Financial Year at a Glance
RUAG International's 2025 financial year was marked by operational challenges and key strategic decisions....
Having largely completed the sale of its non-space business areas, RUAG International has significantly reduced its company size. While this reduces the company's risk-bearing capacity, it also sharpens the strategic focus on the space business. Financial obligations arose from discontinued operations. Appropriate provisions were made for these and other potential risks.
In the space sector, the Satellites division delivered profitable growth once again. The Launchers division achieved important milestones, but delays in product improvements in Decatur and slower-than-planned capacity expansion in Decatur and Linköping significantly impacted it. Investments in transformation and digitalization proceeded according to plan. These investments affect the financial result in 2025 and 2026 but will strengthen efficiency, scalability, and competitiveness in the medium term.
Following the parliamentary decision in spring 2025, Beyond Gravity will remain under the ownership of the Swiss Confederation and undergo a strategic realignment. In 2026, the focus will be on consistent risk reduction and further industrialization, stabilization, and digital transformation – with the aim of improving earnings sustainably from 2027 onward.
Overview of key figures in CHF millions
| 2025 | 2024 | in % | |
| Net sales | 412.0 | 494.9 | -16.7% |
| EBITDA | -96.8 | 37.1 | -361.1% |
| EBIT | -114.3 | 19.9 | -674.2% |
| Net profit (loss) | -119.0 | -1.6 | -7'414.2% |
| Cash flow from operating activities | -74.8 | 26.7 | -380.3% |
| Free cash flow | -105.9 | 114.3 | -192.6% |
| Net financial position | 311.0 | 420.2 | -26.0% |
| Order intake | 410.4 | 622.7 | -34.1% |
| Order backlog | 810.5 | 862.0 | -6.0% |
| Research and development expenses (self-financed) | 15.8 | 12.7 | +24.4% |
| Headcount (FTE) as at 31.12. | 1'926 | 1’813 | +6.3% |
Net Sales
by Market in %
Year, Switzerland, Europe, North America, Rest 2024,8,50,40,2 2025,4.1,35.2,58.8,1.9
Net Sales
by Application in %
Year,Civil,Military 2024,88,12 2025,89.6,10.4