Dksh Holding Ltd · SIX:DKSH
Dksh — Dksh Holding Ltd Ord — FY 2025 Earnings Presentation
23 slides from Dksh's earnings presentation, Feb 17, 2026
Slide 1: Full-Year Results 2025
TBU Full-Year Results 2025 Media and Investor Conference February 17, 2026 Delivering Growth – in Asia and Beyond. Page 1
Slide 2: Agenda
Agenda 1. Highlights FY 2025 2. Business Units Review 3. Financial Update 4. Outlook Page 2
Slide 3: Highlights FY 2025
1 Highlights FY 2025 Page 3
Slide 4: Solid EBIT Growth in 2025 and Further Growth Acceleration in H2 2025
We Continue to Deliver Solid EBIT Growth in 2025 and Further Top- and Bottom-Line Growth Acceleration in H2 2025 DKSH Mid-Term Roadmap KPIs FY 2025 Realization Deliver accelerated net sales H1: +2.1% at CER Growth Net Sales: +2.9% at CER3 growth above GDP1,2 H2: +3.6% at CER Margin Expand margin on
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 Technology Healthcare Performance Materials High-Performance Culture • DKSH among “Fortune Top • Bayer (SG, TH, MY, PH) • Synthomer (EU) 100 Companies to Work for
Slide 6: AI Is an Opportunity For Us – Enabling Growth and Driving Efficiencies
AI Is an Opportunity For Us – Enabling Growth and Driving Efficiencies Leverage our extensive data base for additional growth opportunities with AI AI initiatives to boost growth and efficiency across all BUs Raise already high barriers to entry Demand Master Data AI Sales Hub Price Optimization For
Slide 7: Nine Transactions Announced & More Than 80% of M&A Spend on Higher-Margin Businesses
Nine Transactions Announced & More Than 80% of M&A Spend on Higher-Margin Businesses Business Unit / 2025 Margin2 M&A Spend3 since 2020 M&A Execution Business Line (in %) • Focus on higher-margin business based on attractive pipeline Healthcare Own Brands1 >20% ~5% • Potential for M&A-driven expansi
Slide 8: Strong Cash Generation Enables a Progressive Dividend Policy
Strong Cash Generation Enables a Progressive Dividend Policy Ordinary Dividend per Share (in CHF) CAGR +5.1% 2 2.50 2.25 2.35 2.15 2.05 1.90 1.95 1.85 1.65 1.50 1.30 1.15 0.95 0.80 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Proposa
Slide 9: Business Units Review
2 Business Units Review Page 9
Slide 10: Business Unit Healthcare
Business Unit Healthcare Net Sales (in CHF million) • Continued strong net sales development +4.6%¹ • Above-GDP growth 5’697.2 5’821.7 • Acceleration of organic growth in H2¹ • Broad-based growth across multiple markets, new and existing clients • Successful business development with Bayer, Eli Lill
Slide 11: Business Unit Consumer Goods
Business Unit Consumer Goods Net Sales (in CHF million) • Net sales growth of 1.2%1 with growth acceleration in H2 2025 (+2.8%1) +1.2%¹ 3’443.2 3’376.1 • Strong development in Malaysia, Vietnam, and Singapore • Stronger business development • Acquisition of Zircon-Swis Fine Foods FY 2024 FY 2025 ahe
Slide 12: Business Unit Performance Materials
Business Unit Performance Materials Net Sales (in CHF million) • Net sales growth of +1.4%1 in a very challenging market environment +1.4%¹ 1’404.8 1’359.8 • APAC (~60% of Net sales) with strongest performance (+5.5%1) in an overall declining market • Robust business development FY 2024 FY 2025 mome
Slide 13: Business Unit Technology
Business Unit Technology • Resilient results in a challenging business Net Sales (in CHF million) environment -1.4%¹ • Continued short-term uncertainty 549.3 513.5 • Delayed investment decisions • Further focused portfolio • Announced five acquisitions in Scientific Solutions FY 2024 FY 2025 • Stren
Slide 14: Financial Update
3 Financial Update Page 14
Slide 15: FY 2025 – Continued Solid Financial Performance
FY 2025 – Continued Solid 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 (%) +2.9%1 +6.7%1 +0.1% pts +3.3%1 95.2% 343.1 349.0 11.1 11.1 225.7 226.4 256.5 3.2% 3
Slide 16: Net Sales Increase and Continued Strong Core EBIT Growth
Net Sales Increase and Continued Strong Core EBIT Growth Net Sales (in CHF million) Core EBIT (in CHF million) 5.0% 1.7% 2.5% 0.4% 343.1 349.0 (3.9)% 11’093.6 11’070.6 335.4 (5.0)% (3.1)% +2.9%1 +6.7%¹ H1: +2.1%1 H1: +5.1%1 H2: +3.6%1 H2: +8.1%1 2 2024 Organic Net M&A FX 2025 2024 Core Organic Net M
Slide 17: Sustainable Net Sales and Core EBIT Increase Since 2021…
Sustainable Net Sales and Core EBIT Increase Since 2021… Net Sales Core EBIT (in CHF billion) (in CHF million) CAGR +4.2%1 CAGR +11.6%1 12.7 13.1 11.6 12.1 440.0 410.1 378.0 331.9 329.9 343.1 349.0 319.2 11.1 11.3 11.1 11.1 11.1 283.4 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Net Sales FX im
Slide 18: …Combined With a Legacy of Strong Cash Generation
…Combined With a Legacy of Strong Cash Generation Working Capital1 Free Cash Flow (in % of annualized Net Sales) (in CHF million) 282.3 9.6% 261.6 256.5 209.5 215.5 9.0% 8.8% 8.6% 8.6% Target >90% cash conversion 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Capex2 / Net Sales (%) Cash Conversio
Slide 19: Continued Strong Balance Sheet With Significant Leverage Potential
Continued Strong Balance Sheet With Significant Leverage Potential in CHF million 2024 2025 Cash/liquid assets 609.1 538.4 Strong return metrics Trade receivables 1,964.6 1,890.9 • High Core RONOC of 19.7% Inventories 1,334.6 1,254.1 • Improved Core ROE of 12.4% Intangibles 819.6 801.3 Right-of-use
Slide 20: Additional Financial Indications
Additional Financial Indications FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 Mid-Term Estimate1 Estimate Net M&A3 Increased M&A 1.5% 2.1% 0.9% 0.4% ~0.8%1,2 (net sales contribution) ambitions FX Slightly (2.6%) (7.5%) (3.8%) (3.1%) n.a. (net sales contribution) negative2 Tax rate 27.1% 28.1% 29.5% 28.7%
Slide 21: Outlook
4 Outlook Page 21
Slide 22: Outlook Consistently Delivering on Our Results
Outlook Consistently Delivering on Our Results Current Macroeconomic Landscape Prospects for 2026 and Beyond Change picture • Most recent GDP forecasts point to stronger • DKSH is committed to its mid-term economic growth in APAC1, as tariff impacts roadmap, highlighting that its outlook for were sm
Slide 23: 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