Six-month Report 2024

Management ReportFinancial Report

Management Report    

graphic

Dear shareholders,

Construction activity slowed down further in the first half of 2024. Economic and political uncertainties as well as high construction costs once again characterised the general conditions in our most important markets. While sales in the comparative period in the first half of 2023 still benefited significantly from the normalisation in the supply chains and an improved delivery capacity, new construction activities in Europe reached a new low during the first half of 2024. At the same time, political and economic uncertainties also hampered the renovation business. These developments had a negative impact on demand for both ventilation systems and radiators. In this challenging environment, we further pursued our cost reduction measures and portfolio streamlining with the sale of the Climate Ceiling Solutions business. In this way, we managed to partially counteract the current market weakness on the earnings side and keep the operating margin stable before one-off effects compared to the second half of 2023.

There were no general signs of an improvement in construction activity in the construction industry in the first half of the year. We nevertheless observed a stabilisation in different markets, for example in the UK, North America and Spain. Regardless of the current market situation, we are continuing to implement strategic initiatives, focus on our strengths and invest in the future growth of Zehnder Group.

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PDF Header: [Key figures]

Key figures 1st half-year

1st half-year 2024

1st half-year 2023

Change from prior year in %

Sales

EUR million

344.7

407.0

–15.3

EBITDA before one-off effects 1, 2

EUR million

35.3

51.2

–31.1

% of sales

10.2

12.6

EBITDA 1

EUR million

25.2

49.5

–49.2

% of sales

7.3

12.2

EBIT before one-off effects 1, 2

EUR million

22.6

39.2

–42.5

% of sales

6.6

9.6

EBIT

EUR million

12.5

37.5

–66.7

% of sales

3.6

9.2

Net profit 3

EUR million

7.1

27.7

–74.2

% of sales

2.1

6.8

Cash flow from operating activities

EUR million

14.3

22.3

–35.9

Investments in property, plant and equipment & intangible assets

EUR million

8.4

12.4

–32.1

Depreciation & amortisation

EUR million

12.7

12.0

5.9

Total assets

EUR million

489.7

537.6

–8.9

Non-current assets

EUR million

218.6

226.9

–3.6

Net liquidity/(net debt) 1

EUR million

53.0

24.3

118.3

Total equity

EUR million

333.2

336.0

–0.8

% of total assets

68.0

62.5

Number of employees

Ø full-time equivalents

3,529

3,865

–8.7

Market closing price registered share A

CHF

52.80

72.40

–27.1

Registered shares A (CHF 0.05 par value)

Units

9,268,200

9,756,000

–5.0

Own shares

Ø Units

337,334

418,771

–19.4

Registered shares B (not listed; CHF 0.01 par value)

Units

9,900,000

9,900,000

-

Non-diluted net profit per registered share A 3

EUR

0.60

2.39

–74.8

Shareholders’ equity per registered share A 3

EUR

29.2

28.2

3.7

1For further information please refer to: Alternative performance measures.

2The one-off effects consist of EUR 8.1 million related to the divestment of the Climate Ceiling Solutions business and other European restructuring costs of EUR 2.0 million (previous year: EUR 1.7 million restructuring costs in the radiator segment).

3Excluding minority interests

PDF Header: [Company profile and locations]

Company profile

Zehnder Group provides worldwide leading solutions for a comfortable, energy-efficient and healthy indoor climate. The products and services of the Group include heating, cooling, indoor ventilation and air cleaning. The Group develops and manufactures its products at its own factories in Europe, China and North America. In the financial year of 2023, Zehnder Group had about 3,500 employees and achieved sales of EUR 762 million. The company is listed on the SIX Swiss Exchange (symbol: ZEHN, number: 27 653 461). The unlisted registered shares B are held by Graneco AG, which is controlled by the Zehnder families. 

Locations

PDF Header: [Further information for investors]

Further information for investors

Contact

Zehnder Group AG
Investor Relations
Moortalstrasse 1 
5722 Gränichen (Switzerland)

Phone +41 62 855 1521
investor-relations@zehndergroup.com
www.zehndergroup.com

Registered share A

Valor number

27 653 461

SIX

ZEHN

Bloomberg

ZEHN SW

Reuters

ZEHN S

In accordance with Art. 10 of the Articles of Association, the opting out clause applies.

Registered share B (unlisted)

Valor number

13 312 654

Company calendar

End of business year

31.12.2024

Sales for 2024

17.1.2025

Annual Report 2024 and Media/Analyst Conference 2025

26.2.2025

Annual General Meeting 2025

3.4.2025

Six-month Report 2025

25.7.2025

This Six-month Report is only available in English. The Management Report is also available in German. The English version is binding.

News are published under www.zehndergroup.com/en/news.

Reports and presentations are published under www.zehndergroup.com/en/investor-relations/reports-and-presentations.

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