Arbonia AG

Latest Results (23.01.2026):

Arbonia AG — first half (H1) 2025 (six months ended 30 June 2025, covering Q1–Q2 2025): Arbonia reported net revenues of CHF 307.2 million (up 14.7% YoY), adjusted EBITDA (excl. one‑offs) of CHF 26.1 million (up 23.3% YoY) and EBITDA including one‑offs of CHF 27.9 million. EBIT was CHF 1.1 million and the reported group result was CHF 152.6 million (driven by the disposal of the Climate division). Management expects a significantly stronger H2 2025 and confirmed full‑year guidance (revenue growth 3–5% on 2024 pro‑forma and adjusted EBITDA ≈ CHF 60 million).

Headline financials

Net revenues: CHF 307.2m (H1 2025). EBITDA (incl. one‑offs): CHF 27.9m; adjusted EBITDA (ex‑one‑offs): CHF 26.1m. EBIT: CHF 1.1m. Group result: CHF 152.6m (EPS CHF 2.20) — note the large one‑time gain from the Climate sale is the main driver of the net profit.

Climate division sale (discontinued operations)

Sale closed 26 Feb 2025. Profit on disposal before currency translation CHF 226.1m; after tax and currency items the reported discontinued‑operation contribution was CHF 154.97m. Cash consideration received ~CHF 701.4m and net cash inflow from the transaction CHF 665.3m (reflected in investing cash flows).

Segment performance

Doors business (core segment): overall order intake positive, good project wins. Wood Solutions: delivered a double‑digit EBITDA margin and benefited from project business expansion. Glass Solutions: materially weaker margins and notable headwinds from German residential market and product mix; improvement measures expected to take effect in H2.

Cash flow and balance sheet movements

Operating cash flow: negative CHF 34.1m in H1. Investing cash flow: large net inflow (~CHF 652.6m) driven by proceeds from the Climate disposal. Financing cash flow: net outflow (CHF 633.1m) including debt repayments and shareholder distributions. Cash and cash equivalents at 30 June 2025: CHF 23.0m. Total assets at 30 June 2025: CHF 1,089.8m; total shareholders’ equity: CHF 747.9m.

One‑offs and headwinds

H1 was affected by one‑time items: power outage at Dimoldura (Spain), ArboniaNext marketing costs, structural adjustment costs related to the Climate sale and remaining Skyfens impact; currency fluctuations and higher raw‑material costs also weighed on results. Management expects many of these costs to cease in H2.

Capital actions & shareholder return

Annual General Meeting (25 Apr 2025) approved a nominal value repayment (capital reduction) resulting in a CHF 276.8m nominal value repayment executed on 5 May 2025. Dividend/distribution of CHF 1.83 per registered share was paid on 5 May 2025. Stated dividend policy: >30% of net income and up to 50% of free cash flow.

Outlook and medium‑term targets

Arbonia confirms FY 2025 guidance given at Investor Day: revenue growth 3–5% (on pro forma 2024 revenue CHF 604m) and adjusted EBITDA ≈ CHF 60m. Company expects stronger H2 2025 (reversal of temporary charges, price increases, better capacity utilisation and project execution). Medium‑term (2029) targets: net sales CHF 820–850m and EBITDA margin 14–15%; capex normalised <4% of sales and D&A (ex‑PPA) to rise to 6.0–6.5% of sales.