V-ZUG Holding Ltd

Latest Results (24.03.2026):

V-ZUG Holding Ltd — first half (Q1–Q2) 2025: Net sales were CHF 271.2 million (–4.5% vs. H1 2024). Operating profit (EBIT) fell to CHF 3.0 million (EBIT margin 1.1% vs. 3.1% prior year) and group net result was CHF 1.6 million (EPS CHF 0.25). Free cash flow was negative at ~CHF –51.5 million, driven by operating cash outflows and continued site-transformation investments. The company expects an improvement in H2 2025 but flags a risk that full-year 2025 may not exceed 2024 results.

Top line

Net sales: CHF 271.2m in H1 2025, down 4.5% YoY (currency-adjusted –4.2%; –3.1% excluding calendar/currency effects). Switzerland: CHF 232.3m (–3.4%). International/own‑brand exposure weakened (international net sales reported at CHF 38.9m, –10.8%). Europe stable, North America grew, Asia experienced declines and project postponements.

Profitability

EBIT: CHF 3.0m (H1 2025) vs CHF 8.8m (H1 2024). EBIT margin 1.1% (vs 3.1%). Group net result CHF 1.59m (H1 2024: CHF 8.73m). Total EBITDA CHF 19.4m (7.2% margin); Household Appliances EBITDA CHF 13.5m (5.0%). Higher depreciation from site transformation reduced operating profit.

Cash flow & investments

Operating cash flow: CHF –22.3m. Free cash flow (operating + investing): approx. CHF –51.5m (investments in tangible/intangible assets ~CHF 29.1m). Cash and cash equivalents CHF ~34.0m; net cash (cash minus short-term financial liabilities) ~CHF 24.0m after drawing CHF 10.0m of short-term financing for Zephyr West.

Balance sheet & capital structure

Strong balance sheet: total assets CHF 622.7m, shareholders’ equity CHF 479.6m, equity ratio ~77.0% (30 June 2025). Employees: 2,073 FTE as of 30.06.2025.

Segments & drivers

Household Appliances remains the core (net sales CHF 271.2m). Real Estate contributed EBIT CHF 2.7m. Key drivers: lower domestic and Asian sales volumes, postponed projects, partially offset by efficiency gains from the “Simplify” program and partner‑model changes in Switzerland.

Operational items & strategic actions

Site transformation: “Zephyr Ost” production commissioning completed; “Zephyr West” office/lab groundwork started. New partner model and service improvements (repair turnaround reduced from ~4 to 3 working days). Product launches (e.g., CombiCooler V6000, new ovens) and new studios (Melbourne, Bangkok) aim to support H2 growth.

Outlook & risks

Management expects an improvement in H2 2025 (seasonality, postponed projects, efficiency and procurement initiatives). However, they acknowledge it is possible the full-year 2025 results will not exceed 2024 due to the weak H1 and ongoing investment-related costs. Sustainability: Scope 1–3 targets validated by SBTi.