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Zehnder Group (ZEHN) investor relations material
Zehnder Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Ventilation segment drove 24% sales growth, now 66% of total sales, offsetting radiator declines amid price pressure and weak renovation demand.
Integration of Siber (Spain) is ahead of plan, expanding product portfolio and market reach, with first sales outside Spain and closure of Swiss production site completed.
Strategic focus remains on transforming from component manufacturing to HVAC system solutions, supported by investments in product innovation and market coverage.
Radiator business continued its negative trend, especially in Germany and China, with a shift toward lower-priced products and subdued renovation activity.
Multifamily housing and new-build construction are driving recovery in key markets, while single-family and renovation lag.
Financial highlights
Revenue increased 11% year-over-year to €382.8 million in the first half of 2025, with organic growth of 8%.
Adjusted EBIT rose 45% to €32.7 million (8.5% margin); net profit increased 229% to €23.5 million, with no one-off effects.
Operating cash flow grew 60% to €22.9 million despite higher receivables from increased sales.
EBITDA margin improved to 11.7% from 10.2% year-over-year.
Equity ratio declined to 51% from 68%, mainly due to the Siber acquisition.
Outlook and guidance
Full-year 2025 sales expected between €740–770 million, with adjusted EBIT margin to remain at first-half levels.
Mid-term targets: sales CAGR of 5%, EBIT margin 9–11%, ROCE above 20%.
Cost savings from radiator plant closure to materialize in H2 2025; no major exceptional items anticipated.
Key markets expected to recover at varying paces; Germany's stimulus impact and US housing market remain uncertain.
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