Releases overview | Zehnder Group AG

Zehnder Group and minority partner BBMG decide to liquidate their Joint Venture in China
Ventilation operations in China are being consolidated; 80 positions will be reduced
The primary goals are to sustainably improve profitability and position Zehnder Group for the future in China
One-time effects resulting from write-offs and restructuring expenses totaling approx. EUR 8.0 million are expected, of which approx. EUR 3.0 million will affect cash flow
Expected annual cost savings of around EUR 1.5 million

Group sales rose by 3% to EUR 394.9 million in the first half of 2026
Sales in the ventilation segment increased by 7% (organically +8%¹) to EUR 272.1 million and rose to 69% (previous year: 66%) of total sales
Operating result (EBIT) was EUR 32.2 million (–1%)
Adjusted EBIT¹ increased to EUR 37.7 million (+15%), with 9.5% the adjusted EBIT margin¹ reached the lower end of the medium-term target range
One-off effects for the introduction of a divisional organisation in Europe in HY1 2026 totaled EUR 5.5 million
Net profit grew by 2% to EUR 23.9 million
Cash flow from operating activities stood at EUR 5.1 million (previous year: EUR 22.9 million)
Guidance for the 2026 financial year: sales of between EUR 770 and EUR 790 million and an adjusted EBIT margin¹ approximately on the level of the first six months

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

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