DKSH Delivers Another Solid Operating Performance, Strong Cash Flow Generation, and Higher EPS in H1 2026

Ad hoc announcement pursuant to Art. 53 LR

Net sales of CHF 5.5 billion (+4.9% at CER1) Core EBIT of CHF 163.4 million (+3.6% at CER) Core EBIT margin of 3.0% Increase of Earnings per share (EPS) by 18.2% to CHF 1.67 Free Cash Flow of CHF 147.7 million (130.8% cash conversion rate) Three acquisitions announced in H1 2026 and good pipeline for H2 Stronger H2 expected: improving commercial momentum, data center project pipeline and M&A potential Mid-term roadmap confirmed

 

Key Figures Group (CHF million)	H1 2026	H1 2025	? in % CHF	? in % CER¹
Net sales	5,470.9	5,520.8	(0.9)	4.9
Core EBIT	163.4	169.3	(3.5)	3.6
Core EBIT margin	3.0%	3.1%	-	-
EBIT	158.0	166.0	(4.8)	2.4
Core profit after tax	112.9	103.5	9.1	12.9
Profit after tax	105.2	96.3	9.2	13.3
Free Cash Flow	147.7	121.6	21.5	-
Earnings per share	1.67	1.41	18.2	-

  Zurich, Switzerland, July 17, 2026 – DKSH delivered a resilient performance in the first half of 2026 despite continued global uncertainty and headwinds. The result was driven by accelerated organic growth, successful business development, and the continued execution of strategic initiatives. In line with its M&A strategy, DKSH announced three acquisitions in higher-margin areas during the first half of 2026. The company further strengthened its AI capabilities to drive growth, enhance operational excellence, and increase workforce productivity, while benefiting from rising demand across AI-related industries. Supported by a robust pipeline of business development, M&A opportunities, and ongoing operational excellence initiatives, DKSH enters the second half of 2026 with expected growing momentum and confidence.
  DKSH CEO, Stefan P. Butz, said: “Our half-year results once again demonstrate the resilience of DKSH’s business model and the consistent execution of our strategy amid continued global uncertainty. We accelerated organic growth to its highest level in three years, increased earnings per share by 18.2%, and delivered another period of strong Free Cash Flow. With expected growing momentum across our Business Units, and a robust M&A pipeline, we enter the second half of 2026 with confidence and remain well positioned to capture long-term growth opportunities across Asia Pacific. We remain confident in delivering sustainable Core EBIT growth2 and reaffirm our mid-term roadmap.”   DKSH Group With net sales of CHF 5.5 billion, DKSH accelerated top-line growth to 4.9% (at CER), representing its strongest first-half revenue growth in three years. While organic growth (4.1%) and net M&A (0.8%) contributed positively, Group revenue was impacted by negative translational currency effects of -5.8%. Core EBIT grew 3.6% (at CER) to CHF 163.4 million, resulting in a Core EBIT margin of 3.0%, which was impacted by unfavorably stronger FX headwinds on Core EBIT than on net sales. Conversely, the net financial result benefitted from a favorable FX impact compared to the first half of 2025, thereby amplifying Core profit after tax growth. Core profit after tax amounted to CHF 112.9 million, increasing by 12.9% (at CER) and earnings per share grew to CHF 1.67 (18.2%). The first half of 2026 was marked by strong Free Cash Flow of CHF 147.7 million, representing a cash conversion of 130.8% and exceeding the target for the fourth consecutive year.   Business Unit Healthcare Business Unit Healthcare sustained its growth momentum and once again delivered above-GDP growth across its markets. The Business Unit benefited from broad-based growth, successful business development with partners such as Eli Lilly, Pfizer, Sanofi, and BridgeBio, as well as a further increased share of Commercial Outsourcing business. Under its new leadership, Healthcare continued to strengthen its focus on higher-value segments and services, while the Core EBIT margin declined slightly against a strong prior-year period. The Business Unit enters the second half with a very strong business development pipeline across geographies and therapeutic areas and is well positioned to pursue value-accretive M&A opportunities.  

Healthcare (in CHF million)	H1 2026	H1 2025	? in % CHF	? in % CER
Net sales	2,858.5	2,889.5	(1.1)	4.9
Core EBIT	86.5	90.2	(4.1)	1.6
EBIT	85.0	90.2	(5.8)	(0.1)

  Business Unit Consumer Goods Business Unit Consumer Goods delivered accelerated net sales growth (3.4% at CER), driven by strong momentum across key markets, particularly Malaysia, Thailand, Vietnam, and Singapore, as well as an increasing pace of new client wins. Profitability was temporarily affected by mix effects, increased marketing investments, stronger growth in lower-margin markets, and value-oriented consumer demand. Decisive commercial and efficiency initiatives drove a stronger performance in the second quarter of 2026, signaling improving momentum. Core EBIT is expected to strengthen further in the second half of the year, supported by continued net sales growth, a robust business development pipeline, profitability initiatives, including cost savings programs, and additional M&A-opportunities.  

Consumer Goods (in CHF million)	H1 2026	H1 2025	? in % CHF	? in % CER
Net sales	1,666.7	1,686.6	(1.2)	3.4
Core EBIT	34.1	39.8	(14.3)	(10.8)
EBIT	32.7	36.9	(11.4)	(7.6)

  Business Unit Performance Materials Business Unit Performance Materials delivered net sales growth of 8.4% and even stronger Core EBIT growth of 10.1% (both at CER) despite a volatile market environment. The result was supported by continued strength in Asia Pacific (15.2% CER growth) and Europe (3.6%), while acquisitions contributed positively to performance. DKSH further increased its Gross and Core EBIT margins, supported by a favorable portfolio mix, an increased share of digital sales, and effective price pass-through mechanisms. The Business Unit remains well positioned to continue its progress in the second half of the year.  

Performance Materials (in CHF million)	H1 2026	H1 2025	? in % CHF	? in % CER
Net sales	707.9	698.0	1.4	8.4
Core EBIT	59.8	58.7	1.9	10.1
EBIT	59.8	58.7	1.9	10.1

  Business Unit Technology Business Unit Technology achieved solid top-line growth of 4.7% and exceptional Core EBIT growth of 89.6% (both at CER). The Business Unit delivered a robust performance across all Business Lines, with the highest growth in the Scientific Solutions and Semiconductor & Electronics businesses. In addition, DKSH benefited from a strong increase in demand in the data center business. The Business Unit increased the share of consumables and services while advancing its M&A strategy. Supported by a continued strong business development pipeline, including further opportunities in the data center business, Technology is well positioned for a stronger second half of the year.  

Technology (in CHF million)	H1 2026	H1 2025	? in % CHF	? in % CER
Net sales	237.9	246.9	(3.6)	4.7
Core EBIT	13.4	7.7	74.0	89.6
EBIT	12.8	7.7	66.2	81.8

  Outlook Confirmed DKSH is committed to its mid-term roadmap, highlighting that its outlook for 2026 aligns with these goals. The company expects Core EBIT in 2026 to be higher than in 2025. This outlook assumes economic growth in Asia Pacific, constant exchange rates, and barring any unforeseen events. The Group remains confident about Asia Pacific’s long-term potential and is well-positioned to benefit from favorable market, industry, and M&A consolidation trends.   Further Information The webcast for media and investors will take place today at 10:00 a.m. CEST (registration link here). The Half-Year Report 2026 and the recording of the webcast will be available on the DKSH website.
  1 Constant exchange rates (CER): 2026 figures converted at 2025 exchange rates.
2 Assuming economic growth in Asia Pacific, constant exchange rates, and barring any unforeseen events. * For the definition of Alternative Performance Measures (APM), see Half-Year Report 2026.     Appendix*: Net Sales Growth Components

(in CHF million)	H1 2026	H1 2025	% CHF	% Organic	% Net M&A	% FX
Healthcare	2,858.5	2,889.5	(1.1)	4.9	0.0	(6.0)
Consumer Goods	1,666.7	1,686.6	(1.2)	4.7	(1.3)	(4.6)
Performance Materials	707.9	698.0	1.4	(0.1)	8.5	(7.0)
Technology	237.9	246.9	(3.6)	2.5	2.3	(8.4)
DKSH Group	5,470.9	5,520.8	(0.9)	4.1	0.8	(5.8)

  * For the definition of Alternative Performance Measures (APM), see Half-Year Report 2026.

About DKSH 
For more than 160 years, DKSH has been delivering growth for companies in Asia Pacific, Europe, and North America across its Business Units Healthcare, Consumer Goods, Performance Materials, and Technology. As a leading Market Expansion Services provider, DKSH offers sourcing, market insights, marketing and sales, e-commerce, distribution and logistics as well as after-sales services, following its purpose of enriching people’s lives. DKSH is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business. Listed on the SIX Swiss Exchange, DKSH operates in 35 markets with 26,840 specialists, generating net sales of CHF 11.1 billion in 2025. www.dksh.com

For more information please contact: DKSH Holding Ltd.

Till Leisner
Head, Group Investor & Media Relations
Phone +41 44 386 7315
till.leisner@dksh.com

Melanie Grüter
Manager, Group Media Relations
Phone +41 44 386 7211
melanie.grueter@dksh.com