Financial Report

Alternative performance measures

In this Six-month Report, the Zehnder Group reports financial key figures that are not defined according to Swiss GAAP FER. These alternative performance measures are intended to aid the management team as well as analysts and investors in forming a clearer understanding of the Group’s performance.

Alternative performance measures are disclosed to improve comparability of the previous year's financial performance. The alternative performance measures “EBITDA adjusted” and “EBIT adjusted” were introduced in the previous year, because the result in 2024 was heavily impacted by one-off effects like the divestment of the Climate Ceiling Solution business, measures related to China, and to the adaptions to the European radiator production footprint. These alternative performance measures were deemed more helpful as they remove exceptional and substantial business operations, and their exclusion is relevant to the assessment of the overall year-to-year business performance.

The following definitions and calculation bases of the Zehnder Group may differ from those employed by other companies.

Alternative performance measure

Definition

Calculation basis/reconciliation (in EUR million)

1st half-year 2025

1st half-year 2024

Organic sales growth

The organic sales growth measures the growth that the Group is able to achieve on its own. Organic sales equate to sales that have been adjusted for acquisition effects and have taken place at constant exchange rates.

Sales

382.8

344.7

Currency effects

-

–0.3

Acquisition effects

–12.5

-

Organic sales

370.3

344.4

Organic sales growth/(decline) in %

7.6

–15.4

EBITDA

Earnings before interest, taxes, depreciation and amortisation (EBITDA) is a key figure used to measure the performance of the Group.

Operating result (EBIT)

32.7

12.5

Depreciation and impairment of property, plant and equipment

11.2

12.2

Amortisation and impairment of intangible assets

1.0

0.5

EBITDA

44.9

25.2

EBITDA adjusted

Earnings before interest, taxes, depreciation and amortisation (EBITDA) adjusted for significant exceptional one-off effects.

Operating result (EBIT)

32.7

12.5

Depreciation and impairment of property, plant and equipment

11.2

12.2

Amortisation and impairment of intangible assets

1.0

0.5

One-off effects (excluding impairments)

-

9.8

EBITDA adjusted

44.9

35.0

EBIT adjusted

Earnings before interest and taxes (EBIT) adjusted for significant exceptional one-off effects.

Operating result (EBIT)

32.7

12.5

One-off effects

-

10.1

EBIT adjusted

32.7

22.6

Net liquidity/(net debt)

Net liquidity or net debt is a key figure used to measure the Group’s financial liquidity or debt.

Liquid assets

44.8

58.7

Short-term financial liabilities

–4.4

–1.7

Long-term financial liabilities

–53.0

–4.0

Net liquidity/(net debt)

–12.6

53.0

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