Metall Zug Ltd

Latest Results (06.02.2026):

Metall Zug Ltd (Metall Zug AG) — covering Q1–Q2 2025 (first half / H1 2025): the Group reported net sales of CHF 94.2m (H1 2024: CHF 181.2m), EBIT of CHF –12.6m (H1 2024: CHF 58.5m, which included a CHF 66.6m one‑off gain from the Belimed/Steelco merger), and a net result of CHF –10.3m (H1 2024: CHF 56.6m). Cash flow from operating activities was CHF –5.4m (previous year CHF 6.7m). Net debt increased to CHF 110.1m (Dec 31, 2024: CHF 65.6m) and the equity ratio declined to 70.8% (Dec 31, 2024: 76.8%). The profit decline reflects deconsolidation effects, weaker sales (notably in General Diagnostics), an unfavorable margin mix, elevated R&D and product‑launch costs and ongoing investments in infrastructure and strategic loans.

Key financial figures

Net sales CHF 94.2m (H1 2024 CHF 181.2m; deconsolidation of Belimed reduced sales by ~CHF 82.1m). EBIT CHF –12.6m (adjusted comparable EBIT for prior year: CHF –8.1m). Net result CHF –10.3m. Cash flow from operations CHF –5.4m. Net debt CHF 110.1m. Equity ratio 70.8%.

Why results fell

Main drivers: deconsolidation of Belimed/Steelco (contributed to the big year‑on‑year sales swing), slower start and reduced order backlog in Medical Devices, unfavorable product/margin mix, high R&D and product launch expenses, and investments for Technologycluster & Infrastructure plus loans to SteelcoBelimed.

Business‑unit highlights

Medical Devices (Haag‑Streit) — net sales CHF 77.1m (vs CHF 81.6m), order intake +4.7% (stronger in US), launched Metis 900 earlier and rolling out Elara 900 slit lamp and Refractor 900 phoropter; reviews/early demand positive but sales conversion lagging. Gehrig Group — net sales ~CHF 17.1m, EBIT CHF 0.8m, service business softer. Technologycluster & Infrastructure — investments CHF 14.7m; refActory and other projects advancing.

Strategic investments / proportional results

Group proportionate contribution from strategic holdings totaled CHF –5.1m in H1 2025. Breakdown: V‑ZUG proportional net result CHF +0.5m; Komax proportional CHF –1.1m; SteelcoBelimed proportional CHF –4.5m (SteelcoBelimed sales CHF 176.5m in the period; seasonal first‑half weakness noted).

Cash, financing and balance‑sheet moves

Cash and securities show activity: cash and cash equivalents CHF 14.5m and securities CHF 137.2m on June 30, 2025. Net debt rose (CHF 110.1m) driven by continued investments and loans to SteelcoBelimed. The Group paid a CHF 8.95m dividend and repurchased treasury shares (CHF 2.45m).

Risks, tariffs and outlook

Management flags US import tariff uncertainty (possible tariffs on Swiss exports) as a risk for Haag‑Streit and SteelcoBelimed; a 15% tariff scenario could impact sales/profitability by low single‑digit millions. Guidance: expect stabilization in H2 2025 as cost‑cutting and efficiency measures take effect, but environment remains challenging; long‑term focus on R&D and product innovation to restore margins.

Notable corporate items

Deconsolidation of Belimed Infection Control and Belimed Life Science (June 7, 2024) remains the key structural change. CEO change at Haag‑Streit announced: Thomas Lenzen will become CEO on Sept 1, 2025. V‑ZUG reported H1 sales CHF 271.2m (Metall Zug’s proportional share included as above).