Integrated Annual Report 2025
Management ReportCorporate GovernanceCompensation ReportFinancial ReportSustainability ReportManagement Report
Dear shareholders,
The 2025 financial year saw Zehnder Group continue its strategic development and consolidate its operational strength, particularly in the area of ventilation and indoor climate solutions. The positive trend in sales and the operating result from the first half of the year continued as the year progressed, driven largely by further growth in the ventilation segment.
Key figures
1 See Alternative performance measures in the consolidated financial statements in the Financial Report.
2025 | 2024 | Change from prior year % | ||
Sales | EUR million | 760.7 | 705.8 | 7.8 |
EBITDA adjusted1 | EUR million | 89.1 | 77.0 | 15.7 |
% of sales | 11.7 | 10.9 | ||
EBITDA1 | EUR million | 87.3 | 55.3 | 57.9 |
% of sales | 11.5 | 7.8 | ||
EBIT adjusted1 | EUR million | 65.2 | 50.1 | 30.2 |
% of sales | 8.6 | 7.1 | ||
EBIT | EUR million | 63.4 | 14.1 | 348.0 |
% of sales | 8.3 | 2.0 | ||
Net profit/(loss)2 | EUR million | 47.8 | –2.4 | n/a |
% of sales | 6.3 | –0.3 | ||
Cash flow from operating activities | EUR million | 80.0 | 60.6 | 32.0 |
% of sales | 10.5 | 8.6 | ||
Research & development expenses | EUR million | –25.6 | –25.3 | 1.2 |
% of sales | –3.4 | –3.6 | ||
Investments in property, plant and equipment & intangible assets | EUR million | 17.0 | 17.0 | 0.1 |
Depreciation, amortisation & impairment | EUR million | –23.9 | –41.1 | –41.9 |
Total assets | EUR million | 457.0 | 476.7 | –4.1 |
Non-current assets | EUR million | 200.9 | 211.5 | –5.0 |
ROCE1 | % | 22.1 | 15.4 | |
Net liquidity/(net debt)1 | EUR million | 32.8 | –11.8 | n/a |
Shareholders’ equity2 | EUR million | 267.5 | 241.5 | 10.7 |
% of total assets | 58.5 | 50.7 | ||
Number of employees3 | Ø full-time equivalents | 3,636 | 3,559 | 2.2 |
Dividends4 | CHF million | 15.7 | 11.2 | 40.0 |
Net profit per registered share A5 | EUR | 4.16 | 0.15 | 2,615.1 |
Dividend per registered share A4 | CHF | 1.40 | 1.00 | 40.0 |
Payout ratio | % | 36 | n/a | |
Market closing price registered share A | CHF | 81.80 | 45.20 | 81.0 |
Market capitalisation6 | CHF million | 758.1 | 418.9 | 81.0 |
Total market capitalisation7 | CHF million | 920.1 | 508.4 | 81.0 |
1For further information please refer to: Alternative performance measures in the consolidated financial statements in the Financial Report
2Including minority interests
3Including permanent, temporary and temporary FTEs via agency
4For 2025 as proposed by the Board of Directors
5Excluding minority interests
6Market value of all listed registered shares A at year end, excluding value of unlisted registered shares B
7Registered 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 2025 financial year, Zehnder Group had about 3600 employees and achieved sales of EUR 761 million. The company is listed on the SIX Swiss Exchange (symbol: ZEHN, ISIN code: CH0276534614). 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
ISIN code | CH0276534614 |
Valor number | 27 653 461 |
SIX | ZEHN |
Bloomberg | ZEHN SW |
Reuters | ZEHN S |
Registered shares B (unlisted)
Valor number | 13 312 654 |
Company calendar
Annual General Meeting 2026 | 19.3.2026 |
Ex-dividend date | 23.3.2026 |
Dividend payout | 25.3.2026 |
Six-month Report 2026 | 30.7.2026 |
End of business year | 31.12.2026 |
Sales for 2026 | 15.1.2027 |
Integrated Annual Report 2026 and Media/Analyst Conference 2027 | 25.2.2027 |
Annual General Meeting 2027 | 8.4.2027 |
This Integrated 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.