Bobst has reported its figures for 2025, which show that sales dropped 14.2% from CHF (Swiss Francs) 1.891 billion in 2024 to CHF 1.622 billion last year, while the net operating result fell drastically from CHF 81.8 million to CHF 36.6 million.
At the same time, the net debt rose from CHF 126 million in 2024 to CHF 154 million in 2025. Not surprisingly, Bobst halved the dividend per share from CHF 5 to CHF 2.5.
Bobst has cited unfavorable exchange rates but the real problem is the uncertainty in the market due to the US tariffs with the report noting, “Tariffs on steel and aluminum were raised to 50% in February, followed by broader tariff announcements in April, which halted US investment and drove more than 70% drop in Q2 for machine order intake from the USA.”
The situation worsened on 1 August when Trump raised tariffs on some Swiss imports to 39%, though this later fell back to 15%. Consequently, the machine backlog for US clients had to be renegotiated and part of the newly introduced tariffs had to be picked up by the Printing and Converting division.
However, as the report’s letter to shareholders notes: “Geopolitical tensions affected trade flows, energy markets, and investment decisions, while slower economic growth and high interest rates in Europe weighed on demand. At the same time, intensified competition from Asian manufacturers, ongoing supply chain adjustments, rising cyber risks, and more frequent climate-related disruptions increased operational complexity for industrial companies. For equipment manufacturers in the packaging industry, these conditions translated into more cautious customer investment behavior, stronger pricing pressure, and increased competition across global markets.”
Bobst says that the 2025 figures have been affected by starting with a lower machine backlog. It has also been hit by consolidation among its major clients, mainly in the corrugated industry, as well as noting that there is excess capacity in the market after several years with above-average machine sales, with Bobst predicting this will continue for the next 12 to 24 months. At the same time, Bbost says that the folding carton market has been in decline since 2024, despite moves to replace some plastic packaging with carton board, and there is intense pricing pressure on the labels market, with some consolidation among customers. However, Bobst has seen some recovery in the flexible packaging market after two years of decline.
Consequently, the sales figures declined in all regions, including by 23% in Asia and Oceania, 18.8% in the Americas and 11.3% in Africa, as well as 6.9% in Europe.
Overall, the Printing and Converting division saw sales fall by 23.1% to CHF 938.6 million, leading to an EBIT operating result of CHF – 25.6 million compared to CHF 39.8 million in 2024. In contrast, the Service and Performance division recorded a modest 2% increase to CHF 683.7 million with an EBIT operating result of CHF 100.0 million, down from CHF 104.7 million in 2024. Bobst offset these results with a cost-savings program and improved pricing. Across the board, the sales did improve in the second half of the year, up from CHF 667.4 million in H1 to CHF 954.9 million in the second half of 2025.
The cash inflow from operating activities increased to CHF 107.5 million, compared to CHF 54.9 million in 2024, mainly driven by a decrease in net working capital. The company also recorded a cash flow loss of CHF -43.4 million from investing activities, compared to CHF 44.6 million in 2024, which is due to having sold its interests in BHS and IVG in 2024. In addition, cash flow from financing activities increased by CHF 177.3 million in 2025, mainly due to a CHF 200.0 million new bond being issued in September 2025 which was used to reimburse a maturing bond for the same amount from September 2025.
The report went on to highlight Bobst’s efforts to improve its analogue technology, with more automated gravure printing, as well as improvements to its film metallisation process but with no mention of its digital print technology. The company spent some CHF 94.4 million on Research & Development, similar to the previous year, but notes that these costs were not capitalized in 2025 and 2024. Bobst has focused on improving existing products, developing new products and, interestingly, on “research for the standardization of the components of manufactured products of the Group.”
The report, which came before the Iran conflict kicked off, predicted that this year would be challenging due to the overall geopolitical and economic situation, which will be even more so now. Consequently, Bobst is expecting sales to be slightly lower in 2026 than in 2025 with the operating result, or Earnings Before Interest and Taxes, to be similar to 2025 at around CHF 72 million. You can find further details from investors.bobst.com
(1 CHF is approximately equivalent to US$ 1.29 as per the latest prices)
