.0 million versus the previous year to CHF 351.6 million as of December 31, 2025. The main driver was higher non-current lease liabilities, up by CHF 7.3 million compared with the previous year.
Current liabilities increased by CHF 9.0 million to CHF 171.9 million in 2025. The increase was mainly driven by higher contract liabilities (CHF 3.1 million), higher current income tax liabilities (CHF 2.0 million) and an increase in trade accounts payable (CHF 3.6 million). Other current and accrued liabilities rose by CHF 2.4 million, while movements in current borrowings, lease liabilities and provisions were minor.
Net debt increased in 2025 by CHF 11.2 million to CHF 216.5 million. The net debt to adjusted EBITDA ratio increased from 2.22 in 2024 to 2.41 in 2025.
Net debt/adjusted EBITDA ratio
millions of CHF | 2025 | 2024 | ||
Cash and cash equivalents | –105.5 | –118.1 | ||
Current financial assets | –8.4 | 0.0 | ||
Non-current borrowings | 249.1 | 248.2 | ||
Non-current lease liabilities | 61.6 | 54.3 | ||
Current borrowings | 9.1 | 10.2 | ||
Current lease liabilities | 10.5 | 10.7 | ||
Net debt as of December 31 | 216.5 | 205.3 | ||
EBIT | 22.8 | 12.9 | ||
Depreciation | 35.6 | 34.9 | ||
Impairments on tangible and intangible assets | 3.1 | 5.2 | ||
Amortization | 16.7 | 21.5 | ||
EBITDA | 78.3 | 74.5 | ||
Restructuring expenses | 3.2 | 1.6 | ||
Non-operational items1) | 8.1 | 16.4 | ||
Adjusted EBITDA | 89.7 | 92.5 | ||
Net debt | 216.5 | 205.3 | ||
Adjusted EBITDA | 89.7 | 92.5 | ||
Net debt/adjusted EBITDA ratio | 2.41 | 2.22 |
1)Non-operational items include significant acquisition-related expenses, gains and losses from the sale of businesses or real estate (including release of provisions), and certain non-operational items that are non-recurring or do not regularly occur in similar magnitude.
Capital expenditure
Gross capital expenditure in 2025 decreased year-on-year to CHF 41.8 million, primarily due to less additions to intangible assets.
Bridge to capital expenditure, net
millions of CHF | 2025 | 2024 | ||
Additions to intangible assets | 6.6 | 10.0 | ||
Additions to property, plant and equipment | 35.2 | 35.0 | ||
Capital expenditure, gross | 41.8 | 45.0 | ||
Disposals of intangible assets gross amount | –2.6 | –0.6 | ||
Disposals of intangible assets accumulated amortization and impairment losses | 2.6 | 0.6 | ||
Disposals of property, plant and equipment gross amount | –11.2 | –10.0 | ||
Disposals of property, plant and equipment accumulated depreciation and impairment losses | 11.1 | 9.3 | ||
Capital expenditure, net | 41.7 | 44.3 |
Cash flow
Cash flow from operating activities amounted to CHF 67.8 million in 2025, compared with CHF 86.6 million in 2024 as net working capital reached a low level at the end of 2024 and remained flat in 2025, resulting in lower incremental positive contributions in 2025.
Net income increased to CHF 7.0 million (2024: net loss of CHF 6.4 million). Depreciation, amortization and impairments decreased to CHF 55.5 million compared with CHF 61.6 million in 2024. The share of loss from associates was zero in 2025 compared with CHF 5.7 million in 2024.
Net working capital contributed CHF 0.3 million in 2025, compared with a substantially higher CHF 35.0 million in the prior year, resulting in a negative year‑on‑year change of CHF 34.7 million. The group paid CHF 20.5 million in interest and income taxes in 2025, compared with CHF 22.3 million in 2024.
Cash outflows from investing activities amounted to CHF 40.7 million in 2025, compared with CHF 51.5 million in 2024. The lower outflow was mainly the result of reduced capital expenditure and the absence of acquisition-related outflows in the year under review. Investments in intangible assets and property, plant and equipment totaled CHF 41.1 million (2024: CHF 48.5 million), partially offset by proceeds of CHF 0.4 million from the sale of property, plant and equipment (2024: CHF 1.5 million). No acquisition-related cash outflows occurred in 2025, compared with CHF 4.5 million in 2024.
Cash outflows from financing activities amounted to CHF 36.3 million in 2025, compared with CHF 48.6 million in 2024. The year‑on‑year improvement was mainly driven by lower net repayments of current borrowings. Net repayments totaled CHF 3.2 million in 2025, compared with net repayments of CHF 21.3 million in the prior year. Dividends paid to shareholders remained unchanged at CHF 15.0 million. Dividends paid to non‑controlling interests increased to CHF 5.0 million (2024: CHF 0.0 million). The group purchased treasury shares amounting to CHF 2.6 million, compared with CHF 0.5 million in 2024. Payments of lease liabilities were CHF 10.7 million (2024: CHF 11.9 million).
Free cash flow amounted to CHF 27.1 million in 2025, compared with CHF 39.6 million in 2024. The decrease reflects lower operating cash flow following a strong 2024, as well as reduced proceeds from the sale of property, plant and equipment, partly offset by lower capital expenditure.
Operating net cash flow (ONCF) decreased to CHF 40.3 million in 2025 (2024: CHF 61.0 million), mainly reflecting the lower operating cash flow and the high comparable as the prior year benefited from early customer payments.
Adjusted operating net cash flow, which excludes exceptional and non‑operational items, amounted to CHF 51.3 million in 2025, compared with CHF 78.9 million in 2024.
Bridge from cash flow from operating activities to free cash flow and adjusted operating net cash flow
millions of CHF | 2025 | 2024 | ||
Cash flow from operating activities | 67.8 | 86.6 | ||
Purchase of intangible assets | –6.6 | –10.0 | ||
Sale of intangible assets | – | – | ||
Purchase of property, plant and equipment | –34.5 | –38.5 | ||
Sale of property, plant and equipment | 0.4 | 1.5 | ||
Free cash flow (FCF) | 27.1 | 39.6 | ||
Interest received | –1.2 | –0.8 | ||
Interest paid | 13.8 | 12.7 | ||
Other financial (income) / expenses, net | 4.5 | 2.6 | ||
Income tax paid | 6.7 | 9.6 | ||
Other items | –10.5 | –2.7 | ||
Operating net cash flow (ONCF) | 40.3 | 61.0 | ||
Non-operational items paid 1) | 10.9 | 17.9 | ||
Adjusted operating net cash flow (adjusted ONCF) | 51.3 | 78.9 |
1)Non-operational items paid include significant acquisition-related payments, cash flow from the sale of businesses or real estate, and cash flow for certain non-operational items that are non-recurring or do not regularly occur in similar magnitude.
Alternative performance measures (APM)
For the definition of the alternative performance measures, please refer to the Alternative performance measures chapter.
Abbreviations:
EBIT: Earnings before interest and taxes
EBITDA: Earnings before interest, taxes, depreciation and amortization
ONCF: Operating net cash flow