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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.H1 2025 earnings summary25 Jul, 2025
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.
How did US tariff policy impact Zehnder?
Explain the EBIT margin change in radiators.
Detail Siber integration and EVO product launch.
Assess the impact of US tariffs on Zehnder.
Detail the integration plan for Siber in Europe.
How will Germany's stimulus impact Zehnder?
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Next Zehnder Group earnings date
CMD 202512 Nov, 2025
Next Zehnder Group earnings date
CMD 202512 Nov, 2025
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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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