Strong Order Growth#
Kardex Holding AG announced a remarkable 29% increase in order intake for the second half of 2025, reaching €527.3 million. This figure surpassed analysts' expectations, which were set at €450.8 million.
Sales and Profit Performance#
During this period, sales rose by 3% to €434.7 million, although this was below the consensus estimate of €456.7 million. Operating profit also saw a modest increase of 4%, totaling €52.3 million, aligning closely with the expected figure of €53.1 million. However, net profit was reported at €5.7 million, impacted by a one-time non-cash charge of €39 million related to the acquisition of Rocket Solution.
Division Highlights#
The order growth was particularly strong in the AutoStore division, which experienced a staggering 113% increase in orders compared to the same period in 2024. The Mlog division also performed well, with a 27% growth in orders. Sequentially, order intake rose 16% from the first half of 2025. In the Automated Products division, which includes Remstar, order intake reached €266.5 million, a 6.2% increase from the previous year.
Financial Overview#
Despite the positive order growth, free cash flow for the period fell to €12.1 million, down from €34.7 million in the second half of 2024, primarily due to increased capital expenditures and working capital needs. The company's equity ratio decreased to 53.6% from 57.7% at the end of 2024, while the net cash position stood at €136.5 million. Kardex anticipates continued strong demand for its intralogistics solutions, projecting revenue growth in 2026 to exceed its medium-term target of €1.5 billion in sales by 2029 or 2031.