V-zug Holding Ltd · SIX:VZUG
V-zug — FY2024 Earnings Presentation
34 slides from V-zug's earnings presentation, Mar 6, 2025
Slide 1: V-ZUG Group Full-year results 2024
V-ZUG Group Full-year results 2024 6 March 2025
Slide 2: Disclaimer
Disclaimer “This meeting will be recorded, in particular for the purposes of know-how management or business-related documentation/evidence storage and may in principle be made accessible to the invited persons and, if necessary, to other V-ZUG employees. Reference to the recording will be made at t
Slide 3: Increased sales and profitability, positive free cash flow, first dividend
Increased sales and profitability Positive free cash flow despite substantial investments First proposal for a dividend since going public
Slide 4: Agenda
Agenda 1. Overview 2. Selected focus points 2024 3. Financial Information 4. Outlook 5. Investment Case 6. Q&A
Slide 5: Overview: Full-year 2024 at a glance
1. Overview: Full-year 2024 at a glance Returning to growth path Market environment Strategic transformation Key figures ▪ Positive demand development based ▪ Differentiation → positioning of ▪ Net sales: CHF 591.7 million on improving consumer confidence V-ZUG as a premium brand (FX-neutral + 1.5 %
Slide 6: Overview: Transitioning to a steadier business environment
1. Overview: Transitioning to a steadier business environment Differentiation – Invigorating growth 2022 2021 Supply chain 2024 Pandemic-related disruptions Revitalised growth boom 2023 Destocking Investments in differentiation pay off 2019 2020 2021 2022 2023 2024 2025 Net sales, actual Net sales,
Slide 7: Overview: Margins on an upward trajectory
1. Overview: Margins on an upward trajectory Sales and margin development in the years 2020 – 2024 Sales in CHF million Margin in % 631.3 636.3 20 585.4 591.7 600 569.4 15.0 500 14.0 15 400 EBITDA 9.9 9.4 margin 10 8.6 300 8.3 6.7 200 4.3 EBIT 5 2.9 margin 100 1.6 0 0 2020 2021 2022 2023 2024 7
Slide 8: Agenda
Agenda 1. Overview 2. Selected focus points 2024 3. Financial Information 4. Outlook 5. Investment Case 6. Q&A
Slide 9: Selected focus points 2024: Driving success with differentiation
2. Selected focus points 2024: Driving success with differentiation How differentiation fuels growth: the Adora dishwasher as one example ▪ New features: high-quality dish racks offering comfort, flexibility, and new programmes ▪ Improved presentation of sales ▪ As a result, the volume of dishwasher
Slide 10: Selected focus points 2024: Driving success with key partners
2. Selected focus points 2024: Driving success with key partners V-ZUG’s modernised terms & conditions model (T&C) strengthens partnership with retail partners and supports margin improvements Performance Retail V-ZUG Partner support partners relevant for B2B2C / B2B2B CHF T&C 1, e.g. point of sales
Slide 11: Selected focus points 2024: Driving success in international markets
2. Selected focus points 2024: Driving success in international markets International own-brand grew substantially in 2024: currency adjusted + 18.8 % China: Europe: Strong growth, progressing Investments paying off, e.g. in Austria in retail business Distribution partnerships proving successful, e.
Slide 12: Selected focus points 2024: Our site transformation
2. Selected focus points 2024: Our site transformation With the completion of «Zephyr Ost», V-ZUG has invested over CHF 300 million in the Swiss production landscape over the past 8 years
Slide 13: Selected focus points 2024: Our circular economy factory
2. Selected focus points 2024: Our circular economy factory From concept to reality: phased development and partnerships Pilot and transition Industrialisation Continuous flow Proof of Concept and Initial Setup Batch Process Ramp-Up and Scaling Continuous flow: V-ZUG + scaling partner / recycling co
Slide 14: Moving from 2024 into 2025: Our business initiatives focus on growth
2. Moving from 2024 into 2025: Our business initiatives focus on growth Business initiatives are split in 4 growth initiatives and 4 transformation initiatives Transformation initiatives Portfolio 2026+ People & Culture „How to win“ (product, digital, service) Swiss market International markets Grow
Slide 15: Agenda
Agenda 1. Overview 2. A few 2024 focus points: Driving success 3. Financial Information 4. Outlook 5. Investment Case 6. Q&A
Slide 16: Financial information 2024: Strong growth in International own brand
3. Financial information 2024 Returning to growth path - Strong growth in International own brand business Net sales in CHF million Net sales by region in CHF million 700 9.5 15.2 % 18.4 % 58.6 17.8 % 16.0 % - 68.9 % 600 + 21.5 % 26.8 500 + 6.1 % 400 591.7 496.8 300 + 1.1 % + 3.2 % (FX neutral: + 1.
Slide 17: Net sales development 2023 vs. 2024 affected by opposing factors
3. Financial information 2024 V-ZUG Group – Net sales development 2023 vs. 2024 affected by opposing factors In CHF million 620 10 Switzerland: ▪ 2023 benefited from clearing 2022 order backlog in 30 2 600 January and February 592 585 -21 ▪ Excluding this impact, growth in 2024 vs. 2023 would be ove
Slide 18: Key figures full year comparison
3. Financial information 2024 V-ZUG Group – Key figures full year comparison in CHF million FY24 FY23 ▪ FX-neutral net sales growth of + 1.5% due to • Growth in Switzerland and International own brand • Destocking activities of trade partners came to an end Net sales 591.7 585.4 + 1.1 % ▪ Improved
Slide 19: Earnings continued to improve
3. Financial information 2024 V-ZUG Group – Earnings continued to improve Net sales EBITDA Operating result (EBIT) in CHF million in CHF million in CHF million 700 100 94.7 70 631.3 636.3 62.7 585.4 591.7 90 600 60 80 500 70 50 400 60 55.6 40 50 48.6 42.7 300 30 40 25.3 200 30 20 16.8 20 10.3 100 10
Slide 20: Key figures half-year comparison
3. Financial information 2024 V-ZUG Group – Key figures half-year comparison ▪ Net sales higher in 2H24 due to in CHF million 2H24 1H24 • The seasonality is back to normal with 48% in H1 Net sales 307.6 284.1 + 8.3 % vs. 52% in H2 EBITDA 32.0 23.5 + 36.3 % ▪ Profitability improved in 2H24 due to •
Slide 21: Household Appliances segment – Key figures
3. Financial information 2024 Household Appliances segment – Key figures full-year comparison in CHF million FY24 FY23 ▪ Net sales Switzerland: CHF 496.8 million, + 3.2 % ▪ Net sales International: CHF 94.9 million, - 8.8 % Net sales 591.7 585.4 + 1.1 % • International own brand: Operating result
Slide 22: Real Estate segment – Key figures
3. Financial information 2024 Real Estate segment – Key figures full-year comparison in CHF million FY24 FY23 ▪ The Real Estate segment primarily encompasses V-ZUG’s production sites Net sales ̶ ̶ ̶ ▪ Stable development of EBIT and ROCE Operating result (EBIT) 6.2 5.9 + 4.8 % ROCE in % 1) 3.0 % 3.
Slide 23: FTEs, CAPEX and R&D expenses
3. Financial information 2024 V-ZUG Group – FTEs flat with some temps in operations, continuous high investments, and simplifications in R&D Total FTEs CAPEX R&D expenses* as of 31 December 2024 incl. temps in CHF million in CHF million and % of net sales 2500 80 60 8.6 % 8.4 % 2193 68.4 2080 2066 2
Slide 24: Cash flow statement
3. Financial information 2024 V-ZUG Group – Cash flow statement in CHF million FY24 FY23 ▪ Operating cash flow back on a more normal level after extraordinary high level in prior year Cash flow from operating activities 58.0 80.5 ▪ of which taxes paid - 2.8 - 1.3 • Further improvement of net working
Slide 25: Balance sheet
3. Financial information 2024 V-ZUG Group – Balance sheet in CHF million 31.12.2024 in % 31.12.2023 in % Cash and cash equivalents incl. securities 83.5 13.1 81.0 13.1 Other current assets 147.0 23.1 156.9 25.3 Current assets 230.5 36.2 237.8 38.4 Tangible assets 371.7 58.4 348.3 56.2 Financial and
Slide 26: Capex – all major projects on track and within budget
3. Financial information 2024 Capex – all major projects on track and within budget in CHF million As of 2025 2026 2027 2028 2029 Total Capex Transformation/expansion & maintenance capex overall Ø 70 ~45 Ø 30 – 35 Real Estate Transformation capex “Zephyr West” (Zug) 1) Ø 30 segment Maintenance capex
Slide 27: Agenda
Agenda 1. Overview 2. A few 2024 focus points: Driving success 3. Financial Information 4. Outlook 5. Investment Case 6. Q&A
Slide 28: Outlook: Cornerstones of V-ZUG's strategic direction
4. Outlook Cornerstones of V-ZUG’s strategic direction ▪ Strengthening of the V-ZUG brand ▪ Sharpening and expanding the market position in Switzerland ▪ Expansion in meaningful markets outside Switzerland - primarily in affluent metropolitan regions ▪ Investments into innovative product portfolio (
Slide 29: Dividend: Proposal to AGM to pay a dividend and distribute reserves
4. Dividend Proposal to AGM to pay a dividend and distribute reserves In view of the improved operating performance, positive cash flow and the solid balance sheet, the Board of Directors will propose to the General Meeting an ordinary dividend as well as a distribution from capital reserves totalli
Slide 30: Mid-term Targets
4. Mid-term Targets Mid-term targets unchanged & confirmed Mid-term targets Net sales 3 % annual organic growth International > 10 % annual organic growth net sales EBIT margin 10 – 13 % Dividends 20 to 40 % pay-out ratio In 2025, V-ZUG expects sales and profitability to continue to improve. V-ZUG r
Slide 31: Agenda
Agenda 1. Overview 2. A few 2024 focus points: Driving success 3. Financial Information 4. Outlook 5. Investment Case 6. Q&A
Slide 32: Why invest in V-ZUG?
5. Why invest in V-ZUG? 1 2 3 4 5 Proven ability Market leader Established player in Ongoing ability to Sustainability as a to generate in Switzerland premium segment in lead innovations in key Unique Selling double-digit with a unique and selected international the industry Proposition EBIT margins
Slide 33: Q&A
6. Q&A
Slide 34: Disclaimer
Disclaimer V-ZUG Holding AG (including all its affiliates) has made great efforts to include accurate and up-to-date information in this document. However, we make no representations or warranties, expressed or implied, as to the accuracy or completeness of the information provided in this document