This article first appeared on GuruFocus .
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Order Intake:Increased 16.3% year-on-year to CHF247.6 million.
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Order Backlog:Rose 27.8% to CHF442 million.
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Net Sales:Grew 22.2% to CHF164.5 million (24% at constant currencies; 13.3% organic growth).
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EBITDA:Improved to CHF15.3 million, with margin up from 0.7% to 9.3%.
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Net Profit:Reached CHF5.4 million.
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Operating Cash Flow:CHF16.3 million in the first half.
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Free Cash Flow:Positive at CHF2.7 million.
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Cash and Cash Equivalents:CHF88.5 million at end of June.
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Net Debt:CHF42.2 million, corresponding to a net debt/EBITDA of 0.8x.
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Equipment & Solutions Order Intake:Increased 3.7% to CHF166.4 million.
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Equipment & Solutions Net Sales:Rose 10.2% to approximately CHF100 million.
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Equipment & Solutions EBITDA:Improved from minus CHF9.1 million to plus CHF2.3 million (margin from minus 10% to plus 2.3%).
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Service & Consumables Order Intake:Increased almost 55% to CHF81.2 million (organic growth of almost 27%).
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Service & Consumables Net Sales:Grew 47.2% to CHF64.6 million (organic growth of almost 15%).
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Service & Consumables EBITDA:Increased 29.7% to CHF13 million, with margin at 20.1%.
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Service & Consumables Share of Group Net Sales:Increased to 39.3%.
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Release Date: August 18, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Order intake increased by 16.3% to CHF247.6 million, with strong momentum in the US and solid demand in Europe.
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Order backlog grew by 27.8% to CHF442 million, providing good visibility into 2028.
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Net sales rose by 22.2% (24% at constant currencies), with organic growth of 13.3%.
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EBITDA improved significantly from CHF0.9 million to CHF15.3 million, with margin up from 0.7% to 9.3%.
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Service & Consumables segment grew strongly, with order intake up 55% and net sales up 47.2%, now representing 39.3% of group net sales.
Negative Points
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EBITDA margin of 9.3% remains below the target range of 13-15%.
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Order intake in Asia declined significantly from CHF20.8 million to CHF9.1 million due to timing of large orders.
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Service & Consumables EBITDA margin softened to 20.1% from 22.8% due to product mix and timing effects.
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CHF15-20 million of order backlog remains subject to potential cancellation risk, though unchanged from year-end.
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Competition has intensified, with customers more selective and decision cycles longer, requiring more effort to win business.
Q & A Highlights
Q: The 2026 guidance was confirmed, which requires an H2 acceleration in sales and margin uplift. What are the main drivers in the different divisions that will drive this better second half? A: Burim Maraj (CFO) stated that the main driver is the project business, supported by a strong order backlog and projects entering the value-intensive phase, which drives revenue recognition and margins. For Service & Consumables, the second half is weighted more heavily this year due to the timing of customer operational plans, and the doubled order backlog will support execution and margin improvement.
Q: Can you discuss the impacts on the H1 margin for Service & Consumables on an organic basis, given that excluding Metronik, the margin would be in the low teens, well below the last five years? A: Burim Maraj (CFO) explained that the 2024 margin of 28.9% was driven by an extraordinary impact from Aseptic Technologies that is no longer present. While Metronik's contribution is positive, it also has seasonality, and the software business is expected to have a positive impact in the second half, improving margins to historically seen levels.
Q: Can you provide an update on Pre-Approved Services? When do you expect commercial revenues, and how long will it take to ramp up to your targets? A: Jonas Greutert (CEO) confirmed that nothing has changed since the last communication. They are still working towards approvals and have started first non-GMP production runs, which are small revenue contributors. Meaningful business will start next year and develop over three to four years, with progress on track.
Q: For the Equipment & Solutions order intake, the majority is for large and complex customized lines extending into 2028. What is the nature of these extensions and what does it mean for lead times? A: Jonas Greutert (CEO) clarified that the larger projects won in the US are high-speed lines aimed at increasing production output, running at the limit of available technology. These typically take 18 to 24 months to deliver, and in some cases, new technologies from partners add a few months on top of the standard 18 months for large projects.
Q: How do you expect the split between Equipment & Solutions and Service & Consumables to evolve this year, and what is the long-term target? A: Burim Maraj (CFO) stated that the split will remain roughly in the 30% to 39% range for the second half as both segments develop. However, the mid-term goal is to achieve a 50-50 split between the segments, which would reduce dependence on the fluctuations of the project business.
Q: As EBITDA margins rise into the teens over the coming years, what do you expect free cash flow to look like, and what level of EBITDA conversion should we expect? A: Burim Maraj (CFO) noted that after being negative during the investment cycle for Pre-Approved Services, free cash flow is now positive. They expect free cash flow to remain positive at a higher level, with more specific guidance to be communicated in March.
Q: Is the split between Equipment & Solutions and Service & Consumables also valid for the impressive order intake in the US, or are there differences? A: Jonas Greutert (CEO) indicated that in the US, the investment climate is very strong, with significant investment in new production capacity. Order entry grew much faster in the Equipment & Solutions part than in Service & Consumables. He added that as drug prices come under pressure in the US, customers are trying to reduce operational costs while still investing heavily in new capacity.
Q: Can you update us on how the pipeline is going for Aseptic Technologies and the interest in your vial technology? A: Burim Maraj (CFO) stated that the pipeline remains stable, with around 400 ingredients in the closed vial and eight drugs commercially available. Funding constraints over the last two years impacted cell and gene development, but it is now picking up, which should have a positive impact. The consumables business remains the majority of vials compared to the eight commercial products.
Q: Is the value proposition for customers in Pre-Approved Services still unchanged, meaning 12 to 18 months of savings in go-to-market? A: Jonas Greutert (CEO) confirmed that the value proposition is still valid.
Q: How has the competitive landscape changed over the last 12 months from a technology and market share point of view? A: Jonas Greutert (CEO) explained that the market has shifted from a supply-constrained environment to an equilibrium between demand and supply. This means SKAN now has to compete in tenders and fight much harder to win business. He expressed pride in the sales team's success in North America, where they won most of the larger projects, emphasizing that strong customer relationships and project execution are more important than ever.
Q: Full-time equivalents have been reduced by 61 positions compared to year-end. Does this mean personnel expenses will go down in the second half, and were there costs related to this reduction? A: Burim Maraj (CFO) confirmed that the FTE reduction will have an impact in the second half, though comparisons are difficult due to acquisitions. The full-year effect of the decrease will be seen in 2027, but it will also be a meaningful reduction in 2026.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
