Signs of recovery in some markets, increase in order intake

Ad hoc announcement
Niederweningen, 29 April 2025 | Ad hoc announcement pursuant to article 53 listing rules

During the first quarter of 2025, some markets of Bucher Industries stabilised as expected. Order intake was higher than in the prior-year period. Order intake was higher at Kuhn Group in particular, as well as at Bucher Hydraulics. However, due to the low order book at the beginning of the year, sales still fell compared to the prior-year period. Bucher Industries confirms its outlook for 2025 but points to the increasing uncertainties surrounding global trade tariffs. The previously announced share buyback programme will start on 5 May 2025.

 

Group

	Wer­bung Wer­bung January – March		Change			Full year
CHF million	2025	2024	% Wer­bung Wer­bung	%1)	%2)	2024
Order intake	705	683	3.2	3.4	2.8	2’756
Net sales	783	853	-8.2	-8.2	-8.6	3’156
Order book	1’095	1’393	-21.4	-21.4	-21.8	1’172
Average number of FTEs	13’752	14’644	-6.1		-6.4	14’173

¹⁾ Adjusted for currency effects
²⁾ Adjusted for currency and acquisition effects

 

Demand for Bucher Industries' products and services increased during the first quarter of 2025. Led by the Kuhn Group division, which benefited from a greater willingness of the farmers to invest in Europe, order intake was higher overall than in the prior-year period. Bucher Hydraulics also posted growth, while demand for glass forming machines continued to fall. Group sales reflected the lower order book at the beginning of the year and continued to decline compared to the prior-year period, although Bucher Municipal continued to grow. The cost-saving measures already initiated were consistently continued at locations with low capacity utilisation.

 

Kuhn Group

	January – March		Change			Full year
CHF million	2025	2024		%	%1)	2024
Order intake	232	194		19.7	21.2	966
Net sales	316	357		-11.5	-11.2	1’159
Order book	378	490		-22.9	-22.3	464
Average number of FTEs	5’284	5’840		-9.5		5’497

¹⁾ Adjusted for currency effects

 

Investment confidence recovers Farmers’ willingness to invest improved in the first quarter of 2025. While interest rates and production costs remained high, good weather conditions in Europe in particular and high crop yields in Brazil led to further confidence and increased demand for agricultural machinery. As a result, the high inventories of many retailers were reduced. Overall, Kuhn Group’s order intake rose significantly. The dairy farming and livestock segments in particular benefited from high global meat prices and stable milk prices. The European market also performed well. Kuhn Group's sales fell compared to the prior-year period. Capacity utilisation remains low, particularly at production sites that focus on arable farming. Kuhn Group is continuing to work on optimising its costs.
Outlook for 2025 The reduction of the above-average inventories in the dealer network for agricultural machinery is progressing. Kuhn Group expects stable sales on a comparable basis and an operating profit margin in the region of the 2024 level.

 

Bucher Municipal

	January – March		Change			Full year
CHF million	2025	2024		%	%1)	2024
Order intake	148	149		-1.0	-1.1	591
Net sales	147	139		5.8	5.4	602
Order book	296	315		-6.0	-6.3	296
Average number of FTEs	2’521	2’505		0.6		2’508

¹⁾ Adjusted for currency effects

 

Further increase in sales Bucher Municipal continued to experience high demand in a stable market situation. Order intake was marginally below the very strong prior-year period. The compact sweeper and sewer cleaning vehicle segments developed particularly positively in the first three months. The former also benefited from increased demand for electrified vehicles. Orders for truck-mounted sweepers, winter maintenance equipment and refuse collection vehicles declined. The maintenance services and spare parts business remained stable. Sales once again exceeded the prior-year period. The markets in America and Asia in particular contributed to growth.
Outlook for 2025 Bucher Municipal expects demand to fall slightly from a high level and stable sales on a comparable basis. The operating profit margin is likely to increase further.

 

Bucher Hydraulics

	January – March		Change			Full year
CHF million	2025	2024	%	%1)	%2)	2024
Order intake	166	147	12.8	12.2	10.0	575
Net sales	163	182	-10.6	-11.0	-12.2	653
Order book	155	190	-18.4	-18.8	-21.5	148
Average number of FTEs	2’909	3’062	-5.0		-5.9	2’979

¹⁾ Adjusted for currency effects
²⁾ Adjusted for currency and acquisition effects

 

Increase in order intake Demand in the hydraulics markets rose in the first quarter of 2025, and order intake at Bucher Hydraulics exceeded the figure for the prior-year period. The stabilisation was evident in various regions and segments, with demand for stationary industrial hydraulics in particular recording a further increase. In the agricultural machinery segment, demand remained at the low level of the prior-year period. The division’s sales fell. Cost-saving measures were consistently continued. The first quarter of 2025 also includes the results of the acquisition of Hydman Oy, now Bucher Hydraulics Oy. With this supplier of hydraulic systems, Bucher Hydraulics is further strengthening its market position in northern Europe.
Outlook for 2025  Bucher Hydraulics expects demand to recover in the course of 2025 and is anticipating slight sales growth on a comparable basis along with a slightly higher operating profit margin.

 

Bucher Emhart Glass

	January – March		Change			Full year
CHF million	2025	2024		%	%1)	2024
Order intake	77	113		-31.6	-31.8	359
Net sales	113	124		-9.1	-9.0	462
Order book	156	283		-45.0	-45.1	193
Average number of FTEs	1’544	1’662		-7.1		1’627

¹⁾ Adjusted for currency effects

 

Decline in demand Bucher Emhart Glass customers continued to be cautious with investments in the first quarter of 2025, and order intake was therefore significantly below the prior-year period. Orders for glass forming machines and sections in particular remained at a low level. The inspection machinery segment, on the other hand, saw slight gains. The division also benefits from the large number of installed glass forming machines and its high share of the spare parts business, which offers stability in the current difficult environment. Sales included projects postponed from 2024 to the current year but were still below the prior-year period. Production planning was adjusted in line with the lower order book and capacities were further reduced.
Outlook for 2025 Bucher Emhart Glass expects the demand for glass container manufacturing equipment to recover towards the end of 2025 following the reduction of the stocks of glass containers. The division anticipates significantly lower sales on a comparable basis compared with the high level of the prior year. Accordingly, the operating profit margin is expected to be significantly lower than in 2024.

 

Bucher Specials

	January – March		Change			Full year
CHF million	2025	2024	%	%1)	%2)	2024
Order book	95	94	1.0	0.6	-0.4	333
Net sales	62	72	-14.2	-14.2	-15.0	357
Order book	130	142	-8.2	-8.8	-9.1	97
Average number of FTEs	1’426	1’509	-5.5		-6.7	1’495

¹⁾ Adjusted for currency effects
²⁾ Adjusted for currency and acquisition effects

 

Mixed business development Bucher Specials markets once again presented a mixed picture in the first quarter of 2025. Demand was significantly below the prior-year period at Bucher Vaslin and Bucher Automation but remained high at Bucher Unipektin. Bucher Landtechnik recovered slightly at a low level. Incoming orders were in line with the prior-year period, but division sales fell. The efficiency measures and reorganisations initiated last year were continued.
Outlook for 2025 The division anticipates sales growth on a comparable basis. Higher capacity utilisation and the efficiency measures taken are likely to lead to a higher operating profit margin.

 

Group outlook for 2025

The impact of increasing trade policy uncertainty on demand for capital goods is currently difficult to assess. However, with its strategic approach of local production close to its customer base, Bucher Industries is well positioned in the current environment. The Group therefore continues to expect stable sales for 2025 on a comparable basis. The Group expects the sale of a property not required for operations during 2025. The sale is expected to increase the operating profit margin by around 1.4 percentage points. Excluding this divestment, Bucher Industries expects an operating profit margin for 2025 at the prior-year level.

 

Share buyback programme

Due to its solid financial position and the continued strong cash generation expected, Bucher Industries will start its previously announced share buyback programme of up to 410’000 registered shares for the purpose of capital reduction on 5 May 2025. All necessary regulatory approvals have been obtained. Further information on the share buyback programme is available at bucherindustries.com.

Contact for investors and financial analysts
Jin Wiederkehr, Investor Relations
T +41 58 750 15 50
ir@bucherindustries.com

Contact for media
Saskia Rusch, Head of Group Communications
T +41 58 750 15 40
media@bucherindustries.com

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Simply great machines
Bucher Industries is a global technology group with leading market positions in speciality areas of mechanical and vehicle engineering. The company’s operations include agricultural machinery, municipal vehicles, hydraulic and electronic components as well as electrohydraulic systems, manufacturing equipment for the glass container industry, equipment for processing beverages and automation solutions. The company’s shares are traded on the SIX Swiss Exchange (SIX: BUCN). Further information is available at bucherindustries.com.

Additional performance measures: Internally and externally Bucher Industries uses key figures that are not defined by Swiss GAAP FER. The composition and calculation of the individual performance measures are set out here: bucherindustries.com/en/additional-performance-measures.