Ad hoc announcement pursuant to Art. 53 LR
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Phoenix Mecano increases Q3 result thanks to robust business model
Despite difficult conditions, Phoenix Mecano achieved an increase in result in the third quarter of 2025 compared with the previous year, underscoring the resilience and adaptability of its business model. The industrial divisions generated organic growth and boosted their profitability, while the DewertOkin Technology Group continued to feel the effects of the tariffs introduced in the second quarter. For 2025 as a whole, Phoenix Mecano continues to expect an operating result up to 20% lower than the previous year.
Kloten/Stein am Rhein, 30 October 2025
The Phoenix Mecano Group's consolidated gross sales in the third quarter of 2025 fell by 6.8% from EUR 205.5 million to EUR 191.5 million. In organic, local-currency terms, they were down 3.9%. Net sales totalled EUR 188.4 million (previous year: EUR 203.0 million). The book-to-bill ratio was 0.99. Incoming orders stood at EUR 190.5 million, down 11.4% on the previous year (EUR 215.0 million). In organic, local-currency terms, the drop was 8.5%.
The previous year's figure was boosted by major electricity infrastructure projects.
The operating cash flow increased by 1.2% compared with the same quarter the previous year, to EUR 21.6 million. The operating result rose by 1.4% year-on-year to EUR 15.7 million.
The result of the period climbed by 14.1% compared with the previous year, from EUR 9.8 million to EUR 11.2 million.
Division performance
Gross sales in the Enclosure Systems division totalled EUR 55.1 million in the third quarter of 2025, up 1.8% on the previous year. The increase in organic, local-currency terms was 3.1%. Incoming orders rose by 4.3% to EUR 55.8 million. The operating cash flow climbed to EUR 10.8 million (up 21.1%) while the operating result increased from EUR 7.1 million to EUR 8.9 million (up 25.0%). The explosion-proof enclosures business area developed positively, driven by energy sector investments in Asia and the Middle East. Electronic enclosures saw a high level of project enquiries, particularly in the medical technology and Internet of Things sectors. In the human-machine interface segment, demand remained subdued due to geopolitical uncertainties and the difficult situation in the automotive industry.
The Industrial Components division increased its sales by 3.0% to EUR 51.1 million in the third quarter of 2025 (previous year: EUR 49.5 million). Incoming orders were down 24.8% at EUR 45.3 million (previous year: EUR 60.2 million). In organic, local-currency terms, gross sales rose by 3.4% and incoming orders fell by 24.4%. At EUR 6.6 million, the operating cash flow was up 37.3% on the previous year (EUR 4.8 million), while the operating result increased from EUR 3.3 million to EUR 5.1 million (up 54.6%).
The Automation Modules business area is showing the first signs of recovery, with the book-to-bill ratio exceeding 1.0 for the past two months. A performance enhancement programme has been launched to sustainably boost the area's competitiveness. The associated one-off costs of EUR 3.5 million had a negative impact on the segment's result. The expansion of high-voltage direct current (HVDC) transmission and the digitalisation of distribution grids continued to drive sales in the Measuring Technology business area, as did the full-year effect of a bolt-on acquisition made last year. In the Electrotechnical Components business area, the gradual normalisation of inventories and supply chains fostered a slight upturn in business activity.
In the DewertOkin Technology Group (DOT Group) division, gross sales in Q3 2025 were down 16.1% at EUR 83.8 million. In local-currency terms, the decline was 11.3%. Incoming orders dropped by 11.1% to EUR 87.9 million. The operating cash flow was EUR 5.8 million (previous year: EUR 9.4 million) while the operating result stood at EUR 3.8 million (previous year: EUR 7.4 million).
The global supply chain for furniture remains strained. The third quarter saw a slight recovery in incoming orders and sales in this area compared with the second quarter. Since 1 October, however, an additional US tariff of 30% has been levied on upholstered furniture, which is likely to further dampen demand in the United States. To support US customers, DOT is helping to localise production, for example by standardising components and developing automated assembly solutions, as well as offering alternative production sites to China in Vietnam and Hungary.
The economic environment also remained weak in Europe and Asia, with correspondingly subdued market demand.
In China, there are opportunities arising from differentiated product development, particularly in relation to digital functions, which are more in demand among Chinese consumers than in the West .
Strategically, the focus is on gaining market share in Europe and Asia, where penetration has so far been lower than in the US.
Share buyback programme
The share buyback programme will run until 14 November 2025 and will then be terminated. The Board of Directors intends to propose cancellation of the repurchased registered shares at the 2026 Shareholders' General Meeting. This will reduce the capital accordingly and sustainably boost earnings per share. A total of around 4.1% of the share capital had been repurchased by the end of September.
Outlook
The anticipated economic recovery in the second half of the year has so far failed to materialise and the economic environment remains challenging. The US–China trade conflict is also having negative repercussions on business, with the DewertOkin Technology Group being particularly affected. This division is strongly oriented towards the US market, albeit indirectly, and is feeling the impact particularly keenly.
An initial economic recovery can be expected as soon as the effects of increased government investment in infrastructure start to kick in.
With its global production network, Phoenix Mecano is meeting these challenges flexibly, focusing specifically on structural growth drivers such as industrial automation and decarbonisation. Its resilient business model enables stable business development even under difficult conditions.
Phoenix Mecano's Board of Directors and management expect the current period of economic weakness to normalise over the coming year . For 2025 as a whole, the company continues to expect an operating result up to 20% lower than the previous year.
About Phoenix Mecano
The Phoenix Mecano Group is a global player in the enclosures and industrial components segments and is a leader in many markets. Headquartered in Stein am Rhein, Switzerland, the Group employs around 7,000 people worldwide and generated sales of EUR 779.5 million in 2024. It is geared towards the manufacture of niche products and system solutions for customers in the mechanical engineering, measurement and control technology, medical technology, aerospace technology, alternative energy, and home and hospital care sectors. Phoenix Mecano was founded in 1975 – 50 years ago this year – and has been listed on the Swiss stock exchange since 1988.
For more information, please contact:
Phoenix Mecano Management AG
Dr Rochus Kobler, CEO
Lindenstrasse 23, CH-8302 Kloten
Tel.: +41 (0)43 255 4 255
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Results Q3 2025 (in EUR million) |
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7-9 2024 |
7-9 2025 |
in % |
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Incoming orders |
215,0 |
190,5 |
-11,4 |
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Gross sales |
205,5 |
191,5 |
-6,8 |
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per division: |
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Enclosure Systems |
54,1 |
55,1 |
1,8 |
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Industrial Components |
49,5 |
51,1 |
3,0 |
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DewertOkin Technology Group |
99,9 |
83,8 |
-16,1 |
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Other |
2,0 |
1,5 |
-23,1 |
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Net sales |
203,0 |
188,4 |
-7,2 |
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Operating cash flow |
21,3 |
21,6 |
1,2 |
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Margin |
10,4% |
11,3% |
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Operating result |
15,5 |
15,7 |
1,4 |
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Margin |
7,5% |
8,2% |
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per division: |
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Enclosure Systems |
7,1 |
8,9 |
25,0 |
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Margin |
13,2% |
16,1% |
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Industrial Components |
3,3 |
5,1 |
54,6 |
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Margin |
6,7% |
10,0% |
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DewertOkin Technology Group |
7,4 |
3,8 |
-48,8 |
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Margin |
7,4% |
4,5% |
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Other |
-2,3 |
-2,1 |
9,3 |
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Result of the period |
9,8 |
11,2 |
14,1 |
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Margin |
4,8% |
5,9% |
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1-9 2024 |
1-9 2025 |
in % |
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Incoming orders |
603,3 |
566,1 |
-6,2 |
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Gross sales |
591,7 |
571,8 |
-3,4 |
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per division: |
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Enclosure Systems |
165,6 |
165,1 |
-0,3 |
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Industrial Components |
144,0 |
147,1 |
2,1 |
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DewertOkin Technology Group |
275,3 |
253,5 |
-7,9 |
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Other |
6,8 |
6,1 |
-8,9 |
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Net sales |
585,1 |
565,0 |
-3,4 |
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Operating cash flow |
59,0 |
54,4 |
-7,8 |
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Margin |
10,0% |
9,5% |
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Operating result |
41,7 |
37,0 |
-11,3 |
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Margin |
7,1% |
6,5% |
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per division: |
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Enclosure Systems |
22,9 |
24,1 |
5,1 |
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Margin |
13,9% |
14,6% |
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Industrial Components |
7,6 |
7,5 |
-1,4 |
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Margin |
5,3% |
5,1% |
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DewertOkin Technology Group |
17,3 |
9,4 |
-45,6 |
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Margin |
6,3% |
3,7% |
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Other |
-6,1 |
-4,0 |
34,3 |
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Result of the period |
28,0 |
25,6 |
-8,6 |
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Margin |
4,7% |
4,5% |