Slide 1: Half Year Results 2025/26
Half Year Results 2025/26 1 April 2025 to 30 September 2025
Slide 2: Agenda
Agenda Opening Remarks Frank Rehfeld Business Performance Frank Rehfeld Financial Results Antoine Chulia Outlook & Mid-Term Ambitions Frank Rehfeld Half Year Results 2025/26 10.11.2025 2
Slide 3: LEM with stable sales in the first half 2025/26
LEM with stable sales in the first half 2025/26 Moderate performance with margin recovery over the half-year period LEM reported a 5.3% decline in sales to CHF 148.3 million (2024/25: CHF 156.5 million) due to currency headwinds; at constant exchange rates up 0.5%, with growth in Automation, Automot
Slide 4: Agenda
Agenda Opening Remarks Frank Rehfeld Business Performance Frank Rehfeld Financial Results Antoine Chulia Outlook Frank Rehfeld Half Year Results 2025/26 10.11.2025 4
Slide 5: A leading company in electrical measurement
A leading company in electrical measurement Five Renewable Energy Distribution Businesses Automation Automotive Energy Track & High Precision HY 2025/26 Sales 43.7 40.6 20.3 19.0 24.6 CHF m Δ CHF -3.2% +2.0% -20.3% -19.7% +9.9% Δ constant exchange +2.8% +8.9% -15.1% -15.2% +14.9% rates Half Year Res
Slide 6: Sales distribution by business
Sales distribution by business 17% Automation recovered as inventories 29% normalized and Automotive grew in China 13% and Europe on strong EV and battery management demand 14% Renewable Energy and Energy Distribution 27% Growth & High Precision remained weak, with Sales HY 25/26 Q2 25/26 lower sola
Slide 7: Automation
Automation Drives, robots, tooling machines, elevators, and HVAC CHF m 140 HY HY Q2 Q2 120 CHF m 2025/26 2024/25 2025/26 2024/25 100 Sales 43.7 45.2 22.5 21.6 80 The market recovered as customer inventories 60 normalized, driven by mid-power applications such as power measurement and data center coo
Slide 8: Automotive
Automotive Battery (EV & CE), motor control, and onboard charging CHF m 120 HY HY Q2 Q2 100 CHF m 2025/26 2024/25 2025/26 2024/25 Sales 40.6 39.8 19.0 19.9 80 Automotive performance significantly varied by 60 region 40 China and Europe grew on strong EV and battery management demand, supported by LE
Slide 9: Renewable energy
Renewable energy Solar and wind CHF m 70 HY HY Q2 Q2 60 CHF m 2025/26 2024/25 2025/26 2024/25 50 Sales 20.3 25.5 9.4 11.4 40 Market in China declined after the cancellation of 30 solar feed-in tariffs in June 2025, slowing new project investments 20 In Europe, demand remained weak as domestic 10 sol
Slide 10: Energy distribution and high precision
Energy distribution and high precision Charging stations, smart grid, energy storage, and high precision CHF m 70 HY HY Q2 Q2 60 CHF m 2025/26 2024/25 2025/26 2024/25 50 Sales 19.0 23.7 9.3 11.5 40 DC meter business remained challenging in Europe and the US as low EV sales and rising competition 30
Slide 11: Track
Track Trains, metro, and trackside CHF m 60 HY HY Q2 Q2 50 CHF m 2025/26 2024/25 2025/26 2024/25 Sales 24.6 22.4 12.3 11.2 40 30 Track business performed well across all regions with strong sales growth 20 Solid demand for converters in locomotive and subway projects ensured good capacity utilizatio
Slide 12: Sales distribution by region
Sales distribution by region Business in China remained stable at constant 12% exchange rates, with volume growth offset by price 37% pressure and market share gains in Automation, Automotive and Track 34% Slight growth in the Rest of Asia was driven by India’s Track business 17% Sales in EMEA were
Slide 13: Agenda
Agenda Opening Remarks Frank Rehfeld Business Performance Frank Rehfeld Financial Results Antoine Chulia Outlook & Mid-Term Ambitions Frank Rehfeld Half Year Results 2025/26 10.11.2025 13
Slide 14: Performance at a glance
Performance at a glance *+0.5% at constant exchange rates Sales declined by 5.3%. At constant exchange rates, there was a slight growth of 0.5%, supported mainly by Automotive and Track businesses. Gross margin hit from price/mix pressures, on path to recovery in Q2 Large reduction in operational ex
Slide 15: Gross margin
Gross margin CHF m 250 70% HY HY Q2 Q2 60% 200 CHF m 2025/26 2024/25 2025/26 2024/25 50% Gross profit 58.8 69.0 29.8 33.0 150 40% In % of sales 39.6% 44.1% 41.1% 43.7% 30% 100 Gross margin decreased by 450 basis pts in HY, with 20% solid sequential recovery in Q2 from Q1: 50 price / mix drag from pr
Slide 16: SG&A
SG&A CHF m 80 30% 70 HY HY Q2 Q2 60 CHF m 2025/26 2024/25 2025/26 2024/25 20% 50 SG&A 31.5 36.4 15.3 17.8 40 In % of sales 21.3% 23.2% 21.1% 23.6% 30 10% SG&A decreased by 13% YoY: 20 Fit for Growth program execution on track with plans 10 Positive impacts steadily materializing in Q2 0 0% 21/22 22/
Slide 17: R&D
R&D CHF m 40 18% 35 16% HY HY Q2 Q2 14% 30 CHF m 2025/26 2024/25 2025/26 2024/25 12% 25 R&D 14.6 18.5 6.3 8.6 10% 20 In % of sales 9.9% 11.8% 8.7% 11.3% 8% 15 6% R&D expenses decreased by 21.1% 10 Reduction driven by Fit for Growth initiative 4% Overall personnel reduction and footprint 5 2% alignme
Slide 18: Financial expense
Financial expense HY HY Q2 Q2 CHF m 2025/26 2024/25 2025/26 2024/25 Exchange effect (0.7) (2.3) (0.1) (1.0) Other financial expense & income (2.4) (1.8) (1.1) (1.3) Total (3.1) (4.1) (1.3) (2.3) Negative foreign currency effects due to the appreciation of the CHF against major currencies Higher aver
Slide 19: Income taxes
Income taxes HY FY HY % 2025/26 2024/25 2024/25 Expected income tax rate 20.0 22.5 11.9 Expected withholding tax rate (1.5) 4.6 2.0 Expected tax rate 18.5 27.1 13.9 Effect of changes in tax rate on deferred tax 1.6 0.8 0.3 Permanent difference (2.2) (3.6) (1.9) Other differences 0.3 (4.4) 2.2 Effect
Slide 20: Income statement
Income statement HY HY Q2 Q2 CHF m 2025/26 2024/25 Change 2025/26 2024/25 Sales 148.3 156.5 -5.3% 72.5 75.6 Gross margin % 39.6% 44.1% -4.5%pt 41.1% 43.7% Operating expense (47.4) (54.9) -13.6% (22.6) (26.4) EBIT 11.4 14.2 -19.8% 7.2 6.7 EBIT margin % 7.7% 9.1% -1.4%pt 9.9% 8.9% Net financial expens
Slide 21: Balance sheet
Balance sheet CHF m 30.9.2025 31.3.2025 • Net working capital increase by CHF 4.6 Net working capital 73.1 68.5 million driven by large severance and Non-current assets 172.2 181.8 catch-up vendor payments Non-current liabilities (92.3) (102.1) • Reduction in non-current liabilities driven Net opera
Slide 22: Cash flow
Cash flow HY HY CHF m 2025/26 2024/25 • Strong improvement of Profit before tax 8.3 10.0 operating cash flow from solid Adjustment for non-cash items and taxes paid 15.0 5.3 EBITDA and tax refunds, Cash flow from changes in net working capital (13.6) (18.0) despite large one-time payments (incl. res
Slide 23: Agenda
Agenda Opening Remarks Frank Rehfeld Business Performance Frank Rehfeld Financial Results Antoine Chulia Outlook & Mid-Term Ambitions Frank Rehfeld Half Year Results 2025/26 10.11.2025 23
Slide 24: Outlook – Financial Year 2025/26
Outlook – Financial Year 2025/26 LEM does not expect a general change in business development until the end of the financial year For FY 2025/26, we expect Sales in the range of CHF 265 to 290 million and a high single-digit EBIT margin Considering the outlook, uncertainties remain regarding the glo
Slide 25: Updated Mid-Term Financial Ambitions
Updated Mid-Term Financial Ambitions Recalibration to enhance flexibility and reflect current industry dynamics Net Sales LEM HOLDING SA A fundamentally changing environment and in CHF the continued appreciation of the Swiss 450 franc prompted an update of LEM’s mid- 400 term ambitions. 350 LEM expe
Slide 26: Sustainability trends to continue
Sustainability trends to continue LEM continues to drive innovation The LEM business model is well positioned to capture growth from global megatrends in electrification, energy transition and e-mobility With our high investments in R&D, LEM continues to drive innovation to strengthen and expand its
Slide 27: Q&A Half Year Results 2025/26
Q&A Half Year Results 2025/26 10.11.2025 27
Slide 28: Financial calendar and contact details
Financial calendar and contact details The financial year runs from 1 April to 31 March For further information 6 February 2026 9 months results 2025/26 Antoine Chulia, CFO 26 May 2026 Full year results 2025/26 Phone: +41 22 706 12 50 25 June 2026 Annual General Meeting FY 2025/26 E-mail: investor@l
Slide 29: life energy motion
Leading the world in electrical measurement, LEM engineers the best solutions for energy and mobility, ensuring that our customers’ systems are optimized, reliable and safe. - >