Zehnder Group AG

Latest Results (08.11.2025):

For the 2024 financial year, Zehnder Group AG reported a challenging period marked by lower overall sales and earnings amid a weak market environment. The Group’s strategic restructuring—involving the sale of its Climate Ceiling Solutions division, capacity adjustments in radiator production, and the acquisition of Spanish ventilation specialist Siber—helped mitigate some headwinds. Despite the 7% decline in total sales to EUR 705.8 million and a significant drop in operating result to EUR 14.1 million (–76% from the previous year), promising signals emerged with improved performance in the ventilation segment in the latter half of the year.

Sales and Market Conditions

Total sales declined by 7% overall, with specific contributions including a 2% uplift from the Siber acquisition and a 1% decline following the sale of a non-core business. Market challenges such as reduced new residential construction and renovation activities in Europe significantly impacted sales, particularly in the radiator and ventilation segments.

Operating Result and EBIT Performance

The 2024 financial year saw an operating EBIT after one-off costs of EUR 14.1 million, corresponding to a 2.0% margin. Adjusted EBIT dropped by 21% to EUR 50.1 million (margin at 7.1%), although the adjusted EBIT margin improved in the second half of the year from 6.7% to 7.6%.

Segment Highlights – Ventilation

The ventilation segment, which now accounts for 60% of total sales, experienced a mixed performance. While overall sales fell 4% (organically –8%) to EUR 424.2 million, organic sales grew by 3% in the second half of the year. Additionally, the segment’s adjusted EBIT declined by 17% to EUR 44.4 million, maintaining a 10.5% margin despite market headwinds and restructuring costs.

Segment Highlights – Radiators

The radiator segment recorded a 12% drop in sales to EUR 281.6 million with a pronounced impact due to declining renovation activities. Significant capacity adjustments, including relocating production in Switzerland to France and outsourcing at the Chinese plant, were met with a 40% fall in adjusted EBIT to EUR 5.7 million, reflecting lower capacity utilisation.

Strategic Transformation and Cost Optimization

Zehnder Group AG’s 2024 results highlight its ongoing transformation into a leading international indoor climate solutions provider. Key measures included divesting non-core operations, strategic acquisitions like that of Siber, and rigorous cost reduction and efficiency initiatives, positioning the company for future growth despite current financial headwinds.