Slide 1: Media and Financial Analysts Conference
Media and Financial Analysts Conference BELIMO Holding AG Financial Performance 2024 of the Belimo Group Zurich, February 24, 2025
Slide 2: Agenda
Agenda Business and Market Review 1 Lars van der Haegen, CEO Financial Performance 2024 2 Dr. Markus Schürch, CFO Deep Dive: Digital Ecosystem Agenda 3 Dr. Elena Cortona, CTO Outlook 2025 4 Dr. Markus Schürch, CFO Q&A and Apéro Riche 5 All Belimo 2025 2
Slide 3: CEO Keynote: What Made 2024 a Special Year
Business and Market Review CEO Keynote: What Made 2024 a Special Year Strong Demand in Market Accelerating Renovation Americas; Growth in Data Potential; Skilled European Recovery Centers Labor Shortages Emerging Belimo Building on Launching New MSCI Upgrade Momentum: Strategic from AA to AAA; Reven
Slide 4: Building Momentum
Business and Market Review Building Momentum Strong Financial Successful Strategy Outlook and Performance Execution Priorities for 2025 › Net sales of CHF 944 million and › Net sales increase above strategic growth › For 2025, we expect a sales growth 13.1% sales growth in local currencies corridor
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Slide 6: Changes to the Board of Directors
Changes to the Board of Directors Thomas Hallam (Born 1966), British and Swiss Education ▪ 1997: Member of the Chartered Institute of Management Accountants (CIMA), United Kingdom ▪ 1988: Bachelor degree in Accounting and Finance, University of Manchester, United Kingdom Professional Experience ▪ 20
Slide 7: Strong Track Record
Business and Market Review Strong Track Record Net Sales Growth CAGR: 9.7% 2004 until 2024; in LC 1’000 25 13% 900 12% 7% 800 17% 20 9% 700 0% 10% 600 8% 15 7% 7% 4% 500 5% 6% 15% 944 15% -2% 10% 847 859 400 15% 765 10 14% 693 11% 642 661 300 10% 580 494 493 534 426 445 473 200 372 404 386 416 5 280
Slide 8: Supporting Megatrends
Business and Market Review Supporting Megatrends Urbanization Higher demand in Comfort, Energy Efficiency Climate Change and Safety in buildings Digitalization Belimo 2025 8
Slide 9: Growth Strategy: Capturing Potential in Data Center Applications
Business and Market Review Growth Strategy: Capturing Potential in Data Center Applications Customer Data Centers added as strategic growth initiative Value replacing Digital Customer Experience RetroFIT+ 2022-2030 Grow Asia Pacific 2nd Phase of Data Centers Growth Strategy 2016-2021 Solution 1st Ph
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Slide 28: CQ RetroFit
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Slide 31: Together to the Top
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Slide 32: Agenda
Agenda Business and Market Review 1 Lars van der Haegen, CEO Financial Performance 2024 2 Dr. Markus Schürch, CFO Deep Dive: Digital Ecosystem Agenda 3 Dr. Elena Cortona, CTO Outlook 2025 4 Dr. Markus Schürch, CFO Q&A and Apéro Riche 5 All Belimo 2025 32
Slide 33: Net Sales Development
Financial Performance 2024 Overview of Sales Development Net Sales YoY Net Sales Growth YoY Net Sales Growth 2024 944 Net Sales Development in CHF million in CHF in %, 2024 in LC in %, 2024 2023 859 943.9 2022 2021 847 765 9.9 13.1 2020 661 Net Sales by Region Net Sales by Business Line Regions & Ap
Slide 34: Net Sales Composition
Financial Performance 2024 Overview Net Sales Bridge (in % - compared to prior year) Volume & Mix Price Others LC Organic FX Reported Net Sales Composition 9.8 2.9 0.4 13.1 -3.2 9.9 ⬈ ⬈ ⬈ ⬈ ⬊ ⬈ in local currency in CHF Positive volume & mix effect driven by Positive price realization largely custome
Slide 35: Sales Review by Business Line
Financial Performance 2024 Sales Review by Business Line Growth Rates in Local Currencies in % In % of Total Net Sales 9.7 Damper Actuators Damper Actuators 45.7 Demand accelerated driven by volume Weighted towards sales generated by the recovery with OEMs and data centers. OEM channel compared to c
Slide 36: Sales by Region – EMEA
Financial Performance 2024 Sales by Region – EMEA EMEA in CHF million, LC adjusted at previous year rates ▪ Solid net sales increase of 5.9% in LC. ▪ Growth driven by renovation. New build construction market impacted by high 389.7 398.2 375.9 interest rates and political uncertainty 3.7% 5.9% ▪ Cha
Slide 37: Sales by Region – Americas
Financial Performance 2024 Sales by Region – Americas Americas in CHF million, LC adjusted at previous year rates 447.9 ▪ 19.8% net sales growth in LC, becoming 434.0 Belimo’s largest revenue-contributing 373.8 region. 16.1% 19.8% ▪ Broad-based positive trends across traditional business verticals a
Slide 38: Sales by Region – Asia Pacific
Financial Performance 2024 Sales by Region – Asia Pacific Asia Pacific ▪ Net sales growth of 14.6% in LC. in CHF million, LC adjusted at previous year rates ▪ Despite challenging circumstances, China, the region's largest market, achieved double-digit growth, driven by targeted initiatives in key ve
Slide 39: Strong Operating Results
Financial Performance 2024 Strong Operating Results EBIT and EBIT Margin EBIT in CHF million, and EBIT Margin in % 19.2% 18.0% 17.8% ▪ Strong profitability driven by top 19.0% line growth and positive customer and product mix effects. 16.3% ▪ Further normalization of material 181.1 costs with positi
Slide 40: FTEs Buildup in Line with Growth Strategy
Financial Performance 2024 FTEs Buildup in Line with Growth Strategy Personnel Expenses in CHF million and in % of net sales 28.1% 28.2% 27.5% 27.1% 29.0% ▪ Personnel expenses increased 265.0 by 9.3% to CHF 265.0 million 242.5 207.1 232.5 (PY CHF 242.5 million). 192.0 ▪ 102 additional FTEs, enabling
Slide 41: Normalization of R&D Spending
Financial Performance 2024 Normalization of R&D Spending R&D Costs in CHF million and in % of net sales 8.9% 7.7% 7.3% 8.1% 7.3% ▪ Stable R&D spending at CHF 72.9 million (PY CHF 76.0 76.0 72.9 million), passed peak investments 56.0 62.1 into new digital portfolio. 53.8 ▪ Relative to net sales R&D e
Slide 42: Higher Net Income
Financial Performance 2024 Higher Net Income ▪ Net income of CHF 146.7 million (PY Net Income Net Income in CHF million, and Net Income Margin in % CHF 136.8 million), up 7.2% YoY (+22.6% when normalized for tax effects); 15.5% of net sales. ▪ Income taxes of CHF 29.4 million 15.5% (PY CHF 5.6 milli
Slide 43: Strong Cash Flow from Operating Activities
Financial Performance 2024 Strong Cash Flow from Operating Activities Cash Flow in CHF million 194.8 ▪ Operating cash flow of CHF 194.8 153.0 157.0 million (PY CHF 157.0 million). 132.8 ▪ Free cash flow (w/o term deposits) 125.7 112.9 110.9 of CHF 132.8 million (PY CHF 110.9 105.5 93.3 million), +34
Slide 44: 2nd Half of the Year
Financial Performance 2024 2nd Half of the Year 2. half- 1. half- in CHF million year Total year proforma* Net sales 473.5 470.3 943.9 Material expenses incl. changes in inventories -183.2 -180.3 -363.6 in % of net sales -38.7% -38.3% -38.5% EBITDA 110.7 106.9 217.6 ▪ Sequentially slightly in % of n
Slide 45: Sound Balance Sheet
Financial Performance 2024 Sound Balance Sheet in CHF million 31.12.2024 31.12.2023 ▪ Considering term deposits Cash and cash equivalents 97.2 110.8 (40m CHF) reported under Other current assets 347.8 279.0 other current assets, cash Non-current assets 318.7 272.2 and cash equivalents Assets 763.7 6
Slide 46: Key Figures – Five Years Comparison
Financial Performance 2024 Key Figures – Five Years Comparison 2020 2021 2022 2023 2024 Net sales growth in local currencies 0.0% 16.6% 11.9% 7.2% 13.1% EBIT margin 16.3% 19.0% 18.0% 17.8% 19.2% Free cash flow in % of net sales 14.1% 6.0% 10.8% 15.8% 9.8% Free cash flow (w/o term deposits) in % of n
Slide 47: Dividend
Financial Performance 2024 Dividend ▪ The Board of Directors will propose an increased dividend of CHF 9.50 per share at the Annual General Meeting on March 24, 2025 (PY CHF 8.50). ▪ Based on the closing price of CHF 599.50 on December 31, 2024, this would result in a return of 1.6% per share for ou
Slide 48: Delivering Continued Strong Results
Financial Performance 2024 Delivering Continued Strong Results 2020 2021 2022 2023 2024 Earnings per share, in CHF 1) 7.05 9.41 9.99 11.14 11.94 Stock market price as of December 31, in CHF 1) 384 580 440 464 600 Dividend, in CHF 1) 7.5 8.5 8.5 8.5 9.5 2) Payout ratio 106.40% 90.40% 85.10% 76.30% 79
Slide 49: Agenda
Agenda Business and Market Review 1 Lars van der Haegen, CEO Financial Performance 2024 2 Dr. Markus Schürch, CFO Deep Dive: Digital Ecosystem Agenda 3 Dr. Elena Cortona, CTO Outlook 2025 4 Dr. Markus Schürch, CFO Q&A and Apéro Riche 5 All Belimo 2025 49
Slide 50: CTO Keynote: What Makes Belimo's Digital Ecosystem Unique
Deep Dive: Digital Ecosystem CTO Keynote: What Makes Belimo’s Digital Ecosystem Unique Increasing Demand for Skills and Resources Increased Dynamic Market Advanced Building Shortage in the for Specific Market Control (Energy Construction Industry Segments or Efficiency, Comfort) Features Belimo Perf
Slide 51: From Connectivity to Digital Ecosystem
Deep Dive: Digital Ecosystem CTO Keynote: From Connectivity to Digital Ecosystem Connectivity Digital Ecosystem Belimo 2025 51
Slide 52: What Makes Belimo's Digital Ecosystem Unique
Deep Dive: Digital Ecosystem CTO Keynote: What Makes Belimo’s Digital Ecosystem Unique Connectivity Digital Capabilities Modularity › Compatibility: Belimo devices › Performance: digitally connected › Scalability: Technical solutions, compatible with different sensors, actuators and relative control
Slide 53: Modularity in the Digital Ecosystem – But Not Only
Deep Dive: Digital Ecosystem CTO Keynote: Modularity in the Digital Ecosystem – But Not Only What is the optimal set of pieces and rules to build all What is the optimal set of modules, elements and rules to these models? build all these products? Belimo 2025 53
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Slide 57: Awards and recognition
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Slide 58: Comfort and health for people in buildings
Comfort and High energy Lives and Easy Long lifetimes, health for efficiency assets commission- diagnostics, people in protection ning, fast minimal buildings. installation maintenance 58
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Slide 60: Digital Ecosystem and Hardware Platform deliver a unique market position
The combination of Belimo's Digital Ecosystem and Hardware Platform delivers a unique market position and a long-lasting competitive advantage 60
Slide 61: Agenda
Agenda Business and Market Review 1 Lars van der Haegen, CEO Financial Performance 2024 2 Dr. Markus Schürch, CFO Deep Dive: Digital Ecosystem Agenda 3 Dr. Elena Cortona, CTO Outlook 2025 4 Dr. Markus Schürch, CFO Q&A and Apéro Riche 5 All Belimo 2025 61
Slide 62: Sales Growth Above Five Years Average
Outlook 2025 Sales Growth Above Five Years Average Sales Growth ▪ For 2025, we expect a sales growth in LC slightly above the five years average. EBIT Margin ▪ EBIT Margin is expected in the medium-term corridor of 18 to 20% Risks and Opportunities ! ▪ The speed of AI proliferation and DC capex depl
Slide 63: Next Key Dates
Publications and Agenda Annual General Meeting 2025 27 March 24, 2025 50th Anniversary Celebration 24 June 2025 (details tbc) Next Key Publication of the Semiannual Report 2025 July 21, 2025 Dates Publication of Sales FY 2025 January 19, 2026 Belimo 2025 63
Slide 64: Agenda
Agenda Business and Market Review 1 Lars van der Haegen, CEO Financial Performance 2024 2 Dr. Markus Schürch, CFO Deep Dive: Digital Ecosystem Agenda 3 Dr. Elena Cortona, CTO Outlook 2025 4 Dr. Markus Schürch, CFO Q&A and Apéro Riche 5 All Belimo 2025 64
Slide 65: Q&A
BELIMO 65 Belimo 2025
Slide 66: Disclaimer
Disclaimer This presentation contains comments relating to future developments which are based on assumptions and estimates of BELIMO Holding AG. Although the Company assumes the expectations of these § prospective comments to be realistic, they contain risks. These can lead to the actual results be
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