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, a margin of 15.1%, slightly above the 15.0% reported in H1 2025; gross profit margin declined to 33.9% from 36.2%. Basic EPS was CHF 0.99 and adjusted EPS was CHF 2.62, both below last year, while reported net profit was CHF 12.3 million and adjusted net profit was CHF 32.5 million. Operating cash flow was CHF 17 million, and net liquidity in 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 of 15.5% to 16.5%, saying it now expects to finish toward the upper end of that margin range. Management also said tariffs should have a lower full-year impact than previously expected, around 40 bps for the year, with around 30 bps expected in H2, and noted a further tariff refund of around CHF 6 million in H2.

Monica Manotas framed H1 as a solid start to the Rewired turnaround, emphasizing above-market growth in both segments and saying the company has good reason for confidence. She said the business is seeing recovery in Biopharma and steady growth in Diagnostics and MedTech, while Academia and Government remains the main laggard. Her tone was constructive but cautious: she repeatedly said it is still too early to call a trend change in the market, even though the company is seeing signs of acceleration and expects Rewired to contribute materially in 2027 and 2028.

Camila Japur focused on the mechanics behind the numbers: gross margin fell to 33.9% from 36.2% because of material inflation, inventory valuation, FX and tariffs, partly offset by lower OpEx, FX benefits and Rewired savings. She said adjusted EBITDA of CHF 64.6 million was only CHF 1.1 million below last year, with a 170 bps combined FX/tariff headwind but 108 bps of underlying profitability improvement from volume, mix and first Rewired benefits. She also highlighted Rewired costs of CHF 7.6 million in H1, estimated total Rewired OpEx of CHF 45 million to CHF 60 million, Elevate costs of CHF 9.9 million in H1, operating cash flow of CHF 17 million driven by receivables, inventory and tax payments, and finance cash outflows including CHF 37.2 million of dividends and CHF 30.5 million of treasury share purchases.

Analysts pressed management on whether Rewired savings are sustainable, whether there could be upside to the program, and how much restructuring cost remains; management said the first savings come from business exits and should be permanent, but that it is still early and cost-tracking discipline is being built. There were also detailed questions on AI and the NVIDIA partnership; management said customer interest is strong, especially in clinical diagnostics and biopharma, but monetization is still at the very beginning. Other questions focused on order phasing, H2 visibility, tariffs, and the weak Academia/Government market; management said H2 should still be solid, the tariff impact is lower than expected, and the biggest academic drag is tied to delayed funding flow, especially around NIH-related spending. On Paramit, management said the largest customer is tracking slightly below 2025 for the latest delivery expectations, but this does not change the full-year outlook because other customers should make up the difference.