Kardex Holding Ag · SIX:KARN
Kardex — FY2024 Earnings Presentation
22 slides from Kardex's earnings presentation, Mar 6, 2025
Slide 1: Media and Analysts Conference
Media and Analysts Conference 06 March 2025
Slide 2: Agenda
Agenda Introduction Jens Hardenacke, CEO Financials 2024 Thomas Reist, CFO Segment Reports Thomas Reist, CFO Outlook Jens Hardenacke, CEO Questions and Answers Media and Analysts Conference - YEC 2024 | 06.03.2025 | 2
Slide 3: Introduction
Introduction Jens Hardenacke, CEO Media and Analysts Conference - YEC 2024 | 06.03.2025 | 3
Slide 4: Highlights 2024
Highlights 2024 Record high bookings, net revenues, EBIT and net profit Continued positive demand for Kardex’ intralogistics solutions Increased willingness by customers to invest in Standardized Systems but some hesitation for investments in Automated Products in H2 Gross profit margin impr
Slide 5: Financials 2024
Financials 2024 Thomas Reist, CFO Media and Analysts Conference - YEC 2024 | 06.03.2025 | 5
Slide 6: Kardex - Key Figures 2020 - 2024 (in EUR million)
Kardex - Key Figures 2020 - 2024 (in EUR million) Bookings Net revenues 800 800 CAGR 17.4% CAGR 17.7% 600 600 400 791.2 400 791.2 698.6 673.9 702.9 603.0 +15.9% +44.7% -3.5% +17.4% +10.3% 455.5 +24.2% 565.6 +24.3% +12.6% 200 416.8 200 412.9 0 0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 EBIT
Slide 7: Kardex - Income Statement (1/2)
Kardex - Income Statement (1/2) in EUR million 2024 (%) 2023 (%) (+/- %) Bookings 791.2 100.0% 673.9 95.9% 17.4% Order backlog (31.12.) 475.5 60.1% 475.9 67.7% -0.1% Net revenues 791.2 100.0% 702.9 100.0% 12.6% Gross profit 276.8 35.0% 235.9 33.6% 17.3% OPEX 178.4 22.5% 150.0 21.3% 18.9% EBITDA 112.
Slide 8: Kardex - Income Statement (2/2)
Kardex - Income Statement (2/2) in EUR million 2024 (%) 2023 (%) (+/- %) EBIT 98.4 12.4% 85.9 12.2% 14.6% Financial result, net 5.1 0.6% 1.2 0.2% 325.0% EBT 103.5 13.1% 87.1 12.4% 18.8% Income tax -22.7 -2.9% -20.2 -2.9% -12.4% Tax rate 21.9% 23.2% Result for the period 80.8 10.2% 66.9 9.5% 20.8%
Slide 9: Kardex - Balance Sheet
Kardex - Balance Sheet in EUR million 2024 2023 (+/-) (+/-%) Current assets 348.9 294.7 54.2 18.4% thereof cash and cash equivalents 136.0 107.3 28.7 26.7% thereof NWC (accounts receivable and inventories) 150.1 147.1 3.0 2.0% thereof current fixed term deposits 37.3 12.3 25.0 203.3% Non-current ass
Slide 10: Kardex - Cash Flow Statement
Kardex - Cash Flow Statement in EUR million 2024 2023 (+/-) (+/-%) Result for the period 80.8 66.9 13.9 20.8% Change in non-cash items 12.7 24.2 -11.5 -47.5% Change in NWC 14.9 -26.9 41.8 155.4% thereof accounts receivable -1.7 -23.8 22.1 92.9% thereof inventories 0.8 7.9 -7.1 -89.9% thereof account
Slide 11: Segment Reports
Segment Reports Thomas Reist, CFO Media and Analysts Conference - YEC 2024 | 06.03.2025 | 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 >2’100 FTEs >140’000 installed solutions 2 manufacturing sites in Germany and 1 manufacturing site
Slide 13: Automated Products - Financial Highlights 2024
Automated Products - Financial Highlights 2024 in EUR million 2024 2023 (+/- %) 2.3% decrease in bookings, driven by an 8.2% decrease in New Business, partially offset by a 12% Bookings 515.5 527.6 -2.3% increase in Life Cycle Services Order backlog 271.7 313.7 -13.4% The order backlog went down
Slide 14: Automated Products - Key Figures 2020 - 2024 (in EUR million)
Automated Products - Key Figures 2020 - 2024 (in EUR million) Net revenues EBIT und EBIT margin 600 100 CAGR 13.1% CAGR 12.5% 16.2% 15.5% 500 80 400 16.5% 16.6% 12.8% 60 300 557.1 530.7 40 82.0 90.0 200 436.6 340.2 +7.4% 365.5 56.2 +7.7% 60.5 -7.3% 56.1 +46.2% +9.8% +19.5% +21.6% +5.0% 100 20 0 0 20
Slide 15: Standardized Systems
Standardized Systems Kardex Mlog Kardex AS Solutions German based organization Global partner of AutoStore with focus on the DACH since 2021 region The AutoStore technology Automated solutions is an innovative and focusing on compact robot-based storage/retrieval of unit warehouse solutions
Slide 16: Standardized Systems - Financial Highlights 2024
Standardized Systems - Financial Highlights 2024 in EUR million 2024 2023 (+/-%) 88.4% increase in bookings due to higher demand and reduced decision-making delays for larger Bookings 276.0 146.5 88.4% projects thereof Kardex Mlog 128.3 78.9 62.6% 36% increase in net revenues driven by strong th
Slide 17: Standardized Systems - Key Figures 2020 - 2024 (in EUR million)
Standardized Systems - Key Figures 2020 - 2024 (in EUR million) Net revenues EBIT and EBIT margin 250 16 6.1% CAGR 33.9% CAGR 50.6% 200 12 150 5.4% 234.4 8 100 14.4 172.3 4.0% 4.5% 9.3 129.0 4 3.8% 50 89.5 5.1 73.0 +44.1% +33.6% +36.0% 4.0 +82.4% +54.8% +22.6% 2.8 +42.9% +27.5% 0 0 2020 2021 2022 20
Slide 18: Outlook
Outlook Jens Hardenacke, CEO Media and Analysts Conference - YEC 2024 | 06.03.2025 | 18
Slide 19: Outlook
Outlook Demand for intralogistics solutions expected to remain strong, while reshoring, labor shortages and automation remain key drivers Kardex with its Business Units is well-positioned to capitalize on these trends Economic and geopolitical uncertainties remain in some regions To boost gr
Slide 20: Financial Targets as of January 2025
Financial Targets as of 01 January 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 Group < 2.5x
Slide 21: Questions and Answers
Questions and Answers Media and Analysts Conference - YEC 2024 | 06.03.2025 | 21
Slide 22: 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