Mikron’s preliminary results for FY25 confirmed strong financial performance. Revenue was slightly ahead of our forecast and operating profit was c 3% ahead, with the operating margin expanding 1.9pp y-o-y to 10.4%. Order intake declined 14% y-o-y with book-to-bill below 1x for both divisions, as the uncertain European economic environment delayed customer investment decisions. We maintain our forecasts pending full FY25 results on 6 March, when we expect management to provide guidance for FY26.

Mikron Holding is a leading Swiss manufacturing technology group specialising in high-performance assembly and metal machining solutions to manufacture complex and precise components in high volumes. Mikron has two core segments serving the pharmaceutical, medical device, aerospace, consumer goods and automotive sectors. The focus on markets with structural growth prospects, particularly diabetes/weight loss injection systems and medical devices, positions Mikron to benefit from long-term healthcare trends while maintaining resilience through economic cycles.