Vertex Industries — Annual Report · 2025 06 / 15
Financial Statements
The consolidated financial statements of Vertex Industries are prepared in accordance with IFRS and presented in Swiss francs, the group’s functional currency. Unless stated otherwise, all amounts are in CHF millions. Kestrel Robotics, acquired in February 2025, has been consolidated from 1 March 2025. The Board of Directors approved these statements on 27 February 2026.
The statutory auditor issued an unqualified opinion on both the consolidated and the standalone financial statements. The pages below set out the balance sheet, the cash flow statement, the five-year record, and the notes that matter most to readers of a software-and-automation business: how revenue is recognised, how the Kestrel acquisition was accounted for, and which development costs are capitalised.
Consolidated balance sheet
As at 31 December
CHF in millions
| 2025 | 2024 | |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 385 | 372 |
| Trade receivables | 265 | 214 |
| Inventories | 175 | 158 |
| Other current assets | 70 | 58 |
| Total current assets | 895 | 802 |
| Property, plant and equipment | 310 | 250 |
| Goodwill and intangible assets | 330 | 245 |
| Other non-current assets | 95 | 83 |
| Total assets | 1630 | 1380 |
| Equity and liabilities | ||
| Trade payables | 150 | 128 |
| Contract liabilities | 165 | 120 |
| Current financial liabilities | 45 | 40 |
| Other current liabilities | 110 | 92 |
| Non-current financial liabilities | 130 | 145 |
| Pension and other provisions | 95 | 90 |
| Total liabilities | 695 | 615 |
| Shareholders’ equity | 935 | 765 |
| Total equity and liabilities | 1630 | 1380 |
Figures are presented in accordance with IFRS. Cash and cash equivalents less financial liabilities result in a net cash position of CHF 210 million (2024: CHF 187 million); the increase in goodwill and intangible assets reflects the Kestrel Robotics acquisition.
Consolidated cash flow statement
For the year ended 31 December
CHF in millions
| 2025 | 2024 | |
|---|---|---|
| Net income | 148 | 105 |
| Depreciation, amortisation and other non-cash items | 118 | 96 |
| Change in net working capital | (20) | (14) |
| Cash flow from operating activities | 246 | 187 |
| Capital expenditure | (70) | (52) |
| Acquisitions and other investing activities | (115) | (12) |
| Cash flow from investing activities | (185) | (64) |
| Dividends paid | (37) | (33) |
| Net change in borrowings | (26) | (10) |
| Employee share plan and other | 15 | 12 |
| Cash flow from financing activities | (48) | (31) |
| Net change in cash and cash equivalents | 13 | 92 |
| Cash and cash equivalents at 1 January | 372 | 280 |
| Cash and cash equivalents at 31 December | 385 | 372 |
Free cash flow — operating cash flow less capital expenditure — reached CHF 176 million (2024: CHF 135 million). Investing activities include CHF 112 million for the acquisition of Kestrel Robotics, net of cash acquired.
Five-year key figures
| Year | Revenue (CHF M) | EBIT (CHF M) | Net income (CHF M) | ARR (CHF M) | Employees (FTE) |
|---|---|---|---|---|---|
| 2021 | 705 | 78 | 52 | 148 | 5900 |
| 2022 | 810 | 96 | 68 | 205 | 6600 |
| 2023 | 918 | 118 | 84 | 262 | 7300 |
| 2024 | 1032 | 142 | 105 | 332 | 7900 |
| 2025 | 1280 | 205 | 148 | 435 | 8900 |