TBU
Full-Year Results 2025Media and Investor Conference
February 17, 2026
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Delivering Growth - in Asia and Beyond.
Agenda
Highlights
FY 2025
Business Units Review
Financial Update
Outlook
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1 Highlights FY 2025We Continue to Deliver Solid EBIT Growth in 2025 and Further Top- and Bottom-Line Growth Acceleration in H2 2025
DKSH Mid-Term Roadmap KPIs FY 2025 Realization
Growth | Deliver accelerated net sales growth above GDP1,2 |
Margin Expansion | Expand margin on average by at least 10 basis points annually2 |
Cash Efficiency | Target of at least 90% cash conversion2 |
Capital Allocation | Accelerate more impactful M&A and continue with progressive dividend policy |
Net Sales: +2.9% at CER3 | H1: +2.1% at CER H2: +3.6% at CER |
Core EBIT: 6.7% at CER3 Margin 3.2% (+0.1%pts) | H1: +5.1% at CER H2: +8.1% at CER |
Free Cash Flow: CHF 215.5 million Cash Conversion: 95.2% | |
Ordinary Dividend Proposed: Increase by +6.4% to CHF 2.50 and nine value-accretive M&As4 | |
1 Weighted GDP calculation based on DKSH Net sales market split. 2 Assumes economic growth in Asia Pacific, at constant exchange rates (CER), and barring any unforeseen events.
3 Constant exchange rates (CER): 2025 figures converted at 2024 exchange rates. 4 Nine M&A transactions announced without DKSH's offer to fully take-over its subsidiary DKSH Holdings (Malaysia) Berhad. For the definition of Alternative Performance Measures (APM), see Annual Report 2025
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DKSH Creates Value Through Diligent Strategy Execution
Executing our Accelerated M&A Strategy | Business Development* | Additional Highlights | ||
Technology Performance Materials Consumer Goods 9 transactions announced in 2025 | Healthcare Performance Materials
Driving business development for profitable growth | High-Performance Culture
| ||
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* Non-exhaustive selection of client wins and expansions.
AI Is an Opportunity For Us - Enabling Growth and Driving Efficiencies
AI initiatives to boost growth and efficiency across all BUs
Leverage our extensive data base for additional growth
opportunities with AI
AI Sales Hub
Customer Segmentation
Price Optimization
Contract Management
Demand Forecasting
Order to Cash
Master Data Management
Regulatory Management
Raise already high barriers to entry
Capitalize on our strong salesforce, broad distribution network, and robust cash collection
AI will further amplify the advantages of large distributors
M&A
AI
Prospecting
HR Due Diligence
Copilot
Finance
Credit Limit
Advisor
Invoice
Recognition
SCM
Agentic AI
Fulfilment
Inventory
Optimization
AI Routing
Enhancing our sustainable competitive advantage through data and AI
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Nine Transactions Announced & More Than 80% of M&A Spend on Higher-Margin Businesses
Business Unit / Business Line | 2025 Margin2 |
Healthcare Own Brands1 | >20% |
Performance Materials | 8.2% |
Technology | 6.2% |
Healthcare | 3.0% |
Consumer Goods | 2.7% |
M&A Spend3 since 2020
(in %)
~5%
~60%
~15%
Group
M&A Execution
Focus on higher-margin business based
on attractive pipeline
Potential for M&A-driven expansion beyond APAC in Performance Materials, Healthcare, and Technology
Increasing EBIT contribution from M&A
in 2026
Continue to increase the impact of M&A deals
~10%
~10%
margin
Strong balance sheet allows for a wide range of strategic options
Leverage headroom
Up to ~2x Net Debt / EBITDA
Entering 2026 with a strong balance sheet
On track to deliver our
accelerated M&A strategy
1 Healthcare Own Brands is a part of Business Unit Healthcare. 2 Core EBIT Margin. 3 M&A spend percentage in rounded values. Page 7
Strong Cash Generation Enables a Progressive Dividend Policy
Ordinary Dividend per Share
(in CHF)
CAGR
+5.1%
0.80
0.95
1.15
1.30
1.50
1.65
1.85 1.90 1.95 2.05
2.15 2.25
2.35
2
2.50
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023
FY 2024
FY 2025
Proposal to increase dividend by 6.4% to CHF 2.50 per share², which is the 13th consecutive increase and confirms our dividend aristocrat status
1 According to published numbers. 2 Proposal of the Board of Directors
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2Business Units Review
Business Unit Healthcare
Net Sales (in CHF million)
+4.6%¹
5'697.2 5'821.7
FY 2024 FY 2025
Core EBIT (in CHF million)
Continued strong net sales development
Above-GDP growth
Acceleration of organic growth in H2¹
Broad-based growth across multiple markets, new and existing clients
Successful business development with Bayer, Eli Lilly, Reckitt, and others
Continued focus on higher value-added
segments & services under new leadership
167.3
+7.5%1
174.2
Further increased share of Commercial Outsourcing
Continued focus on Own Brands
Expand strong market position and drive into higher-value segments and services
Margin
3.0%
2.9%
FY 2024 FY 2025
Core EBIT margin further increased to 3.0%, corresponding to fourth year of consecutive FY margin increase
¹ Constant exchange rates (CER)
* For the definition of Alternative Performance Measures (APM), see Annual Report 2025
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Margin
FY 2024 FY 2025
Core EBIT H1: -4.3%1 YoY
Core EBIT H2: +14.0%1 YoY
Core EBIT margin of 3.0% in H2 2025
89.7
+5.4%1
89.2
Core EBIT growth of 5.4%1 driving
~10 bps margin expansion
Core EBIT (in CHF million)
Acquisition of Zircon-Swis Fine Foods
ahead of business plan
FY 2025
FY 2024
Strong development in Malaysia,
Vietnam, and Singapore
Stronger business development
3'376.1
3'443.2
+1.2%¹
Net sales growth of 1.2%1 with growth
acceleration in H2 2025 (+2.8%1)
Net Sales (in CHF million)
Business Unit Consumer Goods2.7%
2.6%
Leverage on our leadership position to drive profitable growth in Asia Pacific
¹ Constant exchange rates (CER)
For the definition of Alternative Performance Measures (APM), see Annual Report 2025
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Business Unit Performance MaterialsNet Sales (in CHF million)
+1.4%¹
1'404.8 1'359.8
FY 2024 FY 2025
Net sales growth of +1.4%1 in a very challenging market environment
APAC (~60% of Net sales) with strongest performance (+5.5%1) in an overall declining market
Robust business development momentum with key clients
Core EBIT (in CHF million)
Core EBITA (in CHF million) • Pricing resilience improves gross margin
+1.9%¹ +2.3%¹
114.0 111.0
123.3 120.4
Core EBITA margin increased to 8.9%
Build leading global position in specialty chemicals distribution
Margin
FY 2024 FY 2025
8.1%
8.2%
FY 2024 FY 2025
8.8%
8.9%
2026 supported by:
Streamlined leadership and cost optimization to accelerate performance
Signed M&A
¹ Constant exchange rates (CER)
For the definition of Alternative Performance Measures (APM), see Annual Report 2025
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Net Sales (in CHF million)
-1.4%¹
549.3
513.5
FY 2024
FY 2025
Core EBIT (in CHF million)
35.6 -3.1%1
32.0
FY 2024
FY 2025
Margin
Resilient results in a challenging business
environment
Continued short-term uncertainty
Delayed investment decisions
Further focused portfolio
Announced five acquisitions in
Scientific Solutions
Strengthened Semiconductor / Electronics & Precision Machinery businesses
Disposal of cables business in Australia and Taiwan
Increased share of services and consumables
Continue to capitalize on market consolidation opportunities in Asia and other geographies
Stronger business development pipeline for 2026
Business Unit Technology6.2%
6.5%
Solidify our position as a leading Scientific Solutions provider in Asia and beyond
¹ Constant exchange rates (CER)
For the definition of Alternative Performance Measures (APM), see Annual Report 2025
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3 Financial Update
FY 2025 - Continued Solid Financial PerformanceNet Sales
(in CHF billion)
Core EBIT
(in CHF million)
Core EBIT Margin
(in %)
Core Profit After Tax
(in CHF million)
Free Cash Flow
(in CHF million)
+2.9%1 +6.7%1
343.1 349.0
11.1 11.1
+0.1% pts
3.1% 3.2%
+3.3%1
225.7 226.4
Cash Conversion (%)
95.2%
256.5
215.5
2024 2025
2024 2025
2024 2025
2024 2025
2024 2025
DKSH maintains track record of growth, margin expansion, and strong cash conversion
1 Constant exchange rates (CER)
For the definition of Alternative Performance Measures (APM), see Annual Report 2025
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Net Sales Increase and Continued Strong Core EBIT Growth2.5% 0.4%
Net Sales (in CHF million)
Core EBIT (in CHF million)
11'093.6
11'070.6
+2.9%1
(3.1)%
H1: +2.1%1
H2: +3.6%1
2024 Organic Net M&A FX 2025
2024 Core EBIT
Organic Net M&A FX 2025 Core
FX
Negative impact has decreased vs. 2024
EBIT
2
5.0%
1.7%
343.1
349.0
(3.9)%
335.4
(5.0)%
+6.7%¹
H1: +5.1%1
H2: +8.1%1
Non-core 2025 EBIT
Organic
Growth acceleration in H2 driven by
Healthcare and Consumer Goods
Net M&A
M&A contributions from all Business Units; M&A-related Core EBIT contribution in 2026 expected to be higher than in 2025
DKSH Full-Year 2025 results confirm sustainable, profitable growth
¹ Constant exchange rates (CER); 2 Including restructuring costs (CHF 7.0 million), project costs (CHF 3.9 million), disposal of trademark licenses (CHF 1.8 million), share of interest expenses from associates (CHF 1.3 million) and fair value adjustment related to employee benefit expenses (CHF -0.4 million). * For the definition of Alternative Performance Measures (APM), see Annual Report 2025
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Sustainable Net Sales and Core EBIT Increase Since 2021…
Net Sales
(in CHF billion)
CAGR +4.2%1
12.1
12.7 13.1
11.6
Core EBIT
(in CHF million)
CAGR +11.6%1
410.1
440.0
11.1
11.3
11.1
11.1
11.1
331.9
283.4
319.2
378.0
329.9
343.1
349.0
2021 2022 2023 2024 2025
Net Sales FX impact
Core Conversion Margin 2 (%)
2021 2022 2023 2024 2025
Core EBIT FX impact
Core EBIT Margin (%)
17.0%
18.5%
19.8%
20.7%
21.4%
2.6%
2.8%
3.0%
3.1%
3.2%
DKSH maintains track record of consistent growth and margin expansion
1 Constant exchange rates (CER): Figures converted at 2021 exchange rates; 2 Defined as Core EBIT divided by Gross Profit. Gross Profit defined as Net sales plus Other Income minus Goods and materials purchased and consumables used.
For the definition of Alternative Performance Measures (APM), see Annual Report 2025
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…Combined With a Legacy of Strong Cash GenerationWorking Capital1
(in % of annualized Net Sales)
Free Cash Flow
(in CHF million)
9.0%
9.6%
8.6% 8.8% 8.6%
Target >90% cash conversion
261.6
209.5
282.3
256.5
215.5
2021 2022 2023 2024 2025 2021 2022 2023 2024 2025
Capex2 / Net Sales (%) Cash Conversion (%)
0.5%
0.4%
0.3%
0.3%
0.3%
134.8%
100.5%
137.7%
113.6%
95.2%
Asset-light business model and optimized working capital management drive sustainable Free Cash Flow
generation and Ø Cash Conversion above 90% target
1 Working Capital defined as trade receivables plus inventories less trade payables 2Capex defined as purchase of property, plant and equipment plus purchase of intangible assets less purchase of trademarks/licenses;
For the definition of Alternative Performance Measures (APM), see Annual Report 2025
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Continued Strong Balance Sheet With Significant Leverage Potential
in CHF million | 2024 | 2025 |
Cash/liquid assets | 609.1 | 538.4 |
Trade receivables | 1,964.6 | 1,890.9 |
Inventories | 1,334.6 | 1,254.1 |
Intangibles | 819.6 | 801.3 |
Right-of-use assets | 261.2 | 220.8 |
Other assets | 859.2 | 794.2 |
Trade payables | 2,318.2 | 2,189.3 |
Borrowings | 561.0 | 513.2 |
Lease liabilities | 278.8 | 239.8 |
Other liabilities | 810.3 | 736.3 |
Total equity | 1,880.0 | 1,821.1 |
Total equity and liabilities | 5,848.3 | 5,499.7 |
Strong return metrics
High Core RONOC of 19.7%
Improved Core ROE of 12.4%
Improved balance sheet metrics
Net cash position of CHF 25.2 million
Optimization of liquidity vs. borrowings
Improved equity ratio of 33.1%
Significant leverage headroom
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FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 Estimate1 | Mid-Term Estimate |
Net M&A3 1.5% (net sales contribution) | 2.1% | 0.9% | 0.4% | ~0.8%1,2 | Increased M&A ambitions |
FX (2.6%) (net sales contribution) | (7.5%) | (3.8%) | (3.1%) | Slightly negative2 | n.a. |
Tax rate 27.1% (% of profit before tax) | 28.1% | 29.5% | 28.7% | 27% to 29% | 27% to 29% |
Capex 0.4% (% of net sales) | 0.3% | 0.3% | 0.3% | 0.3% to 0.4% | 0.3% to 0.5% |
1 Based on acquisitions signed and closed until publication of Full-Year 2025 results. 2 If current spot rates prevail for the remainder of the year. 3 Net M&A includes the net impact of the businesses acquired and disposed in the current and previous reporting period. | Page 20 | ||||
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4 OutlookOutlook
Change picture
Consistently Delivering on Our Results
Current Macroeconomic Landscape
Most recent GDP forecasts point to stronger
economic growth in APAC1, as tariff impacts were smaller than initially anticipated
Export dynamics and intra-regional trade continue to support economic momentum across fast-growing Asian economies
APAC continues to stand out as the most attractive region, underpinned by robust and resilient growth of 4.6%1 for 2026 in Asia
Prospects for 2026 and Beyond
DKSH is committed to its mid-term
roadmap, highlighting that its outlook for 2026 aligns with these goals
Accelerated M&A activity is expected to continue in 2026
Proving our resilience once again:
- The company expects Core EBIT in 2026 to be higher than in 20252
DKSH's resilient business model allows us to benefit from favorable long-term market, industry, and consolidation trends in Asia Pacific
1 Source: Asian Development Bank - Economic Forecasts for Asia and the Pacific: December 2025. 2 Assumes economic growth in Asia Pacific, at constant exchange rates (CER), and barring any unforeseen events.
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Disclaimer
While this presentation has been prepared by DKSH with due care and based on information it reasonably believes to be accurate, complete and up-to-date on the date hereof, this presentation may be inaccurate or incomplete or contain typographical errors or information that is not up-to-date. DKSH does not assume any liability for relevance, accuracy or completeness of the information included in this presentation. DKSH reserves the right to change, supplement or delete at any time some or all of the information included in this presentation without notice.
This presentation may contain certain forward-looking statements relating to DKSH and its business, including, but not limited to, statements regarding DKSH's financial position, business strategy, plans and objectives of management for future operations. Words like "believe", "anticipate", "expect", "project", "estimate", "predict", "intend", "target", "assume", "may", "might", "could", "should", "will" and similar expressions may indicate such forward-looking statements. Forward-looking statements are based on numerous assumptions regarding, among other things, DKSH's present and future business strategies and the environment in which DKSH will operate in the future, some of which are beyond DKSH's control. Forward-looking statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of DKSH to be materially different from those expressed or implied by such statements. Readers of this presentation should therefore not place undue reliance on these statements. In particular, readers should not rely on any forward-looking statements in this presentation in connection with their entering into any contract or forming an investment decision. DKSH disclaims any obligation to update any forward-looking statements.
The layout, graphics and other contents of this presentation are protected by copyright law and may not be reproduced or used without DKSH's prior written consent.
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DKSH Holding AG published this content on February 17, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 17, 2026 at 06:03 UTC.
