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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.
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H1 2025 earnings summary23 Jul, 2025

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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