Kardex Holding AG
Kardex supplies automated storage and retrieval systems that bring goods to warehouse workers.
Overview
Latest results
Jan–Jun 2026 · Reported in EUR
Latest financial publication
H1 2026 results
Investment Thesis
Strong orders need to restore the margin
European Tech Equities analysis ·
Warehouses buy productivity, not just more machines
Kardex Holding AG’s opportunity is to help customers use warehouse space and labour more efficiently, then support the installed systems through service and upgrades. Its mix of standard storage products and larger installations offers several routes to growth. The current investment case depends on turning a strong order intake into profitable deliveries while recovering from weaker first-half execution.
Demand is ahead of revenue, but earnings have fallen
H1 2026 bookings rose 25.8% to €571.5 million and the order backlog reached €727.2 million. Revenue grew 6% to €440.5 million, yet EBIT fell from €48.9 million to €30.1 million. That gap makes the case concrete. The company has work to deliver, but the order book alone does not establish that delivery will recover the earlier margin.
Customer investment must earn an operational return
The IFR’s 2025 service-robot survey recorded 102,900 transport and logistics robots sold in 2024, up 14% within its sample. That shows investment in moving goods, but is neither a complete global total nor a measure of the storage systems Kardex sells. Its own rising bookings provide the closer evidence of spending reaching the business. In Europe and overseas, installations still need to save enough space or labour, or improve throughput enough, to justify their cost.
Growth investment puts the second half under pressure
Management expects an 8–10% EBIT margin for full-year 2026, above the 6.8% achieved in H1, while continuing investment in sales, IT and development. H1 free cash flow was €1.9 million and net cash €89.5 million. The balance sheet provides flexibility, but the earnings case requires better conversion of booked work and a return from the extra spending.
A growth target is only valuable at an adequate margin
Management aims for €1.5 billion of annual revenue between 2029 and 2031. Valuing that ambition requires assumptions about margins and the capital needed to deliver it. Revenue from large installations can bring a different profit mix from standard products and service. A stronger valuation case would show healthy returns across the mix, rather than reaching a sales target while cash generation remains thin.
What would weaken the case
- A larger share of lower-margin projects prevents the expected earnings recovery.
- Installation delays or execution costs consume the benefit of strong bookings.
- Expansion spending continues without a corresponding improvement in free cash flow.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
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.
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.
Kardex reports in euros under Swiss GAAP FER. Cash excludes term deposits; debt is reported financial liabilities. Cash flow after investment is operating cash flow less purchases of tangible and intangible assets, so it differs from Kardex’s own free-cash-flow measure.
Half-year
Income statement
Cash flow
Balance sheet
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.
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.
Kardex reports in euros under Swiss GAAP FER. Cash excludes term deposits; debt is reported financial liabilities. Cash flow after investment is operating cash flow less purchases of tangible and intangible assets, so it differs from Kardex’s own free-cash-flow measure.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
HARMAN Advances Warehouse Automation with New AutoStore System at Its Pécs Facility
Cutter & Buck Builds on AutoStore Success with New Texas Facility
MS Direct, Bergzeit and Kardex Launch AutoStore in Kaufbeuren in Record Time
Kardex UK Opens the First Experience Centre at Hertford Office
Automated High-Bay Warehouse: Jokey Modernizes its Logistics Processes
Interviews
Interviews are coming soon
No interviews with Kardex Holding AG have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2026 · Published Jul 30, 2026 · Checked Sep 14, 2026
H1 2026 · Published Jul 30, 2026 · Checked Oct 27, 2026
Checked 2026-09-14
Checked 2026-09-14
Checked 2026-09-14
