Releases overview | Zehnder Group AG

Organizational separation of European ventilation and radiator operations, with clear accountability for results in each division
Realignment and reduction of the Group Executive Committee from six to five members
One-off effects related to the adjustments of approximately EUR 10 million are expected for the 2026 fiscal year
Confirmation of medium-term targets of around 5% average annual sales growth and an EBIT margin before one-off effects of 9–11%

Management report, annual financial statements and consolidated financial statements 2025 approved
Confirmation of dividend of CHF 1.40 per registered share A
Board of Directors' proposal regarding the elections to the Board of Directors and the Chairman approved
Sustainability Report 2025 and all other agenda items confirmed

Group sales increased by 8% to EUR 760.7 million; driven by ventilation sales, which was up 18% to EUR 501.7 million
Operating result (EBIT) amounted to EUR 63.4 million (+348%), corresponding to an EBIT margin of 8.3% and a net profit of EUR 47.8 million
Adjusted EBIT¹ before one-off effects equalled EUR 65.2 million (+30% compared to previous year), corresponding to an EBIT margin of 8.6%
Cash flow from operating activities could be increased to EUR 80.0 million (+32%)
Proposal of a dividend of CHF 1.40 per registered share A (previous year: CHF 1.00)
Confirmation of medium-term targets of average annual sales growth of 5% and an EBIT margin of 9–11%

Zehnder Group sales rose by 8% to EUR 760.7 million in 2025. The sales growth was driven by further market development in the ventilation segment
Sales in the ventilation segment increased significantly by 18% to EUR 501.7 million, accounting for 66% of total sales. The Siber acquisition contributed to ventilation sales growth with 5%
Sales in the radiator segment decreased by 8% to EUR 259.0 million due to reduced renovation activity

Accelerated transformation of the Zehnder Group from a traditional radiator company to an innovative, globally active system provider for ventilation and indoor climate
The effects of climate change, increasing air pollution, rising energy costs, and legal requirements are driving demand for economically attractive, energy-efficient, and reliable system solutions
Focus on expanding market leadership in Europe and geographical expansion in North America through value-generating acquisitions, expanding the service business on the growing base of installed equipment, and intensifying cooperation with the installation industry in Europe and expanding sales in the USA
Expanding the range of innovative products for the renovation and multi-family housing market is intended to accelerate future growth and broaden its base, making it less dependent on the construction cycle, together with the growing service business
High-end radiators are part of the integrated indoor climate business, but the share of the above-average profitable ventilation business in total sales, currently at 66 percent, will continue to rise

Group sales rose by 11% to EUR 382.8 million in the first half of 2025
Strong sales increase in the ventilation segment of 24% (organically +15%¹) to EUR 254.1 million; ventilation sales rose to 66% (previous year: 59%) of total sales
Operating result (EBIT) was EUR 32.7 million (+45%); EBIT margin of 8.5%; no one-off effects in the first half of 2025
Net profit increased by 229% to EUR 23.5 million
Cash flow from operating activities grew by 60% to EUR 22.9 million
Guidance for the 2025 financial year: sales of between EUR 740 and EUR 770 million and an adjusted EBIT margin approximately on the level of the first six months

All investor relations releases