Zehnder Group (ZEHN) H2 2025 TU earnings summary

Executive summary

• Sales increased by 8% to EUR 760.7 million in 2025, with organic growth of 7%.

• Ventilation segment sales exceeded EUR 500 million for the first time, now representing 66% of total sales.

• Radiator segment sales declined by 8% due to reduced renovation activity and economic uncertainty.

Financial highlights

• Total sales reached EUR 760.7 million, up from EUR 705.8 million year-over-year.

• The Siber acquisition contributed 3% to total sales growth; currency effects reduced growth by 1%.

• Organic sales growth was 7%, with a net effect of acquisitions/divestments at EUR 12.5 million.

Outlook and guidance

• Full annual financial statements for 2025 will be published on 26 February 2026.

• Forward-looking statements are subject to risks including macroeconomic trends, regulatory changes, and currency fluctuations.