Organic net sales growth
–1.4%
CHF 228.6m
Adjusted EBITDA margin
20.3%
–80 bps
The business segment reported total net sales of CHF 228.6 million and an organic net sales decline of –1.4%. Good pricing of +2.2% could not offset a volume decrease of –3.6% caused by ongoing challenging market conditions for the OEM business and project delays in Movable Walls.
Key Systems closed the first half of financial year 2025/26 with volume increases in India, Southeast Asia, and Latin America, while volumes in EMEA remained flat. Strong pricing execution was delivered in North America. This offset volume decline in key cutting machines stemming from trade tariffs imposed on India. The adjusted EBITDA margin remained stable, driven by effective cost management.
Movable Walls in North America was impacted by project delays on construction sites, which weighed on volumes. Although pricing remained resilient across all regions, the business unit reported a year-on-year decrease in organic net sales and adjusted EBITDA margin.
The OEM business continued to face softer demand from the North American market as global trade tariffs and overall economic uncertainties persisted. The business recorded a decrease in net sales compared to the previous year, as well as a decrease in adjusted EBITDA margin.
As a result, the adjusted EBITDA margin of Key & Wall Solutions and OEM declined by 80 bps and amounted to 20.3%. Nonetheless, the business segment continued to operate at a strong overall profitability level.