V-ZUG Holding Ltd

Latest Results (26.12.2025):

V-ZUG Holding Ltd — first half (H1) 2025 results: net sales of CHF 271.2 million (‑4.5% vs H1 2024) with an operating result (EBIT) of CHF 3.0 million (1.1% margin) and group net result of CHF 1.59 million. The half-year was affected by weaker demand (notably in Switzerland and parts of Asia), higher depreciation from site transformation, and two working days fewer; management expects improvement in H2 but notes a risk that full‑year 2025 may not exceed 2024.

Key headline figures

Net sales CHF 271.2m (‑4.5% YoY; currency‑adjusted ‑4.2%); EBIT CHF 3.0m (H1 2024: CHF 8.8m); Group net result CHF 1.59m (H1 2024: CHF 8.73m); EPS CHF 0.25 (H1 2024: CHF 1.36).

Profitability and margins

EBIT margin declined to 1.1% from 3.1% a year earlier. Gross profit margin remained stable despite lower capacity utilisation; decline in EBIT driven by lower volumes and higher depreciation from the site transformation.

Regional performance

Switzerland: net sales CHF 232.3m (‑3.4% YoY) with a realignment of project and partner model underway. Europe largely stable. North America: positive growth and OEM business increased markedly. Asia: project business weakened, partly due to postponed projects and softer construction demand in China.

Cash flow and liquidity

Operating cash flow CHF ‑22.3m (prior year CHF 43.6m); free cash flow CHF ‑51.5m (prior year CHF ‑36.2m) driven by higher inventory and ongoing investments. Cash and cash equivalents CHF 33.99m (plus minor securities reported), and a CHF 10.0m short‑term draw from an approved credit facility recorded as current financial liability.

Balance sheet

Solid balance sheet: total assets CHF 622.7m, shareholders’ equity CHF 479.6m and equity ratio ~77.0% (30.06.2025). Inventories increased to CHF 105.2m and trade receivables CHF 55.7m.

Investments & site transformation

Capex/investments continue: cash flow from investing activities CHF ‑29.1m (H1 2025). Commissioning of the “Zephyr Ost” production facilities completed; Zephyr West office/lab project underway. Higher depreciation from the transformation impacted results.

Segments

Household Appliances: core business with the reported net sales and lower EBITDA margin (EBITDA 5.0% of sales). Real Estate contributed EBIT CHF 2.70m. Corporate items small negative/neutral.

Cost actions and product initiatives

Management cites “Simplify” efficiency measures, procurement projects to reduce material costs, and a new partner model in Switzerland. Product launches (new fridge and oven models, expanded oven pizza function) and new studios (Melbourne, Bangkok) aim to support sales in H2.

Outlook and risks

Company expects seasonally stronger H2 and improvement from postponed projects, but flags geopolitical/economic uncertainty and trade tariffs. Management sees initiatives that should improve efficiency and procurement, yet notes a risk that FY2025 may not exceed 2024 results.

Workforce

Employees: 2,073 FTE as of 30 June 2025 (slightly down from 2,085 a year earlier).