Organic net sales growth
7.0%
CHF 246.1m
Adjusted EBITDA margin
21.1%
+230 bps
In the first half of 2024/25, Key & Wall Solutions and OEM delivered another record performance in both net sales and profitability. The business saw strong organic net sales growth of 7.0% and reported total sales of CHF 246.1 million. While 3.7% of the organic net sales growth was attributable to volume, price realizations contributed 3.3%. The Movable Walls business unit continues to be the main growth driver, delivering another exceptional performance in H1 2024/25. The OEM business recorded good organic net sales growth in a challenging environment.
Key Systems net sales closed the period under review with volume increase in Latin America, India, and Southeast Asia, while remaining flat in EMEA and North America due to a challenging residential market. Keys and key-cutting machines saw an increase in demand while automotive solutions remained flat. The regional mix led to a slight decline in gross margin that was mostly compensated by good management of sales & marketing, general, and administrative expenses.
Movable Walls continued the trajectory of financial year 2023/24 and reported double-digit organic net sales growth in the first half. All regions contributed to sales growth while also maintaining strong order books. Adjusted EBITDA increased in all regions, and was positively impacted by our business in North America. Improvements in operational performance in Europe & Africa continued to contribute to this positive development.
The OEM business continued to grow organically in an overall challenging market environment characterized by geopolitical uncertainties. The business unit was able to further improve on its profitability by optimizing functional expenses.
Overall, Key & Wall Solutions and OEM continued to improve its profitability by 230 bps, reporting another record adjusted EBITDA margin of 21.1%. The business is set up for sustainable performance, leveraging its market-leading position in Movable Walls and Key Systems and its efficient profitability management.