Bühler further strengthened its already solid financial base in 2025. Following the exceptional improvement in cash generation during the prior year, net liquidity further increased from CHF 503 million to CHF 712 million in 2025 – an increase of 41.6%. This was the result of higher operational efficiency, disciplined project management, and a targeted reduction in net working capital.

Net working capital decreased significantly by 25.2% to CHF 415 million, while return on net operating assets (RONOA) increased by 0.9 percentage points to 13.6%, reflecting improved asset utilization and profitability. The equity ratio increased to 54.7% (prior year: 52.8%), thanks to disciplined investment and financing decisions as well as the improved relative profitability level.

This robust financial position enables the company to invest in its innovative portfolio for its customers and thus fuel future growth and maintain strategic flexibility, even in an environment characterized by volatility and uncertainty.

Bühler’s broad solutions portfolio continued to provide the foundation of its strength in 2025. Performance in the Group’s two businesses reflected the market dynamics in each industry. The Grains & Food business gained market share in several segments, and Advanced Materials continued to be affected by the global slowdown in automotive and battery markets.

While Grains & Food orders overall decreased slightly by 1.1% to CHF 2,147 million, individual business areas experienced growth. The Chocolate & Coffee business showed an outstanding performance with order intake rising by 31.0% to CHF 325 million. After two years of restrained investments caused by record-high cocoa prices, 2025 saw many new entrants to the market, particularly in Africa, investing in local cocoa processing facilities. This trend toward regional value creation marks a structural shift in the global cocoa industry and underlines Bühler’s strong market position. The Value Nutrition business area also achieved double-digit order growth of 12.7% growth thanks to leading technologies and comprehensive customer solutions, with the feed segment performing strongly in the Europe, Southeast Asia, and Greater China regions. Grain Quality & Supply and Consumer Foods orders decreased by 7.4% and 8.8% respectively. Milling Solutions order intake decreased by 14.3% from a historically high level. It benefited from large projects in the Middle East and Africa and continued expansion of its digital SmartMill solutions. Across Grains & Food, innovations such as the OptiBake system for wafer production, the AI700 optical sorter for gluten free cereals, and the Nutrex extrusion platform for feed and food applications demonstrate Bühler’s technological leadership.

Overall, Advanced Materials experienced a decline in orders, down 15.2% to CHF 551 million, although individual business areas grew. The business was impacted by weak investment activity in the automotive sector, uncertainties in Europe, and increased competitive pressure in China. Nevertheless, Bühler maintained its technology leadership in a challenging environment, securing substantial new projects in all three business areas. Die Casting was affected most, with a 37.9% decrease in orders, as several large-scale megacasting projects materialized more slowly than expected despite confirmed commitments from major customers. Grinding & Dispersing, by contrast, achieved significant growth of 51.0%, supported by large battery-related projects and renewed activity in inks, coatings, and food applications. Leybold Optics recorded an 8.3% decline in orders but still at a high level, with strong precision optics and semiconductor activities partially offset by delayed investment decisions in glass coating.

Bühler’s global set-up and network remained balanced, with some regional shifts. The strongest growth in turnover originated from Africa, which for the first time became the largest region for Bühler’s food and feed businesses, catching up with Europe and surpassing North America and China. Growth was driven by new projects in the Chocolate and Cocoa business segments, and by investments to bolster food security and nutrition, including silo complexes and integrated food parks that combine multiple staple-food applications.

Europe also contributed positively, benefiting from stable investment activity and strong demand in milling, feed, and confectionery processing solutions. The region maintained high service and retrofit volumes. By contrast, China and North America did not meet expectations. Customers in China continued to hesitate to trigger significant new investments in food processing. North America accounted for the largest share of Bühler’s business downturn (order intake -31%), driven by US tariffs that reduced investment activity and led to postponed customer projects. Bühler addressed these challenges for customers by implementing supply chain adjustments, leveraging its global production network, minimizing the share of affected components, and preserving competitiveness in this strategically important market. In 2025, we also progressed in our strategy to further broaden our global manufacturing presence, exemplified by the groundbreaking of our new manufacturing facility in Mexico.

At the Group level, Bühler’s regional distribution of order intake was as follows: Europe 30%, Middle East, Africa & India 24%, Americas 23%, and Asia 23%. The continued strength of the Middle East, Africa & India region – with particularly high growth in Africa and the Middle East – in part offset slower performance in the Americas and Asia.

Together, Bühler’s diversified business portfolio, high share of customer services, and balanced regional footprint remain the company’s most effective risk-mitigation mechanism. The combination of high-performing food businesses, innovation-driven technology, and a global manufacturing and service network enables Bühler to absorb volatility, maintain profitability, and deliver sustainable growth even in uncertain environments. This inherent balance continues to make Bühler highly resilient in the circumstances.

Innovation remains at the core of Bühler’s long-term competitiveness and its ability to create impact for customers. In 2025, expenditure on R&D amounted to CHF 131 million – 4.8% of turnover (previous year 4.6%): Bühler launched around 60 new products, reinforcing its commitment to purposeful innovation that drives both performance and sustainability. This innovation capability was supported by Bühler’s global innovation network of research and training centers in 26 locations. Over the year, customers conducted more than 3,500 trial days, developing over 600 new food and feed products, and advancing 500 material applications. In addition, over 1,000 days of customer training strengthened expertise across Bühler’s industries.

The Networking Days 2025 in Uzwil marked the highlight of the year and once again demonstrated Bühler’s role as a global convener of ideas, technologies, and people. Under the theme “Multiplying impact together”, more than 1,000 leaders from business, science, and policy from across all continents gathered to explore how collective action can accelerate progress in food, feed, and mobility.

The event reflected Bühler’s purpose: helping customers grow their business while lowering their footprint. Bühler’s sustainability approach defines a business model where economic growth, resource efficiency, and climate impact reduction are inseparable.

At the heart of the Networking Days was the scientific assessment of 15 industrial value chains across Bühler’s three main industries. The results confirmed that in 11 of these value chains it is possible to reduce energy, waste, water, and CO₂e emissions by at least 50% using technologies that are already available and being implemented today. With the related technology development, Bühler delivered on its promise to customers to have solutions ready to multiply by 2025 that reduce energy, waste, and water by 50% in their supply chains. The company also made continued progress along its internal sustainability journey, lowering its emissions to 30% below the 2019 baseline.

Bühler’s success in 2025 was underpinned by continued investments in people as the foundation of its long-term performance and culture, emphasizing trust, ownership, and passion as the core of its identity. With 12,090 employees worldwide (prior year: 12,350), Bühler advanced its capability agenda across all levels of the organization, from apprenticeships to expert programs and leadership development.

The year was marked by important leadership transitions that reflect Bühler’s long-term commitment to continuity and renewal. As part of the planned succession for 2026, the Board of Directors has decided to propose Stefan Scheiber as the new Chairman of the Board of Directors at the Annual General Meeting in February. He succeeds Calvin Grieder, who will retire after 25 years of service as CEO, Board Member, and Chairman of the Board. Samuel Schär, who has held leadership positions in the company since 2005, and was Chief Services & Sales Officer since 2020, succeeded Stefan Scheiber as CEO of Bühler effective January 1, 2026. This carefully prepared succession ensures stability, continuity, and strong alignment with Bühler’s values as an independent family-owned company.

Within the business organization, Grains & Food also announced a planned leadership change. After a decade of successful leadership, Johannes Wick stepped down as CEO at the end of 2025 to assume a new strategic role within the Group. He is succeeded by Mike Häfeli, a long-time Bühler leader with over 25 years of experience following an apprenticeship at the company with additional studies. Mike Häfeli is CEO Grains & Food and Member of the Executive Board as of January 1, 2026.

Alongside these transitions, Bühler continued to strengthen its talent base globally. The company trained 524 apprentices in 24 locations worldwide and achieved a 67% retention rate after graduation of those trained in Switzerland. More than 100 employees participated in leadership programs. Bühler’s partnership with institutions such as IMD, ETH Zurich, and One Young World ensures continuous learning and international exchange.

Bühler’s year was also marked by a moment of remembrance. In August 2025, Urs Bühler, who shaped the company for decades as owner, CEO, and Chairman, passed away at the age of 82. His lifelong commitment to innovation, education, and responsible entrepreneurship laid the foundation for Bühler’s success and values. Thanks to his foresight, the succession of both ownership and leadership had long been secured, ensuring that Bühler remains a strong, independent family enterprise. Guided by his legacy, the Bühler family and leadership team continue to advance the company’s purpose – combining innovation, people, and performance to create a better world.

Bühler anticipates continued market volatility in 2026 but enters the year with confidence and focus. The global diversification of its operations and the continued expansion of regional manufacturing capacities will help mitigate trade tensions and ensure resilience in a volatile environment. The company’s strategic direction and financial strength enable ongoing flexibility and investment in innovation. Innovation remains a key driver, ensuring the continued development of advanced energy-efficient, digital, and circular process solutions across its industries. The Group’s clear strategic direction – supporting customers to grow their business while lowering their footprint – will continue to be at the heart of its activities. Guided by this goal and backed by a robust financial base, Bühler is well prepared to capture emerging opportunities and strengthen its market positions. Strategic Board transitions ensure continuity, renewal, and sustained value for customers and partners.