Zehnder Group AG

Latest Results (25.12.2025):

Zehnder Group AG — Q4 2024 (reported as part of the Annual Report for the year ended 31 December 2024). The group reported a weaker full-year 2024: sales fell to EUR 705.8m (‑7.4% y/y), operating profit (EBIT) plunged to EUR 14.1m (from EUR 60.2m in 2023) and the group posted a small net loss of EUR 2.4m (versus a net profit EUR 44.6m in 2023). Results were affected by impairments and one‑off items, a major acquisition (Siber Group) and higher net financial liabilities, which turned net liquidity of EUR 70.8m at year-end 2023 into net debt of EUR 11.8m at year-end 2024. The Board proposes a lower gross dividend of CHF 1.00 per registered share A for 2024 (previous year CHF 1.30).

Sales and profitability

Full-year sales: EUR 705.8m, down 7.4% y/y. EBITDA was EUR 55.3m (vs. EUR 84.8m in 2023); adjusted EBITDA EUR 77.0m. EBIT fell sharply to EUR 14.1m (‑76.5% y/y); adjusted EBIT EUR 50.1m. Net result: loss of EUR 2.4m (2023: profit EUR 44.6m).

Cash flow and balance sheet

Operating cash flow declined to EUR 60.6m (2023: EUR 87.8m). Liquid assets fell to EUR 56.7m (31.12.2024) and interest‑bearing financial liabilities rose to EUR 68.6m, leaving net debt of EUR 11.8m (vs. net liquidity EUR 70.8m at 31.12.2023). Group equity decreased to EUR 241.5m (‑30.5% y/y).

Acquisitions and disposals

Significant M&A in 2024: acquisition of Siber Group (Spain) effective 11 July 2024; acquisition-related cash outflow of EUR 94.9m reported under investments in consolidated entities. Divestment: Zehnder Climate Ceiling Solutions entities in Germany and France were sold 30 June 2024. Net increase in long‑term financial liabilities reflects financing of these transactions (long‑term financial liabilities EUR 64.2m at year end vs. EUR 4.7m in 2023).

Impairments and one-offs

Impairment charges materially impacted 2024: consolidated cash-flow note shows impairment-related non‑cash items (e.g., EUR 15.7m gain/(loss) from impairment line) and property, plant & equipment impairments (notably EUR 11.5m on properties in China and EUR 3.2m on European production equipment). Deferred tax asset impairments also reduced non‑current financial assets.

Capital allocation & dividend

Investment and capex: investments in PPE and intangibles ~EUR 17.1m; acquisition spend drove investing cash outflows. Board proposes a reduced gross dividend of CHF 1.00 per registered share A for 2024 (2023: CHF 1.30). Purchase/sale of own shares and dividend payments modestly impacted financing cash flow.

Operational / other metrics

R&D spend roughly stable at EUR 25.3m. Headcount (FTE) decreased to 3,559 (from 3,772). ROCE declined to 15.4% (2023: 17.9%). Management notes China real‑estate related receivable risk—value adjustments on trade receivables related to China amounted to EUR 21.1m.