Horizon Group — Annual Report · 2025 02 / 15
Year in Review
Beyond the headline numbers
The year, quarter by quarter
Momentum from the start
First-quarter order intake ran ahead of plan in both segments, and Horizon Group entered spring with the strongest opening book in its history.
Annual general meeting
Shareholders approved every proposal, including a dividend of CHF 2.80 per share for 2024, and re-elected all board members standing.
Zurich technology centre expanded
Two additional floors and 180 workplaces for the modular platform team, commissioned in time for the September launch.
A record fourth quarter
The strongest quarter in the company’s history closed the year: revenue, order intake and free cash flow all peaked, and net debt fell to 0.9× EBITDA.
Four quarters, one direction
Every quarter of 2025 grew over the prior year — the first time Horizon Group has managed that since 2017. More telling than the growth was its quality: order intake outpaced billed revenue in all four quarters, cash conversion stayed above 85%, and no single customer accounts for more than 4% of revenue.
That balance is what allows the board to propose a dividend of CHF 3.10 per share — an increase of 10% — while keeping net debt below one year of EBITDA and every investment programme fully funded.
1.09 book-to-bill ratio
Order intake of CHF 2,610 million exceeded revenue in every quarter of 2025
Group order statistics, unaudited
The story behind the numbers
How the Nordlicht integration, the Lausanne retooling and the new modular platform shaped the year.
Strategy & stories