Horizon Group — Annual Report · 2025 06 / 15
Financial Performance
Horizon Group delivered broad-based growth in 2025. Every operating segment contributed, with Technology and Services again leading the way. Currency headwinds of roughly 150 basis points were fully absorbed by pricing and mix.
Segment highlights
CHF 960M
Gross profit
+18% — record mix
CHF 288M
Net income
+34% on operating leverage
CHF 3.10
Dividend per share
Proposed, +10%
Revenue by segment
Quarterly revenue split across the two largest segments, in CHF millions.
Five-year trajectory
Revenue and net income, indexed to 2021 = 100.
Revenue by region
Share of 2025 consolidated revenue.
Consolidated income statement
For the year ended 31 December
CHF in millions
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenue | 2400 | 2143 | 1936 |
| Cost of revenue | (1440) | (1329) | (1229) |
| Gross profit | 960 | 814 | 707 |
| Operating expenses | |||
| Research & development | (360) | (321) | (298) |
| Sales & marketing | (192) | (171) | (163) |
| General & administrative | (120) | (107) | (101) |
| Net income | 288 | 215 | 145 |
Figures are presented in accordance with IFRS. Prior periods restated for IFRS 18.
| FY 2024 | FY 2025 | Change | |
|---|---|---|---|
| Key performance indicators | |||
| Order intake (CHF M) | 2280 | 2610 | +14.5% |
| Free cash flow (CHF M) | 198 | 246 | +24.2% |
| Return on capital employed (%) | 14.2 | 16.8 | +18.3% |
| Net debt / EBITDA | 1.4 | 0.9 | −35.7% |
| Headcount (FTE) | 14650 | 15400 | +5.1% |
Dividend history
| Year | Dividend per share | Payout ratio | Yield at year end |
|---|---|---|---|
| 2021 | CHF 1.80 | 42% | 2.1% |
| 2022 | CHF 2.10 | 40% | 2.3% |
| 2023 | CHF 2.45 | 41% | 2.4% |
| 2024 | CHF 2.80 | 43% | 2.6% |
| 2025 | CHF 3.10 (proposed) | 41% | 2.7% |
| Five-year total | CHF 12.55 | — | — |