The 2025 business year: Strategic decisions in a challenging environment

Perlen, 18 February 2026 – Geopolitical tensions, trade conflicts and the resulting tariffs created uncertainties and dampened the global economy. In this challenging environment, CPH Group recorded a temporary slowdown in business performance, particularly during the second half of the reporting year. Nevertheless, it was able to successfully continue its global expansion strategy with the acquisition of two companies, expand the product range of both divisions, and strengthen its market position. CPH Group was further affected by the strong Swiss franc, the weak US dollar and overcapacities in the pharmaceutical blister packaging market. A slightly higher cost base following the spin-off of the Paper Division and a downward trend in sales prices likewise impacted annual earnings.

Increase in sales due to acquisitions

In the reporting year, CPH Group generated net sales of CHF 334 million, up 3.3 % (prior year: CHF 323 million). The acquisitions boosted net sales by 8.1 %, while the strong Swiss franc had a reducing effect of 3.8 %. Adjusted for currency effects and acquisitions, net sales declined by 1.0 % year on year. Among others, this is attributable to additional production capacities in the blister packaging market, which resulted in volume and price pressure. Although Zeochem once again achieved record EBITDA, particularly thanks to the positive development of business with deuterated compounds and chromatography gels, EBITDA at group level declined by 6.5 % to CHF 50.3 million. The EBITDA margin stands at 15.0 %, which is below the medium-term­target range of 16 to 18 %. The lower EBITDA combined with higher depreciation and amortization due to acquisitions resulted in EBIT of CHF 32.8 million (prior year: CHF 39.2 million), down CHF 6.4 million or 16.3 %. Compared to the previous year, the elimination of one-time financial and non-operating income and higher financial expenses due to acquisitions impacted the net result: at CHF 23.4 million, CPH Group posted a net result 32.0 % below the previous year’s level (CHF 34.4 million).

“The acquisitions of LOG Pharma and SiliCycle were the strategic highlights of the reporting year. Both companies have strong footholds in their respective markets and offer considerable potential with their technologies and products. The integration will enable us to increase the overall value and future viability of CPH Group”, says Dr. Alois Waldburg-Zeil, CEO of CPH Group.

EBITDA margin above 20 % at Zeochem

While the business with high-quality molecular sieves for natural gas purification followed a growth trajectory, the sales performance of molecular sieves for industrial gases declined. In addition, lithium-based products for industrial and medical oxygen concentration experienced a price-driven decline in net sales. This was because further declines in lithium costs over the reporting year were passed on to customers. Deuterated solvents for use in OLED displays and in pharmaceutical applications again posted higher net sales compared to the previous year. Moreover, profitable annual sales growth of 21 % on average has been achieved for deuterated compounds over the past five years. The acquisition of Sorbchem India in the previous year and SiliCycle in the reporting year led to a clear strengthening of the market position in the chromatography gel business as well as significant sales growth. Overall, Zeochem’s net sales declined by 2.2 % to CHF 115 million in the reporting year (adjusted for currency effects and acquisitions 0.0 %). EBITDA increased by 4.5 % to CHF 23.9 million – a new high. The EBITDA margin climbed to 20.8 % (prior year: 19.5 %). EBIT amounted to CHF 15.1 million (prior year: CHF 14.9 million); the EBIT margin was 13.2 % (prior year: 12.7 %).

Course set at Perlen Packaging with acquisition of LOG Pharma

With the acquisition of LOG Pharma, which was completed at the start of the reporting year, Perlen Packaging expanded its range of pharmaceutical primary packaging for medicines to include vials and containers. The strategic acquisition strengthened Perlen Packaging in a market environment characterized by trade tariffs and pressure on prices and margins, which also gave a mixed picture in terms of costs: energy costs and land transport costs increased, while raw material prices tended to fall thanks to good availability. Overall, global blister sales at Perlen Packaging increased in the reporting year compared with the previous year, resulting in a shift in the sales mix towards monoblister packaging. Viewed over the entire financial year, incoming orders were higher again compared to the previous year, which is reflected in the reduction of safety stocks built up at customers during the pandemic.

Net sales at Perlen Packaging increased by 6.5 % to CHF 219 million (prior year: CHF 206 million). Adjusted for currency effects and acquisitions, net sales fell by 1.5 %. EBITDA declined by 22.2 % to CHF 25.9 million (prior year: CHF 33.3 million), which in addition to the shift in the sales mix mentioned above is also attributable to additional production capacities in the market. A slightly higher cost base following the spin-off of the Paper Division also had a negative impact on EBITDA. Accordingly, the EBITDA margin of 11.8 % was significantly lower than in the previous year (prior year: 16.1 %). EBIT reached CHF 17.1 million, down 35.7 % on the previous year due to lower EBITDA and higher depreciation and amortization due to acquisitions (prior year: CHF 26.6 million). Accordingly, cost reductions were initiated in the Perlen Packaging division. Investments in capacity expansions, rationalizations and product development also helped to secure profitability.

Targeted investments with solid financing

In the reporting year, CPH Group invested CHF 21.2 million in capacity and efficiency improvements as well as in product developments (prior year: CHF 20.0 million). Free cash flow before acquisitions decreased from CHF 34.9 million to CHF 16.4 million (-53.0 %). The decline is primarily attributable to an increase in net working capital of CHF 8.4 million, following a decrease of CHF 10.4 million in the previous year due to the reporting date. The acquisitions of SiliCycle and LOG Pharma were funded by free cash flow and by increasing financial liabilities. As a result, net debt was CHF 26.2 million at the end of the reporting year, which corresponds to a low debt factor ratio of 0.5x (Net debt/EBITDA). Together with an equity ratio of 55 % (prior year: 63 %), CPH Group thus continues to enjoy solid financing.

Unchanged dividend of CHF 2.00 per share proposed

The Board of Directors of CPH Group will propose to the General Meeting on March 17, 2026 an unchanged distribution of CHF 2.00 per share for the reporting year, despite the decline in earnings. This is at the upper end of the communicated dividend policy of 25 to 50 % of the net result. The proposal reflects the company’s confidence that the expanded portfolio and increased presence in niche markets will enable growth at attractive margins.

Outlook for 2026

Economic and geopolitical uncertainties continue to have an impact on the behavior of customers. “The environment for CPH Group remains challenging, with the long-term megatrends ‘health & demographics’ and ‘energy’ representing intact growth drivers whose potential can be exploited by the globally present CPH Group, which is strongly positioned in its market segments“, says Dr. Alois Waldburg-Zeil. “We therefore expect a positive trend in demand and sales”. Both EBITDA and EBIT as well as the net result at group level are expected to exceed the result of the reporting year. For 2026, both divisions expect sales and EBITDA to outperform the previous year.

The full CPH Group annual report for 2025 is available on the company’s website at https://reports.cph.ch/25/en/.

Webcast Media and Investors’ Conference

A media and investors’ conference on the 2025 annual results of CPH Group will take place today at 9:00 a.m. The presentations will be held in German. You can participate in the webcast via the following link: Webcast media and investors’ conference

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