BELIMO (BEAN) H1 2025 earnings summary

Executive summary

• Net sales grew 20.6% in local currencies (18.6%–21% in CHF) to CHF 561.5–562 million for H1 2025, surpassing the five-year average and projections across all regions.

• EBIT reached CHF 128.1 million with a margin of 22.8%, driven by operational leverage and favorable product/customer mix.

• Net income rose to CHF 101.3 million, up 31.2% year-over-year, with a net income margin of 18.0%.

• Data center business contributed significantly, now representing ~16% of sales and growing over 50% year-over-year.

• Celebrated 50th anniversary, enhanced market presence, and announced new Head of Investor Relations and Americas.

Financial highlights

• Net sales: CHF 561.5 million, up 18.6% in CHF and 20.6% in local currency year-over-year.

• EBIT: CHF 128.1 million (22.8% margin), up from CHF 93.0 million (19.6% margin).

• Net income: CHF 101.3 million, EPS CHF 8.23 (up from CHF 6.28).

• Free cash flow (excluding term deposits): CHF 52.8 million, down due to higher CapEx and working capital.

• Equity ratio at 71.9%–72%, with net liquidity reduced after dividend payment.

Outlook and guidance

• Upgraded 2025 sales growth guidance to 15%–20% in local currencies, expecting to be at the upper end.

• EBIT margin expected above 20%, assuming stable FX rates.

• Americas projected to remain the fastest-growing region, with strong data center and HVAC market contributions.

• EMEA and Asia-Pacific expected to maintain strong momentum, supported by OEM, retrofit, and energy efficiency markets.

• Key growth drivers: urbanization, climate change, digitalization, and energy efficiency.