Financial Report

Notes to the interim financial statements

Consolidation, accounting and valuation principles

The unaudited consolidated interim report for the first six months of 2024 was drawn up in line with the provisions of Swiss GAAP FER 31. This Six-month Report is intended to be read in conjunction with the 2023 Annual Report. The consolidation, accounting and valuation principles published in the 2023 Annual Report have been applied consistently in preparing this interim report.

Consolidation scope

The consolidation scope was changed in the first half of 2024 as follows:

Capital reduction by cancellation of registered shares A of Zehnder Group AG

During the share buyback programme from March 2021 to September 2023, Zehnder Group AG had successively repurchased a total of 487,800 registered shares A, corresponding to 5% of all registered shares A. The total value of the completed share buyback is EUR 33.8 milllion. At the Annual General Meeting on 11 April 2024, the capital reduction by cancellation of these 487,800 listed registered shares A of Zehnder Group AG was approved. Consequently, the shares were cancelled end of April 2024.

Events after the balance sheet date

On 11 July 2024, the Zehnder Group acquired the residential ventilation company Siber in Spain for a purchase price of approximately EUR 86 million. The company has approximately 120 employees. For the 2024 financial year, Siber expects sales of around EUR 37 million, with an EBIT margin on a par with Zehnder Group's ventilation segment.

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