Annual Report 2024
Management Report Corporate Governance Compensation Report Financial ReportManagement Report

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.
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

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.