@layer base { .issuer-tabs [role="tabpanel"] { display: block !important; margin-top: 2rem; } } .issuer-tabs [role="tablist"] { display: none !important; } .issuer-tabs .company-static-heading { display: block; margin: 1.5rem 0 1rem; }

Basler AG

Basler supplies industrial cameras, components and software that help machines inspect products and locate parts in factories and logistics systems.

BSL · Gettex

Overview

Summary

Basler is a German technology company supplying industrial cameras, image-processing software and components that give machines visual information. Equipment builders integrate its products into factory, logistics and other imaging systems.

Its cameras capture images, while the pylon software helps customers configure the hardware and process the results. Applications include inspecting products and finding the position of parts for a robot. Basler is expanding from individual components towards more complete vision solutions.

How Basler AG gives machines the power to see

A problem with bought-in cameras helped turn Basler AG into a camera supplier. Today, its business stretches from lighting an object to analysing what the picture reveals.

In-depth researchBasler AGRobotics6 min read

Latest results

Jan–Sep 2026 · Reported in EUR

Revenue

EUR 227.4 million+35.3%

Operating profit

EUR 51.1 million+250.5%

Margin 22.5%

Cash held

EUR 43.8 million+76.7%

At Sep 30, 2026

Financial debt

EUR 54.9 million

At Sep 30, 2026

Latest financial publication

Nov 4, 2026 · Issuer publication

Nine-month 2026 results

Investment Thesis

A recovery with more to prove than camera demand

European Tech Equities analysis · Sep 15, 2026

Selling more of the inspection system

Basler AG’s opportunity is to earn more from each machine-vision installation as it expands beyond cameras into components, software and complete solutions. That could deepen customer relationships and spread product-development costs across more sales. The investment case rests on turning the current recovery into repeat business without giving back the improvement in profitability.

Sources[1][2]

The recovery is already in the accounts

First-half 2026 revenue rose to €152.4 million from a restated €111.7 million, while operating profit increased to €31.1 million from €8.6 million. Orders of €180.0 million exceeded sales. Those figures support a recovery in demand and factory utilisation, although a 20.4% operating margin in a strong half-year is a demanding starting point for future expectations.

Sources[2]

Automation spending still comes in cycles

The IFR’s World Robotics 2025 report counted 542,000 industrial robot installations worldwide in 2024, including 85,000 in Europe. European installations fell despite the longer-term expansion of automation. Basler serves inspection, logistics and other imaging applications as well as robots, so its opportunity is broader than robot production. Customers still have to approve equipment budgets; a larger automation market cannot prevent them postponing a production line.

Sources[3][1]

Orders need components, and profits need cash

Operating activities generated €16.6 million in H1, against €31.1 million of operating profit. Cash stood at €30.2 million and financial debt including leases at €58.9 million. In August, Basler warned that a Sony sensor-production interruption could constrain its own September and October output. The immediate test is whether it can deliver orders and collect the money while managing inventory and supplier availability.

Sources[2]

Value the earnings that can last

A valuation based on simply doubling H1 profit would assume both sales and margins hold through the rest of the year. A more convincing case would establish a sustainable margin across an ordinary demand cycle, then show that broader solutions improve customer spending or recurring software income. Faster sales growth adds value only when the associated stock, development work and acquisitions leave enough cash for shareholders.

Sources[2][1]

What would weaken the case

Order intake slows after customers replenish inventory, exposing the fixed costs behind the improved margin.
Sensor shortages delay shipments or require more inventory and cash than expected.
The broader product range adds integration and support costs without increasing profit per customer.

Sources

Financials

The business in numbers

Latest

RevenueOperating profitNet profit

Income statement

For the periodEUR million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Revenue	168.00	227.35
Gross profit	79.28	120.18
Gross margin	47.2%	52.9%
EBITDA	27.20	61.60
EBITDA margin	16.2%	27.1%
Operating profit (EBIT)	14.59	51.12
Operating margin	8.7%	22.5%
Net income	11.05	38.18
Earnings per share (EUR)	0.36	1.24

Cash flow

For the periodEUR million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Operating cash flow	20.47	37.15
Capital expenditure	7.72	7.09
Free cash flow	12.75	30.06

Balance sheet

At period endEUR million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Cash & cash equivalents	24.78	43.79
Total debt	—	54.85
Net debt / (net cash)	—	11.06
Total assets	—	281.23
Total liabilities	—	109.21
Total equity	—	172.03

Sources and details

Additional figures

9M 2026 · Nov 4, 2026

Order intake: EUR 278.6m

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

9M 2025 · Restated cumulative nine-month comparators from the same IAS 34 report pp.24 and 29-30. Cash is at 30 September 2025; the report does not provide a comparative September 2025 balance sheet, so debt, assets, liabilities and equity remain absent.

9M 2026 · Full IAS 34 report pp.24-30. Income and cash-flow values are cumulative nine-month figures. Cash, debt, assets, liabilities and equity are at 30 September 2026. Debt is bank borrowings plus lease liabilities; free cash flow retains Basler's definition.

Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.

Figures follow the consolidated IAS 34 accounts. Nine-month figures are cumulative, not Q3-only. The 2025 income-statement comparators were restated for lease accounting. Basler's free cash flow includes investing cash flow and currency effects.

Annual

RevenueOperating profitNet profit

Revenue

FY 2024183.7

FY 2025224.5

Operating profit

FY 2024-10.1

FY 202517.7

Net profit

FY 2024-14.2

FY 202511.6

Income statement

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	183.72	224.54
Gross profit	82.90	106.43
Gross margin	45.1%	47.4%
Operating profit (EBIT)	-10.08	17.69
Operating margin	-5.5%	7.9%
Net income	-14.20	11.63
Earnings per share (EUR)	-0.46	0.38

Cash flow

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Operating cash flow	16.33	30.13
Capital expenditure	10.72	10.27
Free cash flow	5.61	19.86

Balance sheet

At period endEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash & cash equivalents	21.32	28.99
Total debt	69.59	65.47
Net debt / (net cash)	48.27	36.48
Total assets	230.33	238.06
Total liabilities	106.45	105.20
Total equity	123.89	132.85

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

FY 2024 · PDF pp. 58–64; FY 2024 restated

FY 2025 · PDF pp. 58–64; FY 2024 restated

Half-year

RevenueOperating profitNet profit

Revenue

H1 2025111.7

H1 2026152.4

Operating profit

H1 20258.6

H1 202631.1

Net profit

H1 20256.4

H1 202623.6

Income statement

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	111.69	152.39
Gross profit	52.02	78.65
Gross margin	46.6%	51.6%
Operating profit (EBIT)	8.59	31.09
Operating margin	7.7%	20.4%
Net income	6.45	23.62
Earnings per share (EUR)	0.21	0.77

Cash flow

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	8.47	16.60
Capital expenditure	5.17	3.21
Free cash flow	3.30	13.39

Balance sheet

At period endEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	—	30.18
Total debt	—	58.93
Net debt / (net cash)	—	28.74
Total assets	—	260.23
Total liabilities	—	106.30
Total equity	—	153.93

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

H1 2025 · PDF pp. 18–24; H1 2025 restated

H1 2026 · PDF pp. 18–24; H1 2025 restated

Year to date

RevenueOperating profitNet profit

Revenue

9M 2025168

9M 2026227.4

Operating profit

9M 202514.6

9M 202651.1

Net profit

9M 202511.1

9M 202638.2

Income statement

For the periodEUR million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Revenue	168.00	227.35
Gross profit	79.28	120.18
Gross margin	47.2%	52.9%
EBITDA	27.20	61.60
EBITDA margin	16.2%	27.1%
Operating profit (EBIT)	14.59	51.12
Operating margin	8.7%	22.5%
Net income	11.05	38.18
Earnings per share (EUR)	0.36	1.24

Cash flow

For the periodEUR million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Operating cash flow	20.47	37.15
Capital expenditure	7.72	7.09
Free cash flow	12.75	30.06

Balance sheet

At period endEUR million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Cash & cash equivalents	24.78	43.79
Total debt	—	54.85
Net debt / (net cash)	—	11.06
Total assets	—	281.23
Total liabilities	—	109.21
Total equity	—	172.03

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Updated Nov 4, 2026

Overview

Summary

Customer value

What sets it apart

Growth plans

How Basler AG gives machines the power to see

Latest results

Latest financial publication

Nine-month 2026 results

Investment Thesis

Selling more of the inspection system

The recovery is already in the accounts

Automation spending still comes in cycles

Orders need components, and profits need cash

Value the earnings that can last

What would weaken the case

Sources

Financials

The business in numbers

Latest

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Additional figures

Annual

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Half-year

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Year to date

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Performance

Research & updates

How Basler AG gives machines the power to see

Nine-month 2026 results

Preliminary nine-month 2026 results

H1 2026 results

Basler AG financial results for the first 6 months of 2026: Strong business performance in the first half of the year; company raises its 2026 forecast once again

Basler AG shareholders approve agenda items at today’s annual general meeting

Company publications

Basler nine-month report 2026

basler preliminary Q3 / nine-month 2026 results

Basler half-year financial report 2026

Interviews

Interviews are coming soon

Sources

Sources & data dates

Search companies & research