1 Management Report
Datwyler used this reporting year to further develop its growth strategy and focus specifically on high-value components and increasingly on market segments with long-term growth trends, high potential for differentiation and sustainable entry barriers. Strong material expertise, customer-oriented solution design, and the efficient industrialization of products remain central to the strategy. By combining these core competencies in a targeted manner, Datwyler creates decisive added value for its customers – from material development and joint solution finding to industrialization in global, customer-oriented technology and production networks.
At the end of 2024, Datwyler launched its “ForwardNow” transformation program with the aim of strengthening operational performance in a sustainable manner and enabling profitable growth. “ForwardNow” is proceeding according to plan, and targeted earnings contributions remain realistic. Implementation in the four defined action areas – optimizing the production network, strengthening commercial excellence, focusing on the product portfolio, and introducing a target operating model – is already starting to have a sustained impact. Focused and disciplined capital allocation ensures that investments are balanced against margin potential, cyclicality and the investment needs of the respective business models in the target markets.
With its announcement of a majority stake in Capsul’in, Datwyler is further strengthening its Food & Beverage business in a targeted manner. The long-standing collaboration and the complementary competencies of both companies further strengthen solution design and application development, particularly in the area of aluminum. The transaction therefore systematically augments Datwyler’s existing expertise and cements its position in the structurally growing market segment for Nespresso-compatible aluminum capsules.
Datwyler also continued to improve operational efficiency in its use of resources and materials. In particular, greenhouse gas emissions (Scope 1 and 2) were reduced by 52.1% compared with the base year 2023. Elastomer waste, which is the most important waste category, was reduced by 2.2% compared with the previous year. The near-term reduction targets have been successfully validated by the Science Based Targets initiative (SBTi). EcoVadis also once again awarded the company the platinum standard for its sustainability performance.
signed: Dr. Paul Hälg
Chairman
signed: Volker Cwielong
CEO
1.2 Division
Healthcare
Datwyler is a leading supplier of system-critical elastomer components for injectable drug delivery systems. These components are used in billions of prefilled syringes, glass vials and cartridges worldwide, improving patients' lives. With a worldwide network of highly automated production facilities, Datwyler is able to supply locally manufactured components to global pharmaceutical companies in the key economic regions. The market for healthcare components is low cyclical and is characterized by high entry barriers and long-term growth trends such as the aging society in industrialized countries or the increase in living standards in emerging markets.
Further information
improve patients' lives
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High-quality rubber components
for prefilled syringes, pens and injection systemsComponents and closures
for injectable drugs in vialsRubber components
for blood collection systems, IV administration sets, disposable syringes, etc.Rubber components
for diagnostics and medical devices
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Pharmaceutical and biotech companies
Manufacturers and contract fillers of injectable drugs
Manufacturers of diagnostic and medical products
Manufacturers of parenteral drug delivery systems
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Europe
North and South America
Asia
Australia
All profit figures mentioned from the previous year have been adjusted for one-time costs related to the “ForwardNow” transformation program.
The Healthcare division increased revenue by 8.1% to CHF 462.7 million in 2025 (previous year: CHF 446.0 million), adjusted for currency effects. The recovery in customer demand that began towards the end of the first quarter continued as expected in the second half of the year, signaling that the phase of destocking at customers has largely finished. Business development was also supported by the start of series production for several customer projects with high-quality products.
These include spray-coated NeoFlex plungers for pre-filled syringes and components for a leading GLP-1 drug for weight reduction. The share of products and services in the high-value segment therefore increased to 35% of revenue, while in the project pipeline, which includes future customer projects in development and industrialization, it now amounts to around 70%.
Revenue
Sustained improvement in profitability
EBIT margin
Higher utilization of production capacities, an improved product mix, targeted improvements in efficiency and an increasingly value-based approach to sales led to a significant improvement in results in the reporting year. The operating result (EBIT) increased by 28.3% to CHF 79.3 million (previous year adjusted: CHF 61.8 million), while the EBIT margin increased to 17.1% (previous year adjusted: 13.9%).
Operating progress was even more pronounced in the second half of 2025, with an EBIT margin of 17.4%, more than 40% above the adjusted prior-year figure of 12.2%.
Targeted use of operating efficiency improvements from “ForwardNow”
Datwyler made targeted investments in expertise and resources to further strengthen technical and commercial excellence and systematically expand its high-value range of services. In parallel, as part of “ForwardNow”, the complexity of the product portfolio was reduced, including by selectively streamlining the range of products and variants. Additional efficiency gains resulted from the optimization of processes and production layouts at the existing sites. This will enable Datwyler to make even better use of the investments made in previous years and increase production capacities in the future.
Self-administration of injectable medicines as key growth driver
Self-administration of injectable biologics by patients is becoming increasingly important. The driving forces behind this are the ongoing cost pressure in healthcare systems, increasing ease of use, improved adherence to treatment and technological advances in active ingredient and injection systems. Higher injection volumes and longer intervals between doses result in prefilled syringes and cartridges with larger filling volumes and increase the functional requirements for primary packaging as well as for system and component manufacturers.
In comparison with film-coated solutions, Datwyler’s spray-coated NeoFlex plungers offer low, stable sliding forces and therefore provide reliable injection performance. This gives Datwyler a clear competitive advantage as a partner in the rapidly growing market for self-injection treatments. The high level of customer interest is reflected in a sharp increase in the number of co-engineering projects and therefore in a project pipeline with attractive products. Thanks to its clear focus on developing and supplying high-value components, Datwyler is positioning itself as the proficient and reliable partner of choice for pharmaceutical companies and system manufacturers.
Confident outlook
Datwyler expects the recovery and growth trends to continue for the Healthcare division. The gradual ramp-up of new series projects, rising volumes in existing customer programs and economies of scale in the utilization of existing production capacities should support sales growth and further improve profitability.
In the fourth quarter of 2025, a customer successfully validated a second Datwyler plant for the production of components for a leading GLP-1 drug. In addition, the regulatory requirements for sterile manufacturing processes, process control and quality assurance (EU-GMP Annex 1) are resulting in faster structural growth in the target market for high-value components than in the market as a whole.
1.3 Division Industrial
Datwyler is a leading supplier of system-critical elastomer components in the Transportation & Electronics, General Industry and Food & Beverage sectors. For instance, customer-specific components make an important contribution to driver and passenger safety in more than every second car worldwide. Leading core competencies in solution design, material expertise and product industrialization as well as a worldwide presence with its own production sites form the successful basis for this. As a recognized development partner, Datwyler maintains close, long-standing relationships with global innovation leaders and has in-depth knowledge of business models, technologies and development trends in the markets it serves.
Further information
innovation leaders
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System-critical components
for cars with all drive concepts. Applications include batteries and powertrains in electric vehicles, brake systems, interior and active assistance and safety systems in all cars as well as fuel and engine management and exhaust gas aftertreatment in combustion enginesSeals and components
for electrical connectors for demanding applications in various markets such as mobility, aerospace or the manufacturing industrySealing components
for upstream systems in the oil and gas industry, aerospace, heavy machinery, power tools and process and water treatment industriesSealing solutions
for portioned food and beverages
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Automotive system suppliers
Electrical connector manufacturers
Oil and gas service companies
Aerospace and heavy machinery
Manufacturers of power tools
Process and water treatment industries
Manufacturers of portioned food products
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Europe
North and South America
Asia
All profit figures mentioned from the previous year have been adjusted for one-time costs related to the “ForwardNow” transformation program.
The Industrial division maintained stable operating sales at CHF 642.8 million in the reporting year. Taking currency effects into account, this corresponded to a decline of -3.3% compared with the previous year (CHF 664.8 million). While demand in the automotive and industrial markets in Europe and the US remained subdued, business in China continued to show positive development. The acquisition of strategically relevant new business strengthened the medium- and long-term order backlog. In the Food & Beverage segment, Datwyler expanded its capacities for the production of aluminum coffee capsules. At divisional level, the targeted implementation of operational improvements and consistent cost management in a highly challenging market environment allowed for an increase in profitability. EBIT increased to CHF 57.3 million (previous year adjusted CHF 56.3 million), and the EBIT margin increased to 8.9% (previous year adjusted 8.5%). The improved profitability was particularly evident in the second half of 2025, with an EBIT margin of 9.1%, well above the adjusted figure of 7.6% for the previous year.
Revenue
EBIT margin
“ForwardNow” produces sustained results
For the Industrial division, 2025 was marked by adjustments as part of the “ForwardNow” transformation program. With the merger of the Mobility and Connectors business units to form the new Transportation & Electronics unit, expertise was pooled in a targeted manner, processes were streamlined, and the speed of innovation and implementation increased. The joint use of the global production network and a modular organizational model along end markets, regions and product lines allow for additional economies of scale, reduce complexity and make the development of customer-specific solutions even more efficient.
Structural measures in all regions led to sustained improvements in cost and capital efficiency. The successful relocation of activities from the Vandalia site, which was closed in the second half of the year, to the existing site network, as well as the initial streamlining of the product and customer portfolio and value-oriented setting of prices and conditions have already contributed to the improvement in earnings.
Strong position in the Chinese automotive market
Development in the global automotive market was not the same across all regions. While production figures in Europe and the US declined, Chinese manufacturers’ vehicle production increased by more than 10% over the course of the year. In this environment, the Asian share of Datwyler’s automotive revenue continued to grow and now accounts for over a third of the relevant business.
The acquisition of new customer projects, including in the areas of pneumatic suspension, modern braking systems (brake-by-wire), thermal management and high- and low-voltage connectors as electrification progresses, strengthens the company’s presence in strategically relevant fields of application and will allow for profitable growth in the future.
Scaling and strategic strengthening in Food & Beverage
With the majority stake in Capsul’in announced in December 2025, Datwyler is deliberately strengthening its position in the structurally growing and low cyclical market segment for Nespresso-compatible aluminum capsules. At the same time, Datwyler is expanding its core expertise in solution design and strengthening its position as a leading provider of sophisticated sealing solutions in the highly regulated food environment. The transaction adds a stable revenue contribution in the mid-double-digit million CHF range, improves the predictability of earnings and boosts innovation. The planned expansion of production capacities at the Swiss site is proceeding according to plan and creates the basis for scalable further development on an increased revenue basis. Against this backdrop, the Food & Beverage business offers attractive medium to long-term growth and earnings prospects, also supported by the regulatory trend from plastic to aluminum capsules.
Sharpened focus on attractive target markets in General Industry
In General Industry, Datwyler's strategic focus was consistently on attractive target markets such as energy, aerospace, defense and medical devices. Despite a challenging market environment, market shares were gained, particularly in the energy segment. The commercial excellence promoted as part of “ForwardNow” and the focus of the product portfolio led to new orders being won and initial sales with new, well-known customers.
Thanks to its proven knowledge of materials and leading expertise in solution design, Datwyler is well positioned to meet the high technological, regulatory and quality requirements of these markets.
Further information
Imprint
Published, edited and designed by:
Dätwyler Holding Inc.
Gotthardstrasse 31, 6460 Altdorf, Switzerland
T +41 41 875 11 00, F +41 41 875 12 28
info@datwyler.com, www.datwyler.com
Consulting and support for sustainability report: Sustainserv, Inc.
Disclaimer
The Annual Report contains forward-looking statements. These statements reflect the Group's current assessment of market conditions, economic developments and future events. However, these forward-looking statements are subject to economic, regulatory and political risks, uncertainties, assumptions and other factors over which Datwyler has no control. Unforeseen events could therefore cause actual developments and report to differ materially from those anticipated and from the information published in this report. To that extent, all forward-looking statements contained in this report are qualified in their entirety and Datwyler cannot guarantee that they will prove to be correct. Datwyler is under no obligation, and assumes no liability, to update any such forward-looking statements. This document is neither an offer nor a solicitation to buy or sell Datwyler securities.
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