The geopolitical and tariff uncertainties had a significant negative impact on Bobst Group financial results for the reporting period. Order entries in the first six months of 2025 were 4% below the level reached in 2024. Sales were at CHF 667 million, 19% lower than the first semester 2024 at CHF 828 million. The operating result (EBIT) was CHF 5 million compared to CHF 35 million in 2024 mainly driven by lower volume partially compensated by lower fixed costs. The net result reached CHF -3 million, down from CHF 8 million in the previous year. Net debt was CHF 237 million compared to CHF 126 million at the beginning of the year. Order backlog at the end of June was 27% lower than previous year and 8% higher than the end of 2024.
The Group expects a better second half of the year but there are risks which can negatively impact the full year results. In particular the uncertain geopolitical situation driven by tariff impacts, the situation in Middle East region and further slowdown of the industry in some regions can negatively impact orders still to be booked and invoiced in 2025. The Group expects 2025 full year sales and results to be significantly lower compared to the values achieved in previous year.
During the first half of 2025, consolidated sales amounted to CHF 667.4 million, representing a decrease of CHF -160.8 million, or -19.4%, compared to CHF 828.2 million at the same period in 2024. Volume and price variances had a negative impact of CHF -144.6 million. The exchange rates had an overall negative impact on sales of CHF -16.2 million.
The decrease of consolidated sales was due to lower sale of equipment while spare parts and services were at the same level as in the first half of 2024. The distribution of sales by geographical zones showed a stability of the percentage by region compared to first half year 2024 with a slight decrease in percentage in Europe.
The operating result (EBIT) reached CHF 5.4 million compared with CHF 34.7 million for the same period in 2024. The lower operating result (EBIT) is mainly due to lower volume partially compensated by lower fixed costs.
The operating result (EBIT) for Business Unit Printing & Converting decreased from CHF -5.8 million in the first half of 2024 to CHF -42.4 million in the reporting year. Lower volume impacted heavily the first semester and could only be partially compensated by lower costs and other expenses, such as lower selling and marketing costs due to the absence of drupa.
Operating result (EBIT) for Business Unit Services & Performance increased by CHF 8.3 million compared with the same period in 2024, to reach CHF 49.6 million in the first half of 2025. This increase is mainly coming from better margin generated from constant improved operational excellence and lower sales and marketing cost due to the absence of drupa.
Net result reached CHF -3.3 million, compared to CHF 7.7 million in 2024. The decrease in net result is due to lower operating result (EBIT), compensated partially by favorable impact on financial result compared to 2024 which included negative FX impact linked to sale of BHS and IVG.
The net debt position was CHF 237.1 million at the end of June 2025 compared to a net debt position of CHF 125.8 million at the end of 2024. The decrease is mainly driven by negative cashflow from operating activities linked with lower sales and cashflow used from financing activities for payment of dividend. The consolidated equity ratio reached 23.2% of the total balance sheet, compared to 27.9% at the end of 2024. The reduction of the ratio is due to low net result in the first half of the year 2025 and the dividend payments of CHF 82.3 million.
