2028 margin target lifted 50–150bp

Orell Füssli’s FY25 results were strong and highlight the solid underlying long-term megatrends driving demand. They also prompted the company to reaffirm the medium-term revenue target and raise the medium-term margin target. With its nascent digital ID business, Procivis, winning key mandates, the opportunity to capitalise on EU and government legislative changes in digital ID and credentials could be substantial. Given the underlying momentum of the group, we have raised our valuation of Orell Füssli to CHF181.0/per share from CHF168.5/share.