Kardex Holding AG: Half-Year Results 2026

Media Information – Half-Year Results 2026

Zurich, 30 July 2026

Release of an ad hoc announcement pursuant to Art. 53 LR
 

Strong bookings but temporary decline in profitability

• Bookings rise by 25.8% to EUR 571.5 million, driven primarily by Standardized Systems and with varying demand across the regions.
• Revenue increases by 6% to EUR 440.5 million with a growing share of Standardized Systems which subsequently led to a lower GP margin on group level.
• EBIT declined sharply to EUR 30.1 million, primarily driven by a temporary underperformance of Automated Products, while at the same time, significant growth investments in R&D, IT, and Sales & Marketing are continuing.
• For the second half of the year, the record-high order backlog at the end of the period will enable Kardex to return to the targeted EBIT margin range of 10–14%, resulting in the communicated EBIT margin range of 8-10% for the full-year.
• Kardex confirms the communicated mid-term financial targets of EUR 1.5 billion set
  for 2029-2031.

CEO-Statement – Jens Hardenacke, Chief Executive Officer, Kardex Holding AG «Despite the profitability dip in H1 2026, we believe in the growth initiative that we launched in late 2024, and have executed consistently since. The associated transformation entails significant investments in sales headcount, marketing, IT, and R&D, targeting revenues of EUR 1.5 billion by 2029 to 2031, with an EBIT margin of 10–14%. These investments are designed to position Kardex to capture an outsized share of the rapidly expanding market for automated intralogistics solutions. While the Standardized Systems segment is growing as planned, the higher-margin Automated Products segment has been less dynamic since H2 2025, with both bookings and net revenues trailing expectations. However, bookings in Automated Products have been steadily increasing since March 2026. We expect a materially stronger and more profitable H2 2026 within the financial target range.»

Underperformance of Automated Products weighs on Group profitability

Key Figures Kardex Group 

                    in EUR million     H1 2026 (%)     H1 2025 (%) (+/-%) Bookings     571.5 129.7%     454.3 109.3% 25.8% Order backlog (30.06.)     727.2 165.1%     512.7 123.3% 41.8% Net revenues     440.5 100.0%     415.7 100.0% 6.0% Gross profit     131.5 29.9%     141.9 34.1% -7.3% OPEX     101.4 23.0%     93.0 22.4% 9.0% EBITDA     35.7 8.1%     54.1 13.0% -34.0% Operating result (EBIT)     30.1 6.8%     48.9 11.8% -38.4% Result for the period (net profit)     22.3 5.1%     36.1 8.7% -38.2% Free cash flow     1.9       8.4   -77.4% ROIC     31.0%       37.6%                                                   30.06.2026 (%)     30.06.2025 (%) (+/-%) Net working capital     130.5       100.1   30.4% Net cash     89.5       125.8   -28.9% Equity/Equity ratio     245.1 47.6%     263.4 53.3% -6.9% Employees (FTE)     3'037       2'850   6.6%                    

• Significant growth in bookings across all business units, with the exception of Kardex Mlog (due to basis effect of exceptional strong H1 2025).
• Strong net revenue performance driven by Kardex AS Solutions, more than offsetting the lower year-on-year revenue contribution from Kardex Remstar and Kardex Mlog.
• Decrease in gross profit margins in both reporting segments.
• OPEX increased, driven by growth-related spending in Sales & Marketing, R&D and IT.
• EBIT margin well below target range (10-14%).
• Free cash flow impacted by the period result as well as growth-related Net Working Capital and CAPEX.
• ROIC remains at a strong 31.0%.

Automated Products expected to pick up again after temporary underperformance

Key Figures Segment Automated Products (Kardex Remstar)

                    in EUR million     H1 2026 (%)     H1 2025 (%) (+/-%) Bookings     314.6 125.1%     294.1 103.9% 7.0% Order backlog (30.06.)     314.7 125.1%     281.8 99.6% 11.7%                     Net revenues     251.5 100.0%     283.0 100.0% -11.1% Gross Profit     96.0 38.2%     111.7 39.5% -14.1% OPEX     69.6 27.7%     66.4 23.5% 4.8% EBITDA     31.1 12.4%     49.9 17.6% -37.7% Operating result (EBIT)     26.4 10.5%     45.3 16.0% -41.7%                     Employees (FTE on 30.06.)     2'222       2'206   0.7%                    

• Following a weak start of the year, bookings picked up steadily.
• Bookings +7%, with growth across all regions, led primarily by strong performance in APAC and US, leading to an increased backlog of +23.8% compared to the beginning of the year.
• The comparatively weak order backlog at the start of the year, longer lead times for increasingly complex projects, and customer-driven delays led to underutilization of production capacity, with a corresponding negative impact on profitability.
• This was compounded by the high costs associated with the new ERP landscape, as well as by targeted investments in marketing to bolster growth.
• Despite disciplined cost management, the EBIT margin consequently fell to an unusually low level of 10.5%.

 

Dynamic Growth at Standardized Systems

Key Figures Segment Standardized Systems (Kardex Mlog, AS Solutions, Rocket Solution)

                    in EUR million     H1 2026 (%)     H1 2025 (%) (+/-%) Bookings     257.9 136.0%     160.4 120.6% 60.8% Order backlog (30.06.)     413.4 217.9%     230.9 173.6% 79.0%                     Net revenues     189.7 100.0%     133.0 100.0% 42.6% Gross Profit     35.5 18.7%     30.2 22.7% 17.5% OPEX     30.3 16.0%     24.8 18.6% 22.2% EBITDA     6.0 3.2%     5.9 4.4% 1.7% EBIT     5.2 2.7%     5.4 4.1% -3.7%                     Employees (FTE on 30.06.)     781       612   27.6%                    

• Bookings at Standardized Systems developed very positively. Demand was particularly strong for Kardex AS Solutions, and somewhat less so for Kardex Mlog, although the latter was influenced by a strong base effect from the previous year.
• Order sizes at Standardized Systems are set to grow, with strong momentum particularly evident in the US.
• The opening of a new sales office in Korea marked an important milestone at the end of the first half of the year.  
• Profitability developed as planned, considering the first half of the year is traditionally weaker than the second.

 

Promising Outlook for H2 2026 and beyond
Based on current visibility, the Board of Directors and Group Management expect a full-year 2026 order and revenue growth in the range of 15-20%, with an EBIT margin of 8–10%. Kardex confirms the communicated mid-term financial targets set of EUR 1.5 billion for 2029-2031 with a Group EBIT margin of 10-14%. Reshoring, labor shortages, and automation remain key growth drivers of the intralogistics industry. Kardex is increasingly leveraging sales synergies across the Business Units and anticipates further substantial profitable growth opportunities in the years to come.

Interim Report
A PDF version of the Interim Report 2026 of Kardex is available on our website.

Contact for media and investors
Alexandre Müller; investor-relations@kardex.com
Mobile: +41 (0)79 635 64 13

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Agenda   11 March 2027 Publication Annual Report 2026
Audio-Webcast for Media and Analysts (2pm CET) 29 April 2027 Annual General Meeting 2027
SIX ConventionPoint, Zurich, Switzerland 29 July 2027 Publication Interim Report 2027
Audio-Webcast for Media and Analysts (2pm CET)

Kardex Corporate Profile
Kardex is a leading global partner for intralogistics solutions in an attractive and growing market. The Group offers premium automated products, standardized systems, and life cycle services that guarantee high availability and low total cost of ownership. Kardex provides an intelligent entry into automation with its dynamic storage and retrieval systems, offers integrated material handling systems, small parts storage systems including multi-shuttle technology, and automated high-bay warehouses. Additionally, Kardex acts as a global AutoStore™ partner, offering flexible and modular storage and order fulfillment solutions. The Group employs around 3’000 people in over 30 countries. Kardex Holding AG has been listed on the SIX Swiss Exchange since 1989.

Please find more in-depth information about the equity story of Kardex in the IR-Handbook of the company which is regularly updated.

Disclaimer
This communication contains statements that constitute “forward-looking statements”. In this communication, such forward-looking statements include, without limitation, statements relating to our financial condition, results of operations and business and certain of our strategic plans and objectives. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors which are beyond Kardex’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors detailed in Kardex’s past and future filings and reports and in past and future filings, press releases, reports and other information posted on Kardex companies’ websites. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Kardex disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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