Ascom (ASCN) H2 2025 earnings summary

Executive summary

• Net revenue reached CHF 292.1 million in 2025, up 3.8% at constant currencies, with EBITDA rising to CHF 34.3 million and net profit increasing to CHF 15.1 million year-over-year.

• Operational improvements and organizational streamlining across all segments and regions drove higher project margins, billable utilization, and efficiency.

• Healthcare remained the largest revenue contributor at 66%, with Acute Care growing, Long-Term Care flat, and Enterprise comprising 28%-34% of revenue.

• Major customer projects delivered in acute care, long-term care, and enterprise segments, enhancing efficiency and safety.

• Completed major organizational redesign, consolidating regions and aligning global functions for greater efficiency.

Financial highlights

• EBITDA margin improved to 11.7% from 7.4%, and gross profit margin rose to 48% despite CHF 1 million in write-offs and CHF 0.5 million in U.S. tariffs.

• Free cash flow improved to CHF 21.8 million, with operating cash flow at CHF 32.6 million and net cash position at CHF 29.6 million.

• Equity ratio strengthened to 40.0%, up from 39.2% year-over-year.

• CHF 10.4 million returned to shareholders via dividends and share buybacks in 2025.

• Capital expenditure decreased to CHF 11.1 million, mainly due to completed refurbishment projects and lower capitalization.

Outlook and guidance

• 2026 guidance targets low to mid-single digit revenue growth at constant currencies and an EBITDA margin of 10%-12%.

• Focus areas for 2026: leveraging new regional organization, operational improvements, and accelerating innovation pipeline.

• Well-positioned to benefit from digital transformation trends in healthcare and enterprise markets.

• No midterm goals issued due to global uncertainty and ongoing business review by new CEO.