Arbonia AG

Latest Results (11.07.2026):

Arbonia AG — reporting on financial year 2025 (year ended 31 Dec 2025; Q4 2025). In FY2025 Arbonia generated CHF 624.5 million in net revenues (+12.3% vs 2024), delivered EBITDA of CHF 56.3 million (9.0% margin) and reported an IFRS group result of CHF 131.9 million driven by the disposal of the Climate division (closed 26 Feb 2025, recognised as discontinued operations). Continuing operations showed an operating loss (EBIT CHF -2.4m) and a group result from continuing operations of CHF -9.8m; full-year free cash flow was strongly positive (CHF 605.0m) after proceeds from the Climate sale, and net debt fell to CHF 149m with shareholders’ equity at CHF 734.1m (equity ratio 67.1%).

Revenue

Net revenues for FY2025: CHF 624.5m, up 12.3% versus CHF 556.3m in 2024. Adjusted for currency and acquisitions, management reports revenue growth of ~3.7%.

Profitability (EBITDA / EBIT)

EBITDA (continuing operations) was CHF 56.3m (9.0% margin) versus CHF 66.3m (11.9%) in 2024. EBIT was CHF -2.4m (2024: CHF 16.9m). Adjusted EBIT (ex one‑offs) improved to CHF 1.7m (prior year: CHF -7.7m).

Net result and EPS

Group result: CHF 131.9m (includes discontinued operations). Result from continuing operations: CHF -9.8m. Earnings per share (total) CHF 1.90; from continuing operations CHF -0.14; from discontinued operations CHF 2.04.

Discontinued operations — Climate sale

Sale of the Climate division closed 26 Feb 2025 and is presented as discontinued operations; proceeds materially improved free cash flow and drove the large positive group result and the reduction in net debt.

Cash flow and balance sheet

Operating cash flow (continuing) was CHF 1.7m (2024: CHF 41.3m). Free cash flow: CHF 605.0m (2024: CHF -121.3m), driven by Climate disposal proceeds. Total assets fell to CHF 1,094.3m (from CHF 1,700.2m); shareholders’ equity CHF 734.1m (equity ratio 67.1%).

Net debt and leverage

Net debt at 31.12.2025: CHF 149m (down from CHF 357m). The decline is mainly due to proceeds from the Climate sale, partly offset by acquisition payments and distributions to shareholders.

Investments & M&A

CapEx (PPE & intangibles) CHF 45.6m (below prior-year CHF 74.4m). Acquisition outflows CHF 22.9m (2024: CHF 107.4m). In 2025 Arbonia completed acquisitions including Cicomol (PT) and Rüthener Zargenbau (RZB, DE).

Taxes and one‑offs

Income tax expense for FY2025 was CHF 2.6m (effective tax rate reported as -36.7%), influenced by tax effects from disposals, differing national tax rates and deferred tax items. One‑time items (impairment, amortisation from acquisitions, restructuring) affected reported EBIT and tax.

Operational & market context

Arbonia reports a challenging European construction market (low new residential activity, high financing costs), rising wage pressure and underutilised production capacity. Management cites targeted cost measures, automation gains and SAP implementation impacts (inventory build at Garant) as operational drivers.

Key takeaway

FY2025 shows stronger top-line performance and a materially improved balance sheet driven by the Climate division disposal; however, underlying continuing operations remain under pressure with an operating loss and margin contraction, while management highlights ongoing efficiency measures and recent bolt‑on acquisitions.