Annual Report 2024

Management Report Corporate Governance Compensation Report Financial Report

Management Report

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Dear shareholders,

In the 2024 reporting year, Zehnder Group made significant progress towards becoming a leading international supplier of indoor climate systems. In line with our strategic objectives, we sold the non-core Climate Ceiling Solutions division and made the necessary capacity adjustments in radiator production. With the acquisition of the Spanish ventilation specialist Siber, we have reached an important milestone and consolidated our market position in Southern Europe.

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Key figures 

1 See Alternative performance measures in the consolidated financial statements in the Financial Report.

2024

2023

Change from prior year %

Sales

EUR million

705.8

762.1

–7.4

EBITDA adjusted1

EUR million

77.0

87.6

–12.1

% of sales

10.9

11.5

EBITDA1

EUR million

55.3

84.8

–34.8

% of sales

7.8

11.1

EBIT adjusted1

EUR million

50.1

63.0

–20.5

% of sales

7.1

8.3

EBIT

EUR million

14.1

60.2

–76.5

% of sales

2.0

7.9

Net profit/(loss)2

EUR million

–2.4

44.6

n/a

% of sales

–0.3

5.9

Cash flow from operating activities

EUR million

60.6

87.8

–30.9

% of sales

8.6

11.5

Research & development expenses

EUR million

–25.3

–25.5

–0.8

% of sales

–3.6

–3.3

Investments in property, plant and equipment & intangible assets

EUR million

17.0

23.1

–26.4

Depreciation, amortisation & impairment

EUR million

–41.1

–24.6

67.2

Total assets

EUR million

476.7

516.8

–7.8

Non-current assets

EUR million

211.5

226.4

–6.6

ROCE1

%

15.4

17.9

Net liquidity/(net debt)1

EUR million

–11.8

70.8

n/a

Shareholders’ equity2

EUR million

241.5

347.3

–30.5

% of total assets

50.7

67.2

Number of employees

Ø full-time equivalents

3,559

3,772

–5.6

Dividends3

CHF million

11.2

15.3

–26.3

Net profit per registered share A4

EUR

0.15

3.84

–96.0

Dividend per registered share A3

CHF

1.00

1.30

–23.1

Payout ratio

%

-

35

Market closing price registered share A

CHF

45.20

53.50

–15.5

Market capitalisation5

CHF million

418.9

521.9

–19.7

Total market capitalisation6

CHF million

508.4

627.9

–19.0

1For further information please refer to: Alternative performance measures in the consolidated financial statements in the Financial Report

2Including minority interests

3For 2024 as proposed by the Board of Directors

4Excluding minority interests

5Market value of all listed registered shares A at year end, excluding value of unlisted registered shares B

6Registered shares A and B; registered shares B recognised at one fifth of the price of the registered share A at year end

Company profile

Zehnder Group provides world-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 2024 financial year, Zehnder Group had about 3500 employees and achieved sales of EUR 706 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

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Further information for investors

Contact  

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

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

Registered shares A

Valor number

27 653 461

SIX

ZEHN

Bloomberg

ZEHN SW

Reuters

ZEHN S

Registered shares B (unlisted)

Valor number

13 312 654

Registered shares A

Annual General Meeting 2025

3.4.2025

Ex-dividend date

7.4.2025

Dividend payout

9.4.2025

Six-month Report 2025

25.7.2025

End of business year

31.12.2025

Sales for 2025

16.1.2026

Integrated Annual Report 2025 and Media/Analyst Conference 2026

26.2.2026

Annual General Meeting 2026

19.3.2026

This Annual Report is only available in English. The Management Report is also available in German. The English version is binding.

News is 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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