Arbonia (ARBN) Investor presentation summary

Strategic evolution and market positioning

• Transitioned from a diversified industrial group to a focused European door market leader through divestments and targeted acquisitions, including the sale of the HVAC and Windows divisions and the launch of the Arbonia One strategy.

• Expanded production footprint across Europe, with major sites in Germany, Switzerland, Portugal, Poland, Spain, France, and the Czech Republic, supporting a capacity of over 5 million doors annually.

• Achieved market leadership in continental Europe, with a diversified product portfolio covering standard, special, and glass doors.

• Strengthened market share through acquisitions of Cicomol (Portugal) and RZB (Germany), enhancing capabilities in residential and non-residential segments.

Financial performance and operational highlights H1 2026

• Net revenues reached CHF 318.2 million, with organic growth of 2.3% (Wood +2.9%, Glass +0.3%).

• EBITDA (adjusted) declined by 8.8% to CHF 23.8 million, mainly due to SAP/ERP rollout issues at Garant, which negatively impacted sales and profitability.

• Excluding Garant, adjusted EBITDA grew by 23%, reflecting successful turnaround in the Glass business and cost reductions.

• Capex reduced to CHF 12 million (3.6% of net revenue), with further declines expected as the main investment cycle concludes.

• Free cash flow guidance for 2026 is CHF 15–20 million, supported by EBITDA growth and lower Capex.

Market developments and outlook

• Strong revenue growth outside Germany: Switzerland +7.5%, Western Europe +20%, Central Eastern Europe +22%, Rest of Europe/World +27%.

• Construction markets in core regions show promising outlook, with building permits and completions rising, especially in multi-family housing.

• Interest rates have stabilized or declined in key markets, supporting construction activity, though German mortgage rates remain elevated.

• Interior door market in Germany expected to return to growth in 2026 after four years of contraction, but still below pre-2022 levels.