Belimo Holding Ag · SIX:BEAN
Belimo — H1 2026 Earnings Presentation
22 slides from Belimo's earnings presentation, Jul 20, 2026
Slide 1: H1 2026 Financial Results
H1 2026 Financial Results July 20, 2026 1/22
Slide 2: Agenda
Agenda 1 Overview & Business Highlights 2 H1’26 Financials 3 Outlook FY’26 4 Q&A H1’26 Financial Results | 2026-07-20 2/22
Slide 3: Overview H1: Strong growth both in traditional HVAC business and in data centers
Overview H1: Strong growth both in traditional HVAC business and in data centers +20.5% ▪ Sales +29.6% in LC YoY; acceleration vs PY in LC: +29.6% ▪ Data Centers accounting for slightly more 676 Sales 562 than half of growth; traditional HVAC driven by renovations, growth verticals and pricing ▪ EBI
Slide 4: Business highlights: Belimo continued leveraging agile pureplay set-up in dynamic end markets
Business highlights: Belimo continued leveraging agile pureplay set-up in dynamic end markets Data center Growth in renovations Economic and geo- momentum and high-end verticals political uncertainties ▪ Driven by strong AI data ▪ Momentum in renovations, ▪ Middle East tensions impacting Dynamic cen
Slide 5: Data center specific innovations supporting strong positioning and momentum
Data center specific innovations supporting strong positioning and momentum New stainless- Belimo’s strong position and momentum steel Energy in data centers are supported by Valve – launch in H2’26 ▪ Technology leadership ▪ Product quality ▪ Designed to meet the unique requirements of both current-
Slide 6: Opening US data center experience center in H2'26
Opening US data center experience center in H2’26 ▪ Bringing Belimo’s data center cooling technologies to life through real-world demonstrations, interactive scenarios, and fully integrated systems ▪ High-tech industrial design with exposed piping and systems to highlight functionality, interactive
Slide 7: RetroFIT+ initiative continued to generate customer value
RetroFIT+ initiative continued to generate customer value ▪ Upgraded Allseas’ flagship vessel (NL) with Belimo Energy Valves TM ▪ Achieved an 82% reduction in pump energy consumption for the cooling infrastructure supporting technical equipment and the comfort of 500 employees ▪ Generated annual sav
Slide 8: Accelerated sales growth in H1'26
Accelerated sales growth in H1’26 Sales development Sales by region In CHF m +29.6% +20.5% APAC 14% EMEA 36% Sales in LC Sales in CHF +12.8% CAGR Growth H1’21-25 in LC Americas 50% accelerating in H1’26 Strong growth Sales by business line driven by data Damper actuators 676 centers and Control 562
Slide 9: High-quality growth driven by volume & mix
High-quality growth driven by volume & mix Sales growth bridge H1’26 YoY 7.3% 0.1% 29.6% ▪ Volume driven by megatrends and 22.3% growth strategy 20.5% ▪ Mix driven by product Out- -9.2% mix, particularly in growing data centers vertical markets ▪ Pricing partly compensating for FX Volume Price Other
Slide 10: Sales growth across all geographies
Sales growth across all geographies EMEA Americas APAC In CHF m +22% +11% in LC: +35% in LC: +14% 341 +45% 216 240 280 in LC: +58% 95 65 H1’25 H1’26 H1’25 H1’26 H1’25 H1’26 ▪ Strong growth despite challenging non- ▪ Driven by data centers, traditional HVAC ▪ Driven by data centers, incl. export-orie
Slide 11: Sales growth across all business lines
Sales growth across all business lines Damper Control Sensors actuators valves & Meters In CHF m +1% +37% in LC: +8% in LC: +48% 252 254 389 +30% 284 in LC: +39% 26 33 H1’25 H1’26 H1’25 H1’26 H1’25 H1’26 ▪ Strong demand for Fire & Smoke ▪ Benefited from data center deployment ▪ Customers increasingl
Slide 12: Data Centers (DC) with increasing sales share
Data Centers (DC) with increasing sales share Belimo sales in CHF m 676 Liquid cooling becoming predominant 562 559 474 470 Non-DC 23-24% DC ~16% ~18% 10-11% 12-13% H1’24 H2’24 H1’25 H2’25 H1’26 Data Centers accounting for slightly more than half of Belimo’s LC sales growth in H1’26 H1’26 Financial
Slide 13: Robust EBIT growth despite FX and tariff headwinds
Robust EBIT growth despite FX and tariff headwinds EBIT in CHFm / % of sales +19% 153 128 ▪ 22.5% EBIT margin ▪ Supported by positive operating leverage, pricing and 93 85 favorable product mix 76 77 ▪ Offsetting strengthening CHF 22.5% 22.8% and tariff impact 19.6% 18.9% 18.4% 19.7% H1’21 H1’26 H1’
Slide 14: Net income growth
Net income growth Net income in CHF m / % of sales +23% 125 101 ▪ Net income rose by 23%, mainly driven by EBIT 77 growth 64 65 18.5% ▪ Improved financial result of 61 18.0% CHF 0.2m (PY: CHF -6.0m) 16.3% driven by net foreign 14.5% 16.6% 14.7% exchange result H1’21 H1’26 H1’26 Financial Results | 2
Slide 15: Cash flow transitorily impacted by business growth
Cash flow transitorily impacted by business growth Cash flows Focus on H1’26 H1’21-26 cash flow CF from operating activities FCF w/o term deposits 175 93 Impacted by 86 84 ∆NWC and 73 70 Capex to cater 65 future growth 52 55 53 47 84 39 -79 -12 15 54 22 39 -45 H1’21 H1’26 EBITDA ∆ NWC Taxes & CF fro
Slide 16: Strong capital return and balance sheet
Strong capital return and balance sheet Capital return supported by Sound asset-light set-up balance sheet Last twelve months (LTM) ROCE ROE Net debt / EBITDA Equity ratio 61% 41% 35% 0.1x H1’26 LTM H1’26 LTM H1’26 H1’26 ▪ Improved ROCE from 39% to 41% YoY, driven by EBIT ▪ Robust leverage (net debt
Slide 17: Expecting continued strong demand in H2'26
Expecting continued strong demand in H2’26 Outlook Expect continued strong demand in H2’26 across both traditional HVAC business and data centers; compared to H1’26, the YoY sales growth rate (LC) will be affected by an increasing base effect and the annualization of pricing measures EBIT margin abo
Slide 18: H1'26 conclusion: Continuous strategy execution and megatrends driving strong growth
H1’26 conclusion: Continuous strategy execution and megatrends driving strong growth Sales in CHF m ▪ Strong sales growth % Sales growth in LC; CAGR 05-25: +10.3% 23% of +29.6% in LC in H1, supported by continuous execution 13% of growth strategy Urbanization 7% 12% 17% ▪ Robust EBIT margin 9% 0% of
Slide 19: Next dates
Next dates Investor Event in Hinwil, CH Insights on Future Market Trends and New Digital Product Portfolio; Inauguration New Production Facility September 1, 2026 Publication of Sales 2026 January 18, 2027 Publication of Financial Results 2026 March 1, 2027 Annual General Meeting 2027 March 22, 2027
Slide 20: Q&A For questions, please:
Q&A For questions, please: ▪ Raise hand and wait until you are invited to speak ▪ Once invited, kindly unmute your microphone, introduce yourself and ask your question ▪ After asking your question, please mute your microphone and lower your hand 20/22
Slide 21: Investor Relations
Investor Relations Stephan Gick stephan.gick@belimo.ch +41 43 843 48 12 ir@belimo.ch www.belimo.com/ch/en_GB/about/invest or-relations
Slide 22: 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 forward-looking statements to be realistic, they contain risks. These can lead to the actual resu