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V-ZUG Holding (VZUG) investor relations material
V-ZUG Holding H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net sales and EBIT declined in H1 2025 compared to the previous year amid moderate demand and ongoing strategic transformation.
Strategic initiatives include a new partner model, international expansion, and significant site transformation investments.
Effective cost management and efficiency programs are being implemented to support future growth.
The balance sheet remains strong with a 77.0% equity ratio and CHF 34.1 million in cash and securities.
Strategic realignment in Switzerland and postponed projects are expected to improve results in H2 2025.
Financial highlights
Net sales: CHF 271.2 million, down 4.5% year-over-year (FX neutral: -4.2%).
EBIT: CHF 3.0 million (1.1% margin), down from CHF 8.8 million (3.1% margin) in H1 2024.
EBITDA: CHF 19.4 million, down 17.5% year-over-year; EBITDA margin at 7.2%.
Free cash flow: CHF -51.5 million, reflecting higher investment activity and increased inventory.
Investments (Capex) increased to CHF 25.6 million, up 35.1% year-over-year.
Outlook and guidance
Mid-term targets: 3% annual organic growth, >10% international growth, EBIT margin 10–13%, dividend payout ratio 20–40%.
Order book and international projects scheduled for H2 2025 support optimism for improved sales and profitability.
Strategic initiatives and efficiency programs are expected to yield savings and growth in H2.
There is a risk that full-year 2025 results may not exceed 2024 levels.
Challenging conditions expected to persist due to geopolitical and economic uncertainties.
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