Tecan Group AG

Tecan reported first-half 2026 sales of CHF 427.5 million, down 2.7% reported but up 3.4% in local currencies. Order entry was CHF 444.3 million, up 3.0% in local currencies, with a book-to-bill ratio of 1.04. Adjusted EBITDA was CHF 64.5 million, corresponding to a 15.1% margin, slightly above the 15.0% reported in H1 2025. Gross profit margin declined from 36.2% to 33.9%. Basic EPS was CHF 0.99 and adjusted EPS was CHF 2.62; reported net profit was CHF 12.3 million, and adjusted net profit was CHF 32.5 million, down 3.5%. Operating cash flow was CHF 17 million, and net liquidity over the last 12 months declined to CHF 73.5 million. For full-year 2026, management reiterated low single-digit sales growth in local currencies and adjusted EBITDA margin guidance of 15.5% to 16.5%, and said it now expects to finish toward the upper end of that range.

Monica Manotas framed H1 as a solid start to the Rewired transformation, saying the company is growing above market and seeing early benefits from actions already taken. She highlighted portfolio discipline, commercial excellence, and operational excellence as the three pillars of Rewired, with exits from non-core activities, AI-related partnerships, and supply-chain and manufacturing changes already underway. Her tone was confident but prudent: she said market recovery is still gradual and it is too early to declare a new trend, even though the company is seeing improvement in several end markets.

Camila Japur focused on the drivers behind margin and cash performance. She said gross margin fell to 33.9% from 36.2% mainly because of material inflation, inventory valuation, FX, and tariffs, while adjusted EBITDA margin still improved to 15.1% because of volume, mix, and the first Rewired benefits. She also quantified Rewired costs at CHF 7.6 million in H1, Elevate non-recurring costs at CHF 9.9 million, and noted the total Rewired OpEx is estimated at CHF 45 million to CHF 60 million. On cash, she said operating cash flow of CHF 17 million was hurt by receivables, inventory buildup, and tax payments, while dividend payments were CHF 37.2 million and treasury share purchases were CHF 30.5 million.

Analysts pressed management on whether Rewired savings are sustainable and whether the program could deliver upside; management said the early savings come from business exits and should be permanent, but that it is still early and the team is only one quarter into execution. Questions also focused on AI and the NVIDIA partnership; management said customer conversations are real, especially in clinical diagnostics and biopharma, but monetization is still at the beginning. On order momentum and H2 phasing, management said it feels good about the launch into the second half, but Partnering will face tougher comps and Cavro still has supply issues that should improve gradually through H2.