V-zug Holding Ltd · SIX:VZUG
V-zug — H1 2025 Earnings Presentation
25 slides from V-zug's earnings presentation, Jul 23, 2025
Slide 1: V-ZUG Group – Half-Year Results 2025
V-ZUG Group – Half-Year Results 2025 23 July 2025
Slide 2: Net sales and EBIT in 1H25 lower than previous year
Net sales and EBIT in 1H25 lower than previous year. New set-up of project business in Switzerland enabling future growth. Partner model supporting positioning of V-ZUG brand. Effective cost management.
Slide 3: Agenda
Agenda 1. Overview 2. Selected focus points 2025 3. Financial Information 4. Outlook 5. Q&A 3
Slide 4: Overview: Half-year 2025 at a glance
1. Overview: Half-year 2025 at a glance Slow market recovery meets transformation challenges: Shaping strategic set-up, impacting short-term results Market environment Strategic transformation Key figures ▪ Moderate demand development ▪ Differentiation ▪ Net sales: based on cautious consumer pattern
Slide 5: Agenda
Agenda 1. Overview 2. Selected focus points 2025 3. Financial Information 4. Outlook 5. Q&A 5
Slide 6: Selected focus points 2025: Top and bottom-line measures
2. Selected focus points 2025: Top and bottom-line measures Reduction of complexity accompanied by growth initiatives Efficiency programmes – ongoing Growth initiatives – ramped up in 2025 ▪ Quality cost ▪ Countries and market penetration Reduction of warranty and amiability cost by improved − Focus
Slide 7: Selected focus points 2025: Markets Switzerland and International
2. Selected focus points 2025: Markets Switzerland and International Positioning of V-ZUG brand Switzerland International ▪ Project business ▪ Studio in Melbourne and realigned Bangkok opened ▪ New partner model ▪ Salone del Mobile introduced leveraged for customers and partners ▪ Swiss Kitchen as U
Slide 8: Driving success with key partners
2. Selected focus points 2025: Driving success with key partners V-ZUG’s modernised terms & conditions model (T&C) strengthens partnership with retail partners Performance Retail V-ZUG Partner support partners relevant for B2B2C / B2B2B CHF T&C 1, e.g. point of sales T&C 2, e.g. trainings T&C 3, … R
Slide 9: Durability, repairability, customer loyalty
2. Selected focus points 2025: Durability, repairability, customer loyalty Decision “repair” or “new purchase”, based on 200k customer service visits in Switzerland Repair rate of 10-year-old appliances : 90 % Repair rate of 15-year-old appliances : 80 % Repair rate of 20-year-old appliances : 75 %
Slide 10: Our approach to the circular economy
2. Selected focus points 2025: Our approach to the circular economy Considering the entire product life cycle – expanding responsibilities – closing circularities 10
Slide 11: Our site transformation
2. Selected focus points 2025: Our site transformation V-ZUG has invested over CHF 300 million in Swiss production over 8 years 11
Slide 12: Agenda
Agenda 1. Overview 2. Selected focus points 2025 3. Financial Information 4. Outlook 5. Q&A 12
Slide 13: Financial information half-year 2025: Net sales
3. Financial information half-year 2025 Lower net sales in Switzerland and Asia partly compensated by North America Net sales in CHF million Net sales by region 16.6 International Markets: in CHF million 8.6 - 35.4 % 14.3 % of total net sales 350 + 100.8 % 300 13.6 + 0.6 % 250 200 271.2 232.3 150 -
Slide 14: V-ZUG Group – Key figures half-year comparison
3. Financial information half-year 2025 V-ZUG Group – Key figures half-year comparison in CHF million 1H25 1H24 Stable gross profit margin Net sales 271.2 284.1 - 4.5 % Lower sales volumes and impact from new partner model and Simplify EBITDA 19.4 23.5 - 17.5 % Lower EBIT EBITDA in % 7.2 % 8.3 % -
Slide 15: Earnings lower due to lower volumes
3. Financial information half-year 2025 V-ZUG Group – Earnings lower due to lower volumes Net sales EBITDA Operating result (EBIT) in CHF million in CHF million in CHF million 350 60 45 312.4 53.7 303.0 38.3 298.2 40 300 284.1 50 271.2 35 250 40 30 200 25 30 150 23.5 20 21.4 19.2 19.4 20 15 100 8.8
Slide 16: FTE stable while moving production to Zephyr Ost
3. Financial information half-year 2025 V-ZUG Group – FTE stable while moving production to “Zephyr Ost” Total FTEs CAPEX R&D expenses* as of 30 June incl. temps in CHF million in CHF million and % of net sales 2500 30 30 8.9 % 2’145 26.1 8.7 % 8.7 % 2’114 2’085 2’073 24.6 25.6 2’066 24.2 25 2000 7.
Slide 17: V-ZUG Group – Cash flow statement
3. Financial information half-year 2025 V-ZUG Group – Cash flow statement in CHF million 1H25 1H24 Operating cash flow lower than previous year due to Cash flow from operating activities - 22.3 - 10.8 Course of business / net result ▪ of which taxes paid - 3.1 - 1.3 Greater increase of inventory due
Slide 18: V-ZUG Group – Balance sheet
3. Financial information V-ZUG Group – Balance sheet in CHF million 30.06.2025 in % 30.06.2024 in % Cash and cash equivalents incl. securities 34.1 5.5 45.5 7.3 Other current assets 173.5 27.9 187.9 30.3 Current assets 207.6 33.3 233.3 37.6 Tangible assets 381.6 61.3 352.3 56.8 Financial and intangi
Slide 19: Capex – all major projects on track and within budget
3. Financial information half-year 2025 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 Mainten
Slide 20: Agenda
Agenda 1. Overview 2. Selected focus points 2025 3. Financial Information 4. Outlook 5. Q&A 20
Slide 21: Mid-term targets
4. Mid-term targets Strategy cycle 2026-30 started 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 Based on the order book in the international markets and the initiated strategic measu
Slide 22: Outlook 2025 and beyond
4. Outlook 2025 and beyond Targets proving more challenging than expected Challenging conditions Geopolitical tensions, economic challenges and trade tariffs adding uncertainty. Positive signals Solid order book in International and enhanced partner base. Strategic initiatives Global growth, cost an
Slide 23: Agenda
Agenda 1. Overview 2. Selected focus points 2025 3. Financial Information 4. Outlook 5. Q&A 23
Slide 24: Q&A
5. Q&A
Slide 25: 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