In 2024, Bühler Group saw stable turnover of CHF 3.0 billion (-0.8%). Order intake was CHF 2.8 billion (-9.9%) and the order book is CHF 1.9 billion (-5.7%). EBIT increased by 4.9% to CHF 227 million with a corresponding EBIT margin of 7.6% (prior year: 7.2%) – both growing for the fourth consecutive year. Net profit increased by 5.9% to CHF 189 million (prior year: CHF 179 million), corresponding with a margin of 6.3% (prior year: 5.9%).

The impact of foreign exchange rates was significant. In local currencies, turnover improved by 2.5% to CHF 3.1 billion and order intake was at CHF 2.9 billion (-7.0%). Profitability improved despite stable turnover as a result of our ongoing efforts to strengthen internal productivity via various initiatives. In particular, we drove a variety of productivity measures in our European and Chinese entities.

Grains & Food turnover grew by 2.0% to CHF 2,249 million, strongly driven by Milling Solutions, which reported a record year with turnover of CHF 725 million (+17.1%). Its Value Nutrition business enjoyed turnover of CHF 519 million (+1.1%). Advanced Materials turnover decreased by 8.5% to CHF 712 million, mainly due to uncertainties in global automotive markets.

Due to market conditions in 2024, order intake declined. This reduction in many cases was due to a normalization after extra high demand, for example in Milling Solutions, Grain Quality & Supply, and Consumer Foods after the bounce back following the Covid-19 pandemic years. The Chocolate & Coffee business was strongly impacted by soaring prices for cocoa, cocoa butter, and coffee beans which impacted new investments. The Die Casting and Grinding & Dispersing businesses suffered from uncertainties in the transition towards e-mobility with projects for battery factories having been postponed or canceled. However, investments into megacasting applications helped to reduce the impact. Additionally, lower regional market volume in China and fierce competition in other markets from Chinese suppliers were a challenge for all our businesses.

Despite these adverse economic conditions, our strong portfolio and global footprint helped mitigate the decline in order intake, enabling us to maintain or even expand our market positions. Bühler proactively shaped markets and industries with the continued launch of new products and services, strategic investments, as well as partnerships and acquisitions. Expenses for research and development (R&D) remained high at CHF 138 million or 4.6% of turnover. In 2024, we continued our innovation promise to sustainably transform value chains, successfully launching roughly 40 new products into the market. Investments into the asset base of CHF 79 million remained at the same level as the prior year.

In 2024, Bühler was able to significantly improve key balance sheet figures strengthening a financial position which was already solid. As a result, the company increased its equity ratio for the sixth year running to 52.8%, from 51.1% in 2023. Operating cash flow jumped to CHF 379 million, over five times more than the CHF 69 million of the prior year. Net working capital was reduced by 15.8% to CHF 554 million, driven by proactive management of global inventories. As a result, net liquidity doubled to CHF 503 million. With this strong balance sheet, we underscored our reliability for all our stakeholders and partners.

While the economic environment differed strongly across key markets, Bühler’s balanced geographical footprint allowed the company to benefit from market expansions and thus offset lower business volumes in other markets. The local organizations were vital for the successes in the various markets, and through this they again contributed to the company’s stability and reliability in a multipolar world. The most notable developments were turnover growth in the Middle East and in Africa and a further decline of turnover volumes in China. Overall, Bühler’s regional share of turnover was as follows: the Americas, 28%; Europe, 27%; Asia, 26%; and Middle East, Africa & India, 19%.

In 2024, we further expanded our global customer-facing setup and opened three new research and training centers. This move is a very tangible expression of our practical approach of “making things happen”. In total, we now have research and training centers in 26 locations, some with multiple industrial applications. These facilities offer dedicated training for customers and provide them with a collaborative platform to test new product ideas and experiment with product innovations. Over the last few years, Bühler’s global network has brought together new business partners, academia, start-ups, and suppliers, with the goal of offering a state-of-the-art setup for customers to drive innovation. These locations are a key element in bringing to life the company’s positioning as a true solution partner along value chains, including the joint development of recipes for consumer products, new processes, and the exploration of new raw materials.

In 2024, Bühler’s Grain Innovation Center (GIC) was opened in Uzwil, Switzerland. This high-tech facility is designed to empower customers in the food and animal nutrition industries to innovate and improve their processes, addressing challenges in the milling industry through advanced technologies and comprehensive training programs. We also established the Grain Processing Innovation Center (GPIC) in Kano, Nigeria and the North American Insect Center (NAIC) in Saskatoon, Canada. They play an important role in supporting the food and feed industry to explore new protein and nutrition sources from grains and insects, thereby contributing to food security for a growing world population. The GPIC, developed by Bühler in partnership with Flour Mills of Nigeria, is dedicated to processing local and ancient grains, addressing food insecurity in Nigeria and across Africa by promoting the industrial processing of these grains to enhance food value chains and shelf life, and create business opportunities. The NAIC, a collaboration between Bühler and NRGene Canada, focuses on the production and optimization of insect protein, providing a research and demonstration facility to evaluate Black Soldier Fly varieties and their economic viability, while also fostering a circular economy by utilizing organic waste. Together, these centers represent a significant commitment to sustainable practices and innovative solutions that will play a vital role in enhancing global food systems.

With our global footprint of research and training centers in 26 locations around the world we have facilitated more than 3,500 days of customer trials this year. Among these, 3,000 days were dedicated to developing over 600 novel food and feed products, while over 500 days focused on advanced material solutions. Furthermore, customers have engaged in more than 1,000 days of training sessions this year, enhancing their skills and knowledge with the support of Bühler's world-class facilities and expertise.

We support our customers to achieve growth, profitability, and long-term resilience at the same time as reducing their footprint in terms of energy costs, emissions, land use, water use, and waste. A key thrust in this is our commitment to having solutions ready to multiply by 2025 that will reduce energy, waste, and water by 50% in our customers’ value chains (50/50/50 goal). Given that the food, feed, and materials processed on Bühler technologies help to feed an estimated 2 billion people and provide mobility for 1 billion people every day, the impact will be significant. In 2024, we made progress toward this goal by assessing 15 key value chains, over 40 different solution areas, and 85 high-impact technologies and services, and we engaged with customers to support them in their sustainability journey, leveraging our Environmental Impact Services to help them quantify their greenhouse gas emissions, analyze life cycles, and design emission reduction pathways.

We have also developed a pathway to achieve a 60% reduction of greenhouse gas emissions in our own operations by 2030 (Greenhouse Gas Protocol Scopes 1 & 2, 2019 baseline), as well as addressing energy, waste, water, and the associated emissions. In 2024, we reduced our Scopes 1 and 2 emissions by 22% and our energy consumption by 10% compared to our baseline year 2019.

2024 saw a further expansion of our capabilities through acquisitions, joint ventures, and partnerships. In September, Bühler acquired Esau & Hueber, a German company specializing in hygienic process and fermentation technology for the beverage, food, pharmaceutical, and biotechnology sectors. This acquisition enhances capabilities in malting, brewery, and sustainable protein businesses while expanding Esau & Hueber’s technology reach through our global network. This strategic move aligns with our long-term goals, strengthening technological capabilities and thus our position in the industry.

In May, Bühler acquired innovative puffing technology from Cerex, a Swiss machine manufacturer for food, feed, and non-food applications. This acquisition expands our product portfolio and boosts capabilities in the cereal and snack markets.

In the Die Casting business, we signed a Memorandum of Understanding with WeiFu Group – a vanguard in China's automotive components industry. This collaboration signifies a shared ambition to propel technological advancement and market expansion while increasing WeiFu Group’s production capabilities.

Bühler is well prepared to capitalize on emerging opportunities in 2025. Building on our order book of CHF 1.9 billion, we foresee stable volume development in our orders in 2025. Our focus will be on remaining a reliable and innovative partner for customers and other stakeholders globally. World-class quality and project management, as well as excellent services provided locally in all key markets will continue to be essential differentiators. Our commitment to innovation, services, education, and training will remain as strong as ever, and through this, we aim to create value for our customers. At the same time, we will maintain our ongoing investment in safe, attractive, and future-oriented workplaces for all our employees globally. The Bühler culture and values continue to be the foundation of everything we do, and our purpose, as always, is to create innovations for a better world.