Third quarter 2026: Stabilisation of demand

Demand at Bucher Industries stabilised in recent months, driven primarily by segments outside the agriculture-related business. In the first nine months, order intake and sales remained at the prior-year level. Bucher Industries is consistently pursuing its cost-saving measures at sites with low capacity utilisation and remains well positioned in the current environment thanks to its very solid financial position.   Group

	January – September		Change			Full year
CHF million	2026	2025	%	%1)	%2)	2025
Order intake	2’034	2’063	-1.4	0.4	0.2	2’883
Net sales	2’104	2’164	-2.8	-1.1	-1.3	2’914
Order book	1’035	1’054	-1.8	0.0	0.0	1’120
Average number of FTEs	13’917	13’710	1.5		1.4	13’696

1) Adjusted for currency effects
2) Adjusted for currency and acquisition effects   Demand for Bucher Industries’ products and services stabilised over the course of the first nine months of 2026. Markets outside agriculture remained robust overall. At Kuhn Group, a recent improvement in the willingness to invest was noticeable in the USA; however, the economic situation for farmers remained strained, particularly in Europe, due to extreme drought and rising operating costs. Kuhn Group therefore recorded a lower order intake compared with the prior-year period. At Group level, this decline was offset by the positive development in other divisions, particularly noteworthy were the order intakes at Bucher Hydraulics and Bucher Municipal. Group sales also remained stable on a comparable basis. However, capacity utilisation remained very low at various production sites, particularly at Kuhn Group in Brazil and at Bucher Emhart Glass. Bucher Industries consistently continued the cost-saving measures it had initiated, further adapted its cost structures to the market environment and simplified the structures at Bucher Specials. The solid balance sheet and high liquidity as well as the broad market coverage strengthen the Group’s resilience in this challenging market environment and provide a reliable foundation for its future development.
    Business performance in the divisions   Kuhn Group

	January – September		Change			Full year
CHF million	2026	2025		%	%1)	2025
Order intake	720	776		-7.2	-5.1	1’124
Net sales	802	816		-1.8	0.2	1’053
Order book	433	414		4.7	7.3	524
Average number of FTEs	5’495	5’283		4.0		5’300

1) Adjusted for currency effects   Geopolitical events and extreme drought are dampening the appetite for investment Following a start to 2026 marked by the conflict in the Middle East and political uncertainties, demand at Kuhn Group remained subdued overall. The extreme drought in Europe generated lower crop and forage yields. The lower usage of machines in these conditions also weighed on the spare parts business. In the USA, an improvement in the farmers’ willingness to invest has recently been noticeable. Overall, the economic situation for farmers remained strained. While prices for key agricultural commodities have recently increased due to disappointing global harvests, farmers’ operating costs have risen sharply, particularly the prices of fertilisers and diesel. The dairy and livestock sectors proved more resilient but were affected by unfavourable weather conditions, which reduced feed reserves for the coming year. In the first nine months, the division’s order intake remained below the level of prior-year period. Order intake in the third quarter was supported by the earlier launch of the pre-order programmes especially in the USA, which brought forward some demand. Thanks to the higher order book at the beginning of the year, sales reached the previous year’s level. The downturn impacting the market in Brazil caused the local production sites to operate well below capacity. The division continues to work consistently to adapt its cost structures to a challenging market environment. Outlook for 2026 Kuhn Group expects stable sales on a comparable basis. The operating profit margin is expected to be somewhat lower than in 2025.   Bucher Municipal

	January – September		Change			Full year
CHF million	2026	2025		%	%1)	2025
Order intake	419	399		5.1	6.0	556
Net sales	415	432		-3.9	-2.9	605
Order book	240	256		-6.2	-5.3	239
Average number of FTEs	2’623	2’549		2.9		2’569

1) Adjusted for currency effects   Continued favourable market conditions and higher order intake Bucher Municipal continued to benefit from favourable market conditions. Demand remained robust due to the ongoing need for maintenance and cleaning of public infrastructure. Order intake was higher than in the prior-year period, driven by the compact sweeper, winter maintenance equipment and refuse collection vehicle segments. The maintenance services and spare parts business also performed well. Sales reflected the lower order book at the beginning of the year and were slightly below the prior-year period. The decline was primarily attributable to the UK, Australian and American markets, while continental Europe performed positively thanks to good sales of compact sweepers. Outlook for 2026 Bucher Municipal expects a slight decline in sales on a comparable basis and a somewhat lower operating profit margin than in 2025.   Bucher Hydraulics

	January – September		Change			Full year
CHF million	2026	2025	%	%1)	%2)	2025
Order intake	502	474	5.8	8.6	8.3	631
Net sales	497	475	4.6	7.3	7.0	626
Order book	156	148	5.4	8.3	8.3	154
Average number of FTEs	2’999	2’907	3.2		2.8	2’906

1) Adjusted for currency effects
2) Adjusted for currency and acquisition effects   Recovery continued Although increasing political uncertainties were noticeable, demand in the hydraulics markets continued to develop positively in the first nine months of 2026. Order intake at Bucher Hydraulics was higher than in the prior-year period. Demand for hydraulic solutions for construction machinery and mobile electric drive technology in particular continued to increase. In material handling, too, improved market momentum during the reporting period led to higher order intake. However, a slowdown in orders for the agricultural machinery segment was noticeable recently. The division’s sales exceeded the prior-year period. Europe and Asia, especially China and India, contributed to the growth. Outlook for 2026 Bucher Hydraulics anticipates a slight increase in sales on a comparable basis and a correspondingly slightly higher operating profit margin.   Bucher Emhart Glass

	January – September		Change			Full year
CHF million	2026	2025	%	%1)	%2)	2025
Order intake	216	218	-0.9	0.5	-0.2	297
Net sales	206	261	-20.9	-19.9	-20.6	374
Order book	123	148	-17.0	-15.9	-15.9	114
Average number of FTEs	1’432	1’506	-4.9		-5.1	1’496

1) Adjusted for currency effects
2) Adjusted for currency and acquisition effects   Signs of market recovery emerging Bucher Emhart Glass’s customers remained cautious about investments during the first nine months of 2026. However, the first signs of a recovery became apparent during the reporting period. Order intake was on a par with the prior-year period, with a positive trend evident in the service and spare parts business. Sales fell significantly due to the low order intake in previous periods and a lack of new major projects. Some sales markets in Eastern Europe, Türkiye and India performed well. Owing to the very low capacity utilisation at the production sites, cost-saving measures were implemented, and production planning was consistently adjusted to reflect the low order book. Outlook for 2026 On a comparable basis, Bucher Emhart Glass expects significantly lower sales compared with the prior year. The operating profit margin is expected to be significantly lower than in 2025.   Bucher Specials

	January – September		Change			Full year
CHF million	2026	2025	%	%1)	%2)	2025
Order intake	227	243	-6.5	-5.6	-5.8	337
Net sales	234	229	2.4	3.4	2.9	322
Order book	104	111	-6.3	-5.6	-5.6	112
Average number of FTEs	1’297	1’395	-7.0		-7.4	1’356

1) Adjusted for currency effects
2) Adjusted for currency and acquisition effects   Positive sales development outside the wine business Bucher Specials’ markets showed a mixed performance in the first nine months of 2026. At Bucher Vaslin, customers’ willingness to invest remained subdued due to persistently low wine consumption. Orders at Bucher Unipektin also fell significantly compared with the very high figure of the prior-year period. Bucher Landtechnik’s order intake was on a par with the prior year, while it developed positively at Bucher Automation. Overall, the division’s order intake was below the prior-year period. Sales, on the other hand, rose slightly. The decline in the wine business, which remains under pressure, was offset by positive developments in the other three business units. The consolidation of production sites at Bucher Vaslin, which was initiated in the first half of the year, is well advanced. Preparations for the announced integration of Bucher Automation into the Bucher Hydraulics and Bucher Emhart Glass divisions with effect from the beginning of 2027 are also proceeding as planned. This reorganisation will simplify processes, ease and strengthen the collaboration with internal customers. Outlook for 2026 Bucher Specials anticipates slight sales growth on a comparable basis. The operating profit margin is likely to be lower than in the prior year due to the current business situation at Bucher Vaslin and the restructuring costs.
  Group outlook 2026 With its strategically chosen approach of local production and proximity to its customers, Bucher Industries is well positioned in the current environment. The Group’s broad set-up also contributes to its stability. For 2026, the Group overall expects slightly lower sales on a comparable basis. The operating profit margin is expected to be below the prior-year level (excluding the profit of CHF 43 million from the sale of a property in 2025).
  Expansion of the board of directors The board of directors will propose Patrick Hess for election at the next annual general meeting on 21 April 2027. Graduated in business administration from the University of Fribourg (Switzerland), he has many years of international management experience in the industry. Patrick Hess is a Swiss national and has held various management positions at Schindler for 25 years. His previous roles have included, amongst others, CFO and CEO of Schindler Aufzüge AG Switzerland as well as head of finance for Schindler in the UK. He has been a member of Schindler’s group management since 2025 and is responsible for the Central, Northern and Eastern European businesses. Patrick Hess will strengthen the board of directors of Bucher Industries with his extensive leadership experience and proven international industrial expertise.
  Investor day 2027 Bucher Industries is planning an investor day on 1 June 2027. The event will provide insights into the Group’s strategy and the divisions’ priorities, as well as an opportunity to learn more about Bucher Industries’ products and technologies. Further details will be announced at a later date.