Perrot Duval Holding S.A.
HALF-YEAR REPORT 2025/26 (FROM 1 MAY TO 31 OCTOBER 2025)
2
CONTENTS
4 KEY FIGURES
5 REPORT OF THE BOARD OF DIRECTORS
8 CONSOLIDATED BALANCE SHEET
9 CONSOLIDATED INCOME STATEMENT
9 EARNINGS PER SHARE FOR SHAREHOLDERS
10 CONSOLIDATED CASH FLOW STATEMENT 3
11 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
12 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
15 ADDRESSES
KEY FIGURES
KEY FIGURES | ||
CHF 1,000 | 1st half-year 25/26 | 1st half-year 24/25 |
Order intake | 9,857 | 6,868 |
Change versus previous year | 43,5% | (12.2%) |
Net sales | 7,027 | 6,566 |
Change versus previous year | 7.0% | (22.7%) |
Gross margin | 68.9% | 74.9% |
EBITDA | (133) | (684) |
as % of net sales | (1.9%) | (10.4%) |
Depreciation and amortisation | (497) | (564) |
EBIT | (630) | (1,247) |
as % of net sales | (8.9%) | (19.0%) |
Net profit/(loss) | (599) | (1,340) |
as % of sales | (8.5%) | (20.4%) |
31.10.25 | 31.10.24 | |
Total assets | 15,310 | 14,993 |
Shareholders' equity | 9,788 | 11,301 |
Equity ratio (%) | 63.9% | 75.4% |
Employees (full time equivalent) | 101 | 103 |
4
PERROT DUVAL SECURITIES | |||
Bearer shares | 1st half-year 25/26 | 1st half-year 24/25 | |
High | CHF | 69.50 | 70.50 |
Low | CHF | 45.00 | 35.20 |
As at 31.10. | CHF | 49.80 | 65.00 |
Market capitalisation | 31.10.25 | 31.10.24 | |
Market capitalisation | CHF mio | 6,7 | 8.7 |
REPORT OF THE BOARD OF DIRECTORS
ACTIVITIES
The Perrot Duval Group aims to be solid, dynamic, profitable and active in future-oriented market niches. Its growth is achieved both organically and through acquisitions.
To date, Perrot Duval Holding S.A. has oriented its investments as follows:
the automation of processes used in the manufacture of chemical and pharmaceutical products. This is the domain of the Füll Process Division (56% of consolidated sales as of 31 October 2025).
The Füll Division provides fully automated systems and components for dispensing and safety that improve or simplify certain manufacturing processes for chemicals - such as paints, printing inks, food and cosmetics - and pharmaceuticals. Since March 2021, its products and services address both production and laboratory applications (see page 6),
the decorative cosmetic chemistry, more particularly in the field of nail gels and lacquers. This is the core business of Polystone Division (44% of consolidated sales as of 31 October 2025).
Polystone products are mainly intended for international wholesalers, but also for professional studios. The continuous development and adaptation of the products meet the high quality requirements of this industry (see page 7).
Half year under reviewThe significant decline in results recorded during the 2024/25 financial year (ending 30 April 2025) was followed by a half-year marked by a solid recovery. Order intake jumped 43.5% from CHF 6.9 million to CHF 9.9 million, and the order backlog as of 31 October 2025 stood at CHF 6.8 million, compared with CHF 4.5 million a year earlier (up 51%).
Customers active in the decorative cosmetics market (Polystone Division), who had been particularly cautious during the previous financial year due to a lack of visibility, resumed their purchases to replenish their own inventories. Polystone, for its part, has significantly expanded its offering, notably through its service of delivering products in final sales containers. This latest initiative has enabled the company to acquire new customers and retain its existing clientele.
5
Building on its strong reputation in the automated dosing market, the Füll Division completed its internal reorganization during the previous financial year. It now has a solid and well-established structure, which enabled it to secure enough orders in the first half of 2025/26 to meet its annual sales budget in what is, admittedly, a buoyant market at present.
The Perrot Duval Group's consolidated sales amounted to CHF 7.0 million as of 31 October 2025, compared with CHF 6.6 million a year earlier. The absolute gross margin increased by CHF 0.6 million to CHF 4.8 million; the relative gross margin also grew from 5.2% to 68.9% (63.7% as of 31 October 2024).
Operating expenses remained stable between the two periods under review at CHF 5.5 million. The interim EBIT loss at this point in the year was halved (CHF -0.6 million compared with CHF -1.2 million as of 31 October 2024). The same was true of the loss after tax as of 31 October 2025, which amounted to CHF -0.6 million (CHF 1.3 million a year earlier).
REPORT OF THE BOARD OF DIRECTORS
Furthermore, cash flow was positive in the first half of the 2025/26 financial year (CHF 0.9 million), whereas it had been negative as of 31 October 2024 (CHF -1.2 million).
Finally the Perrot Duval Group merged its holdings Füll Process S.A., Perrot Duval Management S.A., and Polystone Holding S.A. to retain only Perrot Duval Management S.A. during the first half of fiscal year 2025/26. This transaction simplifies the Group's structure and generates cost synergies.
From a management perspective, the group continues to operate its two existing divisions and presents their income statements and balance sheets separately.
THE FÜLL PROCESS GROUP -(OWNED 100%)
6 «PROCESS AUTOMATION» SEGMENT
First half year results - development of the three investmentsThe Füll Group successfully closed its first half of 2025/26 and confirmed its position among the leading suppliers in the field of automation of dosing technology for industry, particularly for laboratory and production applications. The positive development of business and customer confidence in Füll products and services were evident.
At the beginning of the year, the order book stood at CHF 3.8 million. During the first half of 2025/26, new orders totaled CHF 5.2 million, in line with expectations. Through its internal reorganization, which began three years ago, the group has significantly increased its efficiency, doubling the total amount of bids made from CHF 16.0 million to CHF 31.0 million in two years. This remarkable increase provides a solid foundation for both the second half of the year and the following financial year.
Revenue for the first half of 2025/26 amounted to CHF 4.0 million, compared with CHF 4.1 million a year earlier. Given an increase in gross margin from 3.2%
to 58.8% as of 31 October 2025, and unchanged operating expenses of CHF 2.6 million, the interim EBIT loss for the Füll Division amounted to CHF -0.3 million (unchanged compared with the same period of the previous financial year).
CHF 1 000 Order intake | 1st half-year 25/26 5,312 | 1st half-year 24/25 4,426 |
change versus previous year | 20.0% | 18.7% |
Net sales | 3,954 | 4,127 |
change versus previous year | (4.2%) | (7.3%) |
EBITDA | (220) | (171) |
as % of net sales | (5.6%) | (4.1%) |
Depreciation and amortisation | (99) | (137) |
EBIT | (320) | (308) |
as % of net sales | (8.1%) | (7.5%) |
Employees (full time equivalent) | 42 | 43 |
Strategic measures, particularly in the areas of after-sales service and software, continue to bear fruit.
After-sales service revenue amounted to CHF 1.6 million, indicating that the existing potential has not yet been fully exploited. Although this amount is slightly below initial forecasts, management is confident that it will reach CHF 3.7 million by the end of the financial year. After-sales activity is a key growth driver that creates sustainable added value for customers through maintenance services and solutions.
The development and launch of its new software for automated dosing systems offers clear advantages. These various software packages have been very well received and improve the efficiency and control of dosing technology. This advance strengthens customer loyalty while opening up new markets.
REPORT OF THE BOARD OF DIRECTORS
Outlook of the Füll DivisionThe Division has ambitious but realistic targets for the second half of 2025/26. The continued development of software solutions and the strengthening of after-sa-les activities will contribute significantly to further growth and the achievement of a high gross margin. The Füll Group aims to achieve sales of close to CHF
9.5 million, provided that its procurement program can be met. Investments in innovation and customer satisfaction strengthen the Füll Group's position in its market and form the basis for sustainable growth.
THE POLYSTONE GROUP -(OWNED 100%)
«CHEMICAL COSMETICS» SEGMENT
First half year results - temporary decline in order intakeCHF 1 000 Order intake | 1st half-year 25/26 4,545 | 1st half-year 24/25 2,442 |
change versus previous year | 86.1% | (40.4%) |
Net sales | 3,073 | 2,439 |
change versus previous year | 26.0% | (39.7%) |
EBITDA | 320 | 15 |
as % of net sales | 10.4% | 0.6% |
Depreciation and amortisation | (398) | (421) |
EBIT | (79) | (406) |
as % of net sales | (2.6%) | (16.6%) |
Employees (full time equivalent) | 55 | 57 |
The Polystone Group is a leading developer in the cosmetics industry, specializing in UV gels for nail cosmetics. The group is showing positive signs of recovery after the difficulties encountered during the 2024-2025 financial year. Newly launched products and services have been met with considerable success.
At the beginning of the financial year, the order book stood at CHF 1.1 million. During the first half of 2025/26, additional orders totaled CHF 3.8 million, marking a significant upturn in customer interest and confidence, and sales amounted to CHF 3.1 million. As of 31 October 2025, the order book stood at CHF 1.8 million. In 2024, the Polystone Group launched various strategic initiatives:
As a full-service supplier, it expanded its offering from the manufacture and marketing of UV gels to the provision of services including product delivery, filling of products into containers for final sale, and packaging. This operation has been a great success with its customers, enabling them to optimize their purchasing and storage processes and then resell the finished products directly.
The sales and marketing department has been signi- 7
ficantly strengthened, enabling it to better identify customer needs and offer them specific solutions. Close contact with customers is appreciated. New customers have already been acquired through this channel.
Outlook of the Polystone Division Management has set ambitious targets for the second half of the current financial year. The market is gradually recovering and customers are ready to increase their orders. The revenue target is to exceed CHF 7.0 million (CHF 4.8 million in the previous financial year).The expansion of the range of services brings new challenges for the Polystone Group, particularly in terms of production. Short delivery times are essential to meet the ever-changing needs of customers. In addition, changes in various European regulations remain a challenge for the sector.
CONSOLIDATED BALANCE SHEET
CHF 1,000 Assets Cash and cash equivalents | Note 5/7 | 31.10.25 2,300 | 30.04.25 1,437 |
Trade accounts receivable | 674 | 1,103 | |
Other short-term receivables | 1,706 | 1,157 | |
Inventories | 3,666 | 3,550 | |
Prepayments and accrued income | 113 | 202 | |
Total current assets | 8,459 | 7,449 | |
Financial assets (loan to related parties) | 150 | 150 | |
Tangible fixed assets | 5,765 | 5,903 | |
Intangible assets | 833 | 880 | |
Deferred tax assets | 103 | 0 | |
Total non-current assets | 6,851 | 6,933 | |
Total assets | 15,310 | 14,382 | |
Liabilities Interest-bearing current financial liabilities | 5 | 415 | 0 |
Trade accounts payable | 388 | 422 | |
Other current liabilities | 8 | 3,198 | 2,656 |
Accrued liabilities and deferred income | 678 | 592 | |
Short-term provisions | 170 | 153 | |
Total current liabilities | 4,849 | 3,823 | |
Interest-bearing non-current financial liabilities | 5 | 604 | 0 |
Deferred tax liabilities | 69 | 70 | |
Total non-current liabilities | 673 | 70 | |
Total liabilities | 5,522 | 3,893 | |
Equity Share capital | 6,725 | 6,725 | |
Capital reserves | 318 | 318 | |
Accumulated Profits | 4,214 | 4,813 | |
Currency translation differences | (1,469) | (1,367) | |
Total shareholders' equity | 9,788 | 10,489 | |
Total liabilities and shareholders' equity | 15,310 | 14,382 | |
8
CONSOLIDATED INCOME STATEMENT
CHF 1,000 | 1st half-year | 1st half-year | |
25/26 | 24/25 | ||
Net sales from goods and services | 1 | 7,027 | 6,566 |
Other operating income | 89 | 227 | |
Cost of materials | (2,328) | (1,794) | |
Change in inventories (work in progress & finished goods) | 142 | (590) | |
Personnel costs | (3,640) | (3,567) | |
General and administrative costs | (419) | (432) | |
Sales costs | (212) | (207) | |
Other operating expenses | (792) | (886) | |
Depreciation on tangible assets | (410) | (430) | |
Amortisation on intangible assets | (87) | (134) | |
Operating result (EBIT) | (630) | (1,247) | |
Financial income | 9 | 2 | 120 |
Financial expenses | 9 | (42) | (339) |
Financial result | (40) | (219) | |
Loss before taxes | (670) | (1,466) | |
Income tax | 71 | 126 | |
Net loss | (599) | (1,340) |
9
CHF Undiluted/diluted earnings per share for shareholders | 25/26 | 24/25 | |
Profit (+)/loss (-) (CHF) per bearer share | 2 | (4,45) | (9,96) |
Undiluted/diluted | (4,45) | (9,96) | |
Profit (+)/loss (-) (CHF) per registered share | 2 | (0,89) | (1,99) |
Undiluted/diluted | (0,89) | (1,99) |
CONSOLIDATED CASH FLOW STATEMENT
CHF 1,000 Indirect method with cash and cash equivalents Net loss | 1st half-year 25/26 (599) | 1st half-year 24/25 (1,340) |
Depreciation on tangible assets | 410 | 430 |
Amortisation on intangible assets | 87 | 134 |
Financial result (non-cash) | 40 | 0 |
Other non cash item | (14) | 89 |
Change in provisions and other accruals | (101) | (341) |
Change in trade accounts receivable | 634 | 133 |
Change in inventories | (150) | 746 |
Change in other current assets | (585) | 383 |
Change in trade accounts payable | (30) | (288) |
Change in other current liabilities | 570 | (618) |
Cash inflow/outflow from operating activities | 262 | (672) |
Investments in tangible fixed assets | (331) | (36) |
Investments in intangible assets | (49) | (73) |
Cash inflow/outflow from investing activities | (380) | (109) |
Change in current financial liabilities | 419 | (71) |
Change in non-current financial liabilities | 609 | (166) |
Interests and other financial expenses paid | (32) | 0 |
Distribution from the capital contribution reserves | 0 | (67) |
Dividend paid | 0 | (67) |
Cash inflow/outflow from financing activities | 996 | (371) |
Currency translation differences on cash and cash equivalents | (15) | (34) |
Change in cash and cash equivalents | 863 | (1,186) |
Cash and cash equivalents at the beginning of the year | 1,437 | 3,151 |
Cash and cash equivalents at the end of the half-year | 2,300 | 1,965 |
Change in cash and cash equivalents | 863 | (1,186) |
10
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CHF 1,000 | Share capital | Capital reserves | Accumulated profit | Goodwill offset | Currency translation differences | Total shareholders' equity | ||
Balance at 30.04.24 | 6,725 | 385 | 9,673 | (2,855) | (919) | 13,009 | ||
Net currency transla- tions differences | 0 | 0 | 0 | 0 | (234) | (234) | ||
Distribution of reserves from capital contribution | 0 | (67) | 0 | 0 | 0 | (67) | ||
Dividend paid | 0 | 0 | (67) | 0 | 0 | (67) | ||
Net loss | 0 | 0 | (1,340) | 0 | 0 | (1,340) | ||
Balance at 31.10.24 | 6,725 | 318 | 8,266 | (2,855) | (1,153) | 11,301 | ||
Balance at 30.04.25 | 6,725 | 318 | 7,668 | (2,855) | (1,367) | 10,489 | ||
Net currency translation | 11 | |||||||
differences | 0 | 0 | 0 | 0 | (102) | (102) | ||
Distribution of reserves from capital contribution | 0 | 0 | 0 | 0 | 0 | 0 | ||
Capital contribution from merger | 0 | 0 | 0 | 0 | 0 | 0 | ||
Net loss | 0 | 0 | (599) | 0 | 0 | (599) | ||
Balance at 31.10.25 | 6,725 | 318 | 7,069 | (2,855) | (1,469) | 9,788 |
Definitions of the components in equity
The share capital is the share capital of the parent company, Perrot Duval Holding S.A.
Reserves from capital contribution are the sole reserve from such type.
Accumulated profits/(losses) comprise accumulated results retained in Group companies and the goodwill/badwill from business acquisitions that was offset with/added to equity.
Currency translation differences comprise all currency-translation differences arising from the currency conversions of foreign Group entities.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
-
Segment report
The split of the segments by business is based on two strategic pillars of the Group within the automation industry and chemical cosmetic activity. Their reports are based on the figures used for the internal reporting purposes (management approach).
No sales have been recorded between these segments. General Group expenses that cannot be assigned are shown separately under "Others".
The presentation below separates the automated production processes activity (Füll) from the chemical cosmetics activity (Polystone).
Segment CHF 1,000
Automated production processes activities
FUELL
Chemical cosmetics activities
POLYSTONE Others Total group
1st half (1.5.-31.10.)
Net sales
25/26
3,954
24/25
4,127
25/26
3,073
24/25
2,439
25/26
0
24/25
0
25/26
7,027
24/25
6,566
Change versus previous year
(4.2%)
(7.3%)
26.0%
(39.7%)
0.0%
0.0%
7.0%
(22.7%)
EBITDA
(220)
(171)
320
15
(233)
(528)
(133)
(684)
as % of net sales
(5,6%)
(4,1%)
10,4%
0,6%
0,0%
0,0%
(1,9%)
(10,4%)
Depreciation and amortisation
(99)
(137)
(398)
(421)
0
(6)
(497)
(564)
Operating result (EBIT)
(320)
(308)
(79)
(406)
(233)
(533)
(630)
(1 247)
as % of net sales
(8,1%)
(7,5%)
(2,6%)
(16,6%)
0,0%
0,0%
(9,0%)
(19,0%)
Financial result (net)
(40)
(219)
Income taxes
71
126
Net loss
(599)
(1 340)
as % of sales
(8,5%)
(20,4%)
Employees (full time equivalent)
42
43
55
57
4
3
101
103
Total assets
4 077
3 985
10 224
9 831
1 007
1 177
15 310
14 993
12
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
- Earnings per share
-
Principles for preparing the Group financial statements
CHF 1,000
31.10.25 31.10.24
Loss per share
Loss attributable to equity holders of Perrot Duval Holding S.A. (kCHF)
(599) (1,340)
Registered shares Percentage of registered
shares outstanding in comparison with the share capital outstanding
Loss attributable to registered shareholders
Average number of shares outstanding
Basic loss per share
(in CHF)
11.0% 11.0%
(66)
(148)
74,300
74,300
(0.89)
(1,99)
Bearer shares
Percentage of bearer shares outstanding in comparison with the share capital outstanding
Loss attributable to bearer shareholders
Average number of shares outstanding
Basic loss per share
(in CHF)
89.0%
89.0%
(533)
(1,192)
119,632
119,632
(4,45)
(9,96)
The unaudited and condensed consolidated semi-annual financial statements for the period from 1 May 2025 to 31 October 2025 have been prepared in accordance with the rules of Swiss GAAP FER 31 "Complementary recommendation for listed companies", which - compared with the annual financial statements - permit shorter versions in terms of presentation and disclosure.
The consolidated half-year financial statements are based on the accounting principles set out in the 2024/25 Annual Report, which has been prepared in accordance with Swiss Gaap FER.
The half-year statements are presented in Swiss francs.
However, the majority of the Group's transactions are
conducted in euros. 13
The half-year financial statements have been released by the Board of Directors of Perrot Duval Holding
S.A. for publication on 12 December 2025.
- Exchange rates
Closing rates Average rates for the first half-year | ||||
31.10.25 | 30.04.25 | 25/26 | 24/25 | |
EUR | 0.9278 | 0.9364 | 0.9367 | 0.9532 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
-
Net indebtedness
CHF 1,000
Cash and cash equivalent
31.10.25
2,300
30.04.24
1,437
Current interest-bearing
financial liabilities
(415)
0
Non-current interest -bearing
financial liabilities
(604)
0
Total net indebtedness
1,281
1,437
The current financial liabilities are solely in EUR. Their effective interests rates represent 3.6%.
-
New activities and seasonal influences Comparisons between the figures for the balance sheet as at 31 October 2025 and the one drawn up both one year earlier and as at 30 April 2025 reflect a certain
14 seasonality in the development of the figures within
the Füll Group. The figures are usually less favourable in the first half of the year than in the second.
-
Cash and cash equivalents
The change in cash and cash equivalents increased from CHF 1.4 million to CHF 2 .3 million since
30 April 2025 . The increase in cash f low of CHF 0.9 million is attributable to the granting of a long-term bank loan totaling CHF 0.6 million and a short-term bank loan totaling CHF 0.4 million. These loans were used in particular to finance the resumption and development of operational activities.
-
Other current liabilities
Other short-term liabilities increased by CHF 0.5 million from CHF 2.7 million at 30 April 2025 to CHF 3.2 million. This is mainly due to advance payments processed by customers (CHF + 0.17 million) as well as payable value-added tax amounts at the balance sheet date (CHF + 0.31 million).
-
Financial income and expenses
Financial income and expenses decreased compared to those recorded on 31 October 2024. For the record, both financial income (CHF 0.1 million) and financial expenses (CHF 0.3 million) included significant unrealized exchange rate differences a year ago.
- Events after the balance sheet date The financial statements have been prepared on a going concern basis which the Directors and the Group Management believe to be appropriate.
Between the balance sheet date and the date of publication of this half-year report, no operational events occurred which could have a material impact on the consolidated financial statements for the
half-year 2025/26.
ADDRESSES
AS AT 31 OCTOBER 2025
Company / Division | Address | Phone | Internet |
Manager | Fax |
GROUP MANAGEMENT COMPANIES Perrot Duval Holding S.A. Rue De-Candolle 16 Tel. +41 (0)22 776 61 44 Nicolas Eichenberger CH-1205 Genève | https://www.perrotduval.com info@perrotduval.com | |
Perrot Duval Management S.A. (ex-Füll Process S.A.) Nicolas Eichenberger | Rebenstrasse 3 Tel. +41 (0)22 776 61 44 CH-8570 Weinfelden | info@perrotduval.com |
FÜLL DIVISION | ||
Füll Process | ||
Division Management | Tel. +41 (0)22 776 61 44 | info@perrotduval.com |
Cornel Bruhin | ||
Füll Systembau GmbH | Richard-Klinger-Str. 31 Tel. +49 6126 598 - 0 | https://www.fuell-dispensing.com |
Artur Gellert | DE-65510 Idstein Fax +49 6126 54415 | info@fuell-dispensing.com |
Füll Lab Automation GmbH | Riedstrasse 25 Tel. +49 711 447 066 823 | https://www.fuell-labautomation.com |
Dr. Roland Emmerich | DE-73760 Ostfildern | info@fuell-labautomation.com |
POLYSTONE DIVISION | ||
Polystone | ||
Division Management | Tel. +41 (0)22 776 61 44 | info@perrotduval.com |
Cornel Bruhin | ||
Polystone Chemical GmbH | In den Krummenäckern 6 Tel. +49 6842 9600 303 | https://www.polystone-chemical.de |
Cornel Bruhin | DE-66440 Blieskastel | sales@polystone-chemical.de |
Polystone France S.A.S | Chemin de Dambach Tel. +33 372 880 680 | https://www.polystone-france.fr |
Cornel Bruhin | FR-57230 Bitche | |
MCN Immo GmbH | Richard-Klinger-Str. 31 Tel. +49 6126 598 - 0 | info@perrotduval.com |
Cornel Bruhin | DE-65510 Idstein | |
15
PERROT DUVAL HOLDING S.A.
Rue de-Candolle 16
1205 Genève, Suisse
Tél. +41 22 776 61 44
Fax +41 22 776 19 17
https://www.perrotduval.com info@perrotduval.com