Kardex Order Intake Jumps 29% in H2 2025, Sales Miss

Kardex Sees Order Intake Surge Despite Modest Sales Growth

Kardex Holding AG (SIX:KARN) announced a significant 29% increase in order intake for the second half of 2025, reaching €527.3 million. This figure substantially surpassed analyst expectations of €450.8 million, signaling strong demand for its intralogistics solutions. However, sales for the period saw a more modest rise of 3% to €434.7 million, falling short of the €456.7 million consensus estimate.

Financial Highlights and Performance Breakdown

The company's operating profit grew by 4% to €52.3 million, aligning closely with market expectations. In contrast, net profit was heavily impacted by a one-off non-cash charge of €39 million related to the Rocket Solution acquisition, resulting in a net profit of just €5.7 million for the period.

Growth was primarily fueled by the Standardized Systems division, which includes AutoStore and Mlog. This segment saw a remarkable 113% increase in orders for AutoStore and a 27% growth for Mlog, leading to a 66% overall order intake rise for the division. The Automated Products division also contributed with a 6.2% increase in order intake.

Company Outlook and Market Position

Despite a decrease in free cash flow to €12.1 million from €34.7 million in the prior year due to higher capital expenditure, Kardex maintains a solid net cash position of €136.5 million. The company’s equity ratio stands at 53.6%.

Looking ahead, Kardex anticipates that demand will remain strong. The company projects revenue growth in 2026 to exceed its medium-term target range of 10% to 15% annual growth, indicating confidence in its market trajectory.

Summary

Kardex demonstrates robust demand with a 29% surge in order intake, outperforming expectations. While sales growth was slower and net profit was impacted by a one-off charge, the company's strong order book and positive outlook for 2026 suggest a healthy future. Key factors to watch will be the conversion of strong orders into revenue.

FAQ

Q: What were the main drivers of Kardex's order growth in H2 2025?
A: The primary drivers were the AutoStore and Mlog business units, which saw order increases of 113% and 27% respectively.

Q: Why was Kardex's net profit significantly lower?
A: Net profit was affected by a €39 million one-off non-cash charge related to the acquisition of Rocket Solution.

Q: What is Kardex's revenue growth forecast for 2026?
A: The company expects revenue growth in 2026 to be higher than its medium-term annual target of 10% to 15%.

Source: Investing.com