Thank you. Please note, anyone who wishes to ask a question during the conference may press star and one on the touchtone telephone. You will hear a tone to confirm that you've entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only handsets when asking the question. Please hold the line. The conference will begin shortly. Thank you. Please note, anyone who wishes to ask a question during the conference may press star and one on the touchtone telephone. You will hear a tone to confirm that you've entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only handsets when asking the question. Please hold the line. The conference will begin shortly. Thank you.
Please note, anyone who wishes to ask a question during the conference may press star and one on the touchtone telephone. You will hear a tone to confirm that you've entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking the question. Please hold the line. The conference will begin shortly. Thank you. Ladies and gentlemen, welcome to the Kardex full year 2025 results conference call and live webcast. I'm Vicky, the conference call operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star then zero.
The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Alexandre Müller, Investor Relations. Please go ahead.
Thank you, Vicky, and good afternoon, ladies and gentlemen. I welcome you to our presentation of the Kardex annual results 2025. My name is Alexandre Müller. I'm responsible for Investor Relations, and I'm joined by Jens Hardenacke, our Group CEO, and Thomas Reist, our Group CFO, who will present the annual results. I would like to remind you that all the slides from the presentation, as well as the press release and the annual report are all on our website. With that, I would like to hand over to you, Jens.
Thanks a lot, Alex. Yeah. Dear ladies and gentlemen, also from my side, a warm welcome to the Kardex Media and Analysts Conference for the year-end results of 2025. Let me start with our key message. We are happy with the full year 2025 results. In a difficult market environment with geopolitical tensions and trade uncertainties, Kardex reached all-time high bookings, net revenues and EBIT numbers. Beginning of 2025, we kicked off the implementation of our accelerated growth strategy. We formulated the target to become a profitable EUR 1.5 billion net revenue company between 2029 and 2031. After one year, we can say we are well on track. We made substantial investments in strategic growth initiatives with a clear focus on sales and marketing, innovation and digitalization. We invested into our sales force at Remstar, Mlog, and AS Solutions.
In 2025, we exhibited our one Kardex solution portfolio on 73 trade shows all over the world. We have increased our investment into hardware, but even more into software solutions to further differentiate from our competition. We have further invested into our digital infrastructure to make our processes more efficient. These investments in difficult times already paid off. In both market segments, automated products and standardized systems, we heavily gained market shares in a flat market environment. We increased bookings by more than 24% and almost reached the 1 billion bookings mark for the first time. We were not able to transform the bookings quick enough into net revenues. Therefore, we increased our net revenues in 2025 by only 7.5%, which leaves us with a strong backlog for 2026.
In 2025, we were very cautious with spending money outside of our previously mentioned focus investment areas. This led to an EBIT result of EUR 101.2 million, which is the first time in Kardex history that we reached an EBIT result above EUR 100 million. If you compare the performance of the second half of the year with the already very strong performance of the first half of the year, you can see that in all three categories, bookings, net revenues and EBIT, the second half of the year was even stronger than the first half of the year, which is exactly what Thomas and myself have indicated during the presentation of the half year numbers six months ago. The booking performance of standardized system in the second half of the year was just extraordinary.
In total, standardized system increased bookings in 2025 by more than 50%, and that was driven by the performance of both AS Solutions and Mlog. For our automated products, we saw a more moderate booking performance in the second half of the year compared to the very strong first half of the year. We already see in the last couple of weeks that also here, the demand for the products and solutions gradually picks up again. Normally, when you hear that bookings increase heavily in a tough market environment, you assume that margins go down. We do not see this with Kardex in 2025. Our gross profit margin is still at a very high level and only diminished slightly due to our sales mix, as the percentage of standardized systems is now relatively higher than before and due to higher personnel expenses.
Our return of invested capital reached 35% in 2025 and remained on a very strong level. End of 2025, we added a fourth business unit to our portfolio when we acquired the majority shares of ROCKETSOLUTION. From December last year onwards, we will report ROCKETSOLUTION under our standardized system, segment. Rocket complements the solution portfolio of Kardex. I will talk about the reasons for the acquisitions later on. Due to the good financial results of the year 2025, we propose a dividend payment of CHF 6 per share, which would be a dividend payment at the same level as in 2024. All in all, we are very happy about the results of the year 2025. Despite a challenging market environment, we are growing and gaining market shares.
We see already that our investment in sales and marketing, research and development, and IT infrastructure starts to pay off. With this, I would like to hand over to my colleague, Thomas, for more details on our financial results.
Thank you very much, Jens. Welcome also from my side to this conference call. As always, I would like to start with the key figures with the development of the last five years. Starting with the bookings, as mentioned by Jens before, bookings increased quite substantially by 24%. This is more above the CAGR of 30%, and the reason was also mentioned by Jens before. This is the systems business. Mainly, Kardex AutoStore and Kardex Mlog increased their volume, mainly in second half of the year, so more than 50% of additional volume. Also Kardex Remstar contributed to that good result by plus 9%. When we look at the net revenues here, Jens mentioned that net revenues increased by only 7.5%.
This is true, but this is below CAGR with roughly 17%. Here we also have to remind ourselves that the years 2022 and 2023 were heavily affected by price increase we had to apply into the market. Also an additional effect, mentioned by Jens as well. The systems business was very strong in regards to bookings in second half of the year, and therefore, we lacked a bit the time for the execution of the order intake. Looking at the EBIT and EBIT margin, here a plus of roughly 3% on the EBIT level, far below the CAGR, but we remained more or less on the same level when we look at the EBIT margin, so a similar level with 11.9% EBIT margin achieved.
This despite the fact that the share of systems business has increased and our investment continues. I also allow myself to mention it, first time in history of Kardex, we achieved an EBIT above EUR 100 million. Free cash flow dropped significantly compared to last year to EUR 20.5 million. Here the reason is that we had an extremely strong 2024, so positive impact on that level. CapEx were not invoiced to the very large extent, and also we had cash inflow because of POC projects we won by the very end of the year. This year, the contrary happened, so CapEx was invoiced, and we had a very strong order intake in Q3 and mainly also Q4, where the cash inflow did not happen.
In addition, net working capital also increased, but we'll go into further details in the cash flow slide. Now having a look at the income statement in more detail. Again, bookings increased by 24%, or in other words, by CHF 190 million. Of this CHF 190 million, CHF 150 million were contributed by the systems business and CHF 40 million by Kardex Remstar, respectively, automated products. This increased the share of the systems business. The share increased from 35%- 43%. Order backlog increased also quite substantially by 26%. Here, only systems business contributed. When we look at the visibility on the group level, this increased from roughly seven months to eight months because of the higher backlog in the end.
Book-to-bill ratio was at 1.15 overall. Net revenues mentioned before, 7.5%, or in other words, CHF 60 million in addition. Here, both reporting segments contributed positively to the net revenues growth, whereas a stronger contribution from the systems business also here the share increased from 30%-33%. Gross profit margin remained more or less on the same level. Slight decrease from 35% to 34.1%. Main reason for the slight decrease is the mix between the automated products and systems business, and due to minor effects. Now let's have a look at the income statement below EBIT. Here, most of you have seen that already that we have a negative impact on the financial results. First, allow me one word regarding the positive impact.
We have positive impact from our financial assets investment and interest gain. Here smaller positive impact. We had a negative impact because of FX. The bigger impact is the impairment of the loan of we provided to ROCKETSOLUTION. Here, the situation is as such that Swiss GAAP FER does not give guidance when it comes to a combination of pre-existing relationships and a step acquisition. That's the reason why you have to apply for this transaction IFRS. For IFRS it is a technical requirement to settle pre-existing relationships. This led to a technical full write-off of this loan of CHF 39 million. To remind you, this is a non-cash item, so it has no impact on our cash and cash flow, and it is also a non-operational transaction. There is no effect on our dividend payment.
Because of that settlement and write-off, also our tax rate went up because it is also non-tax effective, this write-off and the tax rate accordingly went up by 237%. The result for the period also dropped to CHF 41.8 million, and the margin also achieved roughly 5%. When we deduct the non-operational effect, we achieve more or less the same results than in the previous year. Now, having a look at the balance sheet, also here we see an effect of this non-operating transaction of the settlement of the Rocket loan.
When you go to the equity, the equity went down by CHF 15 million, affected by this write-off of CHF 39 million, and also the equity ratio went down by roughly 4 percentage points, compared to last year and also to the neutralized equity ratio. Additional effects we see on the cash and cash equivalents. This went down mainly because of high net working capital. You see that on the accounts receivable and inventory side as well as on the accounts payable. Let us have a look on the cash flow statement. What really happened here as a result of the period is negatively affected by this non-operating transaction.
You see that with -CHF 39 million, but we have here in the cash flow statement a counter effect, a positive counter effect on the change in non-cash items because as I mentioned before, this settlement has a non-cash effect and therefore it's neutralized here in the cash flow statement. The real effect on the cash flow comes from the increase to net working capital. Here we have a cash effect of the net working capital increase of CHF 15 million, mainly coming from the accounts receivable. They increased because we have a strong net revenues in Q4, where we did not receive all the cash already in the reporting year 2025.
Inventories also went up here, mainly because we increased the security stock levels because of the geopolitical tension. A slightly positive impact on the accounts payable. Also negative side effect on the CapEx. Here we increased our investment activities. You remember we are in transformation program, so we changed to one ERP system, SAP S/4HANA, and we also invest in buildings and equipment. Here we have negative cash effect compared to last year of roughly CHF 21 million. Resulting free cash flow, I've mentioned before, CHF 20.5 million. Now having deeper look into the segments, starting with the automated products segment consisting solely of the business unit, Kardex Remstar. Here we have increased our bookings by roughly 9%. Allow me here one word in regards to the geographical split of this effect.
Here, main contributor was EMEA, so the European region with +12% compared to previous year, followed by Americas +6% and APAC contributed negatively with -8%. Order backlog here went slightly down by 6% or CHF 17 million. That's the reason why I have a book-to-bill ratio below one, so 0.98. The reason for this reduced backlog is mainly because we improved our execution. We have the possibility to deliver our machines faster, and the visibility went very slightly down from five point eight months to five point three. Net revenues went up by roughly 3%. Also here, I would like to provide you with the geographical split of that impact.
Here, Americas contributed most with +8%, followed by EMEA +4%, and also here APAC contributed negatively with -5%. The mix between the functions remained more or less stable, but there we have on the next slide a better view. Gross profit increased slightly. Gross profit margin remained more or less on the same level, slightly down by 0.7 percentage points. Here we have tariff impacts, U.S. tariffs with -$1.1 million, FX impact to -$3 million, and we also have a slightly lower DIY business in the U.S. market. EBIT margin on the other hand, remained exactly on the same level. Within our financial guidance of 14%-17%, and here remained at the upper end of our financial corridor.
Now, as promised before, development of the KPIs for automated products, specifically Kardex Remstar. Here we see that net revenues grew slower than the CAGR, with roughly 3%. But here again, we have an effect on the price increases of the years 2022 and 2023, which increased the CAGR. As mentioned by Jens before as well, we have slight slowdown in second half due to the geopolitical uncertainties, but also customer related project delays. On EBIT level, mentioned before as well, EBIT margin remained quite stable on the same level. EBIT increased slightly, but below CAGR. Net revenues by function, here we see a very slight increase of the upsells business, so 1 percentage point higher than in the previous year, and also very slight change in regional split.
Americas increased their share to 25% at cost of APAC with 8% to -1% for the APAC region. Now let's have a look at the systems business. Here we have a new member, a new business unit with ROCKETSOLUTION. We acquired 60.5% of their shares at the end of December, so first consolidation happened 1 December 2025. Also the reason why the impact of ROCKETSOLUTION is very insignificant and no substantial contribution, whether positive or negative to the results, and therefore we also included it in the Kardex Mlog results. The remaining 13% of the shares are with the former founders of ROCKETSOLUTION and we have the option right to acquire these 13% in future.
Now let's have a look at the income statement, the financial highlights 2025. Here the very substantial increase of the bookings level for more than 50% more volume on bookings. Very impressive in my opinion, book-to-bill ratio of 1.52. Here I would like to give you some insights regarding geographical split as well. From the bookings, EMEA share is the highest. We realized 75% of the bookings in EMEA, roughly 20% in Americas, and the remaining 5% in the APAC region. When we look at the growth pattern compared to last year, highest relative contribution comes from the Americas market, plus 160%, followed by EMEA, + 40%, and then APAC region with + 60%.
You see the split between Mlog together with Rocket and AS Solutions. It is not that time, not only AS Solutions contributing very high portion of additional bookings, it is also Mlog, which contributed a lot of additional volume. The order backlog increased by roughly 70%. Here I don't go into the split, but just to remind you what is the visibility of the two areas. Mlog and Rocket, they both have a realization period between nine to 18 months, mix is around 12 months of realization time. Whereas for the AS Solutions or for the AutoStore projects is an average nine months. Net revenues increased by roughly 19%. Here also the split, highest volume by EMEA, 76%, Americas, 17%, and APAC, roughly 10%. Gross profit increased by roughly 20%.
Gross profit margin slightly increased from 22.6%- 22.8%, and this despite the period we are in, where we are investing a lot into both organizations, Mlog as well as AS Solutions. This investment we also see in the OpEx. OpEx went up quite substantially. The main area of investment is the sales and marketing area. We invest in growth in marketing and also R&D is here mainly for software activity. That's also the reason why the EBIT went down -4.2% compared to last year, and also the EBIT margin went down to 5.0%. Exactly at the lower level of our financial target range of 5%-8%. Here also a look at the development of the most important KPIs.
Net revenues increased by 19%, substantially below the 32%, 33% target. It is always easier to grow when you're on a low level. In absolute terms, we grew a lot and also net revenue were affected because bookings were very, very strong in Q3 and Q4, so we had not enough time to execute the projects. This will happen in the year 2026. The EBIT and EBIT margin I explained already. One of the main reasons for this dropped EBIT margin is that the share of AS Solutions went up, and AS Solutions is heavily investing in sales and marketing and also the organizational maturity. Net revenues by function, here hardly any change, so only 1 percentage point where the vertical business went up. Here, AS Solutions contributed also the first time.
The DIY business is more and more increasing, whereas from a very low level it's still below 4% of the total volume. On the other hand, net revenues by region. Here we see a clear impact of the AS Solutions business. We see a better distribution on the global scale. America's share went up from 9%-17%, +8 percentage points. The APAC share went up from 2%- 5%, +5 percentage points. Far higher international split of our standardized systems share. Thank you for the interest. I would like to hand back to Jens for the outlook.
Thanks a lot, Thomas. Before I want to give you an outlook for the year 2026, I would like to explain our reasons for the acquisition of the majority shares of ROCKETSOLUTION, as already indicated during the beginning of the Kardex Media and Analysts Conference. Kardex was already very well-positioned in the market for warehouse automation before the acquisition of ROCKETSOLUTION. With our portfolio, we are able to accompany each customer from the first steps of automation with our automated products from Remstar to more advanced standardized system solutions of AS Solutions and Mlog. Here on this slide you see that with the multi-shuttle solutions of ROCKETSOLUTION, we will get a better coverage in the handling of light goods.
Especially if customers ask for the combination of high performance and mid-size capacity requirements, or if the height of the building is more than eight meters, a multi-shuttle solution is often the most preferred storage solution. Therefore, we decided to invest into a multi-shuttle solution, as this would complement our solution portfolio and would help us to cover the entire automation journey for our actual and potential customers in an even better way than before. There are already a couple of multi-shuttle solutions in the market. We invested into ROCKETSOLUTION because we see a couple of advantages compared to these other multi-shuttle solutions. With the up to six deep bin storage and the space optimized rack design, we can clearly say that the Rocket multi-shuttle is the most dense multi-shuttle in the market.
Also, the load handling process is different from other multi-shuttle technologies and minimize mechanical stress with leads, which leads to lower maintenance costs. We are convinced that the Kardex multi-shuttle is the ideal technology that complements our existing solution portfolio. In 2025, we've seen a lot of occasions that customers appreciate to work with suppliers that can offer different technologies out of one hand. Suppliers that offer a combination of simple solutions and advanced solutions, suppliers that can offer light goods solutions together with pallet handling solutions. This is one of Kardex's core strengths. More and more often we win the trust of customers as one Kardex. In 2025, we generated around EUR 150 million of bookings with projects in which more than one Kardex business unit offered combined solutions to our customers.
In most of the cases, in combination of Mlog and AS Solutions, but we also saw joint projects from Rocket and Mlog, from Remstar and Mlog, as well as from Remstar and AS Solutions. This means that we see more and more synergies between the different business units, and therefore we are sure that the acquisition of ROCKETSOLUTION will further strengthen the already very strong market position of Kardex. This is also the way we want to continue. We have individual business units with strong positions in their respective markets. We are the market leader for entry-level automated products of Remstar. For advanced standardized system solutions, we offer AutoStore solutions, ROCKETSOLUTION, and combined technology solutions by Mlog. By combining the strength of the different business units, we are able to offer everything out of one hand, from entry-level solutions to more advanced solutions.
The customers does not have to work with several different suppliers to get different kind of automation solution, but can find everything from Kardex. The strategy towards a more customer-centric organization was one of the main reasons for the accelerated growth in 2025, and will also be one of the main reasons for our future growth. With the acquisition of ROCKETSOLUTION, we have enhanced our solution portfolio with the most dense MultiShuttle solution in the market, which helps us to further expand our addressable markets. We will continue to invest into sales and marketing, R&D, and IT infrastructure to get more feet on the ground to further strengthen our position in the market and to continue to drive profitable growth. Therefore, our outlook for 2026 stays positive. We expect the demand for Kardex's intralogistics solutions to remain strong.
The geopolitical and macroeconomic challenges will remain, but we will continue our path of profitable growth also in 2026. On the one hand, global trends like reshoring, labor shortage and automation will drive the general growth of warehouse automation. On the other hand, Kardex is so well positioned across all business units to capitalize from these trends and to outperform the market in both segments, automated products and even more in standardized systems. We will further invest into sales, marketing, R&D and IT to further outperform the market and to create the basis for continuous profitable growth. As I mentioned in the first part of this Kardex Media and Analysts Conference, in 2025, our bookings grew a lot, while we were not able to transform most of the bookings into net revenues.
Due to the strong backlog at the beginning of 2026 and the good project pipeline for all four business units, we expect that the net revenue growth for Kardex for 2026 will be above the projected average, while we confirm the general financial midterm targets as shown here again. With these comments, I would like to hand over to the operator to start the last part of the Kardex Media and Analysts Conference, the questions and answers.
Thank you. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star then two. Questioners on the phone are requested to disable the loudspeaker mode and eventually turn off the volume from the webcast while asking a question. Anyone who has a question may press star and one at this time. The first question from Sebastian Vogel, UBS. Please go ahead.
Hello, good afternoon. I have three questions. I would ask them one by one. The first one relates to your outlook, and coming back to your last statement there. Does that mean actually you expect that net revenue growth in 2026 should be above the 14%?
Yes.
That's clear. Second thing is on the margin guidance. In the past, I got the impression that you sort of aim for something around 12%, potentially a little bit less than 12%, also for 2026. Is that also still a decent ballpark? Or do you think a different number would be sort of applicable?
Hi, Sebastian. Yeah, actually, we believe that it is around slightly below 12%.
Got it. The last question is on the current trading side. I mean, you have alluded to in some of the initial remarks already, but nonetheless, if you could share a little bit of thoughts across the sort of portfolio would have increased, including also AS Solutions, Mlog. What sort of order momentum you have seen on a year-to-date basis, for each of the different sub-segments, that would be appreciated.
Sorry, Sebastian, we didn't get the question. Can you please repeat the question again?
Yeah. If you can, sort of, share your insights on how order momentum was for AS Solutions, Mlog and Remstar, on a year-to-date basis.
Okay. On a year-to-date basis, we currently see a very strong order momentum or booking momentum for Mlog and for AS Solutions. As we have said before, the second half of the year for Remstar was not so strong. We also saw this in January and also in the beginning of February. Now, in the last two, three weeks, we see that this is picking up again.
Got it. Many thanks. That were my three questions then.
Thank you.
The next question from Constantin Hesse, Jefferies. Please go ahead.
Hi, thanks. I've got actually one question, just on the free cash flow profile into 2026. Just remind us again of the CapEx dynamics that you expect and what kind of free cash flow generation we can expect over the next couple of years based on. I think you said the CapEx, you still have elevated CapEx between 2026 and 2027. Is that correct?
Hi, Constantin. Yes, that's correct. Well, CapEx will further increase, to be honest. In our guidance says that we will be between CHF 40 million-CHF 50 million, depending a bit what happens with our Asian factory, because CHF 50 million includes a full-fledged factory in Asia, and here we have different options. We probably go not for a full-fledged factory there, and this will reduce the capital expenditures requirements in the year 2027 accordingly. For the year 2026, we expect higher CapEx than the year 2025. Was that your question?
Yeah, sorry. 40-50 for 2026 and the same for 2027, is that it? Sorry, 'cause the line is a bit bad.
Actually, yeah, correct. That's correct.
Okay. Understood. Thanks.
Welcome.
As a reminder, if you wish to register for questions, please press star and one on your telephone. A follow-up question from Sebastian Vogel, UBS. Please go ahead.
Yeah. Sorry, me again. Two quick follow-ups. With regard to net working capital, I was just wondering, do you see there's more of a headwind or a tailwind in 2026? I would have another follow-up.
I see there are more tailwinds, to be honest, because we are at the lower end. We will have higher cash inflows because of the projects we have won. We had, yeah, quite a bad momentum by the end of the year. Invoices were raised, but the cash was not inflows. For me, we have rather a positive momentum in the year 2026.
Got it. The other question is with regard to the Remstar order intake in the second half. I would assume also from your mentioned numbers on best growth, that US was definitely one or more of the weaker ones regarding the order momentum over there. Is that some sort of pent-up demand that you would expect that would come back somewhere in 2026? Or is that, like, gone forever, so to say? Or do you have any thoughts there worth sharing?
No, we think as you mentioned before, the U.S. was on the weaker side and we believe that we will see a much stronger year in 2026. As you may have read between the lines, in the past the U.S. government was the strongest single customer from us and due to the delay of the so-called Big Beautiful Bill, we haven't seen a lot of spending there in the year 2025. We expect this in the first half of 2026 and basically also for the entire year 2026 and also for other industry segments because there was also this uncertainty for the tariffs.
We at least have now, most likely for the next 150 days, a clear scenario. We see this already that customers try to make use of this short-term security about tariffs and therefore we expect a strong year in the U.S. for instance in 2026.
Got it. Just, sorry, one last question or, if I may, as I'm already speaking. I know this is a little bit far away, but 2027, the EBIT margins. I mean, by the time your investment program should be finished, potentially top line is also coming in further. Is it like that you have then a step up directly by whatever like 100 basis points that we could expect there? Or what is your sort of thinking, how margins should be then developing, assuming the top line would be doing what you're expecting?
Yeah. Actually, our investments also continue into the year 2027. We are not through with our investment in the transformation. Also in 2027, it might come back slightly, but it's a bit far away, to be honest.
That is cool. Happy then go back to the queue.
Thank you.
A follow-up question from Constantin Hesse, Jefferies. Please go ahead.
Thanks. Just a quick follow-up. I'm curious because, like, when I look at what's going out there, right? If you look at KION's reporting, Interroll reported this morning, everyone is reporting numbers that are, you know, clearly not exceptional as you're reporting. Now, you obviously have the benefit of seeing some regional growth for analog. If you could maybe comment a little bit on the market dynamics that you are seeing. What are some of the key segments where you're seeing all this growth coming from?
It's not so much about the key segments. I think we have a very good position in the market because we see this more and more. This was one of the slides that we have shown, Constantin, that customers are looking for getting everything out of one source and not asking for three or four different suppliers. Therefore, I think this is something where we have a unique position in the market, that we offer entry-level solutions as well as advanced solution. For sure, we also see some good momentum in e-commerce, for example. We see some good momentum for defense, but these are not really reflected in the 2025 figures so far.
We really see that one of the biggest advantages that we have also compared to the others that you just mentioned, that we have this broad portfolio and we can basically offer everything from entry level to advanced solution out of one hand. This is one of the, I would say, two-thirds of the growth that we have seen in 2025 has the origin in this relative good position of Kardex of covering entry level as well as advanced automation.
Yes, that's great. Then if I may, I think you mentioned that the order intake year to date already is showing. It's already pretty promising, at least for Mlog and AutoStore. Now, look, I'm not assuming that the 52% that you reported last year are going to be sustainable. When you say strong, do you think that there is still a possibility that we could be seeing something in the teens in 2026 growth-wise order momentum?
I think the question was raised before already. Jens confirmed that we see at least in the range. The order intake momentum is good and in the range of our financial guide is slightly above.
You constantly mentioned that whether we will expect another 50% or also growth. No, most likely the growth will be below this.
Yeah.
No, not 15. Sorry. As I said, if it's gonna be something around the teens area. Basically assume something around your medium-term guidance growth wise. Okay. Understood. Thank you.
For any further questions, please press star and one on your telephone. Gentlemen, there are no more questions at this time.
Okay. Thank you very much, Vicky. Ladies and gentlemen, that concludes our conference. Thank you very much for your interest in the company and taking the time to listen to our webcast. If you have any further questions, obviously we are always available to whatever, with email or, phone, you can always contact us. Thank you very much and goodbye.
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