Our performance in the first half of 2026 was solid, characterized by 3.4% group sales growth in local currencies with growth in both segments, which outperformed the broader market. We also delivered sound profitability with an adjusted EBITDA margin of 15.1%, in line with our expectations. Market developments are encouraging and remain fully in line with the guidance we set out earlier in the year. As market momentum builds, we are confident in our position to consistently grow ahead of the market, while we recognize that there is more work to do to fully realize Tecan’s potential.

To future-proof the company and drive long-term value, we launched our “Rewired” transformation program in the first quarter. Following the implementation of initial measures in the second quarter, we expect these to contribute to our full-year performance and to serve as the foundation for accelerated growth and profitability as we move toward our 2028 targets. 

None of this progress would have been possible without our teams around the world, whose focus and adaptability kept the business moving forward even as we began a far-reaching transformation to position ourselves to seize exciting growth opportunities, including those emerging from AI in lab automation.

Group sales in the first half of 2026 amounted to CHF 427.5 million (H1 2025: CHF 439.5 million), a decrease of 2.7% in Swiss francs but an increase of 3.4% in local currencies, with both segments achieving comparable growth rates. The good momentum from the first quarter was maintained in the second, with sales growth of 3.4% in local currencies in both quarters.

Order entry delivered solid growth of 3.0% in local currencies, reaching CHF 444.3 million (H1 2025: CHF 458.3 million), a decrease of 3.1% in Swiss francs. Growth was broadly in line with sales, resulting in a book-to-bill ratio of 1.04 for the half-year. Order growth in the second quarter was stable year-on-year in local currencies, despite a tougher comparison base from the prior year. The book-to-bill ratio remained at 1.0 in the second quarter, with order intake in the second quarter exceeding that of the first, and remained above 1 in both business segments.

Adjusted EBITDA¹ was CHF 64.5 million (H1 2025: CHF 65.7 million), corresponding to an adjusted EBITDA margin of 15.1%, slightly above the 15.0% achieved in the first half of 2025. This was achieved despite headwinds from foreign exchange rates (120 basis points) and tariffs (50 basis points). Underlying profitability improved by 180 basis points, primarily as a result of increased sales volumes, a favorable product mix, and first benefits realized from the “Rewired” transformation program. Reported EBITDA was CHF 46.6 million (H1 2025: CHF 54.9 million), corresponding to a margin of 10.9% (H1 2025: 12.5%). Adjusted EBIT increased by 0.6% to CHF 43.8 million (H1 2025: CHF 43.6 million), with the adjusted EBIT margin improving by 30 basis points to 10.2% (H1 2025: 9.9%), while reported EBIT was CHF 17.8 million (H1 2025: CHF 23.1 million), a margin of 4.2% (H1 2025: 5.3%).

While adjusted EBIT increased slightly, adjusted net profit¹ of CHF 32.5 million saw a modest decline (H1 2025: CHF 33.7 million), mainly due to negative effects from foreign exchange hedging below the operating profit line. Adjusted earnings per share¹ were CHF 2.62 (H1 2025: CHF 2.66), down 1.5% year on year – a smaller percentage decline than adjusted net profit, as the number of outstanding shares was reduced through our ongoing share buyback program. Reported net profit was CHF 12.3 million (H1 2025: CHF 17.9 million), corresponding to basic earnings per share of CHF 0.99 (H1 2025: CHF 1.41). Reported net profit and reported earnings per share were impacted by higher costs related to the non-recurring investments in the SAP S/4HANA enterprise architecture and the new CRM system as well as related to the “Rewired” transformation program, including restructuring expenses.

Operating cash flow was significantly lower in the first half of 2026 at CHF 17.0 million (H1 2025: CHF 60.0 million), with cash conversion also declining to 36.5% (H1 2025: 109.2%). This was mainly due to changes in net working capital. These factors are non-structural, and it will remain strong in a future proofed Tecan. Net liquidity stood at CHF 73.5 million at the end of the period (H1 2025: CHF 140.3 million).

Sales in the Partnering Business segment amounted to CHF 247.9 million (H1 2025: CHF 253.8 million), a decrease of 2.3% in Swiss francs but an increase of 3.6% in local currencies, driven by continued solid growth in the Diagnostics and Medtech customer segments. The second quarter delivered solid growth of 2.4% in local currencies, despite an increasingly challenging comparison base from the prior-year period. As expected, order entry growth moderated in the second quarter due to the high prior-year base; however, the book-to-bill ratio remained above 1 for both the quarter and the first half.

The segment reported a moderate decline in EBIT to CHF 20.4 million (H1 2025: CHF 22.0 million), corresponding to a reported EBIT margin of 8.2% (H1 2025: 8.7%), primarily reflecting adverse foreign exchange and tariff effects as well as restructuring charges. However, the adjusted EBITDA margin improved to 18.7% (H1 2025: 18.4%), with adjusted EBITDA of CHF 46.3 million (H1 2025: CHF 46.9 million), driven by volume, a favorable product mix and operational improvements resulting from the “Rewired” transformation program.

Based on our performance in the first half of the year and current assumptions, we confirm our full-year sales outlook and reiterate our adjusted EBITDA margin guidance²: we continue to expect low single-digit sales growth in local currencies and an adjusted EBITDA margin of 15.5% to 16.5% of sales.

In the second half of 2026, we expect to receive tariff refunds of around CHF 6 million related to tariffs paid under the International Emergency Economic Powers Act. These refunds will be included in reported earnings metrics such as EBIT, EBITDA, net earnings, and EPS. However, as they are exceptional in nature, they will not be reflected in adjusted earnings metrics and will therefore not benefit or contribute to the adjusted EBITDA margin guidance.

We also reiterate our medium-term outlook, as presented at the Capital Markets Update on March 16, 2026: sales of CHF 1 billion in 2028 and an adjusted EBITDA margin of 20% of sales².

The foundation is laid, and we are pleased with the progress and momentum achieved. Our focus now is on delivering consistent execution, and on realizing the full potential of Tecan.

We thank you for your trust and support.

1. Reconciliations to adjusted EBIT, EBITDA, net earnings and EPS are provided on page 7.
2. Any changes to tariff rates may impact the outlook. Profitability expectations for 2026 and for the medium-term sales and adjusted EBITDA margin outlook are based on an average exchange rate forecast of one euro equaling CHF 0.92 and one US dollar equaling CHF 0.80.

Rewired (incl. restructuring) + 7.9%
Elevate (SAP S/4HANA + CRM) + 9.9%
Other one-offs + 0.9%
Tariff refunds - 0.5%
 

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