Ad hoc announcement pursuant to Art. 53 LR
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Ad hoc announcement pursuant to Art. 53 LR
2025 half-year results
Stable earnings and a confident outlook
The CPH Group with its Zeochem and Perlen Packaging companies achieved net sales of CHF 176 million for the first six months of 2025. EBITDA for the period stood at CHF 30.2 million, producing an EBITDA margin of 17.2 %. The net result amounted to CHF 17.1 million. The Group has confirmed its outlook for 2025.
Perlen, 18 July 2025 – The economic environment was challenging in the first half of 2025. Geopolitical developments and intensifying trade conflicts prompted sizeable uncertainties and contributed to a cooling of the global economy. Numerous companies deferred orders and investments in response. At the CPH Group, too, the resulting growth slowdown in its sales markets and the weaker US dollar impacted on business trends. With the acquisitions of LOG Pharma in Israel and Hungary by Perlen Packaging at the start of the year and of SiliCycle in Canada by Zeochem just after the reporting period, the CPH Group continued its global expansion strategy and further extended its position in attractive markets with above-average growth potential.
In this business environment the CPH Group was able to maintain its first-half financial results at almost their high prior-year levels. Net sales for the first half of 2025 totalled CHF 176 million, a 0.5 % decrease on the prior-year period. While acquisitions contributed 8.2 % to net sales, the strength of the Swiss franc reduced these by 3.5 %. Net of acquisition effects and at constant currency, net first-half sales were 5.1 % down on 2024. First-half EBITDA amounted to CHF 30.2 million, a 0.1 % improvement on the prior-year period. EBITDA was reduced by CHF 2.7 million through adverse currency impacts, a less favourable product mix and a slightly higher cost base following the spin-off of the Paper Division. The resulting EBITDA margin stood at a solid 17.2 %. Higher acquisition-related depreciation and amortization led to a decline in EBIT to CHF 21.9 million. The net result amounted to CHF 17.1 million, some CHF 4.0 million below its 2024 level following the non-recurrence of the one-off financial income and non-operating income of the prior-year period and acquisition-related higher financial expenses.
Zeochem: integration of Sorbchem in India proceeding as planned
Zeochem’s entry into the Indian market through the acquisition of Sorbchem India in April 2024 has proved a success, and net sales for India were increased in the 2025 first-half period. The acquisition’s integration continues to proceed as planned. Capacities were well utilized at the Rüti and Louisville production facilities in the reporting period.
With lower raw materials prices, cautious customer ordering and adverse currency impacts, Zeochem’s net sales of CHF 57.5 million for the first half of 2025 were a 7.2 % decline on the prior-year period (‑ 8.3 % at constant currency and net of acquisition effects). EBITDA was a substantial 17.4 % up at CHF 12.2 million, producing a high EBITDA margin of 21.2 %. The first-half EBIT of CHF 8.0 million was also a 15.0 % improvement on the prior-year period, with the slightly smaller increase compared to the EBITDA result attributable to higher acquisition-related depreciation and amortization.
Perlen Packaging: complementary pharmaceutical packaging market entered
In acquiring LOG Pharma at the beginning of the reporting period, Perlen Packaging further expanded its global market position in growth regions in the pharmaceutical packaging segment, securing its own presence in the Israeli and Hungarian markets. The acquisition also adds bottles and containers as complementary primary medicine packagings to the Perlen Packaging product range, while the new Hungarian operating location provides a more direct access to the attractive Eastern European pharmaceutical packaging market. The integration of LOG Pharma into Perlen Packaging is proceeding according to plan.
Perlen Packaging’s production facilities in Switzerland, Germany and China were well utilized in the first-half period. Operations were also further ramped up at the Brazilian plant, whose first-half sales volumes were almost double their equivalents last year.
Perlen Packaging achieved net first-half sales of CHF 118.4 million, a 3.1 % increase on the prior-year period (‑ 3.4 % at constant currency and net of acquisition effects). EBITDA declined by 12.6 % to CHF 17.8 million, with earnings depressed by adverse currency impacts as a result of the strong Swiss franc, a less favourable product mix and a slightly higher cost base following the spin-off of the Paper Division. EBITDA margin amounted to 15.0 %, down on the prior-year period. EBIT totalled CHF 13.6 million, a more substantial 20.2 % down on the prior-year period than the EBITDA decrease, owing to higher acquisition-related depreciation and amortization.
Equity ratio remains solid
At the end of the first-half period, the CPH Group reported net debt of CHF 30.3 million. With an equity ratio of 54.3 % the Group remains solidly financed.
A confident outlook for 2025
Prospects for the second half of 2025 are bright, though conditions remain volatile in the face of current economic developments and geopolitical events. “All in all, the CPH Group can confirm the projections made at the beginning of this year and still expects to report earnings and a net result for the full-year period that are a slight improvement on 2024”, says Dr. Alois Waldburg-Zeil, CEO of the CPH Group and Head of the Chemistry Division.
At Zeochem the integration of Sorbchem and SiliCycle, capacity increases in Rüti and process optimizations in the USA are expected to be effected. Net sales for the full 2025 business year are likely to be below and EBITDA above their 2024 levels.
Perlen Packaging expects to see further increases in its new order volumes in the second half of the year compared with the same period last year. A fully automated packaging plant should come into operation in Brazil as planned. Net sales for the full business year are expected to be above their 2024 levels, while annual EBITDA should be broadly in line with the prior-year result.
The CPH Group 2025 Half-Year Report is available for download on the Company's website via https://cph.ch/investors/documentation/ .
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