V-ZUG Holding Ltd

Latest Results (07.02.2026):

V-ZUG Holding Ltd — Half‑year (H1) 2025 (covering Q1–Q2 2025): according to the company’s Half‑Year Report 2025, net sales were CHF 271.2 million (‑4.5% vs H1 2024). Profitability and cash generation weakened: EBIT fell to CHF 3.0 million (EBIT margin 1.1%), group net result was CHF 1.6 million and free cash flow was negative CHF 51.5 million. The balance sheet remained strong (equity CHF 479.6 million; equity ratio 77.0%), and management expects an improvement in H2 2025 though a full‑year beat of 2024 is uncertain.

Top‑line

Net sales CHF 271.2m, down 4.5% YoY (‑4.2% currency‑adjusted; ‑3.1% excluding calendar/currency effects). Switzerland sales CHF 232.3m (‑3.4%); international net sales CHF 38.9m (‑10.8%), with Europe stable, North America growing and Asia/project business weakening.

Profitability

EBIT CHF 3.0m (H1 2024: CHF 8.8m); EBIT margin 1.1% vs 3.1% prior year. Gross profit margin held up despite lower capacity utilisation; decline in EBIT driven by lower volumes and higher depreciation from site transformation.

Net result and EPS

Group net result CHF 1.6m (H1 2024: CHF 8.7m). Earnings per share CHF 0.25 (H1 2024: CHF 1.36).

Cash flow and liquidity

Operating cash flow negative CHF 22.3m (prior: +43.6m). Cash flow from investing CHF ‑29.1m (capex and site transformation). Free cash flow CHF ‑51.5m (prior: ‑36.2m). Cash & cash equivalents CHF 33.99m (balance sheet), net cash (after short‑term financial liabilities) CHF 23.99m; an approved credit facility has CHF 10.0m drawn to short‑term liabilities.

Balance sheet and workforce

Strong balance sheet: shareholders’ equity CHF 479.6m, equity ratio 77.0% (30.06.2025). Total assets CHF 622.7m. Employees 2,073 FTE (slight decrease vs 2,085).

Segment & regional dynamics

Household Appliances segment: EBITDA CHF 13.5m (5.0% of sales) and operating result effectively break‑even for the segment. Real Estate contributed EBIT CHF 2.7m. International OEM business doubled to CHF 8.6m, while own‑brand international sales fell (project business in Asia notably weaker).

Investments and transformation

Significant ongoing investments in site transformation (commissioning of “Zephyr Ost” completed; “Zephyr West” construction started). H1 capex ~CHF 29m (tangible and intangible). Higher depreciation due to transformation impacts profitability.

Outlook and risks

Management expects H2 improvement (seasonality, postponed projects, efficiency gains from “Simplify” and procurement initiatives), but notes risks and states full‑year 2025 may not exceed 2024 given H1 performance.

Sustainability and product initiatives

CO2 reduction targets for Scopes 1–3 validated by SBTi (Apr 2025). New 2025 product launches (dishwashers, 75‑cm refrigerators, oven enhancements) and openings/expansion of V‑ZUG Studios to support brand and international growth.