Dksh Holding Ltd · SIX:DKSH
Dksh — H1 2025 Earnings Presentation
22 slides from Dksh's earnings presentation, Jul 17, 2025
Slide 1: Half-Year Results 2025
Half-Year Results 2025 Investor and Media Conference July 17, 2025 Delivering Growth – in Asia and Beyond. Page 1
Slide 2: Agenda
Agenda 1. Highlights H1 2025 2. Business Units Review 3. Financial Update 4. Outlook Page 2
Slide 3: Highlights H1 2025
1 Highlights H1 2025 Page 3
Slide 4: Delivering Results and Proving Resilience During Global Economic Strains and Market Uncertainties
Delivering Results and Proving Resilience During Global Economic Strains and Market Uncertainties DKSH Mid-Term Roadmap KPIs H1 2025 Realization Deliver accelerated net sales growth Growth Net Sales: +2.1% at CER3 above GDP1,2 Margin Expand margin on average by at least Core EBIT: +5.1% at CER3 Expa
Slide 5: DKSH Creates Value Through Diligent Strategy Execution
DKSH Creates Value Through Diligent Strategy Execution Executing Our Business Development* Additional Highlights Accelerated M&A strategy Healthcare Performance Materials High-Performance Culture • Great Place to Work in 15 • Bayer (SG, TH, MY, PH) • Catexel (DACH) markets Technology • The Europlace
Slide 6: Outsourcing Trend Remains Strong, Securing Multi-Market Partnerships
Outsourcing Trend Remains Strong, Securing Multi-Market Partnerships Business Development in Business Development in Healthcare Performance Materials Markets: Markets: Singapore, Malaysia, Thailand, and the China, the Philippines, Australia, New Philippines Zealand, Taiwan Background: Background: Ba
Slide 7: More Than 80% of M&A Spend on Higher Profitability Business
More Than 80% of M&A Spend on Higher Profitability Business Business Unit / Line 2024 Margin2 M&A Spend3 Since 2019 (in %) 33 Acquisitions Since 2019 Healthcare Own Brands1 >20% ~5% Performance Materials 8.1% ~60% Technology 6.5% ~15% Group margin Healthcare 2.9% ~10% Consumer Goods 2.6% ~10% On tra
Slide 8: Business Units Review
2 Business Units Review Page 8
Slide 9: Business Unit Healthcare
Business Unit Healthcare Net Sales (in CHF million) • Continued strong net sales development +4.0%¹ o Above-GDP growth 2’776.6 2’889.5 o Expansion with existing and new clients in key markets Taiwan, Korea, Malaysia, and Singapore • Ongoing focus on higher value-added H1 2024 H1 2025 segments and se
Slide 10: Business Unit Consumer Goods
Business Unit Consumer Goods Net Sales (in CHF million) • Resilient net sales performance amid -0.5%¹ challenging market conditions 1’703.2 1’686.6 • Consumer spending across APAC muted • E.g. Thailand’s consumer confidence drops to 27-month low in May2 • E.g. Hong Kong retail Sales H1 2024 H1 2025
Slide 11: Business Unit Performance Materials
Business Unit Performance Materials Net Sales (in CHF million) • Slight positive trend continues despite volatile market +1.3%¹ environment 708.4 698.0 • Strong contributions from our digital platform DKSH Discover to boost lead generation & business development H1 2024 H1 2025 • Pricing remains res
Slide 12: Business Unit Technology
Business Unit Technology Net Sales (in CHF million) • Resilient performance, slight net sales growth1 despite: +0.6%¹ • Short-term uncertainty 252.9 246.9 • Delayed investment decisions • Already announced three acquisitions • Will continue to capitalize on market H1 2024 H1 2025 consolidation oppor
Slide 13: Financial Update
3 Financial Update Page 13
Slide 14: H1 2025 – Continued Good Financial Performance
H1 2025 – Continued Good Financial Performance Net Sales Core EBIT Core EBIT Margin Core Profit After Tax Free Cash Flow (in CHF billion) (in CHF million) (in %) (in CHF million) (in CHF million) Cash Conversion (%) +2.1%1 +5.1%1 +10 bps -10.3%1 137.6% 117.5% 5.4 5.5 160.8 169.3 3.1% 116.9 163.6 3.0
Slide 15: Strong Core EBIT Growth
Strong Core EBIT Growth Net Sales (in CHF million) Core EBIT (in CHF million) 1.8% 0.3% 5’520.8 5’441.1 1.5% 3.6% 169.3 163.6 166.0 (0.6)% +2.1%1 (1.6)% (1.9)% +5.1%¹ 2 H1 2024 Organic Net M&A FX H1 2025 H1 2024 Organic Net M&A FX H1 2025 Non-core H1 2025 Core EBIT Core EBIT EBIT Organic M&A FX Busi
Slide 16: Sustainable Net Sales and Core EBIT Increase Since 2021
Sustainable Net Sales and Core EBIT Increase Since 2021… Net Sales Core EBIT2 (in CHF billion) (in CHF million) CAGR +4.1%1 CAGR +12.1%1 6.3 6.4 6.1 208.0 5.7 197.5 184.2 157.6 162.6 163.6 169.3 153.3 5.6 5.6 131.5 5.5 5.4 5.5 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 H1 2021 H1 2022 H1 2023 H1 2024 H
Slide 17: Combined With a Legacy of Strong Cash Generation
…Combined With a Legacy of Strong Cash Generation Over the Years Working Capital1 Free Cash Flow (in % of annualized Net Sales) (in CHF million) Ø Cash Conversion: 123.1% 179.0 160.8 9.1% 8.6% 8.0% 7.8% 7.7% 121.6 107.2 72.1 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 H1 2021 H1 2022 H1 2023 H1 2024 H1
Slide 18: Continued Strong Balance Sheet with Significant Leverage Potential
Continued Strong Balance Sheet with Significant Leverage Potential in CHF million 2024 H1 2025 Strong return metrics Cash/Liquid assets 609.1 482.1 Trade receivables 1,964.6 1,778.6 • Further optimized working capital • High Core RONOC of 19.6% Inventories 1,334.6 1,309.7 • Strong Core ROE of 12.0%
Slide 19: Additional Financial Indications
Additional Financial Indications FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Mid-Term Estimate Estimate M&A Increased M&A 0.8% 1.5% 2.1% 0.9% ~0.5%1 (net sales contribution) ambitions FX (2.0%) (2.6%) (7.5%) (3.8%) (2% to 3%)2 n.a. (net sales contribution) Tax rate 27.8%3 27.1% 28.1% 29.5% 27% to 29% 27
Slide 20: Outlook
4 Outlook Page 20
Slide 21: Outlook
Outlook Current Macroeconomic Landscape Prospects for 2025 and Beyond Change picture • Most recent GDP forecasts point to lower • DKSH is committed to its mid-term worldwide economic growth, incl. APAC1 roadmap, highlighting that its outlook for • However, growth in APAC is expected to 2025 aligns w
Slide 22: Disclaimer
Disclaimer While this presentation has been prepared by DKSH with due care and based on information it reasonably believes to be accurate, complete and up-to-date on the date hereof, this presentation may be inaccurate or incomplete or contain typographical errors or information that is not up-to-da