Kardex Holding Ag · SIX:KARN
Kardex — FY2025 Earnings Presentation
26 slides from Kardex's earnings presentation, Mar 12, 2026
Slide 1: Media and Analysts Conference
Media and Analysts Conference 12 March 2026
Slide 2: Agenda
Agenda Introduction Jens Hardenacke, CEO Financials 2025 Thomas Reist, CFO Segment Reports Thomas Reist, CFO Outlook Jens Hardenacke, CEO Questions and Answers Media and Analysts Conference - YEC 2025 | 12.03.2026 | 2
Slide 3: Introduction
Introduction Jens Hardenacke, CEO Media and Analysts Conference - YEC 2025 | 12.03.2026 | 3
Slide 4: Highlights 2025
Highlights 2025 ▪ Kick-off implementation of our accelerated growth strategy ▪ Substantial investments in strategic growth initiatives, with a focus on sales & marketing, innovation and digitalization. ▪ Strong market position resulting in record high bookings, net revenues and EBIT. ▪ Standardized
Slide 5: Financials 2025
Financials 2025 Thomas Reist, CFO Media and Analysts Conference - YEC 2025 | 12.03.2026 | 5
Slide 6: Kardex - Key Figures 2021 - 2025 (in EUR million)
Kardex - Key Figures 2021 - 2025 (in EUR million) Bookings Net revenues 1000 1000 CAGR 13.0% CAGR 16.9% 800 800 600 600 981.6 400 791.2 400 850.4 603.0 +15.9% 698.6 -3.5% 673.9 +17.4% +24.1% +24.2% 702.9 +12.6% 791.2 +7.5% 565.6 +24.3% 200 200 455.5 0 0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2
Slide 7: Kardex - Income Statement (1/2)
Kardex - Income Statement (1/2) in EUR million 2025 (%) 2024 (%) (+/- %) Bookings 981.6 115.4% 791.2 100.0% 24.1% Order backlog (31.12.) 599.2 70.5% 475.5 60.1% 26.0% Net revenues 850.4 100.0% 791.2 100.0% 7.5% Gross profit 289.9 34.1% 276.8 35.0% 4.7% OPEX 188.7 22.2% 178.4 22.5% 5.8% EBITDA 111.8
Slide 8: Kardex - Income Statement (2/2)
Kardex - Income Statement (2/2) in EUR million 2025 (%) 2024 (%) (+/- %) EBIT 101.2 11.9% 98.4 12.4% 2.8% Financial result, net -34.9 -4.1% 5.1 0.6% -784.3% EBT 66.3 7.8% 103.5 13.1% -35.9% Income tax -24.5 -2.9% -22.7 -2.9% -7.9% Tax rate 37.0% 21.9% Result for the period 41.8 4.9% 80.8 10.2% -48.3
Slide 9: Kardex - Balance Sheet
Kardex - Balance Sheet in EUR million 2025 2024 (+/-) (+/-%) Current assets 362.8 348.9 13.9 4.0% thereof cash and cash equivalents 118.1 136.0 -17.9 -13.2% thereof NWC (accounts receivable and 199.0 150.1 48.9 32.6% inventories) thereof current fixed term deposits 18.2 37.3 -19.1 -51.2% Non-current
Slide 10: Kardex - Cash Flow Statement
Kardex - Cash Flow Statement in EUR million 2025 2024 (+/-) (+/-%) Result for the period 41.8 80.8 -39.0 -48.3% Change in non-cash items 54.3 12.7 41.6 327.6% Change in NWC -35.3 14.9 -50.2 -336.9% thereof accounts receivable -39.1 -1.7 -37.4 -2200.0% thereof inventories -14.5 0.8 -15.3 -1912.5% the
Slide 11: Segment Reports
Segment Reports Thomas Reist, CFO Media and Analysts Conference - YEC 2025 | 12.03.2026 | 11
Slide 12: Automated Products
Automated Products Kardex Remstar ▪ Global organization providing sales and service in over 30 countries ▪ Automated solutions focusing on order fulfillment and storage/retrieval of single items ▪ >2’200 FTEs ▪ >140’000 installed solutions ▪ 2 manufacturing sites in Germany and 1 manufacturing site
Slide 13: Automated Products - Financial Highlights 2025
Automated Products - Financial Highlights 2025 in EUR million 2025 2024 (+/- %) ▪ Bookings +8.7% mainly driven by Europe. Bookings 560.6 515.5 8.7% ▪ Order backlog at EUR 254.2m (~5 months coverage). Order backlog 254.2 271.7 -6.4% ▪ Revenues +2.8%, reaching a new record. Business mix stable: ~68% N
Slide 14: Automated Products - Key Figures 2021 - 2025 (in EUR million)
Automated Products - Key Figures 2021 - 2025 (in EUR million) Net revenues EBIT and EBIT margin 600 120 20.0% CAGR 11.9% CAGR 11.1% 15.5% 16.2% 16.1% 500 100 16.6% 15.0% 400 80 12.8% 300 557.1 572.8 60 10.0% 530.7 200 436.6 40 82.0 90.0 92.1 365.5 +19.5% +21.6% +5.0% +2.8% 60.5 -7.3% 56.1 +46.2% +9.
Slide 15: Standardized Systems
Standardized Systems Kardex Mlog Kardex AS Solutions Rocket Solution ▪ German based organization with focus on ▪ Global partner of AutoStore since 2021 ▪ Founded in 2019 Europe ▪ The AutoStore technology is an ▪ Kardex acquired minority stake in 2020 as a ▪ Automated solutions focusing on innovativ
Slide 16: Standardized Systems - Financial Highlights 2025
Standardized Systems - Financial Highlights 2025 in EUR million 2025 2024 (+/-%) ▪ Bookings +52.9% to EUR 422.1m, driven by a strong market position and offering. Bookings 422.1 276.0 52.9% ▪ Order backlog +69.6% to EUR 345.6m, boosted by thereof Kardex Mlog & Rocket 187.1 128.3 45.8% major multi-si
Slide 17: Standardized Systems - Key Figures 2021 - 2025 (in EUR million)
Standardized Systems - Key Figures 2021 - 2025 (in EUR million) Net revenues EBIT and EBIT margin 300 20 7.0% CAGR 32.8% 6.1% 250 CAGR 36.3% 5.4% 5.0% 6.0% 16 4.5% 5.0% 200 4.0% 12 4.0% 150 278.1 234.4 8 3.0% 100 14.4 13.8 172.3 2.0% 129.0 4 9.3 50 89.5 5.1 +82.4% 1.0% +44.1% +33.6% +36.0% +18.6% 4.
Slide 18: Outlook
Outlook Jens Hardenacke, CEO Media and Analysts Conference - YEC 2025 | 12.03.2026 | 18
Slide 19: Rocket complements Lightgoods Offering of Kardex
Rocket complements Lightgoods Offering of Kardex 3'200 2'800 2'400 performance (presentations per hour) 2'000 1'600 1'200 800 400 0 2'700 5'400 10'800 21'600 43'200 86'400 capacity (storage locations) Media and Analysts Conference - YEC 2025 | 12.03.2026 | 19
Slide 20: Rocket Solution: Rationale for Full Consolidation
Rocket Solution: Rationale for Full Consolidation Three Pillars of Strategic Value Enhanced Portfolio in light-goods Network & commercial leverage Financial and growth profile ▪ Bin shuttle addresses mid-to-large scale ▪ Rocket Solution gains access to Kardex' ▪ Six validated pilot projects de-risk
Slide 21: Winning together as One Kardex
Winning together as One Kardex The power of collaboration Combined Bookings >160 m€ Kardex AS & Mlog ~ 130m€ Rocket & Mlog ~ 10 m€ Remstar & Mlog ~ 15 m€ Remstar & Kardex AS ~ 10 m€ Media and Analysts Conference - YEC 2025 | 12.03.2026 | 21
Slide 22: Executing Kardex' transformation for scalable, profitable growth
Executing Kardex’ transformation for scalable, profitable growth One global Kardex: Maintaining distinct business units while aligning our go-to-market strategy to create a more customer-centric organization Portfolio momentum: Launch of Rocket for light goods expands addressable market and strength
Slide 23: Outlook
Outlook ▪ Demand for Kardex’ intralogistics solutions expected to remain strong; reshoring, labor shortages and automation continue to drive structural growth. ▪ Kardex is well-positioned across all Business Units to capitalize on market momentum despite ongoing macro economics uncertainties. ▪ Stan
Slide 24: Financial Targets (valid since March 2025)
Financial Targets (valid since March 2025) KPI Scope Target Net revenues growth Group EUR 1.5 bn by 2029-2031 EBIT margin* Automated Products 14 - 17% Standardized Systems 5 - 8% Group 10 - 14% ROIC Group > 25% Dividend policy (payout ratio) Group operational Net up to 75% profit Net debt/EBITDA Gro
Slide 25: Questions and Answers
Questions and Answers Media and Analysts Conference - YEC 2025 | 12.03.2026 | 25
Slide 26: Disclaimer
Disclaimer This communication contains statements that constitute “forward-looking statements”. In this communication, such forward-looking statements may include statements on the financial situation, earnings situation and business results of Kardex as well as certain strategic plans and objective