Media information 2025

 

• Revenue from sale of goods decreases by 24.2 % to CHF 130.5 million (CHF 172.2 million in 2023/24)
• Bookings decrease to CHF 108.0 million (CHF 134.0 million in 2023/24; -19.4 %)
• Gross margin remains at 54.7 % (55.0 % in 2023/24)
• EBIT decrease to CHF 6.7 million (CHF 25.3 million in 2023/24; -73.5 %)
• Net profit of CHF 4.1 million (CHF 18.7 million in 2023/24, -78.1 %)
• Solid equity ratio increases further to 78.0 % (2023/24: 76.4 %)
• Sustainability Report confirms commitment towards ESG targets
• Virtual Annual General Meeting scheduled for July 29
• Board of Directors proposes to refrain from distributing a dividend
• Changes in the Board of Directors

Steinhausen, June 26, 2025 – During the 2024/25 financial year, Carlo Gavazzi experienced a general slowdown in the industrial and building automation markets, a trend that had already become apparent in the second half of the 2023/24 financial year. The slowdown was primarily caused by excess customer inventory across all regions. As a result, revenue from sale of goods, EBIT and net profit for the year declined by double digit rates. However, the Group’s sound financial position was maintained.

Group revenue from sale of goods decreased by 23.6% in local currency while bookings decreased by 18.7%. Revenue from sale of goods in Swiss Francs reduced by 24.2% to CHF 130.5 million (CHF 172.2 million in 2023/24) while bookings decreased by 19.4% to CHF 108.0 million (CHF 134.0 million in 2023/24), resulting in a book-to-bill ratio of 0.83 for the year 2024/25. In the second half of the year, bookings increased above first half levels as inventories in industrial automation markets normalized, while electrification markets are only now beginning to make similar headway.

New production sites in China and Mexico

Gross profit decreased by CHF 23.3 million to CHF 71.4 million (CHF 94.7 million in 2023/24), however, the gross margin was maintained at a high level of 54.7% (55.0% in 2023/24) due to positive pricing management. Continued cost control and favorable currency impacts reduced operating expenses from CHF 68.9 million in the previous year to CHF 63.7 million, even as the Group continued to invest significantly in the business. As part of the reorganization of its manufacturing footprint, Carlo Gavazzi moved to a new site in China in November 2024 and opened a plant in Mexico in January 2025, specifically to serve the American markets.

Operating profit (EBIT) declined to CHF 6.7 million, compared to CHF 25.3 million in the previous year (-73.5% versus 2023/24). The EBIT margin decreased 9.6 percentage points to 5.1% (14.7% in 2023/24). After considering financial expense of less than CHF 0.6 million and income taxes of CHF 2.0 million, the Group net profit for the year amounted to CHF 4.1 million (CHF 18.7 million in 2023/24), a decrease of 78.1%.

At March 31, 2025, the total equity attributable to the owners of the Group stood at CHF 134.8 million (CHF 139.2 million in 2023/24), resulting in a solid equity ratio of 78.0% (2023/24: 76.4%) with a net cash position of CHF 47.6 million. 
In view of the fact that bookings, revenue from the sale of goods, and net income for the 2024/25 financial year have declined significantly, while the Group has continued to invest in research and development and in its factories, the Board of Directors will propose to this year's Annual General Meeting that no dividend be paid in order to protect the interests of all stakeholders.

Positive development in South America

Revenue from sale of goods in local currencies decreased at double-digit rates across Europe and by single digit rates in the Americas and Asia-Pacific.

In Europe, revenue from sale of goods in local currency declined by 31.4%. Although most of Europe experienced the downturn, the Nordic countries and our core Italian market proved relatively resilient, whereas the area of Germany, Austria and Switzerland (DACH) felt a greater impact, weighing on Europe’s overall performance, particularly in electrification and in plastics & rubber applications. Our distribution channels contracted at a similar pace as they navigated softened demand, inventory adjustments, and macroeconomic pressures.

Revenue from sale of goods in local currency in the Americas reduced by -4.9% compared to the previous year. The decline was noticeable mainly in Canada (-12.1%) while the U.S. was in line with previous year. South American countries showed growth in line with the previous year or even increased growth rates (Brazil +15.7%). The distribution channel declined compared to last year due to the general market condition in the region. Industrial automation markets, in particular food & beverage and plastic & rubber, were at the same level or slightly above the previous year.

In Asia-Pacific, revenue from sale of goods in local currency decreased by 6.4% versus the previous year mainly due to manufacturing contraction in the Chinese market following local pandemic policies and increasing trade barriers as well as the slower Chinese economy. The decline was recorded across the region but mainly in China (-7.9%). Due to specific focus and actions in semiconductors this market grew more than in the same period of last year, nevertheless, the distribution channel impacted negatively on the overall business performance.

Concerning geographical distribution, revenue from sale of goods outside Europe increased to 38.3% (30.9% in 2023/24), with the Americas and Asia-Pacific accounting for 22.2% (previous year 18.0%) and 16.1% (previous year 13.0%), respectively.

Expansion of product portfolio for fast charging stations

Controls, the Group’s largest product line, performed below the previous year with a 38.5% slowdown, mainly driven by the energy storage industry (-89.7%) and distributed energy resources markets (-82.9%). These industries have encountered several major challenges that have constrained sales of our customer base, such as reduced consumer demand, high operational costs, infrastructure disparities, shift in government subsidies in the DACH region and competitive pressures over the past 18 months. Conversely, there was a far better trend in our traditional product lines of monitoring relays and timers traditionally driven by lively demand in industrial automation markets. The recent introduction of the EM580 (energy meter for certified EV charges), the AC meter (alternating current energy meter) with certified and dedicated charging session management, and DCM1 (direct current energy meter for measurement in fast charges), which increases the portfolio in the fast-charging stations market, met with great interest among customers in both Europe and Asia.

Sensors performed 5% below the previous year, although sales of capacitive sensors grew thanks to the good performance in industrial automation markets, particularly in agriculture. Additionally, this was driven by both development with new customers as well as recovery in the HVAC (heating, ventilation, and air conditioning) industry. Photoelectric sensors declined mostly in China and Europe, in industrial automation segments. The recent introduction of new LD30-laser (smart photoelectric laser sensor) and CA12 (smart capacitive proximity sensors) families strengthen the product offering for target applications, particularly in conveyors for packaging processes and digital printing machinery, helping the customers to enable predictive maintenance and optimize production efficiency.

Switches decreased 13.6% versus the prior year. Sales of the motor controller range fell by 39.0% year-over-year, driven primarily by declines in key strategic markets, most notably Europe’s HVAC sector, which is tied to the slowing electrification demand. Although the solid-state relays line recorded a 6.2% year-on-year decline, it staged the beginning of a rebound in the second half as customer and distributor inventories normalized. The launch and expansion of the NRG family of “intelligent” solid-state relays have since sparked customer interest and are generating fresh opportunities for market-share gains.

Growth through digitalization

The Group’s strategy rests on two complementary pillars. First, Carlo Gavazzi is strategically targeting high-growth industries by developing innovative, differentiated automated products, reorganizing the salesforce into specialized teams, and regionalizing the manufacturing and R&D footprint to stay close to key markets and adapt to evolving geopolitical conditions. Second, the Group is pursuing opportunistic growth through digitalization, expanding ecommerce channels via partner platforms and direct go-to-market models to reach a broader customer base. Underpinning both pillars, we continue to invest in security and ESG initiatives to ensure the company’s long-term sustainability and resilience.

Sustainability remains a high priority

The Group is fully committed to contributing its part towards developing a more sustainable world. Accordingly, a sustainability report was introduced (separately issued) covering the 2024 calendar year.

The Ordinance on Climate Disclosures provides for a binding implementation of the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD) by large companies. Accordingly, Carlo Gavazzi has followed the recommendations of the TCFD framework and discloses information on its climate-related risks and opportunities in its ESG report.

Growth based on market recovery and product innovation

Carlo Gavazzi remains firmly committed to its strategic focus on our strategic industries, driving value for partners and customers through continuous innovation and disciplined R&D investment across our three product lines, Controls, Switches, and Sensors. These investments are yielding results, with new product developments expected to support growth and differentiation throughout the 2025/26 fiscal year, particularly as the global industrial automation market shows tangible signs of recovery. While building automation and energy efficiency markets continue to face delayed post-pandemic recovery, anticipated to improve gradually during the second half of the fiscal year, Switches and Sensors are positioned to benefit early from improving market conditions.

At the same time, the Group continues to address the risks posed by geopolitical instability and global tariff uncertainty by adapting its operational and supply chain models to reflect the increasing regionalization of the global economy into three key blocs: Europe, Asia (led by China), and the Americas (led by the U.S.). This strategic realignment included the moving to our new China manufacturing facility in November 2024 and the commissioning of a new and additional plant in Mexico, both of which enhance our capacity to deliver regional flexibility, operational resilience, and customer responsiveness in an increasingly complex global landscape. Through these targeted initiatives, Carlo Gavazzi is strengthening its footing for sustainable growth, innovation leadership, and long-term value creation.

Change in the Board of Directors

After many years of loyal collaboration, Mr. Federico Foglia (21 years), Stefano Premoli Trovati (17 years), and Mr. Daniel Hirschi (15 years), will not seek reelection to the Board to allow a new generation of board members to come in and bring forward the Group strategy. In the spirit of continuity, the Board of Directors proposes Mr. Vittorio Rossi, currently Vice Chairman as new Group Chairman. Vittorio Rossi was CEO of the Group for more than 12 years and has been a member of the Board of Directors since 2022.

The Board proposes to the Annual General Meeting, Bernhard H. Forster as a new member. The 59-year old Bernhard Forster is a Swiss citizen, resident in Obfelden. He has many years of experience in consulting companies from various economic sectors, including pharmaceutical, engineering, manufacturing, wind energy, asset management, IT and NGOs in the areas of financial accounting, tax advice and general company administration. In addition Mrs. Yolanta de Cacqueray will be reproposed as board member representing the minority shareholders.

The Carlo Gavazzi Group would like to thank all retiring members for their great commitment over many years and wishes the new Board of Directors every success in the coming years.

Carlo Gavazzi is well positioned in terms of financial stability, focused strategy, innovative technology and long-term relationships with our very broad customer base.

 

Consolidated key figures (CHF million)

Income Statement	2024/25	2023/24	%
Bookings	108.0	134.0	-19.4
Revenue from sale of goods	130.5	172.2	-24.2
EBITDA	12.3	31.9	-61.4
EBIT	6.7	25.3	-73.5
Net profit for the year	4.1	18.7	-78.1
Balance Sheet (as at 31 March)	2025	2024
Net working capital	61.9	70.5	-8.6
Total equity attributable to owners of the Group	134.8	139.2	-4.4
Total liabilities and equity	172.9	182.1	-9.2
Equity ratio	78.0%	76.4%

For some figures Carlo Gavazzi Group uses alternative performance measures (APMs) which are not defined in accordance with International Financial Reporting Standards (IFRS). The respective definitions can be found at:
Carlo Gavazzi Alternative performance measures.

The complete annual report 2024/25 can be downloaded from the website at:
Carlo Gavazzi Annual Report 2024/25

The Sustainability Report 2024 can be downloaded from the website at:
Carlo Gavazzi Sustainability Report 2024

 

About Carlo Gavazzi: 
Carlo Gavazzi is a publicly listed international electronics group (SIX: GAV) with activities in the design and marketing of electronic control components for factory and building automation. 
Please visit our website: www.carlogavazzi.com 

For further information please contact:  
Rolf Schläpfer 
Hirzel.Neef.Schmid.Konsulenten 
Phone +41 43 344 42 42 
E-mail rolf.schlaepfer@konsulenten.ch

 

Steinhausen, April 25, 2025 – Carlo Gavazzi Holding AG informs today about preliminary unaudited key figures for the 2024/25 business year.

After a strong decrease in the first half, revenues and profit have stabilized somewhat in the second semester of the 2024/25 business year. In the period between April 1, 2024, and March 31, 2025, Carlo Gavazzi expects to reach a total revenue from sale of goods of approx. CHF 130 million (same period of previous business year: CHF 172.2 million). EBIT is expected to decrease to approx. CHF 6 million (previous year: CHF 25.3 million) and net profit for the year to around CHF 3.5 million (previous year: CHF 18.7 million). 

Orders are still below previous years but grew from CHF 44.4 million in the first half year to approx. CHF 63 million in the second semester, resulting in bookings of approx. CHF 107 million for the entire financial year 2024/25 (previous year: CHF 134.0 million).

Carlo Gavazzi will announce the detailed full year audited figures on June 26, 2025.

About Carlo Gavazzi: 
Carlo Gavazzi is a publicly listed international electronics group (SIX: GAV) with activities in the design and marketing of electronic control components for factory and building automation. 

Please visit our website:  www.carlogavazzi.com 

For further information, please contact:  
Rolf Schläpfer
Hirzel.Neef.Schmid.Konsulenten 
Phone +41 43 344 42 42 
E-mail rolf.schlaepfer@konsulenten.ch