Annual Report 2020 

Management Report

Dear shareholders,

Early in 2020, the world was suddenly turned upside down. The COVID-19 pandemic had repercussions for every Zehnder Group site, its suppliers, customers, partners and all employees. The company’s 125^th anniversary, which we were eagerly looking forward to celebrating, all but faded into the background. What hasn’t changed, however, is our pride in the Zehnder Group – and we are particularly proud of what it has achieved during this anniversary year. We have once again shown that we are able to cope with difficult situations and adapt quickly and flexibly to new circumstances.