Arbonia Ag · SIX:ARBN
Arbonia — H1 2025 Earnings Presentation
32 slides from Arbonia's earnings presentation, Aug 26, 2025
Slide 1: H1 results 2025
H1 results 2025 Claudius Moor (CEO), Uwe Schiller (CFO)
Slide 2: Agenda
1. Overview 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: Overview
Overview Financials H1 CHF 28 M 9.1% CHF 17 M (-16% reduction) 2025 CHF 307 M EBITDA (reported) EBITDA margin (rep.) Capex net revenues CHF 26.1 M 8.5% -1.5% organic growth EBITDA (adjusted) EBITDA margin (adj.) 1. Good start to the year with good order entries in a heterogeneous European market wit
Slide 4: H1 results in perspective – continuously improving results
H1 results in perspective – continuously improving results Revenue and profitability development by semester (in CHF M) 1 Launch of new Arbonia Net revenue EBITDA >25% +27% Guidance confirmed 2025 3-5% net revenue growth 1, from a pro- 307.2 forma revenue of CHF 604 M in 2024 288.5 >50% 26.1 ~CHF 60
Slide 5: Overview
1. Overview 1. Overview 2. Market update 3. Business update 3. Business update 4. Group results 4. Group results 5. Outlook 5. Outlook QA Q&A Appendix Appendix 5
Slide 6: Current market developments
Current market developments Germany residential building permits Residential construction Multi-family homes 1 Single-family homes Two-family homes Number of approved residential units in Number of approved residential units Number of approved residential units Number of approved residential units n
Slide 7: Market outlook
Market outlook Euroconstruct (June 2025) Share New residential construction CAGR 25-27 CAGR 25-27 CAGR 25-27 new built renovation total 2024 rev. 1 In EUR billion at 2024 prices -5.0% -34% 49% 95.6 87.1 79.3 69.7 +0.3% +1.0% +0.8% 63.1 60.0 63.6 2021 2022 2023 2024 2025f 2026f 2027f +1.1% -4% 18% 25
Slide 8: Market outlook
Market outlook Euroconstruct (June 2025) Share New residential construction CAGR 25-27 CAGR 25-27 CAGR 25-27 new built renovation total 2024 rev. 1 In EUR billion at 2024 prices +6.0% +28% 12% 53.3 54.9 55.4 57.5 61.8 65.5 68.1 +5.0% +2.2% +4.1% 2021 2022 2023 2024 2025f 2026f 2027f +6.6% -26% Weste
Slide 9: Market outlook
Market outlook Euroconstruct (June 2025) Share New residential construction CAGR 25-27 CAGR 25-27 CAGR 25-27 new built renovation total 2024 rev. 1 In EUR billion at 2024 prices +6.2% +6% 1% 14.7 15.5 14.1 13.7 14.2 15.1 15.6 +4.6% +6.5% +5.4% 2021 2022 2023 2024 2025f 2026f 2027f +4.4% +12% 3% 12.1
Slide 10: 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 11: Business update
1. Overview 1. Overview 2. Market update 2. Market update 3. Business update 4. Group results 4. Group results 5. Outlook 5. Outlook QA Q&A Appendix Appendix 11
Slide 12: Highlights H1 and update project business
Highlights H1 and update project business Invaluable contacts and project orders secured at Arbonia Next most successful H1: Spin-off of Kermi Arbonia Next Lignis: Sale of non- • 15'000 digital access points shower business congress & CMD Expansion of operating real • 2 housing companies per from Ke
Slide 13: Update for non-operating assets
Update for non-operating assets Corporate Center, Tubbergen, Russia Corporate Center, Arbon (CH): • Corporate Center in Arbon (CH) transformed to a Business Center, now fully rented out • After a short modernisation period, new renters are moving into the building in fall 2025 • New and existing lea
Slide 14: Group results
1. Overview 1. Overview 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 in CHF M -2.9% Revenues 49 316 • Revenue decline driven primarily by glass 268 307 solutions • Organic revenue growth down -1.5% with Revenues doors up +0.4% and glass down -6.7% due to its heavy dependence on the German new build market • H1 '25 also impacted by
Slide 16: Depr. & Amort.
2025 Arbonia Group financial results in CHF M -2.9% Depreciation & Amortization • Depreciations are slightly increasing due to 4 26 27 capitalization of finished projects from the Depr. & Amort. 22 3 investment programs, including CHP Prüm 1 8 9 6 • PPA amortisation is slightly decreasing due to sho
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 +38.5% -28.2% +690.6% +690.6% -10.1% 112 27 23 -15.6% 618 90 81 20 14 17 26 7 6 89 55 13 13 18.5% 18.8% 10 13.4% 9.8% 7.4
Slide 18: Net Debt development
Net Debt development in CHF M -686 357 Net Debt development 132 75 34 11 19 (7) (701) 404 36 (21) (329) Net Debt Cash Cash Debt Net cash Dividends Net debt post Capex Divestment Cash Residual 1 Net Debt 31.12.2024 purchase post and distributions (Tubbergen flow from 30.06.2025 price impact of distri
Slide 19: 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 30/06/2025 31/12/2024 Δ (EUR 742 M) • Minus net assets of CHF 475 M results in a book gain of CHF
Slide 20: Outlook
1. Overview 1. Overview 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 20
Slide 21: 2025 Guidance
2025 Guidance Revenues should increase in H2 due to • Increased order backlog (CHF ~10 M) • Rising market share in core markets and diversified sales channels Revenue (DIY and project business), incl. Arbonia Next orders • Price increases coming into full effect • Continued growth in the Iberian mar
Slide 22: Mid-term guidance (until 2029)
Mid-term guidance (until 2029) Without one-time effects and M&A • Raise market share • Market normalisation and recovery in Germany • Net revenues: CHF 820 – 850 M in 2029 • Growth stimulus from interest rate cuts Revenue1 • EBITDA-margin: 14 – 15% in 2029 • Spare capacities after completed investme
Slide 23: Q&A
1. Overview 1. Overview 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 23
Slide 24: Appendix
1. Overview 1. Overview 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 24
Slide 25: Overview of European interior doors market
Overview of European interior doors market Financial performance vs. Jeld-Wen in H1 Goal: Achieving clear market leadership Jeld-Wen Europe Arbonia Group in USD in CHF Market share 2024 Net revenues in M -18% 1 Org. growth Org. growth of –8.0% of –1.5% -7% Long-tail of 554.5 513.5 +15% / -3%2 nation
Slide 26: Revenue breakdown Arbonia
Revenue breakdown Arbonia Including FX effects, continuing operations H1 2024 (pro-forma) 2 H1 2025 PT PT Others AT Others AT NL/BE 4% NL/BE 3% 2% 2% 2% 1% 1% 1% 7% FR 6% FR 6% 6% CEE 1 CEE 1 50% DE 50% DE 12% 13% ES ES 18% 18% CH CH 1 CEE: Poland, Czech Republic, Hungary, Slovakia | 2 incl. revenue
Slide 27: Income Statement
Income Statement As reported, continuing operations (excl. Climate) • Impact 2024 one-time effect Zelgstrasse CHF 28.8 M • Increase in costs primarily due to acquisitions of Dimoldura and Lignis • Depreciation and amortisation: Increase due to acquisition of Dimoldura and Lignis and further capex ca
Slide 28: Consolidated Balance Sheet, Assets
Consolidated Balance Sheet, Assets Incl. discontinued operations • Increase in working capital due to seasonality of the business • Sale of Climate division led to a reduction of total assets • Assets held for sale contains only AFG RUS H1 results 2025 | 26 August 2025 28
Slide 29: Consolidated Balance Sheet, Liabilities and shareholders' equity
Consolidated Balance Sheet, Liabilities and shareholders' equity Incl. discontinued operations • Financial debt: Repayment of bridge financing of EUR 80 M and promissory note loan of EUR 55 M. Syndicated loan reduced from CHF 199 M as of 31.12.2024 to CHF 105 M as of 30.06.2025. • Liabilities associ
Slide 30: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Incl. discontinued operations • Cash Flow from operating activities negatively impacted by net working capital need of Climate division up to the date of sale of CHF 22 M • Sales costs for the Climate sale (UBS, Jefferies, Baker, transaction bonuses) included in CF f
Slide 31: Organic growth continuing operations
Organic growth1 continuing operations Net revenues as Δ reported FX Acq. Organic Price Volume H1 2025 H1 2024 Year effect effect growth 1 effect effect in CHF m Total Arbonia Group 307.2 267.8 +14.7% -2.0% +18.2% -1.5% +0.2% -1.7% Wood Solutions 245.0 199.8 +22.6% -2.1% +24.3% +0.4% +0.2% +0.2% Glas
Slide 32: Thank you!
Thank you! Investor Relations ir@arbonia.com Arbonia AG Amriswilerstrasse 50, CH-9320 Arbon www.arbonia.com