Meier Tobler Group Ltd.

Latest Results (26.07.2026):

Meier Tobler Group Ltd. — Q4 2023 (full-year 2023 results): Net revenue for the 2023 financial year was CHF 545.9 million, down 1.9% year-on-year; EBITDA fell to CHF 48.5 million (–6.9%, margin 8.9%) and consolidated profit was CHF 27.1 million (–11.5%). Results were weighed down by commissioning problems at the new Service Centre in Oberbuchsiten in H2 2023 (now resolved) and a normalization of earlier exceptional demand for heating renovations; the Board proposes a slightly higher dividend of CHF 1.30 per share.

Key financials

Revenue: CHF 545.9m (–1.9% vs 2022). EBITDA: CHF 48.5m (–6.9%), EBITDA margin 8.9% (2022: 9.4%). EBIT: CHF 34.0m (–9.1%). Consolidated profit: CHF 27.1m (2022: CHF 30.7m). Operating cash flow: CHF 42.9m (–9.7%).

Balance sheet and liquidity

Net debt at year-end CHF 2.2m (previous year CHF 4.3m); financial liabilities CHF 21.0m. Equity CHF 173.2m and equity ratio improved to 52.0% (from 44.0%) largely due to off‑balance treatment after selling the new Service Centre to Suva and starting the lease. Available credit lines: CHF 90m.

Profit drivers and one-off impacts

EBIT and consolidated profit are reduced by annual non‑cash goodwill amortisation of CHF 10.3m (acquisition of Tobler Haustechnik AG). H1 2023 saw strong demand (notably heat pumps); H2 performance was hurt by logistics/commissioning issues at the new DCO.

Operations — Service Centre & logistics

The new, highly automated Service Centre (DCO) in Oberbuchsiten was completed and handed over in July 2023; commissioning problems caused delivery shortfalls between Sept–Dec 2023, which management says are now rectified but customer confidence has not fully recovered, weighing on early‑2024 revenue.

Shareholder returns and share buyback

Board proposes dividend CHF 1.30 per share (vs CHF 1.20 prior year), to be paid from retained earnings and capital contribution reserves. Existing repurchase programme (CHF 22.2m spent to buy 675,250 shares) will be ended and replaced by a fixed‑price buyback offer, with up to CHF 12m pa target for ongoing repurchases (actual volume subject to sellers' participation).

Outlook

Company expects a slight decline in the Swiss construction industry in 2024 but stable high-level demand for heat pumps. Revenue is expected to be down in H1 2024 versus an easy prior‑year comparison for H2; management aims to restore prior-year profit levels over time.

Governance and other items

Board change: Heinz Roth will not stand for re-election; Andrea Tranel is proposed as his successor and potential new Chair of the Audit Committee. Headcount ~1,260 FTEs. ERP migration to SAP S/4HANA planned for 1 Jan 2025. Sustainability reporting published for the first time for 2023.