Content Management Review
Key Figures 3
Letter to Shareholders 5
Segment Report 7
Financial ReportConsolidated Financial Statements
Consolidated Income Statement 11
Consolidated Balance Sheet 12
Consolidated Statement of Changes in Equity 13
Consolidated Cash Flow Statement 14
Notes to the Consolidated Financial Statements 15
Information on the Publication
Key Figures Profitability Increased Expectations MetSales in CHF million
Progress MadeEBIT (adjusted) in % of net sales
Strong Growth in Electronics Industry and Asia Region
Sales by end market in CHF million Sales by region in CHF million
Resilience Proven
Income Statement (Unaudited) in CHF million | 2026 1H | 2025 1H | 2024 1H | 2023 1H | 2022 1H |
Sales | 1,559.3 | 1,539.1 | 1,544.9 | 1,580.7 | 1,223.6 |
Change to previous year in % | 1.3 | -0.4 | -2.3 | 29.2 | 27.8 |
thereof currency effects | -4.2 | -2.3 | -2.4 | -4.3 | -1.3 |
thereof change in scope of consolidation | 1.5 | 0.8 | 0.0 | 32.7 | 19.3 |
thereof organic growth | 4.0 | 1.1 | 0.1 | 0.8 | 9.8 |
Net sales | 1,554.7 | 1,533.5 | 1,543.5 | 1,573.7 | 1,224.1 |
EBITDA | 276.8 | 230.4 | 245.8 | 253.1 | 217.1 |
in % of net sales | 17.8 | 15.0 | 15.9 | 16.1 | 17.7 |
Operating profit (EBIT) | 211.2 | 162.2 | 180.8 | 189.9 | 162.9 |
in % of net sales | 13.6 | 10.6 | 11.7 | 12.1 | 13.3 |
Operating profit (EBIT) adjusted1 | 206.0 | 168.1 | 180.8 | 189.9 | 179.5 |
in % of net sales | 13.3 | 11.0 | 11.7 | 12.1 | 14.7 |
Net income | 149.1 | 111.8 | 117.3 | 134.5 | 131.5 |
in % of net sales | 9.6 | 7.3 | 7.6 | 8.5 | 10.7 |
Balance Sheet in CHF million | 06/30/2026 (Unaudited) | 12/31/2025 | 12/31/2024 | 12/31/2023 | 12/31/2022 |
Assets | 2,689.7 | 2,512.7 | 2,612.2 | 2,546.8 | 2,574.2 |
Net cash (+)/debt (-) | -320.4 | -164.8 | -335.1 | -445.3 | -477.7 |
Average Capital Employed2 | 1,762.2 | 1,758.9 | 1,802.6 | 1,758.9 | 1,557.6 |
Invested Capital2 | 3,535.1 | 3,307.7 | 3,420.4 | 3,339.5 | 3,290.9 |
Equity | 1,583.9 | 1,618.8 | 1,559.2 | 1,375.7 | 1,303.6 |
in % of assets | 58.9 | 64.4 | 59.7 | 54.0 | 50.6 |
Cash Flow Statement (Unaudited) | 2026 | 2025 | 2024 | 2023 | 2022 |
in CHF million | 1H | 1H | 1H | 1H | 1H |
Cash flow from operating activities | 156.5 | 175.8 | 155.9 | 151.2 | 62.5 |
Purchase of property, plant, equipment and | -35.6 | -53.3 | -68.7 | -81.8 | -60.7 |
intangible assets | |||||
Acquisition (-)/Disposal (+) of subsidaries, net of | -161.8 | - | -3.4 | - | -515.1 |
cash | |||||
Employees | 06/30/2026 (Unaudited) | 12/31/2025 | 12/31/2024 | 12/31/2023 | 12/31/2022 |
Employees in FTE | 14,341 | 13,646 | 13,689 | 13,198 | 13,282 |
2026 | 2025 | 2024 | 2023 | 2022 | |
Financial Key Ratios (Unaudited) | 1H | 1H | 1H | 1H | 1H |
ROCE in %2 (Return on Capital Employed) | 23.4 | 18.8 | 20.2 | 21.7 | 27.6 |
ROIC in %2 (Return on Invested Capital) | 9.6 | 8.3 | 8.7 | 9.4 | 9.0 |
1Adjustments are explained in the Information on the publication section
2Calculation of the key figure is shown in the Information on the publication section in the Annual Report 2025
Letter to Shareholders Strong Progress After the first half of 2026, SFS is on track to meet its targets. With sales of CHF 1,559.3 million and an adjusted EBIT margin of 13.3%, the Group exceeded growth targets. Through several acquisitions, SFS has successfully capitalized on the opportunity to strategically augment its organic growth.Thomas Oetterli, Chair of the Board of Directors, and Jens Breu, CEO
Dear Shareholders,
The ongoing, profound upheavals taking place around the globe disrupted supply chains in the first half of 2026. Our local-for-local approach, however, which is based on keeping the value chain as regional as possible, has so far mitigated the effects of supply bottlenecks on our business areas. The positive results are a manifestation of this sustainable strategy and our solid positioning.
SFS generated sales of CHF 1,559.3 million in the first half of the year 2026. This corresponds to year-over-year growth of 1.3%. Foreign currency effects, especially due to the weaker US dollar, significantly slowed sales growth down by -4.2%. Organic growth was a strong 4.0%.
Mix effects and measures from the streamlining of the global production and distribution network that have already been implemented had a positive impact on profitability. The program's implementation continues to generate non-recurring effects that impact the results. Excluding these effects, the adjusted operating profit (EBIT) came to CHF 206.0 million (PY CHF 168.1 million), which corresponds to an adjusted EBIT margin of 13.3% (PY 11.0%). Operating profit (EBIT) including non-recurring effects amounted to CHF 211.2 million (PY CHF 162.2 million) at an EBIT margin of 13.6% (PY 10.6%).
The SFS Group generated a stable operating free cash flow of CHF 120.9 million (PY CHF 122.5 million). Earnings per share (EPS) developed positively overall, reaching CHF 3.82 (PY CHF 2.86).
Strategic Acquisitions as an OpportunityThe current environment continues to open up opportunities for SFS to augment organic growth through strategic acquisitions and strengthen the segments' long-term positioning. In the first half of 2026, the SFS Group acquired the three Hoffmann partner companies Gödde GmbH, Oltrogge Werkzeuge GmbH, and Hch. Perschmann GmbH, as well as the majority of shares in Jellypipe AG (now Hoffmann Additive Manufacturing AG), a company specializing in 3D printing. This strengthens our market position in the trading business and further expands our technology offering. The acquisition of Harald Zahn GmbH, a leading supplier of fastening systems for flat roofs in Germany and Austria, strengthened the Fastening Systems segment's market access.
On July 9, 2026, SFS has signed a purchase agreement to acquire Heartland Precision Fasteners, Inc. The American company specializes in the manufacture of high-grade fastening solutions for aircraft structures and propulsion systems. This acquisition will enable SFS to expand its aerospace activities into North America, thereby tapping into a strategically important growth market. The transaction is expected to be completed until the end of September 2026, subject to approval under merger control law and other regulations.
Expectations for the 2026 Financial Year ConfirmedRigorous customer focus, forward-looking innovation projects and new growth applications will continue to take top priority with respect to SFS's sustainable development. Implementation of the program to streamline the global production and distribution network launched in 2025 will continue.
The SFS Group confirms expectations for the 2026 financial year of sales growth in local currencies of 3-6%, including consolidation effects, and an adjusted EBIT margin of 12-15%.
We would like to thank all our colleagues not only for the hard work they do every single day, but also their loyalty. Our success is built on their innovative spirit.
Thomas Oetterli
Chair of the Board of Directors
Jens Breu CEO
Segment Report Benefits of Diversification SFS made important progress in all three segments in the first half of 2026. The Engineered Components (EC) segment reported encouraging growth, while momentum in the markets of the Fastening Systems (FS) and Distribution & Logistics (D&L) segments improved only slightly. All segments continued to successfully implement their strategic projects and make operational adjustments.In the EC segment, the Electronics business unit reported a continuation of extraordinary development and outstanding growth. This was still driven by applications in the Mobile Devices business area as well as components used in Nearline Hard Disk Drives for data centers. Despite excess capacity in Europe, SFS generated solid progress in the automotive industry, in part due to the program to streamline the global production network. Performance in the Medical Devices business area was stable at a good level. The Industrial business unit continued its dynamic development, driven by the Aerospace application area.
Key Figures Engineered Components in CHF million | 2026 1H | +/-% | 2025 1H |
Third-party sales | 577.8 | 2.6 | 563.1 |
Organic growth | 8.6 | ||
Net sales | 580.1 | 2.5 | 566.0 |
EBITDA | 140.5 | 16.1 | 121.0 |
in % of net sales | 24.2 | 21.4 | |
Operating profit (EBIT) | 101.6 | 30.8 | 77.7 |
in % of net sales | 17.5 | 13.7 | |
Operating profit (EBIT) adjusted1 | 96.9 | 17.6 | 82.4 |
in % of net sales | 16.7 | 14.6 | |
Average capital employed | 880.3 | -5.0 | 926.5 |
Investments | 17.6 | -52.7 | 37.2 |
ROCE in %2 | 22.0 | 17.8 | |
Employees in FTE | 8,003 | 4.4 | 7,669 |
1Adjustments are explained in the Information on the publication section
2EBIT adjusted, annualized in % of average capital employed
The results of the FS segment were still burdened by the economic environment. Market demand improved slightly in the second quarter of 2026 in Europe, while it remained flat in North America. The SFS Group acquired Harald Zahn GmbH, a leading supplier of fastening systems for flat roofs in Germany, on April 1.
Key Figures Fastening Systems | 2026 | 2025 | |
in CHF million | 1H | +/-% | 1H |
Third-party sales | 293.8 | -1.1 | 297.2 |
Organic growth | 1.2 | ||
Net sales | 294.9 | -1.8 | 300.4 |
EBITDA | 40.9 | -3.1 | 42.2 |
in % of net sales | 13.9 | 14.0 | |
Operating profit (EBIT) | 33.9 | -4.5 | 35.5 |
in % of net sales | 11.5 | 11.8 | |
Operating profit (EBIT) adjusted1 | 33.3 | -6.2 | 35.5 |
in % of net sales | 11.3 | 11.8 | |
Average capital employed | 255.7 | 1.5 | 251.9 |
Investments | 9.7 | 47.0 | 6.6 |
ROCE in %2 | 26.0 | 28.2 | |
Employees in FTE | 1,996 | -7.2 | 2,152 |
1Adjustments are explained in the Information on the publication section
2EBIT adjusted, annualized in % of average capital employed
The D&L segment saw slightly improved market momentum in the first half of 2026. The segment will further consolidate its leading position in industrial manufacturing with its acquisition of the three partner companies - Gödde GmbH, Oltrogge Werkzeuge GmbH and Hch. Perschmann GmbH. Further potential with respect to the segment's service offerings, supply chain and support functions are being strategically evaluated and implemented. The performance and synergy advantages that arise will open up new opportunities for all stakeholders. The three companies will be integrated gradually over the next few years.
Key Figures Distribution & Logistics in CHF million | 2026 1H | +/-% | 2025 1H |
Third-party sales | 687.7 | 1.3 | 678.8 |
Organic growth | 1.5 | ||
Net sales | 684.1 | 1.3 | 675.0 |
EBITDA | 96.4 | 42.2 | 67.8 |
in % of net sales | 14.1 | 10.0 | |
Operating profit (EBIT) | 81.0 | 50.0 | 54.0 |
in % of net sales | 11.8 | 8.0 | |
Operating profit (EBIT) adjusted1 | 80.7 | 46.5 | 55.1 |
in % of net sales | 11.8 | 8.2 | |
Average capital employed | 606.7 | 2.4 | 592.7 |
Investments | 5.6 | -20.0 | 7.0 |
ROCE in %2 | 26.6 | 18.6 | |
Employees in FTE | 3,852 | 6.9 | 3,605 |
1Adjustments are explained in the Information on the publication section
2EBIT adjusted, annualized in % of average capital employed
Streamlining of Production and Distribution Network for Greater ProfitabilityThe constantly changing market environment, particularly in industrial manufacturing and the automotive industry, prompted SFS to launch a program to streamline the global production and distribution network in the 2025 financial year. Concentrating on a smaller number of production facilities will make it possible to use resources more efficiently and reduce complexity. This will also allow SFS to sharpen its focus on applications with a high potential for differentiation and clear customer benefits. At the same time, the strategic priority of the local-for-local principle remains unchanged.
The program is scheduled to be completed by the end of 2027. SFS expects the site closures and divestments to reduce sales by a total of around CHF 110 million and result in non-recurring costs of about CHF 75 million. The SFS Group is implementing the program to boost profitability and raise its EBIT margin by around 0.8 percentage points by the end of 2027. The non-recurring effects will be reported separately for the duration of the changes and EBIT will be adjusted.
A total of around 650 jobs are affected by company sales, transfers and site closures. As at the publication date of the Half-Year Report 2026, the following projects have been implemented or launched:
Activities related to blind riveting technology at the SFS location in Brunn am Gebirge (Austria) were transferred from Austria to Germany in the spring of 2025.
Operations in Olpe (Germany) were discontinued in the second half of 2025.
The D&L segment gradually transferred the activities of the Asia-Pacific organizational unit in Malaysia and Singapore to selected distribution partners in the fall of 2025.
Allchemet, a Swiss company, was sold at the end of October 2025 to a group of buyers led by the current managing director, who will continue to manage its operations.
Production of GESIPA® rivets in Mocksville (USA) was discontinued at the end of 2025 and transferred to Germany. Distribution activities will continue unchanged at the Mocksville location.
Chmela Holding s.r.o., an existing provider of surface treatments for our products at the Turnov (Czech Republic) location, acquired the plant on July 1, 2026.
With the aim of safeguarding profitability, SFS is withdrawing from the deep drawing business in Europe. The operations were sold to Adval Tech effective July 7, 2026. The deep drawing presses and related customer orders will be transferred gradually over the course of the next year. Against this backdrop, the site in Flawil (Switzerland) will be closed by the end of 2027. The cold forming operations will be transferred to Heerbrugg (Switzerland).
The economic conditions for exporting companies in Türkiye are very challenging. SFS closed its site in Torbalı (Türkiye) at the end of March 2026 since it had not been profitable for some time already.
The distribution locations of the D&L segment in Essen and Göppingen (both in Germany) will be closed at the end of 2026 due to weak earnings.
Consolidated Financial Statements
Consolidated Income Statement 11
Consolidated Balance Sheet 12
Consolidated Statement of Changes in Equity 13
Consolidated Cash Flow Statement 14
Notes to the Consolidated Financial Statements 15
Consolidated Income Statementin CHF million (unaudited) | Notes | 2026 1H | % | 2025 1H | % |
Net Sales | 6 | 1,554.7 | 100.0 | 1,533.5 | 100.0 |
Other operating income | 13.6 | 17.1 | |||
Change in work in progress and | 1.3 | -7.1 | |||
finished goods | |||||
Material expenses | -648.7 | -646.7 | |||
Contribution margin | 920.9 | 59.2 | 896.8 | 58.5 | |
Personnel expenses | -425.5 | -444.1 | |||
Other operating expenses | -218.6 | -222.3 | |||
Depreciation on property, plant and equipment | -57.5 | -61.4 | |||
Amortization of intangible assets | -8.1 | -6.8 | |||
Total Operating Expenses | -709.7 | -45.6 | -734.6 | -47.9 | |
Operating Profit (EBIT) | 211.2 | 13.6 | 162.2 | 10.6 | |
Financial result | -11.9 | -12.7 | |||
Share of profit/(loss) from associates/joint ventures | 1.2 | 1.7 | |||
Earnings Before Tax | 200.5 | 12.9 | 151.2 | 9.9 | |
Income taxes | 7 | -51.4 | -39.4 | ||
Net Income | 149.1 | 9.6 | 111.8 | 7.3 | |
attributable to SFS shareholders | 148.6 | 111.2 | |||
attributable to non-controlling interests | 0.5 | 0.6 | |||
Earnings per Share in CHF Basic and Diluted | 9 | 3.82 | 2.86 | ||
Assets in CHF million | Notes | 06/30/2026 (unaudited) | % | 12/31/2025 (audited) | % |
Cash and cash equivalents | 222.4 | 209.8 | |||
Trade receivables | 555.2 | 474.9 | |||
Other current receivables | 10 | 113.0 | 98.1 | ||
Inventories | 581.6 | 552.6 | |||
Prepayments and accrued income | 35.6 | 33.4 | |||
Current Assets | 1,507.8 | 56.1 | 1,368.8 | 54.5 | |
Property, plant and equipment | 949.5 | 963.5 | |||
Intangible assets | 127.0 | 54.9 | |||
Financial assets | 11 | 62.2 | 83.5 | ||
Deferred tax assets | 43.2 | 42.0 | |||
Non-Current Assets | 1,181.9 | 43.9 | 1,143.9 | 45.5 | |
Assets | 2,689.7 | 100.0 | 2,512.7 | 100.0 | |
Liabilities and Equity in CHF million | |||||
Current borrowings | 12 | 177.9 | 13.9 | ||
Trade payables | 177.1 | 175.8 | |||
Other current payables | 106.7 | 94.8 | |||
Current provisions | 13 | 13.6 | 25.4 | ||
Accrued liabilities and deferred income | 152.9 | 136.5 | |||
Current Liabilities | 628.2 | 23.3 | 446.4 | 17.8 | |
Non-current borrowings | 12 | 364.8 | 360.7 | ||
Other non-current payables | 8.4 | 7.4 | |||
Pension benefit obligations | 12.3 | 11.0 | |||
Non-current provisions | 12.3 | 12.3 | |||
Deferred tax liabilities | 79.8 | 56.1 | |||
Non-Current Liabilities | 477.6 | 17.8 | 447.5 | 17.8 | |
Liabilities | 1,105.8 | 41.1 | 893.9 | 35.6 | |
Share capital | 3.9 | 3.9 | |||
Capital reserves | 14.3 | 33.7 | |||
Treasury shares | -1.5 | -2.8 | |||
Retained earnings | 1,549.3 | 1,566.1 | |||
Equity Attributable to SFS Shareholders | 1,566.0 | 58.2 | 1,600.9 | 63.7 | |
Non-controlling interests | 17.9 | 17.9 | |||
Equity | 1,583.9 | 58.9 | 1,618.8 | 64.4 | |
Liabilities and Equity | 2,689.7 | 100.0 | 2,512.7 | 100.0 | |
Notes
Consolidated Statement of Changes in Equityin CHF million | Share Capital | Capital Reserves | Treasury Shares | Goodwill offset against equity | Cash flow hedges | Net investment hedges | Currency translation adjustments | Other retained earnings | Retained Earnings | Equity Attributable to SFS Shareholders | Non-Controlling Interests | Total Equity |
Balance As at 12/31/2024 (Audited) | 3.9 | 82.6 | -4.1 | -1,526.1 | -0.9 | 47.2 | -171.4 | 3,110.2 | 1,459.0 | 1,541.4 | 17.8 | 1,559.2 |
Changes of hedges | - | - | - | - | 0.6 | 0.3 | - | 0.2 | 1.1 | 1.1 | - | 1.1 |
Currency translation | - | - | - | - | - | - | -70.6 | - | -70.6 | -70.6 | -0.2 | -70.8 |
adjustments | ||||||||||||
Net income | - | - | - | - | - | - | - | 111.1 | 111.1 | 111.1 | 0.6 | 111.7 |
Dividend for 2024 | - | -48.6 | - | - | - | - | - | -48.6 | -48.6 | -97.2 | -0.8 | -98.0 |
Purchase of treasury | - | - | -1.8 | - | - | - | - | - | - | -1.8 | - | -1.8 |
shares | ||||||||||||
Disposal of treasury | - | - | 1.4 | - | - | - | - | - | - | 1.4 | - | 1.4 |
shares | ||||||||||||
Other changes | - | -0.1 | - | - | - | - | - | 0.1 | 0.1 | 0.0 | - | 0.0 |
Balance As at 06/30/2025 (Unaudited) | 3.9 | 33.9 | -4.5 | -1,526.1 | -0.3 | 47.5 | -242.0 | 3,173.0 | 1,452.1 | 1,485.4 | 17.4 | 1,502.8 |
Changes of hedges | - | - | - | - | 0.2 | 0.4 | - | -0.2 | 0.4 | 0.4 | - | 0.4 |
Acquisitions | - | - | - | -3.0 | - | - | - | - | -3.0 | -3.0 | - | -3.0 |
Disposals | - | - | - | 5.0 | - | - | - | - | 5.0 | 5.0 | - | 5.0 |
Currency translation | - | - | - | - | - | - | 3.2 | - | 3.2 | 3.2 | -0.1 | 3.1 |
adjustments | ||||||||||||
Net income | - | - | - | - | - | - | - | 107.9 | 107.9 | 107.9 | 0.6 | 108.5 |
Purchase of treasury | - | - | -0.6 | - | - | - | - | - | - | -0.6 | - | -0.6 |
shares | ||||||||||||
Disposal of treasury | - | -0.3 | 2.3 | - | - | - | - | - | - | 2.0 | - | 2.0 |
shares | ||||||||||||
Other changes | - | 0.1 | - | - | - | - | - | 0.5 | 0.5 | 0.6 | - | 0.6 |
Balance As at 12/31/2025 (Audited) | 3.9 | 33.7 | -2.8 | -1,524.1 | -0.1 | 47.9 | -238.8 | 3,281.2 | 1,566.1 | 1,600.9 | 17.9 | 1,618.8 |
Changes of hedges | - | - | - | - | 0.2 | 2.8 | - | - | 3.0 | 3.0 | - | 3.0 |
Acquisitions | - | - | - | -106.5 | - | - | - | - | -106.5 | -106.5 | - | -106.5 |
Changes in minorities | - | - | - | -0.3 | - | - | - | - | -0.3 | -0.3 | 0.3 | - |
Currency translation | - | - | - | - | - | - | 16.2 | - | 16.2 | 16.2 | -0.3 | 15.9 |
adjustments | ||||||||||||
Net income | - | - | - | - | - | - | - | 148.6 | 148.6 | 148.6 | 0.5 | 149.1 |
Dividend for 2025 | - | -19.4 | - | - | - | - | - | -77.8 | -77.8 | -97.2 | -0.6 | -97.8 |
Purchase of treasury | - | - | -0.2 | - | - | - | - | - | - | -0.2 | - | -0.2 |
shares | ||||||||||||
Disposal of treasury | - | 0.0 | 1.5 | - | - | - | - | - | - | 1.5 | - | 1.5 |
shares | ||||||||||||
Other changes | - | - | - | 0.1 | - | - | - | -0.1 | 0.0 | 0.0 | 0.1 | 0.1 |
Balance As at 06/30/2026 (Unaudited) | 3.9 | 14.3 | -1.5 | -1,630.8 | 0.1 | 50.7 | -222.6 | 3,351.9 | 1,549.3 | 1,566.0 | 17.9 | 1,583.9 |
The capital reserves stem from the statutory capital reserve and other capital reserves of SFS Group AG.
Consolidated Cash Flow Statementin CHF million (unaudited, condensed version) | Notes | 2026 1H | 2025 1H |
Cash flow before changes in net working capital Changes in net working capital | 219.6 -63.1 | 189.2 -13.4 | |
Cash Flow From Operating Activities | 156.5 | 175.8 | |
Purchases of property, plant and equipment | -32.4 | -52.5 | |
Proceeds from sale of property, plant and equipment | 0.3 | 1.0 | |
Purchases of intangible assets | -3.2 | -0.8 | |
Proceeds from sale of intangible assets | 0.0 | - | |
Acquisition of subsidiaries | 14 | -161.8 | - |
Proceeds from disposal (+)/outflows for investment (-) of financial assets | 2.7 | -0.3 | |
Investment in/dividends from associates/joint ventures | - | 1.5 | |
Proceeds from interest and securities | 0.6 | 1.1 | |
Cash Flow From Investing Activities | -193.8 | -50.0 | |
Dividends to SFS shareholders | 8 | -97.2 | -97.2 |
Dividends to non-controlling interests | -0.6 | -0.8 | |
Purchase (-)/disposal of treasury shares (+) | -0.2 | -1.8 | |
Proceeds (+)/repayments from/of current borrowings (-) | -3.4 | -215.3 | |
Proceeds (+)/repayments from/of non-current borrowings (-) | 148.7 | 143.3 | |
Cash Flow From Financing Activities | 47.3 | -171.8 | |
Translation adjustment on cash and cash equivalents | 2.6 | -9.9 | |
Changes in Cash and Cash Equivalents | 12.6 | -55.9 | |
Cash and cash equivalents at beginning of period | 209.8 | 224.6 | |
Cash and Cash Equivalents at End of Period | 222.4 | 168.7 | |
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General Information
The SFS Group is a limited company according to Swiss law, incorporated and domiciled in Heerbrugg, municipality of Widnau/SG (Switzerland). SFS Group AG is the parent company of all SFS Group companies and therefore the ultimate holding company of the SFS Group. It is listed on the SIX Swiss Exchange in Zurich under the ticker symbol SFSN.
All amounts are in CHF million unless otherwise stated.
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Accounting Policies
These unaudited and condensed half-year consolidated financial statements have been prepared in accordance with Swiss GAAP FER 31 para. 9 to 12 Interim Reporting. These half-year consolidated financial statements need to be considered in conjunction with the consolidated financial statements 2025 and have been prepared using the same accounting and valuation methods. No new standards have been adopted.
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Critical Accounting Estimates and Judgments
Recognized critical accounting estimates, judgments and the financial risk management used in the consolidated financial statements 2025 have remained unchanged in the first half of the year 2026. Similarly, there are no material changes in the financial risk.
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Seasonality and Other Effects
Due to seasonal variations in the segments, higher net sales and a higher operating profit are typically achieved in the second half of the year. The most pronounced effects generally result from the end-user markets of the electrical and electronics industry and the construction industry. In the electrical and electronics industry, the second half of the year sees the launch of new products from important end customers and higher sales due to the holiday season. The construction industry generally benefits from the seasonally strong autumn months. In other end markets, sales are more balanced throughout the year.
In recent years, these seasonal effects have not always materialized due to high market volatility.
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Segment Information
The SFS Group is divided into the three segments Engineered Components, Fastening Systems and Distribution & Logistics.
Detailed information about the segments is presented in the Segment Report section.
In addition to the elimination of intercompany transactions, the Corporate segment contains figures relating to the Technology and Business Support Functions (formerly Corporate Services and Corporate IT & Finance).
Reconciliation of Segment Results to Income Statement and Balance Sheet
2026 1H
Notes
Engineered Components
Fastening Systems
Distribution & Logistics
Corporate
Total
Third-party sales
6
577.8
293.8
687.7
-
1,559.3
Net Sales
6
580.1
294.9
684.1
-4.4
1,554.7
EBITDA
140.5
40.9
96.4
-1.0
276.8
in % of net sales
24.2
13.9
14.1
17.8
Operating Profit (EBIT)
in % of net sales
101.6
17.5
33.9
11.5
81.0
11.8
-5.3
211.2
13.6
Capital expenditures
17.6
9.7
5.6
2.7
35.6
06/30/2026 (Unaudited)
Operating assets
1,081.4
358.6
857.3
86.5
2,383.8
Operating liabilities
200.3
82.3
210.8
59.4
552.8
Capital employed
881.1
276.3
646.5
27.1
1,831.0
of which net working capital
307.0
170.5
345.9
-7.8
815.6
2025 1H
Notes
Engineered Components
Fastening Systems
Distribution & Logistics
Corporate
Total
Third-party sales
6
563.1
297.2
678.8
-
1,539.1
Net Sales
6
566.0
300.4
675.0
-7.9
1,533.5
EBITDA
121.0
42.2
67.8
-0.6
230.4
in % of net sales
21.4
14.0
10.0
15.0
Operating Profit (EBIT)
in % of net sales
77.7
13.7
35.5
11.8
54.0
8.0
-5.0
162.2
10.6
Capital expenditures
37.2
6.6
7.0
2.5
53.3
12/31/2025 (audited)
Operating assets
1,074.7
322.4
737.0
84.6
2,218.7
Operating liabilities
206.0
81.6
168.4
55.6
511.6
Capital employed
868.7
240.8
568.6
29.0
1,707.1
of which net working capital
283.9
142.8
307.2
-7.8
726.1
Assets Notes
06/30/2026
12/31/2025
Operating Assets
2,383.8
2,218.7
+ Cash and cash equivalents
+ Short-term derivative financial instruments
+ Financial assets 11
222.4
21.3
62.2
209.8
0.7
83.5
Assets
2,689.7
2,512.7
Liabilities and Equity
Notes
06/30/2026
12/31/2025
Operating Liabilities
552.8
511.6
+ Current borrowings
12
177.9
13.9
+ Short-term derivative financial instruments
1.9
0.3
+ Other non-current payables
8.4
7.4
+ Non-current borrowings
12
364.8
360.7
Liabilities
1,105.8
893.9
Equity (Net Assets)
1,583.9
1,618.8
-
Net Sales
2026
1H
2025
1H
Sales
1,559.3
1,539.1
Other items
-4.6
-5.6
Net Sales
1,554.7
1,533.5
-
Income Taxes
In these half-year consolidated financial statements, the income taxes have been recorded on the basis of local tax rates.
-
Dividend
The dividend distribution for fiscal year 2025 of CHF 2.50 per share was approved at the annual general meeting and paid out in the total amount of CHF 97.2 million in May 2026.
-
Earnings per SFS Share
2026
2025
1H
1H
Weighted average number of outstanding shares
38,879,115
38,858,028
Net income attributable to SFS shareholders
148.6
111.2
Earnings per Share in CHF Basic and Diluted
3.82
2.86
-
Other Current Receivables
06/30/2026
12/31/2025
VAT and withholding tax
24.1
23.7
Receivables from supplier rebates
20.3
36.8
Other receivables
47.3
36.9
Short-term derivative financial instruments
21.3
0.7
Total
113.0
98.1
In connection with the financing of the Hoffmann SE acquisition and the corresponding issuance of two bonds with a volume of CHF 400 million (refer to note 12), the SFS Group entered into two cross-currency swaps (CHF/EUR) in 2022 with the same volume and maturity. The cross-currency swaps (designated as hedging instruments) are used to hedge the foreign currency exposure which arises from the translation of net investments in foreign entities (designated as hedged items) into the Group's presentation currency. Changes in the fair values of the cross-currency swaps (net investment hedges) are recognized in equity and reversed through profit and loss upon disposal of the foreign entity. The impact arising from the expiration of the cross-currency swap as of June 6, 2025 in the amount of CHF 26.0 million remains recognized in equity until the foreign entity is disposed of. The fair value of the remaining cross-currency swap as of June 30, 2026 amounts to CHF 20.7 million and is reported under other current receivables (fair value as of December 31, 2025: CHF 19.7 million, reported under financial assets).
-
Financial Assets
06/30/2026
12/31/2025
Loans to third parties
9.2
14.1
Investments
20.2
18.2
Assets from employer contribution reserves
24.9
24.9
Economic benefit from pension plans
3.1
2.0
Derivative financial instruments
-
19.7
Other financial assets
4.8
4.6
Total
62.2
83.5
Marketable securities and financial assets are measured at market value through profit or loss. In the absence of a market value, marketable securities and financial assets are measured at historical costs less any impairment. "Investments" include investments in associates, joint ventures and immaterial subsidiaries that are not included in the scope of consolidation.
-
Borrowings
Current Borrowings
06/30/2026
12/31/2025
Bonds
150.0
-
Bank borrowings
14.7
13.2
Borrowings from third parties
13.2
0.7
Total
177.9
13.9
Non-Current Borrowings
Bonds
-
150.0
Bank borrowings
342.8
197.6
Borrowings from third parties
22.0
13.1
Total
364.8
360.7
In connection with the financing of the Hoffmann SE acquisition, SFS Group issued two bonds in June 2022 for a total of CHF 400 million. The first bond of CHF 250 million has a coupon of 1.00% and a maturity of three years (maturity date June 6, 2025) and the second bond of CHF 150 million has a coupon of 1.45% and a maturity of five years (maturity date June 8, 2027). Bonds are recognized in the balance sheet at nominal value. Deviations from the nominal value in the case of below- or above-par issues are offset with the emission costs and recognized as accruals and deferrals, and afterwards reversed on a straight-line basis over the term of the bonds. The first bond was fully repaid on June 6, 2025. Due to the acquisition, the existing loan contract was prematurely renewed and two additional banks were included in the syndicate. The new contract term, after execution of the extension options, ends on May 10, 2029. The committed and uncollateralized revolving credit line amounts to CHF 600 million. It may be increased by a maximum amount of an additional CHF 100 million, provided the lenders agree to the request of the SFS Group. The option to increase the maximum amount can be used up to three months before the final maturity date.
The SFS Group can use non-derivative financial instruments (financial liabilities) to hedge the foreign currency exposure which arises from the translation of net investments in foreign entities (designated as hedged items) into the Group's presentation currency (net investment hedges). Changes in the fair values of the hedging instruments of net investment hedges are recognized in equity and reversed through profit and loss upon disposal of the foreign entity. As of June 30, 2026, borrowings include a EUR loan in the amount of CHF 78.4 million (nominal value EUR 85.0 million) which the SFS Group has designated as a hedging instrument in a net investment hedge.
-
Short-Term Provisions
As part of restructuring measures, short-term provisions in the amount of CHF 13.6 million (December 31, 2025 CHF 25.4 million) were recognized as of June 30, 2026. These primarily relate to costs associated with personnel reduction measures as well as other expenses in connection with changes to the production and distribution network.
-
Changes in Scope of Consolidation
2026
2025
Acquisition of Subsidiaries
1H
1H
Purchase Price Incl. Acquisition Cost
202.1
-
Cash and cash equivalents acquired
-18.6
-
Deferred and other non-cash consideration
-13.6
-
Deferred consideration from previous acquisitions
0.5
-
Contingent consideration (earnout)
-8.6
-
Consideration in Cash Flow Statement
161.8
-
As of January 1, 2026, the SFS Group acquired Jellypipe AG (subsequently renamed to Hoffmann Additive Manufacturing AG). Hoffmann Additive Manufacturing AG, an established and rapidly expanding platform for 3D-printing services, is part of the Distribution & Logistics segment. The company, headquartered in Fislisbach (CH), generated revenues of around CHF 2.5 million in the 2025 financial year. Contract clauses do include a contingent consideration (earnout) depending on the net income achieved in the following years.
The SFS Group has acquired Gödde GmbH (Cologne, Germany), Gödde S.R.L (Kettenis, Belgium), Hch. Perschmann GmbH (Braunschweig, Germany), Perschmann Sp.z.o.o (Poznan, Poland) and Oltrogge Werkzeuge GmbH (Bielefeld, Germany) in the current financial year. The closings of the transactions were carried out in stages on March 1 (Gödde companies), April 1 (Perschmann companies) and May 1, 2026 (Oltrogge). The companies form part of the Distribution & Logistics segment. In the financial year 2025, the three distribution partners of the Hoffmann Group generated third-party sales of approximately EUR 270 million with around 450 employees. As the companies already purchased their products from the Hoffmann Group prior to the acquisition, this represents an expected increase in sales of approximately EUR 130 million for the SFS Group. Contract clauses do not include any contingent considerations (earnouts). The purchase price allocations prepared for this interim half-year financial statement are still provisional and are expected to be completed in the second half of 2026.
As of April 1, 2026, the SFS Group acquired Harald Zahn GmbH, headquartered in Wiesloch (DE). Harald Zahn GmbH is part of the Fastening Systems segment. In 2025, the company generated sales of around EUR 8 million with 45 employees. Through this acquisition, SFS strengthens its market presence in the German and Austrian construction industry and expands its offering in the area of flat-roof fastening systems. Contract claused do not include any contingent consideration (earnout).
-
Discontinued Operations
On June 30, 2025, a contract for the sale of Allchemet AG was signed. The sale was completed on October 31, 2025. The Distribution & Logistics segment was affected by this decision as follows:
2026
1H
2025
1H
Net sales
-
18.2
Operating profit (EBIT)
-
0.5
-
Exchange Rates
Unit
Balance Sheet
Income Statement
06/30/2026
12/31/2025
2026
1H
2025
1H
China CNY 100
11.931
11.322
11.463
11.894
EU EUR 1
0.922
0.931
0.918
0.941
United Kingdom GBP 1
1.070
1.067
1.058
1.118
USA USD 1
0.810
0.793
0.787
0.863
- Events After the Reporting Period
On July 9, 2026, the SFS Group signed an agreement to acquire Heartland Precision Fasteners Inc., an American fastening specialist in the aerospace sector. Headquartered in Kansas (USA), the company will become part of the Engineered Components segment. In 2025, it generated sales of approximately USD 30 million with around 70 employees. The closing of the transaction is expected to be completed until the end of September 2026, subject to approval under merger control law and other regulations.
The Board of Directors approved the half-year consolidated financial statements on July 22, 2026. SFS is not aware of any further events that occurred after the balance sheet date that could have a material impact on these consolidated financial statements.
Information on the Publication Explanation Regarding Alternative Performance MeasurementsIn addition to the traditional financial key figures defined by general accounting principles, the SFS Group uses alternative performance measurements for its segments. The basis of calculation and the explanation of alternative performance measurements are described in the Information on the publication section of the Financial Report 2025. The reconciliation to the adjusted operating profit (EBIT) for the first half of the year 2026 is presented below.
Operating Profit (EBIT) Adjusted and EBIT Margin Adjustedin CHF million | 2026 1H | 2025 1H | 2024 1H | 2023 1H | 2022 1H |
Operating profit (EBIT) + Project-specific non-recurring effects of program to make changes to the production and distribution network + Amortization of inventory step-up related to purchase price allocation of Hoffmann SE acquisition and first-time intra-segment profit elimination in inventory (D&L segment) | 211.2 -5.2 - | 162.2 5.9 - | 180.8 - - | 189.9 - - | 162.9 -16.6 |
Operating Profit (EBIT) Adjusted | 206.0 | 168.1 | 180.8 | 189.9 | 179.5 |
Net sales | 1,554.7 | 1,533.5 | 1,543.5 | 1,573.7 | 1,224.1 |
EBIT Margin Adjusted in % | 13.3 | 11.0 | 11.7 | 12.1 | 14.7 |
The registered shares of SFS Group AG of CHF 0.10 each have been listed on the SIX Swiss Exchange since May 7, 2014. Swiss GAAP FER was applied for the first time at the end of 2017.
06/30/2026 | 12/31/2025 | 12/31/2024 | 12/31/2023 | 12/31/2022 | |
Number of registered shares in 1,000 | 38,900 | 38,900 | 38,900 | 38,900 | 38,900 |
Number of shares ranking for dividend in 1,000 | 38,900 | 38,900 | 38,900 | 38,900 | 38,900 |
Weighted average number of outstanding shares in | 38,879 | 38,860 | 38,883 | 38,887 | 38,365 |
1,000 | |||||
Number of shareholders | 8,466 | 8,467 | 8,777 | 8,881 | 8,691 |
Stock Exchange Quotation in CHF | |||||
Year high | 136.60 | 126.40 | 133.80 | 128.80 | 140.90 |
Year low | 107.60 | 95.50 | 97.60 | 87.90 | 80.90 |
End price | 133.20 | 108.60 | 125.60 | 104.20 | 87.50 |
Share Key Data | |||||
Earnings per share in CHF | 3.82 | 5.63 | 6.21 | 6.84 | 6.95 |
Distribution per share in CHF | n/a | 2.50 | 2.50 | 2.50 | 2.50 |
Payout ratio in % of net income | n/a | 44.4 | 40.3 | 36.5 | 36.4 |
Price/earnings ratio (year-end price) | n/a | 19.3 | 20.2 | 15.2 | 12.6 |
Market Capitalization | |||||
in CHF million | 5,181.5 | 4,224.5 | 4,885.8 | 4,053.4 | 3,403.8 |
(End price × number of shares ranking for dividend) | |||||
in % of (annualized) net sales | 166.6 | 138.7 | 161.2 | 131.9 | 124.3 |
in % of equity | 327.1 | 261.0 | 313.4 | 294.7 | 261.1 |
Thursday, September 17, 2026
Publication of Annual Report 2026Friday, February 26, 2027
Annual General MeetingTuesday, April 20, 2027
Publication of Half-Year Report 2027Wednesday, July 21, 2027
Stock information Security-no.23.922.930
ISINCH 023 922 930 2
SIX Swiss ExchangeSFSN
ReutersSFSN.S
BloombergSFSN SW
Fact SetSFSN-CH
Imprint Half-Year Report 2026The Half-Year Report is available in German and English. The German language version of the Half-Year Report is the legally binding version.
Exclusion of liabilityThis Half-Year Report includes forward-looking statements. These statements reflect the SFS Group's current assessment of market conditions and future events. The statements are therefore subject to risks, uncertainties and assumptions. Unforeseen events may lead to deviations of the actual results from the forecasts and estimates made in this presentation and in other published information. To this extent, all forward-looking statements in this Half-Year Report are subject to such limitations.
ImprintPublisher: SFS Group AG
Concept and design: SFS Group AG Text: SFS Group AG
System integration: NeidhartSchön AG, Zürich
Content management system: ns.wow, mms solutions AG, Zürich
ContactSFS Group AG Rosenbergsaustrasse 8 CH-9435 Heerbrugg
P +41 71 727 51 51
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