Orell Füssli AG: Orell Füssli reports successful financial year 2025

Ad hoc announcement pursuant to Art. 53 LR

Orell Füssli reports successful financial year 2025

• Revenue grows by 8%, adjusted EBIT rises by 32%
• Net profit rises by 31% to CHF 23 million
• Positive interim results for Strategy 2028
• Medium-term targets for 2028 raised and clarified
• Dividend increase to CHF 5.80 per share proposed

Zurich, 18 March 2026 – Orell Füssli recorded a very good financial year in 2025 with strong growth and a result that exceeded the previous year. The Group increased its revenue for the fifth consecutive year to CHF 272.8 million (PY: CHF 252.5 million). Adjusted for acquisition-related amortizations, the comparable EBIT with the previous year was CHF 29.8 million (+32% yoy). The adjusted EBIT margin exceeded expectations, improving by two percentage points to 10.9% (PY: 8.9%). Net profit rose by 31% to CHF 23 million (PY: CHF 17.5 million). At the end of 2025, Orell Füssli had a solid balance sheet with an equity ratio of 66% (PY: 74%).

Thanks to the consistent implementation of its strategy, Orell Füssli was able to further develop its business areas with a focus on security, education and digital credentials. In the 2025 financial year, revenue growth significantly exceeded the target range of 4–6%. At the same time, profitability continued to improve despite increased spending on technology development. The Board of Directors and Executive Board are therefore very confident that Orell Füssli will achieve its strategic targets for 2028.

Security Printing
The Security Printing division can look back on an outstanding financial year, with revenue in 2025 rising significantly to CHF 99.7 million (PY: CHF 86.4 million) thanks to very high capacity utilisation throughout the year. EBIT improved to CHF 21.3 million (PY: CHF 12.9 million) because of higher sales, a favorable product mix and measures to improve operational efficiency. Thanks to several new customer acquisitions and a diversified customer portfolio, printing capacity utilisation for 2026 is secured and the first orders for 2027 have already been received.

Global demand for banknotes remains high, and the number of banknotes printed has grown steadily over the past five years. In the reporting year, Orell Füssli also won an international contract for the printing of passports. Last year, Orell Füssli again supplied around 600,000 Swiss driving licenses. The division also strengthened its position as an innovation leader and presented several new products at international trade conferences.

Industrial Systems (Zeiser)
The Industrial Systems division had a challenging year in 2025. The tense economic situation in many countries and the US government's spending cuts weighed on business in the serialization sector and led to the postponement of several large orders. In addition, the weakening of the US Dollar had a negative impact on earnings. Zeiser generated revenue of CHF 23.0 million in 2025 (PY: CHF 24.8 million). EBIT amounted to CHF 2.2 million (PY: CHF 3.5 million). Thanks to high worldwide banknote production, business with numbering boxes exceeded expectations in 2025, with demand rising particularly in the second half of the year. The number of orders for passport machines was below target, and although demand for real-time tracking and traceability in security printing increased, some orders were delayed. However, Zeiser started 2026 with a solid order backlog. In addition, several invitations to tender for track & trace systems were received in the last quarter of 2025.

Book Retailing
Orell Füssli Thalia AG had another good year in 2025 and successfully expanded its leading position Swiss book retailing. On a proportionately consolidated basis, book retail’s revenue improved to CHF 128.3 million (PY: CHF 124.3 million). The corresponding EBIT rose to CHF10.5 million (PY: CHF 9.3 million).

The market environment was challenging due to subdued consumer sentiment, but both brick-and-mortar and online retail grew profitably. E-commerce business increased significantly compared with the previous year. In particular, digital business with e-books and e-readers exceeded expectations. Delivros Orell Füssli’s corporate customer business also recorded another increase. Orell Füssli Thalia took changes in the market environment as an opportunity to expand its range of toys in selected stores and in e-commerce.

Publishers
Orell Füssli publishers stand for high-quality educational media, legal media and children's books. In recent years, it has developed into one of Switzerland's leading providers of teaching and learning media. The publishing houses achieved a good annual result, which exceeded expectations thanks to a high level of cost awareness. The acquisition of Verlag SKV has led to further significant growth for Orell Füssli Publishers. All four publishing houses – hep, SKV, Orell Füssli Juristische Medien and Orell Füssli Kinderbücher – will be merged into a new legal entity, “Orell Füssli Verlage AG”, in the first half of 2026. The publishing houses will continue to operate independently on the market as before.

Digital Credentials
The market for digital identities is at a turning point. With the introduction of the eIDAS 2.0 regulation, the EU laid the foundation for a uniform digital identity infrastructure in the EU market in 2024. By the end of 2026, all member states are required to provide their citizens with a digital identity wallet, known as an EUDI wallet. Switzerland is following this trend and plans to offer its citizens an electronic identity in the “swiyu wallet” in December. These market developments confirm the good timing of the Procivis One software solution for digital identities and credentials.

Procivis has further consolidated its position in this market and is a leading provider. In 2025, the focus was on tapping into defined target markets, primarily in Europe, both at the public authority level and in the private sector. Procivis qualified as a "beneficiary partner" for the WE BUILD Consortium, which is co-financed by the EU Commission. In this major project involving over 180 organizations from 30 countries, Procivis is acting as a technology provider to test and implement practical use cases for the ecosystem.

Procivis One, the modular open-source technology for digital identities, credentials and wallets, reached decisive milestones in 2025. The solution is fully compliant with eIDAS 2.0 and interoperable with the reference implementation of the EUDI wallet and the Swiss E-ID trust infrastructure.

Dividend
In light of the successful financial year, the Board of Directors will propose to the Annual General Meeting on 20 May 2026 that the dividend be increased from CHF 4.40 to CHF 5.80 per share. The proposal is in line with Orell Füssli's long-term dividend policy, which provides for 60–80% of net profit to be distributed to shareholders.

New elections to the Board of Directors
Due to term and age restrictions for members of the Board of Directors, Dr Thomas Moser and Johannes Schaede will not stand for re-election at the next Annual General Meeting. The Board of Directors proposes the election of Mrs. Rosmarie Schlup and Mr. Martin Thorbjörnson as new members of the Board of Directors. Mrs. Schlup is Alternate Member of the Governing Board of the Swiss National Bank, where she performs this function in Department I in Zurich. Mr. Thorbjörnson has dual Swedish and German citizenship and has many years of international management experience, including in the security printing industry through his previous positions at Giesecke+Devrient and Crane Currency.

Outlook 2026
Orell Füssli is optimistic about the 2026 financial year and expects further growth. After years in which revenue growth exceeded the corridor of 4–6% annual growth, it will be at the lower end of the corridor or slightly below it in 2026. Based on the product mix in the order backlog, the EBIT margin is expected to be around 9%. Due to the seasonal nature of the book trade and publishing business and the current production planning in security printing, the second half of 2026 will be stronger than the first.

The growth strategy will continue to be pursued consistently in the current year. For 2028 Orell Füssli confirms its revenue target of CHF 300 million and forecasts an EBIT margin of 8.5–9.5%.

Key figures Orell Füssli Group

Orell Füssli uses alternative performance indicators. The definitions and reconciliation to Swiss GAAP FER values are presented in the 2025 Annual Report.

Annual Report 2025
The 2025 Annual Report is available on our website at https://orellfuessli.com/en/financial-reports-presentations. A printed copy can be requested by emailing investors@orellfuessli.com.

Agenda
Annual General Meeting 2026               20 May 2026
Publication Half-Year Results 2026        24 July 2026

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Orell Füssli AG
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media@orellfuessli.com