Interim report
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Half-Year Report 25
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2 3 SKAN Half-Year Report 2025 SKAN Fact Sheet (in CHF) 1 Percentage points 2 Investments in property, plant and equipment and intangible assets 3 Compared to 30.06.2024 4 Change in CHF22.6 m22.6 m 213.0 m213.0 m 134.6 m134.6 m 0.9 m0.9 m 0.7%0.7% Order intake +20.2% Net sales -17.8% EBITDA -95.7% EBITDA- Margin -12.4pp 1 52.9 m52.9 m 381.5 m381.5 m 21.5 m21.5 m 1’5041’504 Cash -1.4% Assets -0.8% Investments -3.2% 2/3 Employees +33 Operating cash flow +21.8 m 4 Changes compared to 1st half 2024 Changes compared to 31.12.2024
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4 5 SKAN Half-Year Report 2025 Locations 1 Aseptic T echnologies acquired full ownership of the former associated company Plast4Life, which was subsequently merged into Aseptic T echnologies S.A. 2 New subsidiary founded on 6 February 2025. SKAN Holding AG (Switzerland) 100% SKAN Group AG (Switzerland) 100% SKAN Stein AG (Switzerland) 100% Maeven AG (Switzerland) 100%2 SKAN do Brasil Ltda (Brazil) 100% SKAN Deutschland GmbH (Germany) 100% SKAN Real Estate LLC (USA) 100% SKAN US Inc. (USA) 100% Aseptic T echnologies S.A. (Belgium) 90% 1 SKAN Japan KK (Japan) 80% SKAN AG (Switzerland) 100% Key Figures1 in thousand CHF 1st half 2025 or 30.06.2025 in % of net sales 1st half 2024 or 31.12.2024 in % of net sales change in % Financial key figures Order intake 212’972 177’221 20.2% Order backlog2 386’392 318’341 21.4% Net sales from goods and services 134’568 163’729 -17.8% EBITDA 928 0.7% 21’507 13.1% -95.7% EBIT -4’910 -3.6% 15’190 9.3% nm3 Result for the period -8’261 -6.1% 14’694 9.0% nm3 Other key figures Net working capital (NWC)2 -25’265 8’209 nm3 Return on capital employed (ROCE) -2.3% 7.9% nm3 Investments (PPE and Intangible Assets)4 21’531 22’232 -3.2% Equity2 183’430 202’563 -9.4% Equity ratio2 48.1% 52.7% -8.8% Cash flow from operating activities 22’576 694 nm3 Cash flow from investing activities -13’381 -30’156 55.6% Cash flow from financing activities -9’513 -8’321 -14.3% Headcount2 1’504 1’471 2.2% Segment key figures Equipment & Solutions Order intake 160’440 124’924 28.4% Order backlog2 346’008 282’964 22.3% Net sales from goods and services 90’696 120’136 -24.5% EBITDA -9’094 -10.0% 8’892 7.4% nm3 Service & Consumables Order intake 52’532 52’296 0.5% Order backlog2 40’384 35’377 14.2% Net sales from goods and services 43’871 43’592 0.6% EBITDA 10’022 22.8% 12’615 28.9% -20.6% Stock key figures Registered shares 22’483’524 22’483’524 0.0% Earnings per share (in CHF) -0.40 0.61 nm3 1 This table and report include references to operational indicators, such as customer projects, and alternative financial performance measures (APMs) that are not defined or specified by Swiss GAAP FER. These APMs should be regarded as complementary information to and not as substitutes for the Group's consolidated half-year financial results based on Swiss GAAP FER. For the definition of the main operational indicators and APMs used, please refer to the section entitled "Definitions" . 2 Comparison value as of 31.12.2024 3 Not meaningful 4 Investments in property, plant and equipment and intangible assets
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6 7 SKAN Half-Year Report 2025 Letter to shareholders The SKAN Group recorded strong order intake in the first half of 2025. The order backlog reached a record high. Net sales and earnings for the period were still below the previous year's levels due to project post- ponements, which reflect the highly cyclical nature of SKAN's equipment business. Full order books and high-quality order pipeline will enable the company to compensate in the second half of the year for the temporary shortfalls and achieve its growth targets. Accordingly, SKAN confirms its guidance for 2025. Dear Shareholder The first half of 2025 was marked by two contrasting developments for the SKAN Group. On the one hand, we re- corded a very strong order intake from all relevant regions. Fill- ing lines for ADC (antibody drug conjugates) were in particular- ly high demand. These modern oncology drugs require complex, large-scale aseptic-toxic systems with the highest quality and safety requirements. SKAN has core expertise in this field and received several orders in the double-digit million CHF range. The success rate for tenders was over 40%, thanks to the high quality and leading technology of our systems and our process know-how. The order backlog reached a record high. On the other hand, net sales were weak as a result of project delays in vaccine lines. This development is primarily attributable to the global shift in vaccine-related demand and strategic priorities by some pharmaceutical companies. Sever- al lines ordered during the COVID phase are only slowly being put into operation, meaning that SKAN has not yet been able to book the remaining roughly 20% of the corresponding project revenues. As a result, EBITDA for the first half of 2025 was slightly positive and, after depreciation and financial results, net income was negative. Key figures from the half-year results Overall, the SKAN Group generated an order intake of CHF 213.0 million in the first six months. This represents an increase of 20.2% compared to the same period last year (H1 2024: CHF 177.2 million). The order backlog climbed to a record CHF 386.4 million, 21.4% more than at the end of 2024 (December 31, 2024: CHF 318.3 million), which gives us good visibility in the equipment business for the rest of the year. Net sales declined by 17.8% to CHF 134.6 million (H1 2024: CHF 163.7 million). Adjusted for currency effects, the decline was 16.9%. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to CHF 0.9 million, compared with CHF 21.5 million for the first six months of the previous year. As a result, the SKAN Group reported a negative result of CHF -8.3 million for the first half of 2025 (H1 2024: CHF 14.7 million). The SKAN Group made investments in property, plant and equipment totaling CHF 21.5 million in the first half of 2025 (H1 2024: CHF 22.2 million). The majority was attributable to the strategic initiative Pre-Approved Services. Free cash flow reached CHF 9.2 million, compared with CHF -29.5 million in the same period of the previous year. The SKAN Group's net liquidity remained virtually stable at CHF 42.9 million as of June 30, 2025 (December 31, 2024: CHF 43.1 million). Equity amounted to CHF 183.4 million at the end of June 2025, corresponding to a solid equity ratio of 48.1 percent (December 31, 2024: CHF 202.6 million; 52.7%). Equipment & Solutions drives strategic initiatives forward The Equipment & Solutions segment increased its order intake by 28.4% to CHF 160.4 million in the first half of the year (H1 2024: CHF 124.9 million). However, the aforementioned project postponements led to a 24.5% decline in net revenue to CHF 90.7 million (H1 2024: CHF 120.1 million). Segment EBITDA for the first half of the year amounted to CHF -9.1 million (H1 2024: CHF 8.9 million). In addition to lower sales, the negative segment EBITDA is also attributable to SKAN's continued investments in its strategic initiatives. During the reporting period, a signifi- cant portion of research and development expenditures, cor - responding to 9.8% of sales (H1 2024: 7.7%), was allocated to Integrated Process Solutions. The development of such flexible, integrated systems, which are designed for smaller production batches, is seeing good progress. The SKAN Group also pro- gressed well with its initiative to increase the standardization level of its systems. Measurable successes were achieved in terms of reducing complexity and increasing efficiency through the use of standardized components and processes. In addition to bringing forward certain orders, SKAN has also compensated for the gaps in production caused by project postponements by pre-producing standard isolators, for example, for quality control purposes. This pre-production will generate sales and margins in the second half of 2025. Services & Consumables on track with Pre- Approved Services At CHF 52.5 million, order intake in the Services & Con- sumables segment in the first half of the year was at the same level as in the prior-year period (H1 2024: CHF 52.3 million). Net sales were slightly higher at CHF 43.9 million (H1 2024: CHF 43.6 million). EBITDA amounted to CHF 10.0 million, corresponding to an EBITDA margin of 22.8% (H1 2024: CHF 12.6 million; 28.9%). Beat Lüthi, BoD Chairman and Thomas Huber, CEO
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8 9 SKAN Half-Year Report 2025 The reason for the constant order intake and net sales, as well as the lower margin, is the high comparative basis from the first half of 2024, when we received, among other things, a substantial single order for high-margin consumables from Aseptic T echnologies. Thanks to the many new service orders and the growth in the installed base, SKAN expects the service business to pick up in the second half of the year. The development of Pre-Approved Services was driven forward during the reporting period. The installed systems are currently being validated. According to the current project sta- tus, inspection by the Swiss regulatory authority is planned for the first quarter of 2026, allowing commercial operations to start in the second half of 2026. Extension of service offering for customers with immediate value contribution At the end of July, the SKAN Group completed the ac- quisition of the Slovenian company Metronik d.o.o. As a leading provider of software for production digitization, including man- ufacturing execution systems, digital integration services and automation solutions, with a focus on the highly regulated life sciences sector, the company offers an attractive extension of our offering for our pharmaceutical customers. Metronik's soft- ware platform forms the digital backbone of modern pharma- ceutical production environments and meets the highest re - quirements in the GMP framework. T ogether with Metronik, SKAN will become a holistic solution provider along the phar - maceutical value chain – from isolator technology and automa- tion to fully digitized and integrated manufacturing processes. Founded in 1990 and headquartered in Ljubljana, Met- ronik has more than 160 highly qualified employees and gen- erated sales of over EUR 25 million in fiscal year 2024. Metron- ik will become part of the Services & Consumables segment and will strengthen segment sales and margin in line with the strategy. Metronik is already expected to make a positive con- tribution to the SKAN Group's earnings per share in the current financial year. SKAN has acquired 76% of Metronik; 24% re- mains with the existing management, which will continue to lead the company. In addition, at the end of July, the SKAN Group acquired 84% of the shares of French company ABC T ransfer SAS, based in T ours. The company specializes in transfer systems for the aseptic filling of pharmaceuticals. The sterile transfer connec- tions (alpha/beta ports), containers and transfer bags (Beta- bags) enable the sterile introduction of materials into isolators and the safe removal of samples. The acquisition is in line with SKAN's strategy of significantly increasing the share of con - sumables in total sales. ABC T ransfer SAS will continue to be managed as an independent company by its existing manage- ment team. Guidance confirmed Even though the cyclical nature of the first half of the year, which is typical for our business, was more pronounced than in previous years, we are confident that in the second half of the year we will be able to close the temporary gaps in net sales and EBITDA caused by project postponements. We are encouraged by the strong order intake, the high order backlog and the full pipeline of requests for quotations. In addition, pre-production of standard isolators can be sold in the second half of the year. Against this backdrop, we confirm our guidance for the full year 2025, which targets sales growth in the mid- teens and an EBITDA margin between 14 and 16%. With our global presence and focus on customer prox- imity, SKAN is well positioned to ensure stability and delivery reliability even under changing trade and customs regulations. Current developments in US customs policy confirm the stra- tegic relevance of our plan to expand the SKAN site in the US and establish local production. We are currently evaluating suit- able options. Until then, we will continue to reliably supply our US customers from our site in Görlitz. This will enable SKAN to export to the US on the same terms as our competitors, all of which are based in the EU. We remain optimistic about the future beyond the cur- rent year. We continue to operate in a structurally growing mar- ket. The underlying growth of the global pharmaceutical and biotech market, the increasing trend toward injectable drugs, and the replacement of traditional cleanrooms with safer and more sustainable isolator technology will ensure continued de- mand for process solutions for the aseptic filling of drugs and for the associated services and consumables. T ogether with Metronik, SKAN can also offer customers a comprehensive solution along the entire pharmaceutical value chain – from isolator technology and automation to fully digitalized and inte- grated manufacturing processes. Sincere thanks Our employees have once again demonstrated their strong commitment to the SKAN Group during the first half of this year. We would like to express our sincere thanks to them. We would also like to thank our customers for their trust and cooperation, and you, our valued shareholders, for your support. Beat Lüthi Thomas Huber Chairman of the BoD CEO
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10 Half-Year Financial Statements
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12 13 SKAN Half-Year Report 2025 Consolidated Half-Year Financial Statements 2025 14 Consolidated Income Statement 16 Consolidated Balance Sheet 18 Consolidated Cash Flow Statement 20 Consolidated Statement of Changes in Equity 24 Notes to the Consolidated Financial Statements
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14 15 SKAN Half-Year Report 2025 Consolidated Income Statement in CHF thousands Note 1st half 2025 1st half 2024 Net sales from goods and services 6 134’568 100% 163’729 100% Change in inventory of finished, unfinished goods and work in progress 2’075 3’371 Material and external services -29’264 -40’895 Gross Profit 107’378 80% 126’206 77% Personnel expenses 6 -80’344 -82’606 Other operating expenses 6 -26’106 -22’092 EBITDA 928 1% 21’507 13% Depreciation -4’558 -5’132 Amortization -1’280 -1’185 Operating Result (EBIT) -4’910 -4% 15’190 9% Financial expenses 6 -3’185 -2’198 Financial income 6 1’170 3’919 Result from associates 0 19 Ordinary Result Before Income T axes (EBT) -6’925 -5% 16’930 10% Income taxes 6 -1’335 -2’236 Result For The Period -8’261 -6% 14’694 9% Result attributable to minority interests 638 965 Result attributable to shareholders of SKAN Group AG -8’898 13’729 Basic and diluted earnings per share in CHF 4 -0.40 0.61
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16 17 SKAN Half-Year Report 2025 Consolidated Balance Sheet in CHF thousands Note 30.06.2025 31.12.2024 Cash and cash equivalents 52’935 53’711 Fixed term deposits 7 0 8’000 T rade receivables 7 17’835 26’299 Other current receivables 13’413 14’091 Inventories 7 38’508 36’184 Work in progress 7 73’429 77’141 Prepayments and accrued income 9’843 8’062 T otal Current Assets 205’962 54% 223’489 58% Property, plant and equipment 7 168’027 153’450 Financial assets 2’334 2’711 Intangible assets 3’896 3’465 Deferred tax assets 1’275 1’371 T otal Non-Current Assets 175’531 46% 160’997 42% T otal Assets 381’493 100% 384’486 100% in CHF thousands Note 30.06.2025 31.12.2024 T rade payables 29’283 28’894 Advance payments from customers 7 110’741 84’728 Current financial liabilities 1’161 1’094 Other current liabilities 5’645 5’855 Current provisions 7 27’165 35’950 Accrued liabilities and deferred income 5’456 6’141 Current Liabilities 179’453 47% 162’662 42% Non-current financial liabilities 8’855 9’511 Other non-current liabilities 5’520 5’707 Deferred tax liabilities 4’236 4’043 Non-Current Liabilities 18’611 5% 19’261 5% T otal Liabilities 198’063 52% 181’923 47% Share capital 225 225 Capital reserves 7 108’851 113’348 Retained earnings 7 68’082 82’587 Equity Attributable to Shareholders of SKAN Group AG 177’158 46% 196’159 51% Minority interests 6’272 6’404 T otal Equity 183’430 48% 202’563 53% T otal Liabilities and Equity 381’493 100% 384’486 100%
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18 19 SKAN Half-Year Report 2025 Consolidated Cash Flow Statement in CHF thousands Note 1st half 2025 1st half 2024 Result for the period -8’261 14’694 Depreciation and amortization 5’838 6’317 Change of provisions (including deferred taxes) 7 -8’278 1’553 Other non-cash items -907 1’811 Gain from associates 0 -19 Loss on disposal of fixed assets 0 5 Change of trade receivables 7 7’935 1’497 Change of inventories and work in progress 7 362 -8’581 Change of other receivables, prepayments and accrued income -1’335 11’373 Change of trade payables 692 -7’085 Change of advance payments from customers, other current lia- bilities and accrued liabilities and deferred income 7 26’680 -20’717 Change of other non-current liabilities -148 -155 Cash Flow from Operating Activities 22’576 694 Inflows from fixed term deposits 7 8’000 0 Outflows for property, plant and equipment 7 -19’854 -20’678 Inflows from disposal of property, plant and equipment 20 124 Outflows for purchase of financial assets 0 -46 Inflows from net cash proceeds of purchase of Plast4Life 8.1 131 0 Inflows from disposal of financial assets 0 64 Outflows for purchase of intangible assets -1’677 -1’554 Outflows for purchase of Aseptic T echnologies S.A. 0 -8’066 Cash Flow from Investing Activities -13’381 -30’156 in CHF thousands Note 1st half 2025 1st half 2024 Distribution of profits to shareholders of SKAN Group AG 7 -8’993 -7’869 Issuance/Repayment of current financial liabilities -544 0 Issuance/Repayment of non-current financial liabilities 25 -452 Cash Flow from Financing Activities -9’513 -8’321 Net impact of foreign exchange rate differences on cash and cash equivalents -459 727 Change in Cash and Cash Equivalents -777 -37’055 Cash and cash equivalents as at 1 January 53’711 85’122 Cash and cash equivalents as at 30 June 52’935 48’067 Change in Cash and Cash Equivalents -777 -37’055 Cash and cash equivalents comprise current bank accounts, petty cash and short-term financial investments with an initial maturity of up to three months.
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20 21 SKAN Half-Year Report 2025 Consolidated Statement of Changes in Equity in CHF thousands Share capital Capital reserves Treasury Shares Goodwill offset Currency transla- tion differences Other retained earnings Retained earnings Equity attributable to shareholders of SKAN Group AG Minority interests T otal Equity Balance as at 1 January 2024 225 117’282 0 -30’014 -5’955 87’694 51’725 169’232 7’129 176’362 Result profit for the period 0 0 0 0 0 13’729 13’729 13’729 965 14’694 Dividends paid to minority interests1 0 0 0 0 0 0 0 0 -396 -396 Dividends paid to shareholders of SKAN Group AG 0 -3’935 0 0 0 -3’935 -3’935 -7’869 0 -7’869 Addition of goodwill 0 0 0 -5’558 0 5’558 0 0 0 0 Acquisition of minority interest 0 0 0 0 0 -5’558 -5’558 -5’558 -2’508 -8’066 Currency translation differences2 0 0 0 0 3’593 0 3’593 3’593 302 3’895 Balance as at 30 June 20243 225 113’347 0 -35’573 -2’362 97’488 59’554 173’127 5’493 178’620 Balance as at 1 January 2025 225 113’348 0 -35’573 -4’404 122’562 82’587 196’159 6’404 202’563 Result profit for the period 0 0 0 0 0 -8’898 -8’898 -8’898 638 -8’261 Dividends paid to minority interests4 0 0 0 0 0 0 0 0 -701 -701 Dividends paid to shareholders of SKAN Group AG 0 -4’497 0 0 0 -4’497 -4’497 -8’993 0 -8’993 Addition of goodwill5 0 0 0 -179 0 179 0 0 0 0 Currency translation differences2 0 0 0 0 -1’108 0 -1’108 -1’108 -69 -1’176 Balance as at 30 June 2025 225 108’851 0 -35’752 -5’512 109’346 68’082 177’158 6’272 183’430 1 The dividend was paid out in July 2024. 2 A part of the currency translation effects arises from an intragroup loan which was considered to have equity character since 2023. Hence the repayment of the loan is not expected in the near future. Due to this change in assumption the foreign currency impact on this loan is recognized through equity. 3 The prior-year beginning balance of the “Currency translation differences” figures as of 30 June 2024 have been adjusted due to a retrospective accounting standard change; please refer to the Notes (Section 1, General Information). 4 The dividend was paid out in July 2025. 5 Goodwill from acquisition and merger, offset against equity. See further information on note 8.1.
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22 23 SKAN Half-Year Report 2025
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24 25 SKAN Half-Year Report 2025 Notes to the Consolidated Financial Statements 1 General Information SKAN Group AG (hereafter the Company) is a public limited company incorporated under Swiss law and is head- quartered in Allschwil. The Company is listed on the SIX Swiss Exchange with the security symbol “SKAN” . SKAN is a leading systems provider in the field of clean- room equipment and produces isolators for the pharmaceutical and chemical industry. SKAN isolator systems aim to protect the product, the employees and the environment during sterile and toxic applications in production and quality control, as well as powder and substance processing. The consolidated half-year financial statements as of 30 June 2025 present the income statement, balance sheet, cash flow statement, statement of changes in equity and notes of SKAN Group AG and its subsidiaries. The prior-year figures as of 30 June in the statement of changes in equity are in accordance with Swiss GAAP FER Stand- ard 30, section 37. Further details regarding this can be found in the notes to the consolidated financial statements 2024, section General Information - Revised Swiss GAAP FER 30. 2 Basis of Preparation and Significant Accounting Policies The unaudited consolidated half-year financial statements comprise the unaudited half-year results of SKAN Group AG and its subsidiaries for the reporting period ended 30 June 2025 and have been prepared in accordance with Swiss GAAP FER 31 “Additional accounting and reporting recommendations for listed companies” and the consolidation and accounting principles described in the 2024 consolidated financial statements. The half-year report does not include all the information and disclosures presented in the annual consolidated financial statements and should therefore be read in conjunction with the consolidated financial statements compiled for the year ending 31 December 2024 as they represent an update of the last complete set of financial statements. Selected explanatory notes are included to explain significant transactions and events, that occurred in the first half-year. The figures and especially the totals may contain rounding differences. 3 Management Assumptions and Estimates Management’s estimates and assumptions used in the consolidated half-year financial statements have not changed compared to the 2024 consolidated financial statements. 4 Segment Information In accordance with the management structure and the reporting to the Management and the Board of Directors of SKAN Group AG (hereafter Board of Directors), the reportable segments are the following: Equipment & Solutions Services & Consumables Within Equipment & Solutions, we provide mission-critical solutions for pharma - ceutical production, including isolators, integrated automated systems, aseptic filling systems and solutions as well as laboratory and cleanroom equipment. Our products are characterized by their With our Services & Consumables business we provide global customer support and offer our customers high reliability, innovative features and functions and quality. We offer system and customized solutions as well as end-to-end support to our customers for efficient approval processes with the relevant regulatory authorities (e.g. FDA, EMA, Swissmedic). ready-to-use consumables as well as digital solutions.
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26 27 SKAN Half-Year Report 2025 1st half 2025 in CHF thousands Equipment & Solutions Services & Consumables T otal segments/ Group Order backlog 346’008 40’384 386’392 Order intake 160’440 52’532 212’972 Net sales from goods and services 90’696 43’871 134’568 EBITDA -9’094 10’022 928 EBITDA margin -10.0% 22.8% 0.7% Depreciation -4’558 Amortization -1’280 Operating Result (EBIT) -4’910 Financial result -2’015 Ordinary Result / Result Before Income T axes (EBT) -6’925 1st half 2024 in CHF thousands Equipment & Solutions Services & Consumables T otal segments/ Group Order backlog 294’154 33’815 327’969 Order intake 124’924 52’296 177’221 Net sales from goods and services 120’136 43’592 163’729 EBITDA 8’892 12’615 21’507 EBITDA margin 7.4% 28.9% 13.1% Depreciation -5’132 Amortization -1’185 Operating Result (EBIT) 15’190 Financial result 1’740 Ordinary Result / Result Before Income T axes (EBT) 16’930 Net sales by region in CHF thousands 1st half 2025 1st half 2024 Asia 16’552 10’880 Europe 70’936 88’823 Americas 44’678 62’972 Other regions 2’402 1’054 T otal Net Sales by Region 134’568 163’729 Net sales include kCHF 77’164 (2024: kCHF 99’975) from long-term contracts. Earnings Per Share 1st half 2025 1st half 2024 Result attributable to shareholders of SKAN Group AG -8’898’450 13’729’161 Weighted average number of shares outstanding 22’483’524 22’483’524 Basic and diluted earnings per share (in CHF) -0.40 0.61
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28 29 SKAN Half-Year Report 2025 5 Order Intake and Seasonality In the first half of 2025, SKAN Group experienced strong demand momentum. The order intake reached kCHF 212’972 (H1 2024: kCHF 177’221), representing a substantial increase of 20.2% compared to the prior-year period. While order intake is naturally subject to fluctuations due to the project-based nature of our business, this result reflects exceptionally strong demand, particularly in the Equipment & Solutions segment, which con- tributed significantly with an order intake of kCHF 160’440, up 28.4% year over year. The Services & Consumables segment remains stable, reporting kCHF 52’532 in order intake, up 0.5% from H1 2024. A key driver of growth was the strong demand for filling lines for Antibody Drug Conjugates (ADCs), a class of cutting-edge oncology therapeutics that require complex, large-scale asep- tic-toxic systems meeting the highest safety and quality stand- ards. Consequently, the order backlog rose to a new record of kCHF 386’392 at the end of the reporting period, up 21.4% compared with 31 December 2024, providing the E&S Segment with more than a year of strong business visibility. 6 Income Statement Net Sales from Goods and Services In the first half of 2025, SKAN’s financial performance was impacted by a temporary decline in revenue. SKAN gener- ated net sales of kCHF 134’568, representing a year-on-year decline of 17.8% (H1 2024: kCHF 163’729). This development is mainly due to a global shift in vaccine demand and to changing strategic priorities among certain pharmaceutical companies. As a consequence, SKAN Group has experienced project post- ponements in the first half of 2025. Segment View The Equipment & Solutions (E&S) segment was particu- larly impacted, with net sales decreasing by 24.5% to kCHF 90’696 (H1 2024: kCHF 120’136). This decline reflects both the nature of long-cycle project business and the current delay in revenue realization. The Services & Consumables (S&C) segment showed stable performance, posting a slight increase of 0.6% in net sales to kCHF 43’871 (H1 2024: kCHF 43’592). The moderate growth this year is mainly due to the strong per - formance in the prior year, which benefited from a substantial double-digit million CHF order from Aseptic T echnologies. Regional View From a regional perspective, Europe remained the Group’s largest market, generating net sales of kCHF 70’936 (H1 2024: kCHF 88’823) and accounting for 52.7% of Group revenue. In the Americas, net sales declined by 29.1% to kCHF 44’678 (H1 2024: kCHF 62’972), representing 33.2% of total revenue. The drop reflects postponed project execution amid increased market uncertainty, particularly in the U.S., where discussions around tariffs, drug pricing reforms and reduced FDA staffing have led some customers to reprioritize some pro- jects. Despite this, underlying demand in the region remains strong. The Asian market recorded strong growth, with net sales rising by 52.1% to kCHF 16’552 (H1 2024: kCHF 10’880), increasing its share of Group revenue to 12.3%. Gross Margin Despite the lower top line, the Company’s gross margin improved slightly to 79.8% (H1 2024: 77.1%), mainly due to a favorable product mix. Gross margin fluctuations are typical for the project business, as revenue recognition under the percent- age of completion (PoC) method depends on project stage and cost distribution. Material and service costs are usually concen- trated in the production and assembly phases, while earlier stag- es (e.g., design and engineering) and later stages (e.g., commis- sioning and qualification) are less cost-intensive in term of materials. As a result, gross margins may vary depending on the project mix and execution status. Personnel Expenses In the first half of 2025, SKAN continued to strengthen its organizational and operational foundation in anticipation of future growth and increased its global workforce by 33 employ- ees, reaching 1’504. Despite an expansion of the workforce personnel expenses decreased by kCHF 2’262 (-2.7%) com - pared to the prior-year period. This decline is primarily attribut- able to the earnings-related nature of the SKAN’s bonus system. Due to the current earnings profile, no bonus provisions were recognized. The personnel expense ratio increased to 59.7% (H1 2024: 50.5%), reflecting the lower revenue base against a largely stable cost structure. Other Operating Expenses Other operating expenses rose by 18.2% to kCHF 26’106 (H1 2024: kCHF 22’092). This increase was mainly driven by higher travel activity, increased maintenance and IT-related costs, reflecting the continued expansion of SKAN’s operational activ- ities. EBITDA and Margin Development EBITDA for the first half of 2025 amounted to kCHF 928, corresponding to a margin of 0.7% (H1 2024: kCHF 21’507; margin: 13.1%). The decline in EBITDA is attributable to lower net sales in combination with stable personnel and other oper - ating expenses, whereas the gross margin showed a slight im- provement. Financial Result The increase in currency valuation losses compared to the previous year is mainly attributable to unfavorable exchange rate movements between CHF and the Company’s primary for- eign currencies - USD, EUR and JPY. During the reporting period, the strengthening of the CHF relative to these currencies led to a reduction in the CHF value of foreign-denominated receivables, payables, and cash balances. Income Taxes The income taxes consist of corporate income taxes and deferred income taxes resulting from valuation differences. Due to the negative result in the first half of 2025, the expected income taxes are significantly lower. 7 Balance Sheet Fixed term deposits As of year-end 2024, two fixed term deposits were held with two Belgian banks for a period of six months and disclosed accordingly as a separate position. By 30 June 2025, the fixed term deposits were transferred to cash and cash equivalents. Trade Receivables The decline in trade receivables compared to 31 December 2024 is primarily due to the Company’s pro - active and effective management of accounts receivable. Inventories and Work in Progress Inventories increased by kCHF 2’324, from kCHF 36’184 to kCHF 38’508. This rise is mainly attributable to the ramp-up of preproduction activities and project-related buildup of materials to support upcoming deliveries in the sec- ond half of the year. The decrease in work in progress (WIP) from kCHF 77’141 as of 31 December 2024 to kCHF 73’429 as of 30 June 2025 was mainly driven by higher advance payments at the project level. Property, Plant and Equipment In the reporting period, SKAN increased its property, plant and equipment by kCHF 14’577 to kCHF 168’027. This increase is primarily to the investments into the strategic initi- ative of Pre-Approved Services.
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30 31 SKAN Half-Year Report 2025 Advance Payments from Customers Advance payments from customers increased signifi- cantly, from kCHF 84’728 to kCHF 110’741, reflecting the strong order intake in the first half of 2025. in CHF thousands 30.06.2025 31.12.2024 Work in Progress (projects with WIP overhang) 283’645 315’166 Advance payments from customers -210’217 -238’025 T otal Work in Progress (as disclosed in the balance sheet) 73’429 77’141 Work in Progress (projects with advance payment overhang) 315’054 210’512 Advance payments from customers -425’796 -295’240 T otal Advance payments from customers (as disclosed in the balance sheet) -110’741 -84’728 Net Work in Progress/-Advance payments from customers -37’313 -7’587 Current Provisions The decrease in current provisions compared to December 31, 2024, is primarily due to the absence of a bonus provision in the first half of 2025, as the company’s bonus system is linked to EBIT performance, which was negative during this period. Equity The changes in equity are mainly attributable to the payment of the dividend to the shareholders. As per the resolu- tion of the Annual General Meeting of SKAN Group AG held on 7 May 2025, a dividend of CHF 0.40 per registered share was paid out on 13 May 2025. Half of the dividends were paid from capital contributions reserves (“Kapitaleinlagereserven”) and the other half from retained earnings. 8 Changes in the Scope of Consolidation 8.1 Changes 2025 The following change was made in the consolidation scope in the first half-year of 2025: – Foundation of Maeven AG on 6 February 2025 in Allschwil. This entity is a subsidiary of SKAN AG and as such fully consolidated and reported in the financial statements of the group. – Effective 01 January 2025, SKAN’s subsidiary Asep- tic T echnologies S.A. acquired the remaining shares of a previ- ously associated company Plast4Life, thereby gaining full own- ership. Following the acquisition, the company was fully merged into Aseptic T echnologies S.A. T otal net sales of Plast4Life from the date of full acquisition and consolidation to the current re- porting date amount to kEUR 1’109. 8.2 Changes 2024 The following change was made in the consolidation scope in the first half-year of 2024: – Foundation of SKAN do Brasil Ltda. on 5 February 2024 in Brazil. This entity is a subsidiary of SKAN AG and as such fully consolidated and reported in the financial statements of the group. 9 Investments in Associates 9.1 Changes 2025 With the full acquisition and merger into Aseptic T ech- nologies S.A., the previous investment in associates Plast4Life is no longer accounted for as such. Please refer to section 8.1. 9.2 Changes 2024 There were no changes in the first half-year of 2024.
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32 33 SKAN Half-Year Report 2025 10 Foreign Exchange Rates Currency Unit 30.06.25 Average 1st half 2025 31.12.24 30.06.24 Average 1st half 2024 BRL 1 0.1452 0.1498 0.1465 0.1635 0.1751 EUR 1 0.9347 0.9414 0.9412 0.9634 0.9615 JPY 100 0.5525 0.5810 0.5770 0.5603 0.5850 USD 1 0.7975 0.8628 0.9060 0.9000 0.8894 11 Subsequent Events after the Balance Sheet Date Acquisition of Metronik d.o.o and ABC Transfer SAS On 31 July 2025, SKAN acquired 76% of Metronik d.o.o., a Slovenia - based provider of software solutions for process digitization and automation in the pharmaceutical in- dustry. The acquisition expands SKAN’s digital service portfolio, particularly in Manufacturing Execution Systems and system integration for GMP-regulated production environments. In ad- dition, at the end of July, SKAN acquired 84% of the French company ABC T ransfer SAS, based in T ours. The company spe- cializes in transfer systems for aseptic drug filling. Its sterile transfer ports (alpha/beta ports), containers, and transfer bags (Betabags) enable the sterile introduction of materials into iso- lators as well as the safe removal of samples. The acquisition aligns with SKAN’s strategic objective to significantly increase the share of consumables in total revenue. Both acquisitions were fully financed with a bank loan. As these transactions occurred after the balance sheet date of 30 June 2025, they have no impact on the half-year financial statements. Further details will be disclosed in the annual financial statements as of 31 December 2025.
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34 35 SKAN Half-Year Report 2025 Definitions Alternative Financial Performance Measures (APMs) ɩ EBITDA: Operating result (EBIT) plus depreciation, amortization. ɩ EBITDA margin: EBITDA as a percentage of net sales from goods and services. ɩ EBT: Profit before income taxes. ɩ Equity ratio: Equity at the end of the period divided by total assets at the end of the period. ɩ Headcount: Number of people employed by SKAN Group at the time indicated (i.e. excluding contractors). ɩ Personnel intensity: T otal personnel expenses divided by total net sales from goods and services. ɩ Material intensity: Sum of material and external services plus change in inventory divided by total net sales from goods and services. ɩ Net cash: Cash and cash equivalents less current and non-current financial liabilities. ɩ Book-to-Bill ratio: T otal order intake divided by total net sales from goods and services. ɩ Net working capital (NWC): T otal current assets (excluding cash and cash equivalents) minus trade payables, advance payments from customers, other current liabilities, current provisions and accrued liabilities and deferred income. ɩ Operating result (EBIT): Earnings before total financial result and income taxes. ɩ Return on capital employed (ROCE): Operating result (EBIT) divided by the sum of the average total assets minus the average current liabilities, expressed as a percentage. Financial Calendar Annual Report 2025, press conference and presentation for financial analysts 24.03.2026 Annual general meeting 2026 07.05.2026 Half-Year Report 2026 18.08.2026
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SKAN AG Kreuzstrasse 5 4123 Allschwil, Switzerland Maeven AG Hegenheimermattweg 167d 4123 Allschwil, Switzerland SKAN Stein AG Industriestrasse 3 4332 Stein, Switzerland SKAN Deutschland GmbH Nickrischer Strasse 2 02827 Görlitz/Hagenwerder, Germany SKAN US, Inc. 7409 ACC Blvd., Suite 200 Raleigh, NC 27617, USA SKAN Real Estate LLC 7409 ACC Blvd., Suite 200 Raleigh, NC 27617, USA SKAN Japan KK 5194-61 Katsuren-Haebaru Uruma-shi Okinawa 904 2311, Japan Aseptic Technologies S.A. Rue Camille Hubert 7–9 5032 Gembloux / Les Isnes, Belgium SKAN do Brasil Ltda. Green Valley Alphaville Av, Adromeda, 885 – 28th Floor, Office 2823 Barueri CEP: 06473-000, São Paulo – SP – Brazil skan.com