Vertex Industries — Annual Report · 2025 05 / 15
Financial Performance
Vertex Industries delivered broad-based growth in 2025. Automation revenue rose to CHF 845 million, helped by ten months of Kestrel Robotics; Software & Services grew faster still, to CHF 435 million — and it was this mix, more than pricing, that lifted the EBIT margin from 13.8% to 16.0%. Order intake of CHF 1,434 million kept book-to-bill at 1.12, and the board proposes a dividend of CHF 1.60 per share: up 14%, with the payout ratio easing to 43% as earnings continue to outgrow the dividend.
The profit and cash picture
Revenue by segment
Quarterly revenue of the two segments, in CHF millions.
Five-year trajectory
Revenue and net income, indexed to 2021 = 100.
Consolidated income statement
For the year ended 31 December
CHF in millions
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenue | 1280 | 1032 | 918 |
| Cost of revenue | (704) | (588) | (533) |
| Gross profit | 576 | 444 | 385 |
| Operating expenses | |||
| Research & development | (192) | (158) | (140) |
| Sales & marketing | (118) | (95) | (86) |
| General & administrative | (61) | (49) | (47) |
| Operating profit (EBIT) | 205 | 142 | 112 |
| Financial result, net | 3 | (2) | (5) |
| Income tax | (60) | (35) | (29) |
| Net income | 148 | 105 | 78 |
Figures are presented in accordance with IFRS. Kestrel Robotics is consolidated from 1 March 2025.
Dividend and per-share data
| Year | Dividend per share | Earnings per share (diluted) | Payout ratio |
|---|---|---|---|
| 2021 | CHF 1.00 | CHF 1.30 | 77% |
| 2022 | CHF 1.10 | CHF 1.58 | 70% |
| 2023 | CHF 1.25 | CHF 1.95 | 64% |
| 2024 | CHF 1.40 | CHF 2.63 | 53% |
| 2025 | CHF 1.60 (proposed) | CHF 3.70 | 43% |
| Five-year total | CHF 6.35 | CHF 11.16 | — |