BELIMO (BEAN) H2 2024 earnings summary

Executive summary

• Achieved net sales of CHF 944 million in 2024, up 13.1% in local currencies and 9.9% in CHF, driven by strong performance in the Americas, data centers, and building renovation.

• EBIT margin improved to 19.2% (up from 17.8%), with EBIT rising to CHF 181.1 million and net income up 7.2% to CHF 146.7 million.

• Free cash flow (excluding term deposits) increased to CHF 132.8 million, and the Board proposes a dividend of CHF 9.50 per share, reflecting a payout ratio near 80%.

• Achieved AAA ESG rating from MSCI, submitted Science Based Targets, and continued focus on digitalization and sustainability.

• Board proposes Tom Hallam as new member and future audit committee chair.

Financial highlights

• Americas became the largest region, contributing 46% of net sales, followed by EMEA (41%) and Asia Pacific (13%).

• Control valves grew 15.4%, damper actuators 9.7%, and sensors/meters 25% in local currencies.

• EBIT increased by 19% to CHF 181.1 million; normalized net income up 22.6% excluding prior year tax effect.

• Return on invested capital at 25.7% and return on equity at 26.4%.

• Dividend yield at 1.6% based on year-end share price; five-year total shareholder return of 75.6%.

Outlook and guidance

• Expects 2025 sales growth in local currencies slightly above five-year average, at the upper end of 9%-11% medium-term target.

• EBIT margin anticipated in the 18%-20% corridor, with performance in the upper third.

• Strong momentum in Americas and Asia Pacific to continue, with EMEA remaining challenging and renovation/retrofit as main growth driver.

• Data centers expected to contribute about one-third of growth, especially in the Americas.

• Elevated CapEx to persist due to ongoing capacity expansions, normalizing by 2027.