V-ZUG (VZUG) H1 2026 earnings summary

Executive summary

• Net sales increased by 4.9% year-over-year to CHF 284.5 million, driven by strong Swiss market performance and North American OEM growth, offsetting declines in Europe and Asia.

• EBIT rose to CHF 7.9 million (2.8% margin), up from CHF 3.0 million (1.1%), supported by higher sales volumes and efficiency gains.

• Group net result improved to CHF 6.9 million, up from CHF 1.6 million in the prior year.

• Strategic initiatives, including "Simplify" and "Grow," and leadership changes are delivering targeted growth and efficiency.

• Board and executive team reinforced with new appointments in key roles.

Financial highlights

• Net sales: CHF 284.5 million (+4.9% year-over-year; FX adjusted +5.2%); Swiss sales up 3.7% to CHF 240.9 million; international sales up 12.3% to CHF 43.7 million.

• Gross profit increased 7.8% to CHF 104.6 million, with gross margin improving to 36.7%.

• EBITDA grew 25% to CHF 24.3 million (8.5% margin); EBIT surged 160% to CHF 7.9 million (2.8% margin).

• Cash flow from operating and investing activities improved to -CHF 32.0 million from -CHF 51.5 million.

• Shareholders’ equity at CHF 486.2 million (74.7% of total assets); equity ratio down from 77.0%.

Outlook and guidance

• Positive outlook for full-year 2026, with continued business development expected despite macroeconomic and inflationary volatility.

• Medium-term targets reaffirmed: 3% annual net sales growth, >10% international sales growth, EBIT margin ~10%, and 20–40% dividend payout ratio.

• Ongoing execution of “Simplify” and “Grow” initiatives to drive profitability and revenue beyond 2026.