Slides
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Page 1 Delivering Growth – in Asia and Beyond. Full-Year Results 2025 Media and Investor Conference February 17, 2026 TBU
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Page 2 Agenda 1. Highlights FY 2025 2. Business Units Review 3. Financial Update 4. Outlook
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Page 3 Highlights FY 2025 1
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Page 4 1 Weighted GDP calculation based on DKSH Net sales market split. 2 Assumes economic growth in Asia Pacific, at constant exchange rates (CER), and barring any unforeseen events. 3 Constant exchange rates (CER): 2025 figures converted at 2024 exchange rates. 4 Nine M&A transactions announced without DKSH’s offer to fully take-over its subsidiary DKSH Holdings (Malaysia) Berhad. For the definition of Alternative Performance Measures (APM), see Annual Report 2025 We Continue to Deliver Solid EBIT Growth in 2025 and Further Top- and Bottom-Line Growth Acceleration in H2 2025 DKSH Mid-Term Roadmap KPIs FY 2025 Realization Net Sales: +2.9% at CER3 Core EBIT: 6.7% at CER3 Margin 3.2% (+0.1%pts) Free Cash Flow: CHF 215.5 million Cash Conversion: 95.2% Ordinary Dividend Proposed: Increase by +6.4% to CHF 2.50 and nine value-accretive M&As4 Growth Margin Expansion Cash Efficiency Capital Allocation Deliver accelerated net sales growth above GDP1,2 Expand margin on average by at least 10 basis points annually2 Target of at least 90% cash conversion2 Accelerate more impactful M&A and continue with progressive dividend policy H1: +2.1% at CER H2: +3.6% at CER H1: +5.1% at CER H2: +8.1% at CER
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Page 5 DKSH Creates Value Through Diligent Strategy Execution * Non-exhaustive selection of client wins and expansions. transactions announced in 2025 Technology Performance Materials Consumer Goods Executing our Accelerated M&A Strategy Business Development* Healthcare • Bayer (SG, TH, MY , PH) • Eli Lilly (SG) • Reckitt (MY) • Renata (KH) Performance Materials • Synthomer (EU) • Alchemy (FR) • Kronos (CN) • Polygal (EU, USA) Consumer Goods • Unicharm (SG) • Del Monte (TW) • Nestlé (MY) • Pa Lamai (TH) Technology • Thermo Fisher (JP) • ONI (APAC) • Ibarmia (TW, SG) • Hygenia (MY , VN) Driving business development for profitable growth High-Performance Culture • DKSH among “Fortune Top 100 Companies to Work for in Southeast Asia” • Great Place to Work in 16 markets • High share of female leadership (36%) Sustainability • Strong ESG rating results • Climate targets SBTi approved • -65% reduction in CO2 • Human Rights Due Diligence expanded Additional Highlights 9
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Page 6 AI Is an Opportunity For Us – Enabling Growth and Driving Efficiencies Price Optimization Customer Segmentation Contract Management AI initiatives to boost growth and efficiency across all BUs Demand Forecasting Regulatory Management Master Data Management AI Sales Hub M&A AI Prospecting Finance Credit Limit Advisor HR Due Diligence Copilot Agentic AI Fulfilment Inventory Optimization SCM AI RoutingInvoice Recognition Enhancing our sustainable competitive advantage through data and AI Leverage our extensive data base for additional growth opportunities with AI Raise already high barriers to entry Capitalize on our strong salesforce, broad distribution network, and robust cash collection AI will further amplify the advantages of large distributors Order to Cash
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Page 7 Business Unit / Business Line 2025 Margin2 Healthcare Own Brands1 >20% Performance Materials 8.2% Technology 6.2% Healthcare 3.0% Consumer Goods 2.7% M&A Spend3 since 2020 (in %) ~10% ~10% ~15% ~5% ~60% Nine Transactions Announced & More Than 80% of M&A Spend on Higher-Margin Businesses M&A Execution Group margin 1 Healthcare Own Brands is a part of Business Unit Healthcare. 2 Core EBIT Margin. 3 M&A spend percentage in rounded values. On track to deliver our accelerated M&A strategy • Focus on higher-margin business based on attractive pipeline • Potential for M&A-driven expansion beyond APAC in Performance Materials, Healthcare, and Technology • Increasing EBIT contribution from M&A in 2026 • Continue to increase the impact of M&A deals • Strong balance sheet allows for a wide range of strategic options Leverage headroom Up to ~2x Net Debt / EBITDA Entering 2026 with a strong balance sheet
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Page 8 Strong Cash Generation Enables a Progressive Dividend Policy 2.35 2.50 0.80 0.95 1.15 1.30 1.50 1.65 1.85 1.90 1.95 2.05 2.15 2.25 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2025FY 2024 1 According to published numbers. 2 Proposal of the Board of Directors CAGR +5.1% 2 Ordinary Dividend per Share (in CHF) Proposal to increase dividend by 6.4% to CHF 2.50 per share², which is the 13th consecutive increase and confirms our dividend aristocrat status
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Page 9 Business Units Review 2
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Page 10 5’697.2 5’821.7 FY 2024 FY 2025 167.3 174.2 FY 2024 FY 2025 Core EBIT (in CHF million) Expand strong market position and drive into higher-value segments and services +4.6%¹ +7.5%1 2.9% 3.0%Margin • Continued strong net sales development • Above-GDP growth • Acceleration of organic growth in H2¹ • Broad-based growth across multiple markets, new and existing clients • Successful business development with Bayer, Eli Lilly, Reckitt, and others • Continued focus on higher value-added segments & services under new leadership • Further increased share of Commercial Outsourcing • Continued focus on Own Brands • Core EBIT margin further increased to 3.0%, corresponding to fourth year of consecutive FY margin increase Net Sales (in CHF million) Business Unit Healthcare ¹ Constant exchange rates (CER) * For the definition of Alternative Performance Measures (APM), see Annual Report 2025
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Page 11 89.2 89.7 FY 2024 FY 2025 3’443.2 3’376.1 FY 2024 FY 2025 Leverage on our leadership position to drive profitable growth in Asia Pacific Net Sales (in CHF million) Core EBIT (in CHF million) +1.2%¹ +5.4%1 2.6% 2.7%Margin • Net sales growth of 1.2%1 with growth acceleration in H2 2025 (+2.8%1) • Strong development in Malaysia, Vietnam, and Singapore • Stronger business development • Acquisition of Zircon-Swis Fine Foods ahead of business plan • Core EBIT growth of 5.4%1 driving ~10 bps margin expansion • Core EBIT H1: -4.3%1 YoY • Core EBIT H2: +14.0%1 YoY • Core EBIT margin of 3.0% in H2 2025 Business Unit Consumer Goods ¹ Constant exchange rates (CER) * For the definition of Alternative Performance Measures (APM), see Annual Report 2025
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Page 12 123.3 120.4 FY 2024 FY 2025 114.0 111.0 FY 2024 FY 2025 1’404.8 1’359.8 FY 2024 FY 2025 Build leading global position in specialty chemicals distribution Core EBIT (in CHF million) Net Sales (in CHF million) +1.4%¹ • Net sales growth of +1.4%1 in a very challenging market environment • APAC (~60% of Net sales) with strongest performance (+5.5%1) in an overall declining market • Robust business development momentum with key clients • Pricing resilience improves gross margin • Core EBITA margin increased to 8.9% • 2026 supported by: • Streamlined leadership and cost optimization to accelerate performance • Signed M&A8.1%Margin 8.2% 8.9% Core EBITA (in CHF million) 8.8% +1.9%¹ +2.3%¹ Business Unit Performance Materials ¹ Constant exchange rates (CER) * For the definition of Alternative Performance Measures (APM), see Annual Report 2025
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Page 13 549.3 513.5 FY 2024 FY 2025 Solidify our position as a leading Scientific Solutions provider in Asia and beyond 35.6 32.0 FY 2024 FY 2025 Core EBIT (in CHF million) Net Sales (in CHF million) -1.4%¹ -3.1%1 6.5% 6.2%Margin • Resilient results in a challenging business environment • Continued short-term uncertainty • Delayed investment decisions • Further focused portfolio • Announced five acquisitions in Scientific Solutions • Strengthened Semiconductor / Electronics & Precision Machinery businesses • Disposal of cables business in Australia and Taiwan • Increased share of services and consumables • Continue to capitalize on market consolidation opportunities in Asia and other geographies • Stronger business development pipeline for 2026 Business Unit Technology ¹ Constant exchange rates (CER) * For the definition of Alternative Performance Measures (APM), see Annual Report 2025
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Page 14 Financial Update 3
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Page 15 FY 2025 – Continued Solid Financial Performance 1 Constant exchange rates (CER) * For the definition of Alternative Performance Measures (APM), see Annual Report 2025 256.5 215.5 2024 2025 11.1 11.1 2024 2025 Net Sales (in CHF billion) 343.1 349.0 2024 2025 Core EBIT (in CHF million) 225.7 226.4 2024 2025 Core Profit After Tax (in CHF million) +2.9%1 +6.7%1 +3.3%1 Free Cash Flow (in CHF million) 3.1% 3.2% 2024 2025 Core EBIT Margin (in %) +0.1% pts Cash Conversion (%) DKSH maintains track record of growth, margin expansion, and strong cash conversion 95.2%
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Page 16 343.1 5.0% 1.7% (5.0)% 2024 Core EBIT Organic Net M&A FX 2025 Core EBIT Non-core 2025 EBIT Core EBIT (in CHF million) 11’093.6 2.5% 0.4% (3.1)% 11’070.6 2024 Organic Net M&A FX 2025 Net Sales Increase and Continued Strong Core EBIT Growth Net Sales (in CHF million) +2.9%1 2 Organic Growth acceleration in H2 driven by Healthcare and Consumer Goods Net M&A M&A contributions from all Business Units; M&A-related Core EBIT contribution in 2026 expected to be higher than in 2025 FX Negative impact has decreased vs. 2024 335.4 +6.7%¹ (3.9)%349.0 DKSH Full-Year 2025 results confirm sustainable, profitable growth ¹ Constant exchange rates (CER); 2 Including restructuring costs (CHF 7.0 million), project costs (CHF 3.9 million), disposal of trademark licenses (CHF 1.8 million), share of interest expenses from associates (CHF 1.3 million) and fair value adjustment related to employee benefit expenses (CHF -0.4 million). * For the definition of Alternative Performance Measures (APM), see Annual Report 2025 H1: +2.1%1 H2: +3.6%1 H1: +5.1%1 H2: +8.1%1
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Page 17 11.1 11.3 11.1 11.1 11.1 2021 2022 2023 2024 2025 Net Sales FX impact Sustainable Net Sales and Core EBIT Increase Since 2021… Net Sales (in CHF billion) CAGR +4.2%1 Core EBIT Margin (%) 3.1% 3.2% Core Conversion Margin 2 (%) 3.0%2.8%2.6%20.7% 21.4%19.8%18.5%17.0% 11.6 12.1 12.7 13.1 DKSH maintains track record of consistent growth and margin expansion 1 Constant exchange rates (CER): Figures converted at 2021 exchange rates; 2 Defined as Core EBIT divided by Gross Profit. Gross Profit defined as Net sales plus Other Income minus Goods and materials purchased and consumables used. * For the definition of Alternative Performance Measures (APM), see Annual Report 2025 283.4 319.2 329.9 343.1 349.0 2021 2022 2023 2024 2025 Core EBIT FX impact 331.9 378.0 410.1 440.0 Core EBIT (in CHF million) CAGR +11.6%1
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Page 18 261.6 209.5 282.3 256.5 215.5 2021 2022 2023 2024 2025 9.0% 9.6% 8.6% 8.8% 8.6% 2021 2022 2023 2024 2025 …Combined With a Legacy of Strong Cash Generation 1 Working Capital defined as trade receivables plus inventories less trade payables 2Capex defined as purchase of property, plant and equipment plus purchase of intangible assets less purchase of trademarks/lic enses; * For the definition of Alternative Performance Measures (APM), see Annual Report 2025 Free Cash Flow (in CHF million) Cash Conversion (%) 113.6% 95.2%137.7%100.5%134.8% Working Capital1 (in % of annualized Net Sales) 0.3% 0.3%0.3%0.4%0.5% Capex2 / Net Sales (%) Asset-light business model and optimized working capital management drive sustainable Free Cash Flow generation and Ø Cash Conversion above 90% target Target >90% cash conversion
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Page 19 Continued Strong Balance Sheet With Significant Leverage Potential Strong return metrics • High Core RONOC of 19.7% • Improved Core ROE of 12.4% Improved balance sheet metrics • Net cash position of CHF 25.2 million • Optimization of liquidity vs. borrowings • Improved equity ratio of 33.1% • Significant leverage headroom in CHF million 2024 2025 Cash/liquid assets 609.1 538.4 Trade receivables 1,964.6 1,890.9 Inventories 1,334.6 1,254.1 Intangibles 819.6 801.3 Right-of-use assets 261.2 220.8 Other assets 859.2 794.2 Trade payables 2,318.2 2,189.3 Borrowings 561.0 513.2 Lease liabilities 278.8 239.8 Other liabilities 810.3 736.3 Total equity 1,880.0 1,821.1 Total equity and liabilities 5,848.3 5,499.7
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Page 20 FY 2023 2.1% (7.5%) 28.1% 0.3% FY 2024 0.9% (3.8%) 29.5% 0.3% FY 2022 1.5% (2.6%) 27.1% 0.4% FY 2025 0.4% (3.1%) 28.7% 0.3% Additional Financial Indications Net M&A3 (net sales contribution) FX (net sales contribution) Tax rate (% of profit before tax) Capex (% of net sales) Mid-Term Estimate Increased M&A ambitions n.a. 27% to 29% 0.3% to 0.5% 1 Based on acquisitions signed and closed until publication of Full-Year 2025 results. 2 If current spot rates prevail for the remainder of the year. 3 Net M&A includes the net impact of the businesses acquired and disposed in the current and previous reporting period. FY 2026 Estimate1 ~0.8%1,2 Slightly negative2 27% to 29% 0.3% to 0.4%
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Page 21 Outlook4
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Page 22 Outlook Consistently Delivering on Our Results 1 Source: Asian Development Bank – Economic Forecasts for Asia and the Pacific: December 2025. 2 Assumes economic growth in Asia Pacific, at constant exchange rates (CER), and barring any unforeseen events. Current Macroeconomic Landscape • Most recent GDP forecasts point to stronger economic growth in APAC1, as tariff impacts were smaller than initially anticipated • Export dynamics and intra-regional trade continue to support economic momentum across fast-growing Asian economies • APAC continues to stand out as the most attractive region, underpinned by robust and resilient growth of 4.6%1 for 2026 in Asia Prospects for 2026 and Beyond • DKSH is committed to its mid-term roadmap, highlighting that its outlook for 2026 aligns with these goals • Accelerated M&A activity is expected to continue in 2026 • Proving our resilience once again: ‒ The company expects Core EBIT in 2026 to be higher than in 20252 DKSH’s resilient business model allows us to benefit from favorable long-term market, industry, and consolidation trends in Asia Pacific Change picture
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Page 23 Disclaimer While this presentation has been prepared by DKSH with due care and based on information it reasonably believes to be accurate, complete and up-to-date on the date hereof, this presentation may be inaccurate or incomplete or contain typographical errors or information that is not up-to-date. DKSH does not assume any liability for relevance, accuracy or completeness of the information included in this presentation. DKSH reserves the right to change, supplement or delete at any time some or all of the information included in this presentation without notice. This presentation may contain certain forward-looking statements relating to DKSH and its business, including, but not limited to, statements regarding DKSH's financial position, business strategy, plans and objectives of management for future operations. Words like "believe", "anticipate", "expect", "project", "estimate", "predict", "intend", "target", "assume", "may", "might", "could", "should", "will" and similar expressions may indicate such forward-looking statements. Forward-looking statements are based on numerous assumptions regarding, among other things, DKSH's present and future business strategies and the environment in which DKSH will operate in the future, some of which are beyond DKSH's control. Forward-looking statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of DKSH to be materially different from those expressed or implied by such statements. Readers of this presentation should therefore not place undue reliance on these statements. In particular, readers should not rely on any forward-looking statements in this presentation in connection with their entering into any contract or forming an investment decision. DKSH disclaims any obligation to update any forward-looking statements. The layout, graphics and other contents of this presentation are protected by copyright law and may not be reproduced or used without DKSH’s prior written consent.