Bucher Industries AG (BUCN) Q2 2026 Earnings Report

The call presents a mixed picture: the company’s balance sheet and liquidity are strong (high equity ratio, net cash, completed buyback and continued R&D and product innovation), and several divisions (notably Bucher Hydraulics and certain municipal businesses) show clear order and sales momentum. However, core weaknesses persist—most prominently an 18% decline in Kuhn’s order intake, a 25% drop in Emhart Glass sales and margin compression across the group—plus a negative H1 operating cash flow and one-off restructuring costs. Management views H1 as the trough and expects sequential improvement in H2, but full-year guidance was adjusted to slightly lower sales and margins versus the prior year. Overall this balances healthy financial strength and pockets of operational growth against material near-term demand and margin challenges.

Management guided 2026 to slightly lower group sales on a comparable basis and an operating profit margin below last year (group H1 margin 7.1% vs ~8% last year excl. a CHF 43m property gain), saying H1 was the trough and H2 should improve; division guidance: Kuhn Group (order intake -18% H1, sales +3% H1, H1 EBIT margin 8.8%) expects stable FY comparable sales and a margin at prior‑year; Bucher Municipal (order intake ≈+8% H1, sales -3.6% H1, H1 margin 7.2%) expects a slight sales decline and a slightly lower margin; Bucher Hydraulics (order intake +9% H1, sales ≈+8% H1, H1 margin 10.8%) expects slight sales and margin increases; Emhart Glass (order intake ≈+9% H1 but sales -25% H1, H1 EBIT margin 5%) expects significantly lower FY sales and margin versus 2025 but sequential improvement in H2; Bucher Specials (order intake +4% H1, sales -2.4% H1) expects slight sales growth but a lower margin reflecting a CHF 8m restructuring charge; key financials supporting the plan: equity ratio 66% (June), net cash CHF 278m (expected ~CHF 400m year‑end), H1 operating free cash flow CHF -73m, CapEx 2.8% of sales (H1) with full‑year CapEx ~CHF 140–150m, RONOA after tax 12.7% (vs 8% WACC, 20% target) and an effective tax rate H1 19.2% (mid‑term 21–23%).