Arbonia Ag · SIX:ARBN
Arbonia — FY2025 Earnings Presentation
34 slides from Arbonia's earnings presentation, Mar 3, 2026
Slide 1: FY results 2025
FY results 2025 Claudius Moor (CEO), Uwe Schiller (CFO)
Slide 2: Agenda
1. Summary 2. Market update 2. Market update 3. Business update 3. Business update 4. Group results 4. Group results 5. Outlook 5. Outlook QA Q&A Appendix Appendix 2
Slide 3: Growth in organic sales and adj. EBITDA
Growth in organic sales and adj. EBITDA Financials 2025 CHF 625 M CHF 56.3 M CHF 57.3 M 1 CHF 43 M (-13%) net revenues EBITDA (reported) EBITDA (adjusted) Capex +3.7% 9.0% 9.2% 1 organic growth EBITDA margin (rep.) EBITDA margin (adj.) Key messages 1. Organic revenues growth of 3.7% (Wood +6.1%, Gla
Slide 4: FY and HY results in perspective – Continuously improving results
FY and HY results in perspective – Continuously improving results Revenue and EBITDA development by semester (in CHF M) 1 Full Year development Half Year development Net Revenue EBITDA Launch of +15% new Arbonia +20% +27% 622.2 602.0 307.2 315.0 57.3 288.5 +52% 49.8 26.1 31.2 20.5 FY 2024 FY 2025 H2
Slide 5: Arbonia – Platform for Growth
Arbonia – Platform for Growth Market leadership in continental Europe • Extending market share by organic growth in our core and neighbouring markets by accessing new customers, market segments and sales channels • Leveraging the Arbonia platform to combine products Sales from all our factories acro
Slide 6: Agenda
1. Summary 1. Summary 2. Market update 3. Business update 3. Business update 4. Group results 4. Group results 5. Outlook 5. Outlook QA Q&A Appendix Appendix 6
Slide 7: Development of residential construction in European markets
Development of residential construction in European markets Arbonia's main markets Germany 1 Switzerland 2 Spain 2 337 57 57 145 150 311 57 57 138 -11% 128 220 -3% Permits 3 173 55 54 108 109 109 212 225 53 192 +4% 11.2% 10.2% 5.9% 3.9% 1.4% 0.9% 16.7% 8.1% 5.1% 3.5% 0.0% -21.3% 265 264 263 47 125 2
Slide 8: Interest rate development
Interest rate development 1 Arbonia's main markets In % 5 Main market developments 4 • ECB and SNB interest rates have decreased in 2025 87 bps • DE: mortgages rates have not reacted in line with ECB 3 174 bps interest reduction and are 23% above Spain's level 2 • CH: mortgage rates back on a 2% lev
Slide 9: Market developments through 2027
Market developments through 2027 German interior doors market Development of total interior door potential in Germany until 2027 • Due to war in Ukraine, inflation, high construction costs and rising interest rates, Germany experienced a significant decline since mid-2022, especially in residential
Slide 10: Agenda
1. Summary 1. Summary 2. Market update 2. Market update 3. Business update 4. Group results 4. Group results 5. Outlook 5. Outlook QA Q&A Appendix Appendix 10
Slide 11: Business update – Sales
Business update – Sales Wholesale, project business and DIY in Europe Recently completed projects • Differentiation through industry-leading delivery times and full range portfolio Wholesale • Offering complete Arbonia portfolio with doors from Rozière, Prüm, Invado, Dimoldura France • High demand f
Slide 12: Business update – Cost leadership
Business update – Cost leadership Cost leadership through state-of-the-art plants and digital end-to-end processes Cost leadership: key initiatives operations Arbonia completed the ARBEX 5-year investment program • Arbonia Excellence program to improve process quality at plants for Industry 4.0, tot
Slide 13: M&A – Extending market leadership
M&A – Extending market leadership Diversifying sales and adding key-competences with acquisition of Cicomol and RZB Core markets Extending our market leadership Export markets Arbonia Doors markets Integration of Cicomol RZB • Extending market share with acquisition of Cicomol, Cicomol market leader
Slide 14: Agenda
1. Summary 1. Summary 2. Market update 2. Market update 3. Business update 3. Business update 4. Group results 5. Outlook 5. Outlook QA Q&A Appendix Appendix 14
Slide 15: Revenues – 2025 Arbonia Group financial results
2025 Arbonia Group financial results in CHF M +3.3% Revenues 602 20 622 2 625 • Revenue increase of 3.3% vs. 2024, with negative FX impact of -1.2% EUR/CHF Revenues • +6.1% organic growth in Wood, while Glass declining organically by -4.0% • Cicomol and RZB contributed <1% of Arbonia's total revenue
Slide 16: Depreciation & Amortization and EBIT
2025 Arbonia Group financial results in CHF M +13.9% +4.7% Depreciation & Amortization 38 17 • Depreciations are increasing due to 16 Depr. & Amort. 33 4 capitalization of finished projects from the 4 investment programs, including CHP Prüm PPA Amort. • Slight increase in PPA amortization due to 29
Slide 17: Arbonia Group NWC, Capex and Free Cash Flow
Arbonia Group NWC, Capex and Free Cash Flow As reported, continuing operations (excl. Climate) in CHF M NWC Capex Free Cash Flow in % of net revenue incl. discontinued operations -6.9% -13.1% +727 51 50 47 605 43 17 13 33 31 8.5% 7.4% 9.0% 7.0% -122 2024 20251 2024 2025 2024 2025 NWC in % of NR NWC
Slide 18: Net Debt development in H2 2025
Net Debt development in H2 2025 in CHF M 149 -7 2 (-5.3%) 132 22 -28 125 -19 0 121 10 2 Net Debt 30.06.2025 Oper. Cash Flow Leasing Additions Current Taxes Other Net Debt before Acq. RZB/Cicomol IFRS 16 of Net Debt IFRS Liability Net Debt, IFRS 16 Acq. 31.12.2025 minus Cash acquired acquisitions 31.
Slide 19: Agenda
1. Summary 1. Summary 2. Market update 2. Market update 3. Business update 3. Business update 4. Group results 4. Group results 5. Outlook QA Q&A Appendix Appendix 19
Slide 20: 2026 Guidance – Rising EBITDA & lower Capex to drive FCF growth
2026 Guidance – Rising EBITDA & lower Capex to drive FCF growth Organic revenue growth in 2026 by leveraging: • Geographic distribution Revenue • Product portfolio ranging from standard to special doors • Project business and new sales channels • Disciplined pricing policy Guidance 2026 Continued ma
Slide 21: 2029 Mid-term Guidance – Unchanged
2029 Mid-term Guidance – Unchanged Free Cashflow Guidance added • Raise market share • Market normalisation and recovery in Germany Guidance 2029 • Growth stimulus from interest rate cuts Revenue 1 • Spare capacities after completed investment programme • Net revenues: CHF 820 – 850 M in 2029 • Mark
Slide 22: Agenda
1. Summary 1. Summary 2. Market update 2. Market update 3. Business update 3. Business update 4. Group results 4. Group results 5. Outlook 5. Outlook Q&A Appendix Appendix 22
Slide 23: Appendix
1. Summary 1. Summary 2. Market update 2. Market update 3. Business update 3. Business update 4. Group results 4. Group results 5. Outlook 5. Outlook QA Q&A Appendix 23
Slide 24: Business Update – Establishing the European market leader
Business Update – Establishing the European market leader Development of Arbonia Doors (excl. corporate costs) Dimoldura/Lignis Milestones Looser- Integration of Capacity Start of ERP Integration of SAP Go Live Interwand- Dimoldura/ Cicomol/ (pro-forma) acquisition Prüm, Garant expansion harmonizati
Slide 25: Financial performance vs. Jeld-Wen in FY 2025
Overview of European interior doors market Financial performance vs. Jeld-Wen in FY 2025 Goal: Achieving clear market leadership Jeld-Wen Europe Arbonia Group in CHF in CHF Market share 2024 Org. growth Net revenues in M Org. growth of +3.7% of –5.0% (Wood +6.1%) -13% Long-tail of 964 national door
Slide 26: Revenue breakdown Arbonia
Revenue breakdown Arbonia Including FX effects, continuing operations 2024 (pro-forma) 2 2025 PT PT Others Others AT AT NL/BE 3% 4% NL/BE 2% 2% 2% 2% 1% 1% 7% 6% FR FR 6% 6% CEE1 CEE1 49% DE 49% DE 12% 12% ES ES 18% 19% CH CH 1 CEE: Poland, Czech Republic, Hungary, Slovakia | 2 incl. revenue of Dimo
Slide 27: Business update – Non-operating assets
Business update – Non-operating assets Radiator factory, Tubbergen (NL): • Sale of a former radiator factory in Tubbergen to a real estate investor completed in H1 for CHF 6.3 M • Sale of this non-operating asset led to a book gain of CHF 2.9 M Radiator factory (RU): • Agreement signed in January 20
Slide 28: Current, deferred and paid income taxes
Current, deferred and paid income taxes P&L Impact Cash Flow Impact in CHF M 2025 Current income taxes 7’614 2025: Total impact of income tax on cash flow statement CHF 7.9 M Changes in deferred income taxes -4’994 Income tax paid related to operating business CHF 4.9 M Total 2’620 . . Income tax pa
Slide 29: Wrap-up Climate divestment
Wrap-up Climate divestment 1 Book gain, cash inflow and effects on balance sheet Book gain Highlights balance sheet impact 2 • Purchase price received for sale of Climate division of CHF 701 M in CHF M 31/12/2025 31/12/2024 Δ (EUR 742 M) • Minus net assets of CHF 475 M results in a book gain of CHF
Slide 30: Market outlook
Market outlook Euroconstruct (November 2025) Share New residential construction CAGR 26-28 CAGR 26-28 CAGR 26-28 new built renovation total 2025 rev. 1 In EUR billion at 2024 prices +4.5% -31% 49% 85.7 75.7 62.4 +3.8% +1.2% +1.8% 57.1 55.1 57.6 59.3 2022 2023 2024 2025f 2026f 2027f 2028f +1.2% -6% 1
Slide 31: Market outlook
Market outlook Euroconstruct (November 2025) Share New residential construction CAGR 26-28 CAGR 26-28 CAGR 26-28 new built renovation total 2025 rev. 1 In EUR billion at 2024 prices +6.0% +33% 12% 56.1 56.7 58.8 62.8 66.6 70.6 74.5 +5.8% +1.0% +4.2% 2022 2023 2024 2025f 2026f 2027f 2028f +5.4% -12%
Slide 32: Market outlook
Market outlook Euroconstruct (November 2025) Share New residential construction CAGR 26-28 CAGR 26-28 CAGR 26-28 new built renovation total 2025 rev. 1 In EUR billion at 2024 prices +5.0% +29% 1% 13.4 13.6 14.2 15.6 16.1 16.9 17.4 +3.9% +5.8% +4.7% 2022 2023 2024 2025f 2026f 2027f 2028f +1.1% -9% 3%
Slide 33: Economic indicators
Economic indicators Arbonia's main markets - Germany Permits vs. mortgage rate Permit development 1,3 Mortgage rate In Tsd. Permits in tsd. 1 (inverted) 2 50 35 -1% 0% 40 30 1% 25 2% 30 20 3% 20 4% 15 5% 10 10 6% 5 7% 0 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2016 2018 2020 2022 2024
Slide 34: Thank you!
Thank you! Investor Relations ir@arbonia.com Arbonia AG Amriswilerstrasse 50, CH-9320 Arbon www.arbonia.com