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Ad Hoc
Ad hoc announcement pursuant to Art. 53 LR
Phoenix Mecano achieves disproportionately strong increase in earnings
Phoenix Mecano achieves disproportionately strong increase in earnings
The Phoenix Mecano Group increased sales in the first half of 2026 and achieved a disproportionately strong improvement in operating result. It has benefited from structural growth driven by the expansion of energy infrastructure and decarbonisation.
Kloten/Stein am Rhein, 18 August 2026. Phoenix Mecano's consolidated gross sales rose by 2.3% to EUR 389.2 million in the first half of 2026. In local currency, sales were up 3.9%. In the Enclosure Systems and Industrial Components divisions, sales increased thanks to the expansion of energy infrastructure and growing demand for electrical components, while the DewertOkin Technology Group (DOT) recorded a slight decline in sales.
Net sales totalled EUR 383.4 million (previous year: EUR 376.6 million). Incoming orders rose by 2.0% to EUR 383.2 million. In local currency, they were up 3.7%. The book-to-bill ratio was 0.98, compared with 0.99 the previous year.
The operating cash flow (EBITDA) increased by 15.5% from EUR 32.8 million to EUR 37.9 million, and the operating result (EBIT) by 23.5% from EUR 21.3 million to EUR 26.3 million. The Industrial Components division made a significant contribution to this improvement in result.
The result of the period was up 2.0% at EUR 14.7 million (previous year: EUR 14.4 million). The result was impacted by exchange rate losses resulting from the weaker US dollar and the stronger Hungarian forint (against the euro).
Division performance
Sales in the Enclosure Systems division climbed by 2.9% from EUR 110.0 million to EUR 113.1 million. In local currency, they were up 4.7%. The operating result rose from EUR 15.2 million to EUR 16.9 million, and the operating margin from 13.8% to 15.0%. In the second quarter, the division surpassed the positive earnings performance recorded in the first quarter. Thanks to appropriate inventory levels and alternative supply routes, the division was able to continue supplying its customers in the Middle East despite the Iran conflict.
In the industrial enclosures segment, strong sales to major customers in the defence and measurement and control technology sectors drove the growth in sales and margins. The human-machine interface (HMI) business was affected by the continued reluctance to invest in Germany's mechanical and plant engineering sector. By contrast, demand in the explosion protection business remained stable, buoyed by positive momentum in the energy and chemicals sectors as well as infrastructure and modernisation projects.
Gross sales in the Industrial Components division grew from EUR 96.0 million to EUR 103.6 million (up 7.9%). In local currencies, the increase was 8.9%. The operating result rose from EUR 2.4 million to EUR 8.5 million, and the operating margin from 2.5% to 8.2%. This sharp improvement in earnings was driven by the dynamic development of the Measuring Technology business area at the beginning of the year, improved capacity utilisation in the Electrotechnical Components business area and a more favourable cost structure in the Automation Modules business area, despite demand in the latter failing to recover.
In the Measuring Technology business area, project delays and weak demand from the mechanical engineering and drive technology sectors resulted in a normalisation of the very strong momentum seen at the start of the year. However, the underlying drivers from the first quarter remain intact. A new headquarters in Jülich, Germany, with capacity for up to 150 employees, provides scope for further growth and strengthens the division's position as a partner in the energy transition.
Customers in the Electrotechnical Components business area are more optimistic about the future than they were a year ago and have resumed placing longer-term orders. There are currently no signs of this positive trend coming to an end. A new production facility at the Baiersdorf site near Nuremberg enables more targeted product development and faster manufacturing processes.
The DewertOkin Technology Group (DOT Group) division saw its gross sales drop by 1.7% to EUR 166.8 million. In local currency, there was growth of 0.1%. The operating result fell from EUR 5.6 million to EUR 3.9 million, and the operating margin from 3.3% to 2.3%.
Business performance was held back by weak international furniture markets and supply chain bottlenecks affecting electronic components, which also led to higher material costs. Cost structures in Europe and Asia were adjusted. However, these measures weighed on earnings in the first half of the year. Further measures are under consideration to ensure a significant improvement in profitability in 2027.
Outlook
During the second quarter of 2026, the impact of the conflict in the Middle East became increasingly apparent across global supply chains. This has been compounded by trade policy differences and further protectionist measures.
Despite these uncertainties, industrial customers are showing signs of a gradual recovery in investment activity.
Positive momentum is being generated in particular by structural growth trends in electrification, energy infrastructure and data centres. Applications for power grids, energy storage and the digitalisation of critical infrastructure offer attractive growth opportunities and support the development of individual business areas.
In the smart furniture business (DOT), persistently high costs for raw materials, electronic components and logistics, together with subdued investment appetite among many end customers, are likely to continue to weigh on earnings performance in the second half of the year.
Despite the challenging environment, the Group continues to expect an increase in operating result (EBIT) compared with the previous year. Phoenix Mecano will maintain a consistent focus on cost management, cash flow discipline and the targeted exploitation of growth opportunities in structurally attractive end markets.
The full half-year report is available as a PDF download on our website.
About Phoenix Mecano
Phoenix Mecano is a global technology company with leading positions in the growth markets of industrial automation, industrial enclosures and drive systems for electrically adjustable comfort and healthcare furniture. Headquartered in Stein am Rhein, Switzerland, the Group employs around 7,500 people worldwide and generated sales of almost EUR 760 million in 2025. Phoenix Mecano's successful business model focuses on the cost-effective manufacture of technical components and their further processing into customised products for niche applications and integration into modular system solutions. Three focused divisions supply a broad customer base in the mechanical and plant engineering, measurement and control technology, medical technology, aerospace, alternative energy, and residential and care sectors. Phoenix Mecano was founded in 1975 and has been listed on the Swiss stock exchange since 1988.
For more information, please contact:
Phoenix Mecano Management AG
Dr Rochus Kobler, CEO
Lindenstrasse 23, CH-8302 Kloten
Tel.: +41 (0)43 255 4 255
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First-half 2026 results (in EUR million) |
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1–6 2025 |
1–6 2026 |
in % vs PY |
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Incoming orders |
375.6 |
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383.2 |
2.0 |
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Gross sales |
380.3 |
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389.2 |
2.3 |
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per division: |
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Enclosure Systems |
110.0 |
113.1 |
2.9 |
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Industrial Components |
96.0 |
103.6 |
7.9 |
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DewertOkin Technology Group |
169.7 |
166.8 |
-1.7 |
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Other |
4.6 |
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5.7 |
21.5 |
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Net sales |
376.6 |
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383.4 |
1.8 |
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Operating cash flow |
32.8 |
37.9 |
15.5 |
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Margin |
8.6% |
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9.7% |
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Operating result |
21.3 |
26.3 |
23.5 |
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Margin |
5.6% |
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6.8% |
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per division: |
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Enclosure Systems |
15.2 |
16.9 |
11.3 |
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Margin |
13.8% |
15.0% |
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Industrial Components |
2.4 |
8.5 |
253.9 |
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Margin |
2.5% |
8.2% |
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DewertOkin Technology Group |
5.6 |
3.9 |
-30.4 |
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Margin |
3.3% |
2.3% |
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Other |
-1.9 |
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-3.0 |
-56.4 |
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Result of the period |
14.4 |
14.7 |
2.0 |
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Margin |
3.8% |
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3.8% |