Kardex AG, based in Switzerland, is a leading global partner in intralogistics specializing in static and automated storage solutions and materials handling systems. The company supports its customers throughout the entire lifecycle of products and solutions, offering services such as customer requirement assessments, planning, implementation of tailored systems, and lifecycle management to ensure high availability and low costs.In July 2013, Kardex AG sold its Kardex Stow Division, which was involved in static storage systems, shuttles, and automated mobile shelving systems. The company has been listed on the six Swiss exchanges since 1989, operating in over 30 countries with a workforce of about 2,900 employees.
The company operates through two main divisions: i) Automated Products (68% of H1 25 revenues), which includes Kardex Remstar activities focused on dynamic, automated storage solutions, and ii) Standardized Systems (32%), which combine Kardex Mlog and Kardex AutoStore solutions (including modular and scalable systems), reflecting integrated automation offerings. Geographically, net sales are distributed as follows: Europe/Middle East/Africa (71%), Americas (22%), and Asia/Pacific (7%).
Robust performance in H1 25
Kardex Holding released its H1 25 earnings on July 31, 2025, announcing revenue of €415.7m, up 12.4% y/y, primarily thanks to strong growth in Standardized Systems (up 27.9%). Bookings rose 18.7% to €454.3m with varying levels of demand across the regions. . As of the end of H1 25, order backlog stood at €512.7m,Operating income rose by 1.5% to €48.9m, with a margin of 11.8%, well in the company’s target range of 11%-14%. However, net income decreased by 5.7% y/y to €36.1m due to lower financial income.
Despite ongoing geopolitical tensions and global trade uncertainties, management expects a stronger H2 25 in bookings, net revenues and EBIT and confident to achieve results in line with the communicated financial targets.
Kardex surpasses 100 AutoStore installations
Kardex Holding has reached a significant milestone with its AutoStore business unit, attaining its 100th AutoStore sites since the unit’s launch in early 2021. This achievement underscores the rapid global expansion and strong integration expertise of Kardex AS Solutions across diverse industries worldwide. It also highlights the company’s ability to meet rising demand for smart intralogistics across industries and customer-centric automation solutions. From its inaugural project for Arbeitsschutz-Express, one of Germany’s leading e-commerce players to the recent order from Rhenus Group in Germany, Kardex’s reputation as a trusted integration partner has grown steadily.
Including extensions, Kardex AS Solutions now manages nearly 120 projects, operating in 20 countries and serving customers in retail, manufacturing, healthcare, and e-commerce. This success is attributed to fast implementation, modular scalability, and enhanced system performance, supported by ongoing innovation such as the Intuitive Picking Assistant
Optimistic growth outlook
Kardex Holding has posted a revenue CAGR of 20.2% over FY 21-24, reaching €791m, driven primarily by strong demand for intralogistics solutions and substantial growth in standardized systems. Operating income rose at a CAGR of 19.1%, reaching €102m, with a margin of 12.9%. Net income increased at a CAGR of 22.5% to €80.7m.
Consistent growth in net income contributed to an increase in FCF over FY 21-24, reaching €84.5m (from €62.4m), supported by robust improvement in cash inflow from operations, which rose from €38.6m to €114m. Moreover, cash and cash equivalent rose from €88.1m to €136m.
In comparison, Interroll Holding AG, a local peer, reported a negative revenue CAGR of minus 6.3% to €561.8m in FY 24. Operating income dropped at a CAGR of minus 7.7% to €82.9m. Net income decreased at a CAGR of minus 8.1% to €66.6m in FY 24.
Looking ahead, analysts anticipate revenue CAGR of 9.8% over FY 24-27, reaching €1bn in FY 27. In addition, analysts expect EBIT CAGR of 11.8% to €132m, with margins expanding by 70bp to 13.1%. Net income is expected to increase at a CAGR of 8.4% to €99m. Likewise, analysts estimate an EBIT CAGR of 11.6% and a net profit CAGR of 9.8% for Interroll Holding.
Strong stock performance
Over the past year, the company's stock has delivered strong returns of approximately 19.7%. In comparison, Interroll Holding’s stock has fared worse, delivering negative returns of around 1.7% over the same period. The company paid an annual dividend of €6.4 in FY 24, resulting in a dividend yield of 2.2%.
Kardex Holding is currently trading at a P/E of 33.8x, based on FY 25 estimated EPS of €10.3, which is higher than its 3-year historical average of 28.6x but lower than that of Interroll Holding (P/E of 38.4x). In terms of EV/EBIT, the company is currently trading at 24.2x, based on FY 25 estimated EBIT of €103.9m, which is higher than its 3-year historical average of 19.9x and that of Interroll Holding (23.6x).
Kardex Holding is monitored by five analysts, with four having ‘Buy’ ratings, and one having ‘Hold’ rating, with an average target price of CHF359.9, implying an upside potential of 10.9%.
Overall, Kardex Holding has demonstrated robust performance and growth, driven by strong demand for its automated storage solutions and consistent financial improvements. Management is also confident about achieving its financial goals for 2025, despite ongoing geopolitical tensions and global trade uncertainties. The company’s strategic milestones, such as the achievement of its 100th AutoStore site, highlight its expertise and reputation in the industry. However, Kardex Holding faces several risks like macroeconomic sensitivity, and unspecified external risk warnings, sensitivity to global economic cycles, and returns on capital in the competitive automation sector.
