Georg Fischer Ag · SIX:GF
Georg Fischer — H1 2026 Earnings Presentation
33 slides from Georg Fischer's earnings presentation, Jul 17, 2026
Slide 1: Mid-Year Results 2026
Schaffhausen, 17 July 2026 Mid-Year Results 2026 Andreas Müller, CEO | Mads Joergensen, CFO © GF v3.3
Slide 2: Disclaimer
Disclaimer Forward-looking statements This media release includes forward-looking information and statements as well as other statements concerning the outlook for our business. These statements are based on current expectations, estimates and projections about factors that may affect GF’s future pe
Slide 3: Highlights – order intake up organically 15.1%
GF Group Highlights – order intake up organically 15.1% Challenging market environment Focus on execution Outlook 2026 ▪ Adverse weather conditions in ▪ Divestment of Precicast with ▪ Raised sales outlook for 2026, with January and February proceeds of ~ CHF 220 million1 mid single-digit organic gro
Slide 4: Mid-year 2026 key figures
GF‘s Flow Solutions business Mid-year 2026 key figures (CHF) GF’s Flow Solutions business Order intake EBITDA margin EBIT margin Sales with social or environmental benefits 1.7 billion 13.4 % 10.0 % 77 % of net sales comparable comparable H1 2025: 76% Net sales IIFS EBITDA margin IIFS EBIT margin Sc
Slide 5: Solid growth across all business areas
GF‘s Flow Solutions business Solid growth across all business areas (CHF million) H1 2025 Net sales per business area H1 2026 Organic growth 556 Industry +5.7% 555 Building solutions IIFS 365 Infrastructure Infra- +6.4% solutions structure 446 630 Industry solutions BFS Buildings +3.3% 616 Data Cent
Slide 6: Strong acceleration in Q2 2026
GF‘s Flow Solutions business Strong acceleration in Q2 2026 (CHF million) Quarterly net sales ▪ Severe winter in Q1 led to subdued Organic growth sales and underutilized plants +12.5% ▪ Strong acceleration from April, with order intake well above prior year across business areas -1.3% ▪ Solid growth
Slide 7: Ongoing value creation and efficiency programs to drive profitability
GF‘s Flow Solutions business Ongoing value creation and efficiency programs to drive profitability (CHF million) Uponor Value Creation program Fit for Growth program (Annual run-rate synergies) (Secured cost savings1 for full year 2026 by 30 June) Target 30 – 40 40 – 50 35 60 29 Raised 51 40 target
Slide 8: Successful execution of Fit for Growth, with reinvestments in strategic growth areas
GF‘s Flow Solutions business Successful execution of Fit for Growth, with reinvestments in strategic growth areas (CHF million) Measures implemented Financial impact (Secured cost savings for full year 2026 by 30 June ) ▪ Divisional and local management de-layering in BFS and IIFS to drive Restructu
Slide 9: Reinvestment in strategic focus areas – ultrapure systems for semiconductor industry
GF‘s Flow Solutions business Reinvestment in strategic focus areas – compelling ultrapure systems for semiconductor industry Industry needs: Advanced Ultrapure Water transport systems for the next generation of Pre-launch with multiple test installations started and first secured orders semiconducto
Slide 10: Reinvestment in strategic focus areas – cooling data centers with smarter flow control
GF‘s Flow Solutions business Reinvestment in strategic focus areas – cooling data centers with smarter flow control Industry needs: Reliable thermal performance and efficient long-term operation GF solution: Multi Control Valve Cohesive system with five integrated sensors for flow, temperature, ener
Slide 11: Three business areas addressing diverse end-markets
GF‘s Flow Solutions business Three business areas addressing diverse end-markets (CHF million) Industry Infrastructure Buildings Sales breakdown1 – H1 2026 Other Water treatment Gas distribution Water distribution Heating & Other Cooling Semiconductors 555 446 616 Hot & Cold Water Chemical processin
Slide 12: Industry – strong order intake in semiconductor and data center cooling
GF Industry and Infrastructure Flow Solutions Industry – strong order intake in semiconductor and data center cooling Key figures – H1 2026 (CHF million) Performance highlights Manufacturing PMI2 ▪ Strong growth in order intake driven by 55 649 semiconductors and data center cooling, doubling compar
Slide 13: Industry – strong momentum in strategic focus areas
GF Industry and Infrastructure Flow Solutions Industry – strong momentum in strategic focus areas Growth Key segments momentum Key market drivers & GF differentiation Water Treatment ▪ Drive towards water re-use favors corrosion-free and efficient solutions ▪ New AI-driven semiconductor cycle with i
Slide 14: Infrastructure – continued momentum supported by large customer wins
GF Industry and Infrastructure Flow Solutions Infrastructure – continued momentum supported by large customer wins Key figures – H1 2026 (CHF million) Performance highlights Global water infrastructure capex2 (USD billion) ▪ Solid momentum in order intake and sales CAGR ~4% 446 driven by demand for
Slide 15: Infrastructure – aging networks drive sustained demand
GF Industry and Infrastructure Flow Solutions Infrastructure – aging networks drive sustained demand Growth Key segments momentum Key market drivers & GF differentiation 1 ▪ Aging networks with global ˃ USD 1.3 trillion investment need, 2 with 1/3 of treated water lost as non-revenue water Water Dis
Slide 16: Buildings – outperformance in subdued construction markets
GF Building Flow Solutions Buildings – outperformance in subdued construction markets Key figures – H1 2026 (CHF million) Performance highlights Europe – Building permits1 (indexed, 2022 = 100) ▪ Positive organic growth in Europe and US 105 634 despite declining underlying markets and adverse weathe
Slide 17: Buildings ‒ solid long-term structural drivers
GF Building Flow Solutions Buildings ‒ solid long-term structural drivers Growth Key segments momentum Key market drivers & GF differentiation ▪ Demand driven by housing shortage, drinking water regulations and shift to polymer Water supply ▪ GF US PEX market leader with 35% share; 10 – 15% in key H
Slide 18: Financial performance
Financial performance Mads Joergensen, CFO © GF v3.3 18 Schaffhausen, 17 July 2026 | H1 2026 | Investor, Analyst and Media Conference
Slide 19: Transformation-related effects on financial reporting
GF Group Transformation-related effects on financial reporting ▪ GF’s transformation continues to impact the presentation of results in 2026 ▪ GF Flow Solutions corresponds to Continuing operations, which include one-off effects such as the divestment-related CHF 172 million deconsolidation loss ▪ D
Slide 20: GF Flow Solutions net sales bridge
GF Group GF Flow Solutions net sales bridge (CHF million) 111 1’696 81 1’584 1’507 84 -88 GF FS FX Organic M&A GF FS Discontinued GF Group net sales net sales operations net sales H1 2025 H1 2026 H1 2026 © GF v3.3 20 Schaffhausen, 17 July 2026 | H1 2026 | Investor, Analyst and Media Conference
Slide 21: GF Flow Solutions comparable EBITDA bridge
GF’s Flow Solutions business GF Flow Solutions comparable EBITDA bridge (CHF million, % EBITDA margin (comparable)) 13.8% 13.4% 20 212 208 11 1 -8 -20 GF FS FX Net price impact Volume / mix Fit for Growth Reinvestments GF FS Comparable savings & other Comparable EBITDA EBITDA H1 2025 H1 2026 © GF v3
Slide 22: Business areas – key figures
GF’s Flow Solutions business Business areas – key figures (CHF million) Industry1 Infrastructure1 Buildings H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 Order intake 649 545 446 344 634 622 Net sales 555 556 446 365 616 630 Organic growth (%) 5.7 6.4 3.3 Comparable EBITDA 105 109 40 28 77 79 Comp
Slide 23: GF Group and Flow Solutions – key figures
GF Group GF Group and Flow Solutions – key figures (CHF million, unless otherwise indicated) GF Group GF Flow Solutions1 IIFS BFS H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 Order intake 1’846 2’300 1'728 1’511 1’095 889 634 622 Net sales 1’696 2’255 1'584 1’507 1’001 921 616 630
Slide 24: Impact of items affecting comparability
GF Group Impact of items affecting comparability (CHF million) H1 2026 Restructuring and Value Creation Program -15 Impact resulting from divestments -172 Other -7 Total IACs at EBITDA level -193 Impairment charges -4 Total IACs at EBIT level -197 © GF v3.3 24 Schaffhausen, 17 July 2026 | H1 2026 |
Slide 25: GF Group net profit adjusted for divestment-related impacts and other items
GF Group GF Group net profit adjusted for divestment-related impacts and other items affecting comparability (CHF million) 11 117 15 6 -10 172 -77 H1 2026 Impact resulting from Restructuring and Book gain on sale Non-recurring Other H1 2026 net profit divestments (GF CS Value Creation of real estate
Slide 26: Currency effects on sales and EBITDA in H1 2026
GF Group Currency effects on sales and EBITDA in H1 2026 (CHF million) Per Per Sales EBITDA Rates Sales EBITDA division currency H1 2025 H1 2026 Change GF IIFS -54 -19 EUR 0.941 0.918 -2.5% -11 -2 GF BFS -34 -4 USD 0.863 0.787 -8.8% -42 -13 GF CS -3 -0 CNY 0.119 0.115 -3.6% -15 -3 GF CM - +3 TRY 0.0
Slide 27: GF Group balance sheet
GF Group GF Group balance sheet (CHF million) 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Cash and cash equivalents 448 569 Current liabilities 1’055 1’546 Trade accounts receivable 729 664 Bonds 1'774 1'449 Inventories 709 744 Other financial liabilities 175 355 Other current assets 155 143 Oth
Slide 28: GF Group Free Cash Flow
GF Group GF Group Free Cash Flow (CHF million) H1 2026 H1 2025 EBITDA 29 354 Profit/loss from divestments 172 -140 EBITDA adjusted for profit/loss divestments 201 214 Changes in trade accounts receivable -140 -110 Changes in inventories -47 -59 Changes in trade accounts payable 40 14 Interest paid -
Slide 29: GF Group net debt development
GF Group GF Group net debt development Net debt (CHF million, net debt / EBITDA (x)1) ▪ Expected proceeds of ~ CHF 220 million from Precicast divestment 3.0x 4.0x ~2.4 – 2.8x used for debt reduction 1’684 1’619 ▪ Net debt / EBITDA1 estimated at ~2.4-2.8x post-closing at year-end ~1’250 Net debt Net
Slide 30: Outlook 2026
Outlook 2026 Andreas Müller, CEO © GF v3.3 30 Schaffhausen, 17 July 2026 | H1 2026 | Investor, Analyst and Media Conference
Slide 31: 2026 outlook for GF's Flow Solutions business
GF’s Flow Solutions business 2026 outlook for GF’s Flow Solutions business Industry Infrastructure Buildings ▪ Strong semiconductor and ▪ Continued high demand driven by ▪ Positive development in overall data center order intake global water infrastructure subdued construction markets in investments
Slide 32: Strategy 2030 targets to drive profitable growth
GF’s Flow Solutions business Strategy 2030 targets to drive profitable growth Net sales EBITDA margin FCF / EBITDA conversion Return on invested capital CHF billion x x x 4.2 – 4.5 16 – 18% > 50% 21 – 26% incl. 0.5 – 0.6 bn acquisitions EBIT margin: 13 – 15% Organic growth CAGR 4-6% Maximize the cor
Slide 33: Q&A
Q&A © GF v3.3 33 Schaffhausen, 17 July 2026 | H1 2026 | Investor, Analyst and Media Conference
Georg Fischer AG (GF) — H1 2026 Earnings Presentation on 6ix