Arbonia (ARBN) H1 2025 earnings summary

Executive summary

• Net revenues reached CHF 307.2M in H1 2025, with adjusted EBITDA at CHF 26.1M and an adjusted margin of 8.5%.

• Operating result increased by 27% in H1 2025 compared to H2 2024, driven by a strong Q1, robust order intake, and operational improvements.

• Sale of the Climate division generated a book gain of CHF 167M and significant cash inflow, driving group result to CHF 152.6M.

• Organic growth was -1.5%, with doors up 0.4% and glass down -6.7% due to German market weakness.

• One-off effects, including a power outage in Spain, higher marketing costs, and structural adjustments from the Climate division sale, negatively impacted results.

Financial highlights

• Net revenues: CHF 307.2M, up 14.7% year-over-year; adjusted EBITDA: CHF 26.1M (+23.3% YoY); reported EBITDA: CHF 28M.

• EBIT dropped to CHF 1.1M from CHF 25.2M year-over-year, mainly due to lower EBITDA and higher depreciation.

• Group result from continuing operations was -CHF 2.4M, but total group result was CHF 152.6M due to the Climate sale.

• Capex declined to CHF 17M, a 16% reduction year-over-year, and normalized below 4% of sales.

• Free cash flow improved, driven by divestments and lower capex.

Outlook and guidance

• H2 2025 expected to see revenue growth from higher order backlog, price increases, and improved capacity utilisation.

• Margin expansion anticipated through cost savings, energy efficiency, and restructuring.

• Guidance for 2025 confirmed: 3–5% net revenue growth and ~CHF 60M adjusted EBITDA.

• Mid-term (2029) targets: CHF 820–850M net revenues, 14–15% EBITDA margin, capex below 4% of revenues, and dividend payout of more than 30% of net income.