Arbonia (ARBN) H2 2025 earnings summary

Executive summary

• Net revenues reached CHF 625M in FY 2025, up 12.3% year-over-year, with 3.7% organic growth, mainly driven by the Wood segment (+6.1%) and offset by Glass (-4.0%).

• Adjusted EBITDA rose 15% to CHF 57.3M, with margin expansion to 9.2%.

• Strategic focus shifted to the doors business, supported by acquisitions of Cicomol and RZB, and divestment of the Climate division.

• Sale of the Climate division completed in February 2025, generating CHF 166M book gain and significant cash inflow, with proceeds distributed to shareholders.

• Leadership transition with Christoph Ganz proposed as new Chairman of the Board.

Financial highlights

• Adjusted EBITDA: CHF 57.3M (margin 9.2%); reported EBITDA: CHF 56.3M.

• EBIT improved to CHF 2.8M (adjusted), up from CHF -6.7M prior; net income from continuing operations was CHF -9.8M.

• Free cash flow surged to CHF 605M, mainly from the Climate division sale.

• Net debt reduced to CHF 149M from CHF 357M year-over-year.

• Equity ratio improved to 67.1% as total assets decreased.

Outlook and guidance

• 2026 guidance: 3–5% net revenue growth, 15–20% adjusted EBITDA growth, and CHF 15–20M free cash flow expected.

• Mid-term (2029) targets: CHF 820–850M net revenues, 14–15% EBITDA margin, CHF 55–65M free cash flow.

• Market recovery in Germany anticipated from 2026, with further improvement from 2027.

• Ongoing focus on operational efficiency, automation, and digitalization.