SWX:LEON 4 December 2025

March 20, 2026, 1:26 PM EDT. Helios Technologies (HLIO) enters 2026 with strengthened demand backed by improving industrial indicators and healthier distributor inventories. The company achieved 10 consecutive months of year-over-year order growth in 2025, underpinning a solid start to the year. Its Hydraulics segment benefits from sustained infrastructure-driven construction in the U.S. and Europe, while early signs of recovery emerge in agriculture. The Electronics segment showed a 31% sales jump in Q4 2025, though growth was heavily reliant on one major customer, raising questions about scalability. Margins improved steadily through 2025, with gross margin up 350 basis points to 33.6%, driven by better mix, productivity, and scale, despite tariff costs. The prospect for 2026 includes a stronger first half with risks around tougher comparisons and execution in the latter half.