Tecan reports solid financial results for the first half of 2025 and confirms its outlook for full year 2025
Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules
Tecan reports solid financial results for the first half of 2025 and confirms its outlook for full year 2025
Financial results for the first half of 2025, Highlights
Sales of CHF 439.5 million (H1 2024: CHF 467.2 million)
Sales development of -3.7% in local currencies or -5.9% in Swiss francs, in line with expectations
Life Sciences Business segment returning to growth; Partnering Business with expected decrease
Order entry returned to growth in Q2 at both Group and segment level; book-to-bill ratio above 1 in the first half
Adjusted EBITDA of CHF 65.7 million (H1 2024: CHF 67.9 million)
Adjusted EBITDA margin improves to 15.0% (H1 2024: 14.5%), despite the lower sales volume and currency headwinds of 40bps
Adjusted net profit of CHF 33.7 million (H1 2024: CHF 36.5 million)
Operating cash flow up 38% year-on-year; cash conversion exceeds 100%
Sales and adjusted EBITDA margin outlook for full-year 2025 confirmed
Share buyback program to be launched
Operating highlights in the first half of 2025
Operational resilience strengthened through further cost-reduction andsite consolidation
Continued innovation with key product launches in Life Sciences Business
Promising new partnerships and manufacturing contracts in Partnering Business
Männedorf, Switzerland, August 12, 2025, The Tecan Group (SIX Swiss Exchange: TECN) today announced its financial results for the first half of 2025 and confirmed its outlook for full year 2025.
Tecan CEO Monica Manotas, who assumed the role on August 1, 2025, commented: «Tecan's first-half results were solid, especially given the ongoing uncertainties and challenging market environment. I would like to thank our teams for their resilience and adaptability, which enabled steady progress on our strategic initiatives. While we continue to face headwinds in some markets, we remain cautiously optimistic for the rest of the year. Our key priority is to accelerate Tecan's return to a sustainable growth path that outperforms the market by building on our strong innovation pipeline, operational improvements, and close customer relationships. I am excited to lead Tecan and build on its strong foundation.»
Financial results for the first half of 2025
Order entry for the first six months of the year was CHF 458.3 million (H1 2024: CHF 472.2 million), down 2.9% year-on-year, or 0.7% in local currencies. Order entry improved sequentially in the second quarter, achieving mid-single-digit growth in local currencies after a mid-single-digit decline in the first quarter. As a result, orders exceeded sales in the first half of the year and the book-to-bill ratio returned to a level of above 1.
In line with expectations, sales in the first half of 2025 decreased by 5.9% in Swiss francs and 3.7% in local currencies to CHF 439.5 million (H1 2024: CHF 467.2 million or CHF 456.1 million when compared in local currencies). Sales also showed sequential improvement in local currencies, moderating from a mid-single-digit decline in Q1 to a low-single-digit decline in Q2. For the first half of 2025, at the segment level, the Life Sciences Business segment returned to growth, while the Partnering Business saw an expected decrease.
Adjusted EBITDA1 (operating profit before depreciation and amortization) was CHF 65.7 million (H1 2024: CHF 67.9 million). The adjusted EBITDA margin improved by 50 basis points to 15.0% (H1 2024: 14.5%), despite lower sales volume and a negative currency impact of 40 basis points. Profitability was supported by a comprehensive cost-reduction program and ongoing improvements to the global operating footprint. Reported EBITDA was CHF 54.9 million in the first half of 2025, compared to CHF 59.9 million in the prior-year period, corresponding to reported margins of 12.5% and 12.8%, respectively.
Adjusted net profit2 amounted to CHF 33.7 million (H1 2024: CHF 36.5 million), with adjusted earnings per share2 of CHF 2.66 (H1 2024: CHF 2.86). Reported net profit was CHF 17.9 million (H1 2024: CHF 22.5 million), corresponding to basic earnings per share of CHF 1.41 (H1 2024: CHF 1.76). Beyond the lower operating profit, net profit was further weighed down by a reduced financial result, mainly reflecting negative foreign exchange effects and the translation of US dollar-denominated assets into Swiss francs. In addition, a higher effective tax rate, primarily related to the Swiss tax reform, also contributed to the year-on-year decline in net profit.
Cash flow from operating activities increased to CHF 60.0 million in the first half of 2025 (H1 2024: CHF 43.4 million). Cash conversion improved to 109.2% of reported EBITDA (H1 2024: 72.5%). Thanks to solid cash flow management, Tecan's net liquidity position (cash and cash equivalents plus short-term time deposits, less bank liabilities, loans, and the outstanding bond) increased to CHF 140.3 million as of June 30, 2025 (June 30, 2024: CHF 87.6 million).
Information by business segment
Life Sciences Business (end-customer business)Sales in the Life Sciences Business amounted to CHF 185.7 million (H1 2024: CHF 187.5 million), representing a decrease of 1.0% in Swiss francs but an increase of 1.6% in local currencies compared to the first half of 2024. The segment saw sequential ...
