Six-month Report 2026
Management ReportFinancial ReportManagement Report
Dear shareholders,
In the first half of 2026, Zehnder Group achieved further sales growth on the back of the strong ventilation segment. In Europe, we continued to grow our ventilation sales overall, while in North America we benefited from targeted expansion of our ventilation business. The general increase in the share of ventilation sales combined with efficiency improvements contributed to a higher operating margin, which increased the adjusted operating result at a faster rate than sales. By contrast, in the radiator segment, sales and the operating result remained under pressure despite the measures implemented.
Our innovation and market launch initiatives in Europe delivered positive results in the ventilation business. The share of sales generated by the Zehnder EVO product line for multi-family homes in Europe continued to increase, supported by product launches in additional countries. The planned development of our US business also progressed further during the first half of the year as we expanded into additional states and secured new projects, strengthening our overall presence in this key market.
Geopolitical tensions in the Middle East led to increased volatility in the energy and raw materials markets. Thanks to disciplined cost management, the impact on our business has so far remained limited.
In June 2026, we took the next steps in developing our organisational and management structures. Going forward, our European ventilation and radiator activities will be managed as separate divisions, each with its own profit and loss responsibility. This divisional structure will enable us to capitalise more effectively on the specific potential of each market, shorten decision-making processes, and tailor our segment strategies more precisely.
Although market conditions remain challenging in certain regions, we are encouraged by the progress in our ventilation business, our growing internationalisation, and our organisational realignment. We will continue to execute our strategy with consistency and focus, and remain committed to profitable growth and the sustainable enhancement of corporate value.
Key figures 1st half-year
1 For further information, please refer to: Alternative performance measures.
1st half-year 2026 | 1st half-year 2025 | Change from prior year in % | ||
Sales | EUR million | 394.9 | 382.8 | 3.2 |
EBITDA adjusted1, 2 | EUR million | 49.8 | 44.9 | 10.9 |
% of sales | 12.6 | 11.7 | ||
EBITDA1 | EUR million | 44.3 | 44.9 | –1.2 |
% of sales | 11.2 | 11.7 | ||
EBIT adjusted1, 2 | EUR million | 37.7 | 32.7 | 15.3 |
% of sales | 9.5 | 8.5 | ||
EBIT | EUR million | 32.2 | 32.7 | –1.4 |
% of sales | 8.2 | 8.5 | ||
Net profit3 | EUR million | 23.9 | 23.5 | 1.7 |
% of sales | 6.0 | 6.1 | ||
Cash flow from operating activities | EUR million | 5.1 | 22.9 | –77.6 |
% of sales | 1.3 | 6.0 | ||
Research & development expenses | EUR million | –12.6 | –12.7 | –0.4 |
% of sales | –3.2 | –3.3 | ||
Investments in property, plant and equipment & intangible assets | EUR million | 9.4 | 7.5 | 26.6 |
Depreciation, amortisation & impairment | EUR million | 12.1 | 12.2 | –0.8 |
Total assets | EUR million | 491.1 | 476.9 | 3.0 |
Non-current assets | EUR million | 198.8 | 203.0 | –2.0 |
Net liquidity/(net debt)1 | EUR million | 11.9 | –12.6 | n/a |
Shareholders’ equity | EUR million | 276.0 | 244.5 | 12.9 |
% of total assets | 56.2 | 51.3 | ||
Number of employees4 | Ø full-time equivalents | 3,640 | 3,611 | 0.8 |
Market closing price registered share A | CHF | 62.40 | 67.00 | –6.9 |
Registered shares A (CHF 0.05 par value) | Units | 9,268,200 | 9,268,200 | - |
Own shares | Ø Units | 122,259 | 118,658 | 3.0 |
Registered shares B (not listed; CHF 0.01 par value) | Units | 9,900,000 | 9,900,000 | - |
Non-diluted net profit per registered share A3 | EUR | 2.10 | 2.06 | 1.7 |
Shareholders’ equity per registered share A3 | EUR | 24.0 | 21.2 | 13.5 |
1For further information, please refer to: Alternative performance measures.
2In 2026, the one-off effects consist of EUR 5.5 million related to the introduction of a divisional organisation in Europe. There were no one-off effects in the 1st half-year of 2025.
3Excluding minority interests
4Including permanent, temporary and temporary FTEs via agency
Company profile
Zehnder Group provides worldwide 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 (Switzerland)
Phone +41 62 855 1521
investor-relations@zehndergroup.com
www.zehndergroup.com
Registered share A
ISIN code | CH0276534614 |
Valor number | 27 653 461 |
SIX | ZEHN |
Bloomberg | ZEHN SW |
Reuters | ZEHN S |
In accordance with Art. 10 of the Articles of Association, the opting out clause applies.
Registered share B (unlisted)
Valor number | 13 312 654 |
Company calendar
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 |
Six-month Report 2027 | 29.7.2027 |
This Six-month 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.