Half Year Results 2025/26
1 April 2025 to 30 September 2025
Agenda
Opening Remarks Frank Rehfeld
Business Performance Frank Rehfeld
Financial Results Antoine Chulia
Outlook & Mid-Term Ambitions Frank Rehfeld
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, Automotive and Track confirming the resilience of its diversified portfolioChina confirmed stabilization trends with solid volume growth offset by high price pressure; LEM gained market share in Automation and Track and benefited from domestic EV market growthEMEA recorded slightly lower sales as weakness in Renewable Energy and EDHP weighed on
performance; Americas with strong sales at constant exchange rates, supported by the tariff impact
Driven by the Fit for Growth program, EBIT margin recovered to 7.7% in the first half, rising from 5.5% to 9.9% quarter-on-quarter despite lower sales from currency effectsFree Cash Flow improved to CHF 5.6 million, up from CHF -11.6 million a year earlier, driven by tighter
working capital management; Free Cash Flow before restructuring costs reached CHF 11.1 million.
LEM expects no major change in business development and forecasts sales of CHF 265 to 290 million with a high single-digit EBIT margin for 2025/26, reflecting improved profitabilityUpdated mid-term financial ambitions: Following a phase of market adjustment expected to last through FY2026/27, LEM targets sustainable average annual sales growth of 4 to 7% at constant exchange rates and a gradual improvement of the EBIT margin towards a 10 to 15% range
Agenda
Opening Remarks Frank Rehfeld
Business Performance Frank Rehfeld
Financial Results Antoine Chulia
Outlook Frank Rehfeld
A leading company in electrical measurement
Five Businesses
Automation
Automotive
Renewable
Energy
Energy Distribution
& High Precision
Track
HY 2025/26 Sales CHF m
|
43.7
|
40.6
|
20.3
|
19.0
|
24.6
|
Δ CHF
|
-3.2%
|
+2.0%
|
-20.3%
|
-19.7%
|
+9.9%
|
Δ constant exchange
rates
|
+2.8%
|
+8.9%
|
-15.1%
|
-15.2%
|
+14.9%
|
17%
29%
13%
14%
27%
Growth
Automation recovered as inventories normalized and Automotive grew in China and Europe on strong EV and battery management demand |
Sales
CHF m
|
HY 25/26
vs 24/25
|
Q2 25/26
vs 24/25
|
Automation
|
43.7
|
-3.2%
|
+4.3%
|
Automotive
|
40.6
|
+2.0%
|
-4.8%
|
Renewable Energy
|
20.3
|
-20.3%
|
-17.0%
|
Energy Distribution & High Precision
|
19.0
|
-19.7%
|
-18.5%
|
Track
|
24.6
|
+9.9%
|
+9.1%
|
TOTAL
|
148.3
|
-5.3%*
|
-4.0%
|
*+0.5% at constant exchange rates
Automation
Drives, robots, tooling machines, elevators, and HVAC
CHF m
140
CHF m
HY HY Q2 Q2
2025/26 2024/25 2025/26 2024/25
Sales
43.7
45.2
22.5
21.6
120
100
80
60
40
20
0
21/22 22/23 23/24 24/25 25/26
The market recovered as customer inventories normalized, driven by mid-power applications such as power measurement and data center cooling, while low-power drives remained weakHigh-voltage applications in China performed well, with Chinese suppliers expanding into Europe and increasing price pressure
FY sales
HY sales
Automotive
Battery (EV & CE), motor control, and onboard charging
CHF m
|
HY
|
HY
|
Q2
|
Q2
|
CHF m
|
2025/26
|
2024/25
|
2025/26
|
2024/25
|
Sales
|
40.6
|
39.8
|
19.0
|
19.9
|
120
100
80
60
40
20
0
21/22 22/23 23/24 24/25 25/26
FY sales
HY sales
Automotive performance significantly varied by regionChina and Europe grew on strong EV and battery management demand, supported by LEM's strong local positioning and cost disciplineIn the Rest of Asia and Americas, weak demand persisted, but price pressure was mitigated by a shift toward higher-value battery management products, where LEM leads technologically and is expanding capacity
Renewable energy
Solar and wind
CHF m
|
HY
|
HY
|
Q2
|
Q2
|
CHF m
|
2025/26
|
2024/25
|
2025/26
|
2024/25
|
Sales
|
20.3
|
25.5
|
9.4
|
11.4
|
70
60
50
40
30
20
10
0
21/22 22/23 23/24 24/25 25/26
FY sales
HY sales
Market in China declined after the cancellation of solar feed-in tariffs in June 2025, slowing new project investmentsIn Europe, demand remained weak as domestic solar systems are mostly sourced from China, while large commercial projects performed betterIn the Rest of Asia, growth was supported by government spending in Japan, an upturn in India, and stable wind energy demand
Energy distribution and high precision
Charging stations, smart grid, energy storage, and high precision
CHF m
70
CHF m
HY
2024/25
Q2
2024/25
Sales
11.5
23.7
60
50
40
30
20
10
0
21/22 22/23 23/24 24/25 25/26
FY sales
HY sales
DC meter business remained challenging in Europe and the US as low EV sales and rising competition led to postponed investmentsMarket in China stayed relatively stableHigh-precision segment weakened due to lower demand in automotive battery testingBusiness with uninterruptible power supply for data centers grew across all regions, supported by a dedicated US initiative 
