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Zehnder Group
Zehnder Group (ZEHN) investor relations material
Zehnder Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary26 Feb, 2026
Executive summary
Achieved record ventilation sales exceeding €500 million, representing 66% of total sales, driven by market share gains, successful integration of acquisitions like Siber and Airia, and expanded service offerings.
Group sales rose 8% year-over-year to €760.7 million, supported by strong ventilation growth and strategic acquisitions.
Service business and air-based climate solutions saw substantial growth, with service becoming a key pillar and climate solutions achieving double-digit turnover and 80% volume growth.
Ongoing cost-saving initiatives and capacity reductions in the radiator segment amid continued market pressure, including plant closures and operational adjustments.
Transformation into a system provider for ventilation and indoor climate solutions continued.
Financial highlights
Total sales increased by 8% to €760.7 million, with organic growth at 7%.
Adjusted EBIT margin improved to 8.6% (€65.2 million), up 30% year-over-year, despite €1.8 million in one-off costs related to radiator production adjustments.
Net profit reached €47.8 million, reversing a prior-year loss.
Operating cash flow rose 32% to €80 million, enabling full repayment of the €60 million syndicated loan used for the Siber acquisition.
Adjusted EBITDA increased 16% to an 11.7% margin; ROCE improved to 22.1%.
Outlook and guidance
Market outlook for 2026 is cautiously optimistic, with signs of stabilization and modest growth in key European markets, though Germany is still expected to decline by 10%.
No full-year guidance provided; management will update outlook mid-year when visibility improves.
Strategic focus remains on expanding in North America, increasing European penetration, and growing the service business.
Midterm targets of 5% sales growth and 20%+ ROCE are considered achievable if market conditions stabilize; EBIT margin target of 9-11% confirmed.
Slightly positive sales impact anticipated in 2026, with continued demand for energy-efficient indoor climate solutions.
What specific drivers boost EMEA ventilation sales?
Radiator segment: future capacity utilization plans?
How will Zehnder achieve 9-11% EBIT margin?
Ventilation market share gain drivers
Radiator segment profitability turnaround plan
China market strategy shift and growth potential
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Next Zehnder Group earnings date
H1 202630 Jul, 2026
Zehnder Group
Next Zehnder Group earnings date
H1 202630 Jul, 2026
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Frequently asked questions
Zehnder Group AG specializes in creating solutions for a healthy and comfortable indoor climate. The company manufactures and markets a wide range of products including radiators, ventilation systems, heating and cooling ceilings, and air purification units. Zehnder's offerings cater to various types of environments such as hospitals, apartments, schools, offices, and industrial spaces. The company's products and systems are marketed under several well-known brands, including Zehnder, Acova, and Core. The company is headquartered in Gränichen, Switzerland, and its shares are listed on the SIX Swiss Exchange.
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