The 2025 fiscal year for RUAG International, Beyond Gravity's parent company, was marked by operational challenges and new strategic directions. The Satellites division performed well during the reporting period, delivering profitable growth. The Launchers division overcame key technological challenges and achieved significant successes, including the use of our products in new launch systems, such as Vulcan, Ariane 6, and in the Dispenser program for Amazon. However, the operating result of the Launchers division significantly impacted consolidated earnings negatively.
Overview
Following the divestment of several non-space-related business units, the company has shifted its focus entirely to the space business. Beyond Gravity's Satellites division delivered profitable growth once again. The Launchers division achieved significant milestones in product development and market positioning. However, product improvements and the more challenging-than-planned capacity expansion in Decatur and Linköping had a significant negative impact on earnings.
Meanwhile, investments in production capacity, transformation, and digitalization proceeded as planned. Although these investments weigh on earnings in the short term, they will strengthen the company’s 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.
By the end of 2025, RUAG International's workforce increased from 1,813 to 1,926 employees compared to the previous year.
Net sales fell in 2025 from CHF 494.9 million in the previous year to CHF 412.0 million. After adjusting for divestment effects, sales amounted to CHF 402.4 million (previous year adjusted CHF 358.9 million), representing growth of +12% compared with the previous year.
Earnings before interest and taxes (EBIT) amounted to CHF –114.3 million (previous year: CHF 19.9 million). Operating cash flow amounted to CHF –74.8 million (previous year: CHF 26.7 million), while free cash flow amounted to CHF –105.9 million (previous year: CHF 114.3 million).
The net financial position remained positive at CHF 311 million at the end of 2025, but declined significantly (previous year: CHF 420.2 million). The order backlog as of December 31, 2025, amounts to CHF 810.5 million (previous year: CHF 862 million).
Satellites Division
Beyond Gravity bundles all its activities in the satellite sector within its Satellites division, which comprises around 850 employees at seven production sites in five countries. The division has a broad product portfolio that covers almost all key satellite components – with the exception of propulsion systems. These include satellite structures and mechanisms, high performance electronics such as on-board computers and navigation receivers, as well as antennas and system components for satellite thermal management. In these areas, Beyond Gravity has established itself as a leading supplier in both the commercial and institutional markets.
The Satellites division performed well in 2025 and had a stabilizing effect on the overall Group result. Through more targeted project selection, greater standardization, and disciplined implementation, the division was able to further improve the profitability of its projects. During the reporting period, the division won a major order from Swiss satellite manufacturer SWISSto12 for the supply of APPMAX3 alignment mechanisms for the HummingSat telecommunications satellites. Beyond Gravity is also developing and producing the structure for the satellites of ESA’s LISA mission. This major scientific project, comparable in its technological complexity to the James Webb Space Telescope, expands Europe's capabilities in basic research in the field of gravitational waves.
Furthermore, Beyond Gravity has begun to develop space data services. This has resulted in the development of an initial demonstrator for Space Situational Awareness (SSA). Unlike other providers, Beyond Gravity's SSA solution delivers not only information on satellite orbits but also technical footprint data on a satellite's onboard technology and instruments. Our service provides technical insight into more than 10,000 active satellites, based on six years of data collection from various sources. The data is hosted in Switzerland and is offered as “software-as-a-service”.
Beyond Gravity also plans to offer turnkey, medium-sized satellites in the 150-250 kilogram weight class for use in low Earth orbits at altitudes of up to 1,000 kilometers. At the heart of this expansion of the product portfolio is a standardized satellite platform with a uniform payload bay. This architecture enables the flexible integration of various payloads. Following the successful preliminary design review in early 2025, the structural and thermal model for the platform is currently being built and tested.
Launchers Division
The Launchers division, with around 900 employees distributed across four production sites in three countries, brings together all of Beyond Gravity's activities in the development and manufacture of composite structures for launch vehicles.
Despite significant operational challenges, the Launchers division achieved important milestones in 2025. In addition to the successful deployment of our products for the Vulcan and Ariane launch systems, the first 27 satellites from Amazon's LEO constellation were successfully launched into orbit in April. Among other components, Beyond Gravity supplied the dispenser system for deploying the satellites; by the end of 2025, a total of 180 satellites had been deployed in seven flights, and 15 dispensers had been handed over to Amazon. In Emmen, the transition from the development and verification phase to the series production of the first payload fairing for Relativity Space's Terran R rocket took place. Back in January, Blue Origin's New Glenn launch vehicle completed its successful maiden flight with components from Beyond Gravity on board. And in October, our payload fairing was used for the first time on the Japanese H3 rocket from JAXA and Mitsubishi Heavy Industries – a significant step in the strategic expansion of our presence in the growing Asian market.
The division's operating result in 2025 was significantly impacted. This was due to delays in completing necessary product developments as a result of findings from missions in previous years. In addition, ramping up additional capacity at our new production sites took longer than planned.
The negative earnings trend is mainly attributable to high engineering and qualification costs in Decatur. These were related to delays in product improvements due to findings from missions in previous years. In Linköping, the transition from development to series production for the dispenser systems of Amazon's LEO satellite constellation proved to be significantly more demanding than anticipated. Although production ramp-up proved to be challenging, output increased significantly in the fourth quarter and key qualification issues were resolved.
Missions with contributions from Beyond Gravity 1966–2026
Together Into Space
Our success in space flight is inextricably linked to the people who make our technologies, missions, and innovations possible. Our employees are at the heart of everything we do. It is only with their commitment, expertise, and passion that we can harness the immense potential of the global space industry and shape the future of our company in a sustainable way.
During the reporting year, Beyond Gravity launched and further developed initiatives in the area of human resources that both strengthen the company and promote individual development opportunities. As an attractive employer, we deploy targeted investment in the further development of our skilled workers, promote cross-team and cross-location collaboration, and focus on establishing a corporate culture that combines diversity, innovation, and performance orientation.
Operational Excellence and Integrated Transformation
The digitization and industrialization of Beyond Gravity's processes as part of the "EZYone" transformation program is a key lever by which to sustainably improve efficiency, transparency, and scalability. Through the consistent advancement of our development, production, and support processes, we are establishing an integrated operational basis that simplifies global collaboration between our locations and enables us to respond to market requirements more quickly, precisely, and in a more standardized manner. As part of the "Value Creation Roadmap", "EZYone" is designed as a comprehensive business transformation that connects people, processes, systems, and locations.
Following the program launch in Lisbon in 2024 and the rollout for corporate services in Switzerland in early 2025, the new systems were introduced at the Swedish locations in June. The gradual rollout at additional locations in Switzerland, the US, Austria, and Finland is planned for 2026. In addition, Beyond Gravity made targeted investments in implementing the Cybersecurity Maturity Model Certification (CMMC) requirements.
Driving Sustainability in Space
Sustainability and environmental and social responsibility are integral parts of Beyond Gravity's corporate strategy. They are systematically embedded within our business processes. We are committed to responsible and sustainable space travel, including adherence to high standards in the areas of human rights, health and safety, the development of reusable components, and the consistent reduction of our environmental footprint.
As part of its decarbonization roadmap, Beyond Gravity has implemented most of the defined measures for reducing emissions, with the remainder to be completed in 2026. As the potential for further emissions reductions within our own operations is diminishing, the next phase involves examining options for CO2 removal and developing a more comprehensive sustainability strategy that also takes into account Scope 3 emissions along our value chain. We view sustainability not merely as an obligation, but also as an opportunity to promote our efficiency and competitiveness and to tap into new markets.
"We push the technological boundaries for our customers every day. I am proud of our teams' accomplishments - they reached important milestones and laid the foundation for our competitiveness!"
Outlook
The market environment within the global space industry continues to develop dynamically in view of the rising demand for rocket launches, the expansion of satellite infrastructure, and increasing investment by commercial players. With a global organization, highly qualified employees, and a solid order book, Beyond Gravity is positioning itself to make a significant contribution to safe, efficient, and sustainable access to space in the coming years.
The focus of the 2026 fiscal year will be on the consistent reduction of risks. At the same time, we are driving forward the industrialization of the Linköping site with the aim of returning it to profitability. In 2026, we will also continue to invest in consolidating the expanded production sites and in digital transformation. We expect a sustained improvement in earnings from 2027 onward.
Our priorities for 2026 are simultaneously focused on products and programs that make a clear contribution to sustainable profitability. The focus here is on the further development and targeted expansion of our commercial product lines. These include high-performance onboard computers, precise navigation receivers, innovative satellite and payload structures, and dispenser solutions for global satellite constellations. At the same time, Beyond Gravity is taking the strategic step of transforming itself from a specialized supplier to an integrated system provider. This includes expanding our space data services, gradually expanding into the downstream business, and possibly developing our own satellite platform.
