Bucher Industries AG / CH0002432174

Some of Bucher Industries’ markets stabilised as expected over the first nine months of 2025. The positive trend in order intake continued, partly hampered by uncertainties surrounding global trade tariffs. Particularly at Kuhn Group, order intake increased significantly. Due to the weak order book, group sales were still down on the prior-year period. As a result of low capacity utilisation in the USA, Bucher Industries is making selective adjustments to its outlook for 2025.   Group

	January – September		Change			Full year
CHF million	2025	2024	%	%1)	%2)	2024
Order intake	2’063	1’962	5.2	8.0	7.3	2’756
Net sales	2’164	2’420	-10.6	-8.1	-8.6	3’156
Order book	1’054	1’120	-5.9	-3.7	-4.4	1’172
Average number of FTEs	13’710	14’283	-4.0		-4.5	14’173

1) Adjusted for currency effects
2) Adjusted for currency and acquisition effects   Some of Bucher Industries’ markets stabilised as expected over the first nine months of 2025. There was a positive trend, particularly in Europe, but a comprehensive recovery was hampered by the uncertain political situation in the USA. Led by the Kuhn Group division, which benefited from a greater willingness to invest from farmers in Europe, order intake was higher overall than in the prior-year period. Group sales reflected the lower order book and continued to decline compared to the prior-year period. The cost-saving measures already initiated were consistently expanded at locations with low capacity utilisation. The number of employees was adjusted accordingly, particularly in the USA. The positive development of the operating free cash flow remained in focus and the ongoing share buyback program developed according to plan. By the end of the third quarter of 2025, 2.0% of the issued shares had been repurchased for CHF 79 million.   Kuhn Group

	January – September		Change			Full year
CHF million	2025	2024		%	%1)	2024
Order intake	776	643		20.7	24.4	966
Net sales	816	913		-10.6	-7.7	1’159
Order book	414	390		6.2	8.6	464
Average number of FTEs	5’283	5’572		-5.2		5’497

1) Adjusted for currency effects   Significant increase in order intake Farmers’ willingness to invest improved overall in the first nine months of 2025, although there were significant differences in trends between the various regions. In Europe, dealer inventories normalised, and the more positive weather conditions led to more confidence and increased demand for agricultural machinery. The dairy and livestock segment was also supported by high milk and meat prices. Brazil benefited from higher crop yields and better commodity prices, but retail sales remained at a low level. In the USA, the sentiment was negatively impacted by the uncertain trade and economic policies. In crop production in particular, farmers faced low sales prices and high production costs. Overall, Kuhn Group’s order intake increased significantly, driven by Europe, the division’s largest sales market. The division’s sales decreased compared to the prior-year period. This negative development was most pronounced in the USA, while the other markets have most recently posted sales growth. The additional tariffs levied were increasingly reflected in rising purchase prices. Kuhn Group has continued to work on optimising its costs. Capacity adjustments were made primarily in the USA. Outlook for 2025  In the current environment, Kuhn Group anticipates a slight fall in sales on a comparable basis. The division also expects a lower operating profit margin than in 2024 due to low capacity utilisation in the USA as well as the impact of additional tariffs on material costs.   Bucher Municipal

	January – September		Change			Full year
CHF million	2025	2024		%	%1)	2024
Order intake	399	423		-5.9	-3.1	591
Net sales	432	435		-0.7	2.2	602
Order book	256	296		-13.5	-11.2	296
Average number of FTEs	2’549	2’507		1.7		2’508

1) Adjusted for currency effects   High capacity utilisation continues Bucher Municipal experienced a stable market situation and continued strong demand. As expected, order intake was slightly below the strong prior-year period. The compact sweeper segment developed particularly positively in the first nine months and benefited again from increased demand for electrified vehicles. Demand for sewer cleaning vehicles as well as spare parts and maintenance services remained stable, while orders for truck-mounted sweepers, winter maintenance equipment and refuse collection vehicles declined. Sales at Bucher Municipal remained at the prior year’s high level. Lower volumes in Australia were offset by growth in America and Asia. Bucher Municipal expanded its range of products and services and launched the CityCat VR17e, a new model of fully electric compact sweeper that is particularly suitable for use in tight urban areas. Outlook for 2025 Bucher Municipal expects demand to fall slightly from a high level and stable sales on a comparable basis. The operating profit margin is likely to increase further compared to the prior year.   Bucher Hydraulics

	January – September		Change			Full year
CHF million	2025	2024	%	%1)	%2)	2024
Order intake	474	436	8.7	11.5	8.9	575
Net sales	475	511	-7.0	-4.6	-6.7	653
Order book	148	152	-2.8	-0.4	-3.7	148
Average number of FTEs	2’907	3’004	-3.2		-4.6	2’979

1) Adjusted for currency effects
2) Adjusted for currency and acquisition effects   Increase in order intake Demand in the hydraulics markets has increased overall in recent months, although uncertainties surrounding global trade tariffs were noticeable among the division’s customers. Order intake at Bucher Hydraulics exceeded the figure for the prior-year period. Demand for hydraulic solutions increased, particularly for construction machinery, agricultural machinery, stationary industrial hydraulics and mobile electric drive technology. By contrast, demand in the materials handling segment remained at a low level. While the increase in order intake was driven by Europe, China and India, no appreciable market growth was seen in the USA. Due to the low order book, the division’s sales decreased during the reporting period. However, with the current recovery in order intake, sales have most recently stabilised. Outlook for 2025 Due to uncertainties surrounding global trade tariffs, Bucher Hydraulics expects a delayed recovery in demand and anticipates a slight decline in sales on a comparable basis and a slightly lower operating profit margin.   Bucher Emhart Glass

	January – September		Change			Full year
CHF million	2025	2024	%	%1)	%2)	2024
Order intake	218	267	-18.5	-16.4	-16.6	359
Net sales	261	354	-26.2	-24.5	-24.6	462
Order book	148	211	-30.1	-28.4	-29.0	193
Average number of FTEs	1’506	1’636	-7.9		-8.1	1’627

1) Adjusted for currency effects
2) Adjusted for currency and acquisition effects   Decline in demand continued Bucher Emhart Glass’ customers remained cautious with investments in the first nine months of 2025. Order intake declined and was significantly below the prior-year period. In particular, orders for glass forming machines and sections remained at a low level. The slowdown was also noticeable in the inspection machinery segment. The division benefited from the large number of installed glass forming machines and its high share of the spare parts business, which offers stability in the current difficult environment, despite the optimisation of customer inventories. Production planning was adjusted in line with the lower order book and capacities were further reduced. Sales were also significantly lower than in the prior-year period. The division is also pushing ahead with a consolidation of assembly and manufacturing activities in the area of inspection machines. Outlook for 2025 The division anticipates significantly lower sales on a comparable basis compared with the high level of the prior year. Accordingly, the operating profit margin is expected to be significantly lower than in 2024.   Bucher Specials

	January – September		Change			Full year
CHF million	2025	2024	%	%1)	%2)	2024
Order intake	243	246	-1.1	0.5	-0.9	333
Net sales	229	267	-14.4	-13.3	-14.0	357
Order book	111	100	11.5	13.2	11.7	97
Average number of FTEs	1’395	1’497	-6.8		-8.5	1’495

1) Adjusted for currency effects
2) Adjusted for currency and acquisition effects   Mixed business developments Bucher Specials’ markets presented a mixed picture in the first nine months of 2025. The willingness of wine producers to invest remained restrained, especially in Europe, due to falling production volumes. This led to a further decline in order intake at Bucher Vaslin. By contrast, demand at Bucher Unipektin remained high, and Bucher Landtechnik recovered slightly at a low level. Order intake at Bucher Automation was significantly below the prior year, partly due to the weak momentum in the markets served by internal customers as Bucher Emhart Glass. Overall, the division’s order intake was stable compared to the prior-year period. The decline in sales was partly attributable to planned lower deliveries in the project business during the third quarter. Outlook for 2025 The division anticipates a slight fall in sales on a comparable basis; however, the operating profit margin is likely to rise due to the efficiency measures taken.   Group outlook for 2025 With its strategic approach of local production close to its customer base, Bucher Industries is well positioned in the current environment; however, trade policy uncertainties are putting pressure on demand for capital goods. Bucher Industries therefore expects slightly lower sales for 2025 on a comparable basis. The Group’s operating profit in the reporting year includes the profit of CHF 43 million from the sale of a property not required for operations. Excluding this effect, Bucher Industries expects a lower operating profit margin for 2025 compared to the prior year due to the low capacity utilisation in the USA.