Ad hoc announcement pursuant to Art. 53 LR
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Ad hoc announcement pursuant to Art. 53 LR
Altstätten, 25 July 2025
COLTENE Holding AG, a leading international developer and manufacturer of dental consumables and small equipment , focused on implementing the projects of its 2025–2027 strategy in the first half of 2025. Sales and profitability declined due to rising market uncertainty and temporary factors. COLTENE is entering the second half of the year in a stronger position benefitting from an optimised dealer management, a streamlined cost structure, and product launches.
Geopolitical developments and optimisations shape the first half of 2025
COLTENE generated net sales of CHF 118.1 million in the first half of 2025 (H1 2024: CHF 127.5 million). Adjusted for currency effects, this corresponds to a decline of -4.9%. The weakening of the US dollar and developments in the Euro and Canadian dollar reduced revenue by an additional -2.5%. Sales reflect customer and patient caution due to geopolitical factors such as the US tariffs and the uncertainty about their economic impact, as well as the situation in the Middle East. In the first half of the year, COLTENE optimised its dealer management to strengthen its position in the long-term. The renegotiation of dealer terms resulted in temporary order delays, particularly in the first quarter.
Despite the US tariffs and currency effects, the gross margin only declined slightly to 66.4% (H1 2024: 66.6%). Further cost reductions in material expenses were achieved through the globally implemented procurement process. COLTENE also reduced operating costs despite wage increases and intensified marketing activities. Operating income (EBIT) amounted to CHF 7.5 million, corresponding to a margin of 6.4% (H1 2024: 10.2%). This reflects the lower sales volume, which was partially offset by strict cost control. Net income amounted to CHF 4.3 million (H1 2024: CHF 10.4 million). Free cash flow declined to CHF -0.3 million (H1 2024: CHF 13.8 million) due to the lower result and proactive inventory build-up in North America and Europe. The build-up was initiated to offset the US tariff policy and for the insourcing of a product as part of the Operational Excellence strategy.
Good development of ultrasonic cleaners in Infection Control
The current market environment had an impact on all product areas. Infection Control was down 2.0% year-on-year on a constant currency basis (-5.7% in CHF)*. Sales of ultrasonic cleaning and surface disinfection products developed positively, while cautious spending was evident in the more price-sensitive devices. Dental Preservation & Improvement declined by 4.8% on a constant currency basis (-6.6% in CHF). Sales of Treatment Auxiliaries were most affected by the temporary slowdown due to dealer management and the impact of the situation in the Middle East, declining by 7.4% at constant currencies (-9.3% in CHF).
Cautious consumers in North America
In North America, where COLTENE generates just under half of its sales, uncertainty about the economic consequences of the tariff policy had a particularly strong impact on customer and patient demand. North America accounted for 48.3% of total sales (H1 2024: 48.5%), with sales down 4.1% (constant currencies). Sales in the EMEA region (Europe, Middle East and Africa) fell by 6.8% on a constant currency basis. The region was particularly negatively impacted by the optimisation of dealer management and the decline of sales in the Middle East region due to the political situation. The share of sales remained at the previous year's level at 34.5% (H1 2024: 34.6%). Asia’s sales increased slightly to a share of 11.0% (previously 10.9%) thanks to good sales in India but declined by 3.5% in local currencies. Latin America recorded a currency-adjusted decline in revenues of 3.0% with a slightly higher share of 6.2%.
Innovative HYDRIM 112W washer saves resources and manual work
In the first half of the year, COLTENE launched the HYDRIM 112W cleaning and disinfection machine as a soft launch in Canada. The North American market for automated instrument washers offers growth opportunities due to increasing demand for more efficient equipment that reduces manual labour and helps to address staff shortages. HYDRIM 112W meets these criteria perfectly. The machine reduces manual work and ensures efficient, safe and regulation-compliant processes. It features intelligent system monitoring and myCOLTENE-enabled documentation. In addition, the device reduces resource consumption, cutting cleaning costs by up to 60%.
Outlook: Better second half year expected – market visibility limited
COLTENE expects significantly better results for the second half of the year. The company will continue to implement its strategy and launch innovative new products. At the same time, COLTENE is optimising its processes for efficiency. The temporary delays in dealer management have normalised and will have a positive impact on the second half of the year. In addition, implementation of the strategy is expected to contribute positively to sales and profitability.
However, visibility and predictability remain limited due to the geopolitical situation, which could cause customers to remain cautious until the end of the year. COLTENE is therefore refraining from providing revenue guidance. The EBIT margin is expected to be in the range of 10% (previously in the range of 11%) for the 2025 financial year. With this, COLTENE is taking into account the uncertainties, particularly with regard to the impact of the US tariffs. In the medium term, assuming that the geopolitical situation stabilises, COLTENE is sticking to its previously announced targets of 3–5% organic revenue growth and an EBIT margin of 13–15%. With its solid balance sheet, COLTENE remains well positioned for inorganic growth.
Half-year report 2025
The report is available for download at invest.coltene.com/en/publications/annual-reports .
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Key figures (in CHF 1 000) |
H1 2025 |
H1 2024 |
Delta in % |
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Net sales |
118 052 |
127 502 |
-7.4% |
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Operating expenses |
67 573 |
68 541 |
-1.4% |
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Operating profit (EBIT) |
7 527 |
12 977 |
-42.0% |
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in % of net sales |
6.4% |
10.2% |
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Net profit |
4 265 |
10 417 |
-59.1% |
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Cash flow from operating activities |
1 588 |
16 471 |
-90.4% |
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Investments (net) |
-1 839 |
-2 697 |
-31.8% |
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Free cash flow |
-251 |
13 774 |
-101.8% |
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Key figures (in CHF 1 000) |
30.6.25 |
30.6.24 |
Delta in % |
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Net debt |
-34 554 |
-24 141 |
-43.1% |
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Total assets |
177 218 |
189 759 |
-6.6% |
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Equity |
90 432 |
99 990 |
-9.6% |
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in % of total assets |
51.0% |
52.7% |
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Number of employees (FTE) |
1 176 |
1 191 |
-1.3% |
* Based on the new global strategy, net sales have been allocated to new business units in 2025 and the previous year adjusted accordingly. A comparison with previous reports is not meaningful.
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Contact Investor Relations |
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Markus Abderhalden, CFO Phone +41 71 757 54 80 Mobile +41 79 436 26 22 |
To receive regular updates on the latest information about COLTENE Holding AG, please register at invest.coltene.com .
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Financial Calendar |
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Release of Annual Report and Media and analyst conference on the financial results 2025 |
6 March 2026 |
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Annual General Meeting 2026 |
16 April 2026 |
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Release Half-Year Report and Media and analyst conference on the half-year results 2026 |
31 July 2026 |
About COLTENE
CCOLTENE is an international developer, manufacturer, and seller of dental consumables and small equipment in the areas of Infection Control, Dental Improvement, and Treatment Auxiliaries. COLTENE has state-of-the-art production facilities in the USA, Canada, Germany, France, Hungary and Switzerland as well as own sales organizations in all major markets including Europe, North and Latin America, Japan, China, and India. Dentists, DSOs, dental clinics, and dental labs all around the globe trust COLTENE's high-quality products. The registered shares of COLTENE Holding AG (CLTN) are listed on SIX Swiss Exchange. Learn more about COLTENE and our products at www.coltene.com .
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Address |
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COLTENE Holding AG Feldwiesenstrasse 20 CH-9450 Altstätten P +41 71 757 53 00 |
This written statement and oral statements or other statements made, or to be made, by us contain forward-looking statements that do not relate solely to historical or current facts. These forward-looking statements are based on the current plans and expectations of our management and are subject to a number of uncertainties and risks that could significantly affect our current plans and expectations, as well as future results of operations and financial conditions. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.