Meier Tobler Group Ltd.

Latest Results (05.05.2026):

Meier Tobler Group Ltd. — Q4 2023 / full‑year 2023: Meier Tobler reported FY2023 revenue of CHF 545.9 million (‑1.9% y/y), EBITDA of CHF 48.5 million (‑6.9%; 8.9% margin), EBIT of CHF 34.0 million (‑9.1%) and consolidated profit of CHF 27.1 million (‑11.5%). Results were supported by strong H1 demand for heat‑pump renovations but hampered in H2 by commissioning and logistics issues at the new Service Centre; operating cash flow remained positive and net debt was low. The Board proposes a slightly higher dividend and to replace the ongoing buyback with a fixed‑price offer.

Revenue & profitability

FY2023 revenue: CHF 545.9m (‑1.9%). EBITDA: CHF 48.5m (‑6.9%), EBITDA margin 8.9% (2022: 9.4%). EBIT: CHF 34.0m (‑9.1%). Consolidated profit: CHF 27.1m (‑11.5%). FY figures include CHF 10.3m annual non‑cash goodwill amortisation related to the 2017 acquisition.

Operational issues — new Service Centre

Commissioning of the new Service Centre (DCO) in Oberbuchsiten caused delivery problems (Sept–Dec 2023) that reduced Retail volumes and customer confidence. Meier Tobler reports these logistics issues have been resolved and backlogs cleared, but customer confidence had not been fully regained by early 2024.

Cash flow, debt & balance sheet

Operating cash flow: CHF 42.9m (2022: CHF 47.5m). Net debt at 31.12.2023: CHF 2.2m. Equity CHF 173.2m and equity ratio 52.0% (up from 44.0%), partly reflecting the sale/leaseback of the DCO which removed the building from the balance sheet.

Shareholder returns & capital measures

Board proposes dividend CHF 1.30/share (up from CHF 1.20), funded equally from retained earnings and capital contribution reserves. Existing buyback programme will be ended and replaced by a fixed‑price buyback offer (planned up to CHF 12m pa in two tranches), after earlier repurchases of 675,250 shares (CHF 22.2m total).

Business segments & sustainability

Heat Generation grew (continued shift to heat pumps; oil/gas ~10% of installs). Retail was hit by lower new construction and DCO issues; Service revenues rose slightly with stronger heat‑pump service offerings (SmartGuard adoption increased). Air conditioning and large projects also grew. First sustainability reporting published for 2023.

Outlook & near‑term risk

Company expects a slight overall decline in Swiss construction in 2024, stable high‑level heat‑pump demand medium‑term. Near term: first half 2024 revenue expected below prior year due to lost momentum and high 2023 comps; management aims to recover full‑year profitability to prior‑year levels but timing is uncertain.