Switzerland's Kardex H1 EBIT falls on Automated Products underperformance

Kardex Holding AG

30/07/2026 05:41

Overview
Switzerland intralogistics provider's H1 revenue rose 6% yr/yr 
EBIT for H1 fell 38% yr/yr, impacted by Automated Products underperformance and growth investments
Company expects stronger, more profitable H2 2026 on record-high order backlog

Outlook
Kardex expects full-year 2026 order and revenue growth of 15-20%
Company sees full-year 2026 EBIT margin of 8-10%
Kardex confirms mid-term targets of EUR 1.5 bln revenue and 10-14% EBIT margin for 2029-2031

Result Drivers
AUTOMATED PRODUCTS UNDERPERFORMANCE - Co said lower bookings and net revenue in higher-margin Automated Products segment weighed on profitability
GROWTH INVESTMENTS - Increased spending in sales, marketing, IT, and R&D contributed to higher operating expenses
PRODUCTION UNDERUTILIZATION - Underutilization of production capacity in Automated Products, due to weak order backlog at start of year and customer-driven delays, negatively impacted profitability

Company press release: ID:nEQ6MgXyfa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
Miss
EUR 440.50 mln
EUR 451 mln (1 Analyst)
H1 EBIT
 
EUR 30.10 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the heavy electrical equipment peer group is "buy"
Wall Street's median 12-month price target for Kardex Holding AG is CHF325.00, about 32.4% above its July 29 closing price of CHF245.50
The stock recently traded at 23 times the next 12-month earnings vs. a P/E of 22 three months ago

Reuters Recommended Reads
July 30 - Switzerland's Bucher H1 sales and profit fall on weak demand, restructuring costs
July 28 - Switzerland's SIG Group H1 revenue falls on weak demand, market contraction
July 28 - Sika raises annual sales-growth outlook after strong first-half performance

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)