Tecan keeps 2026 outlook as H1 margin holds up despite FX, tariffs

Tecan Group reported steady H1 2026 performance, with sales rising 3.4% to 427.5 million Swiss francs, though they fell 2.7% in local currency terms. Growth was seen across Life Sciences and Partnering segments. Order intake increased by 3% in local currencies to 444.3 million francs, while book-to-bill ratio stood at 1.04. Adjusted EBITDA margin expanded by 10 basis points to 15.1%, buoyed by a 180-basis point sales growth, favorable product mix and early gains from the Rewired transformation program.

These gains countered FX headwinds of 120 basis points and 50 basis points from tariffs. Adjusted EBITDA totaled 64.5 million francs, a 1.8% decline. Reported EBITDA dipped 15.1% to 46.6 million francs, with margin down 160 basis points to 10.9%. Adjusted net profit fell 3.5% to 32.5 million francs, largely due to unhedged foreign exchange effects.

Adjusted earnings per share slipped 1.5% to 2.62 francs, as share count reduced through buyback. Reported net profit slipped 31.5% to 12.3 million francs, affected by SAP and CRM system investments and Rewired transformation expenses. Net liquidity fell 47.6% to 73.5 million francs. The company reaffirmed its 2026 outlook, forecasting low single-digit local-currency growth and an adjusted EBITDA margin between 15.5% and 16.5%. It also reiterated 2028 targets of 1 billion francs in sales and 20% adjusted EBITDA margin.