Swiss electrical measurement company LEM Holding SA reported a 6.3% decline in full-year sales to CHF 287.7 million for the financial year ended March 31. Operating profit rose 29.2% to CHF 24.4 million.
Sales at constant exchange rates fell 0.2%. The decline reflects depreciation in the Chinese yuan and U.S. dollar, LEM said.
The operating profit margin rose to 8.5% from 6.1%. Operating profit before restructuring costs reached CHF 26.2 million, yielding a margin of 9.1%.
Profit before tax rose 77.4% to CHF 17.9 million. Income taxes rose to CHF 8 million from CHF 2.1 million. Net profit rose 17.5% to CHF 9.9 million, with a net profit margin of 3.4%, up from 2.7%.
CEO Frank Rehfeld said, "LEM delivered a solid performance in the 2025/26 financial year marked by an improvement in profitability, while market conditions remained mixed and currency headwinds persisted."
Bookings reached CHF 295.9 million, with a book-to-bill ratio of 1.16 in the fourth quarter. Most data center-related sales are expected in 2026/27.
By segment: Automation sales rose 3.2% to CHF 89.1 million (10.2% at constant FX). Automotive fell 8.9% to CHF 78.6 million. Renewable Energy dropped 12.6% to CHF 39 million. Energy Distribution & High Precision declined 13.5% to CHF 38.8 million. Track fell 6% to CHF 42.2 million.
By region: Americas sales rose 1.7% to CHF 35.2 million (11.3% constant FX). EMEA fell 3.7% to CHF 100.2 million. China declined 12.6% to CHF 102.7 million. Rest of Asia fell 2.4% to CHF 49.6 million (up 4.9% constant FX).
Gross profit fell to CHF 115.1 million, margin 40%. SG&A expenses fell 12%, R&D expenses declined 23.6% to CHF 27 million.
Restructuring charges were CHF 1.9 million. Free cash flow rose to CHF 31.7 million. Net financial debt fell to CHF 59.8 million.
The board proposed no dividend for 2025/26 due to economic uncertainty, but remains committed to resuming dividend policy.
The board is reviewing strategic options after interest from parties. The process is at an early stage with no assurance of a transaction.
