Tecan Group AG

Reported group sales were 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, down CHF 1.1 million year over year, with a 15.1% margin versus 15.0% 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; reported net profit was CHF 12.3 million and adjusted net profit was CHF 32.5 million. Operating cash flow was CHF 17 million, down significantly year over year, mainly due to higher receivables, inventory buildup and tax payments. 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%, with an expectation to finish toward the upper end; tariff impact is now expected to be about 30 bps in H2 and 40 bps for the full year.

Monica Manotas framed H1 as a solid start to Rewired and said the company is growing above market while rebuilding its operating model. She highlighted three pillars of the transformation—portfolio discipline, commercial excellence and operational excellence—and pointed to concrete actions such as closing the Boston design site, exiting selected genomics activities, expanding in India, and launching U.S. pipette tip production. Her tone was confident but still cautious on the market, saying it is too early to call a change in trend and that recovery remains gradual.

Camila Japur focused on the drivers behind the margin and cash flow bridge. She said gross margin fell from 36.2% to 33.9% because of material cost inflation, inventory valuation, FX and tariffs, but adjusted EBITDA margin still improved to 15.1% thanks to volume, product mix and the first Rewired benefits; FX and tariffs together were a 170 bps headwind. She quantified Rewired costs at CHF 7.6 million in H1 versus an estimated total OpEx of CHF 45 million to CHF 60 million, Elevate non-recurring costs at CHF 9.9 million, operating cash flow at CHF 17 million, dividend payments at CHF 37.2 million, treasury share purchases at CHF 30.5 million, and net liquidity at CHF 73.5 million over the last 12 months.

Analysts focused on the sustainability of Rewired savings, the pace of AI-related demand, H2 order phasing, tariffs, and whether guidance was conservative. Management said early savings are sustainable because they come from business exits and other structural actions, but that more time is needed to map the full cost base; for 2026, Rewired spend should be lower in H2 than the 3-year average, while 2027 will see higher impact. On AI, Monica said customer conversations are active—especially in clinical diagnostics and biopharma—but it is still early for material order conversion. On orders, management said Life Sciences accelerated in Q2, Partnering is affected by a large-customer comp and Cavro supply issues should improve gradually through H2.