Metall Zug Ag Class B · SIX:METN
Metall Zug Ag Class B — FY2025 Earnings Presentation
45 slides from Metall Zug Ag Class B's earnings presentation, Mar 23, 2026
Slide 1: Investor & Media Presentation
Investor & Media Presentation Metall Zug AG - Welcome March 23, 2026 Martin Wipfli, Chairman of the Board Matthias Rey, CEO Urs Scherrer, CFO
Slide 2: Content
METALL ZUG GROUP Content 1. Group Financial Report 2. Business Units − Medical Devices − Technologycluster & Infrastructure − Investments & Corporate 3. Sustainability 4. Information for Investors Investor & Media Presentation - March 23, 2026 2
Slide 3: What we have planned and what we achieved 2025
METALL ZUG GROUP What we have planned and what we achieved 2025 − Product launches and further R&D push, digitalization of devices and product updates − Increase sales with a focus on US and Asian markets − Review the implementation of strategic initiatives − Obtaining building permit for CreaTower
Slide 4: Group Financial Report 2025
Group Financial Report 2025 Metall Zug Group Investor & Media Presentation - March 23, 2026 Medical Devices Technologycluster & Investments & Corporate Infrastructure
Slide 5: Income Statement
METALL ZUG GROUP Income Statement Metall Zug Group 2025 in % 2024 in % Comment (in CHF million) Net sales 194.6 100.0 283.4 100.0 Cost of Goods and Services sold -133.2 -68.4 -192.5 -67.9 Gross Profit 61.4 31.6 90.9 32.1 Marketing and sales expenses -27.9 -14.3 -41.2 -14.5 Research and development e
Slide 6: Strategic Investments
METALL ZUG GROUP Strategic Investments Multi Energy Metall Zug Group Komax Group V-ZUG Group SteelcoBelimed Zug AG Total (in CHF million) 2025 proportional result -2.3 2.1 -2.7 0.0 -2.9 Book value (proportional equity) 83.5 146.8 54.3 0.0 284.7 Market value (share price as of December 31) 82.3 82.2
Slide 7: Net Sales FY 25
Net Sales FY 25 by Business Unit by region 1% (0%) 12% 18% (13%) 23% (17%) (17%) 37% (39%) 81% (59%) 28% (31%) Medical Devices Switzerland Investments & Corporate Europe w/o Switzerland Technologycluster & Infrastructure Americas Infection Control 0% (24%) Asia/Pacific/Others Investor & Media Presen
Slide 8: Net Sales Analysis
METALL ZUG GROUP Net Sales Analysis 300.0 283.4 -82.1 280.0 260.0 240.0 in CHF million 220.0 -4.6 -4.4 194.6 200.0 1.5 0.8 180.0 160.0 140.0 120.0 100.0 Net sales Divestments FX Medical Devices Technologycluster & Investments & Net sales FY 2024 Infrastructure Corporate FY 2025 Investor & Media Pres
Slide 9: Operating Result (EBIT) Analysis
METALL ZUG GROUP Operating Result (EBIT) Analysis 70.0 58.0 -66.6 60.0 50.0 40.0 30.0 in CHF million 20.0 10.0 7.1 -6.9 -17.5 0.0 -2.9 -0.2 -5.9 -10.0 -20.0 -30.0 EBIT Gain SteelcoBelimed Deconsolidation Medical Devices Technologycluster & Investments & Investments & EBIT FY 2024 Belimeds Infrastruc
Slide 10: Balance Sheet
METALL ZUG GROUP Balance Sheet Metall Zug Group 12/31/2025 in % 12/31/2024 in % Comment (in CHF million) Cash and cash equivalents / securities 16.2 2.4 17.2 2.7 Other current assets 118.7 17.8 112.3 17.7 Current assets 135.0 20.2 129.5 20.5 Tangible assets 192.7 28.9 168.7 26.6 Includes book values
Slide 11: Cash Flow Statement
METALL ZUG GROUP Cash Flow Statement Metall Zug Group 2025 2024 Comment (in CHF million) Cash flow from operating activities -6.2 2.8 Cash flow from investing activities -52.8 -53.5 - of which investments in tangible assets -44.5 -32.6 - of which investments in financial assets -14.5 -17.2 - of whic
Slide 12: Business Units
Business Units Metall Zug Group Investor & Media Presentation - March 23, 2026 Medical Devices Technologycluster & Investments & Corporate Infrastructure
Slide 13: Medical Devices
Medical Devices Medical Devices Investor & Media Presentation - March 23, 2026
Slide 14: Key figures
MEDICAL DEVICES Key figures 2025 2024 (in CHF million) Net sales 158.5 167.6 Net sales development in % -5.4 -6.0 - of which foreign currency impact in % -2.7 -1.1 Organic net sales development in % -2.6 -4.9 Investments (expenses) in research and development -25.1 -27.3 Operating income (EBIT) -5.8
Slide 15: Operating Result (EBIT) Analysis
MEDICAL DEVICES Operating Result (EBIT) Analysis 2.0 1.1 1.0 0.0 -1.0 -2.0 -3.0 -3.6 -0.5 in CHF million -4.0 2.2 -5.0 -6.0 -1.1 -5.8 1.2 -7.0 -8.0 -5.1 -9.0 * * Investor & Media Presentation - March 23, 2026 * including restructuring costs of MCHF 0.6 15
Slide 16: Net Sales
MEDICAL DEVICES Net Sales Net sales by region Net sales by product area in % in % 5% 13% 15% (6%) (14%) (16%) 41% (40%) 20% (20%) 35% (34%) 45% 6% (44%) (8%) 20% (18%) Switzerland General Diagnostics Europe w/o Switzerland Specialities Americas Simulation Asia/Pacific/Others Chairs & Stands Accessor
Slide 17: US market
MEDICAL DEVICES US market Relevance of US market in general: − US market generates approximately 40% of sales − Further increase in market share pursued due to stronger local partnerships and growth in specialty sales US tariff policy: − Around half of US sales affected by import tariffs thanks to l
Slide 18: Recent product launches
MEDICAL DEVICES Recent product launches Elara 900 Metis 900 − World novelty: First hybrid-digital − High-quality surgical microscope slit lamp, outstanding image with stable and brilliant red reflex, sharpness thanks to Swiss optics outstanding ergonomics and revolutionary projector lighting − Intro
Slide 19: Further growth in product portfolio
MEDICAL DEVICES Further growth in product portfolio − Launch of further innovative products is planned for the coming years Metis 900 − Renewal and further digitalization of portfolio Refractor 900 − New products will strengthen and expand market position Elara 900 − In the medium term, ratio of R&D
Slide 20: Technologycluster & Infrastructure
Technologycluster & Infrastructure Investor & Media Presentation - March 23, 2026
Slide 21: Key figures
TECHNOLOGYCLUSTER & INFRASTRUCTURE Key figures 2025 2024 (in CHF million) Net sales 1.6 0.1 Other operating income 12.9 13.3 Operating income (EBIT) 0.0 2.9 Employees (FTE) 31 31 CAPEX Total Rental income (in CHF million, Cash-flow-view) (in CHF million) 40.4 9.1 9.1 25.2 2024 2025 2024 2025 Investo
Slide 22: Capex outlook 2026-2033
TECHNOLOGYCLUSTER & INFRASTRUCTURE Capex outlook 2026-2033 (in CHF million; cash flow view) 2026 2027 2028 2029 2030 2031 2032 2033 80.0 TOTAL Sales proceeds 70.0 and down payments 59.9 60.0 53.2 11 50.0 40.9 45.5 46.4 43.3 1.2 40.0 32.1 33.0 30.0 18.8 20.3 23.9 9.4 48.9 20.0 15.2 39.7 23.6 27.6 10.
Slide 23: Soil / building contamination remediation
TECHNOLOGYCLUSTER & INFRASTRUCTURE Soil / building contamination remediation − Estimated cost for soil building contamination remediation Tech Cluster site 2026-2045: CHF 30-40 Mio. − Provision recorded as of December 31, 2025: CHF 9.3 Mio. (for areas with legal remediation obligation) − In general:
Slide 24: Rental income outlook 2026-2033
TECHNOLOGYCLUSTER & INFRASTRUCTURE Rental income outlook 2026-2033 in CHF million 25.0 20.0 20.0 15.3 15.8 15.0 13.8 13.2 12.2 12.0 10.5 10.0 5.0 0.0 2026 2027 2028 2029 2030 2031 2032 2033 Investor & Media Presentation - March 23, 2026 24
Slide 25: Site overview
TECHNOLOGYCLUSTER & INFRASTRUCTURE Site overview Mobility Hub Zug Nord Adora: ETH Learning Factory refActory SHL-Südtor CreaTower I CreaTower II Pi Investor & Media Presentation - March 23, 2026 25
Slide 26: SHL Südtor: New headquarters SHL Medical
TECHNOLOGYCLUSTER & INFRASTRUCTURE SHL Südtor: New headquarters SHL Medical Project Description & Usage Industrial and production building for drug delivery systems and medical technology, office tower with 350-400 workstations, 65% commercial, 35% office Construction & Specialties − First building
Slide 27: CreaTower I: VZ Depository Bank
TECHNOLOGYCLUSTER & INFRASTRUCTURE CreaTower I: VZ Depository Bank Project Description & Usage Office high-rise with innovative supporting structure made of prefabricated concrete elements, cafeteria, 90% office use, 10% gastronomy Construction & Specialties − Floor slabs made of non-reinforced prec
Slide 28: Adora: ETH Learning Factory
TECHNOLOGYCLUSTER & INFRASTRUCTURE Adora: ETH Learning Factory Overview − New innovative learning environment in the Tech Cluster Zug − Collaboration between students, apprentices and professionals − Focus on solving real challenges from Zug-based companies − Development of collaborative and interdi
Slide 29: Syndicated loan agreement
TECHNOLOGYCLUSTER & INFRASTRUCTURE Syndicated loan agreement Financing for further development of Tech Cluster concluded with syndicated loan: − Amount: CHF 220 million − Increase option: CHF 50 million − Duration: 4 years, 1-year extension option − Loan-to-value ratio: max. 45% − Amount drawn Dec 3
Slide 30: Change in operational management
TECHNOLOGYCLUSTER & INFRASTRUCTURE Change in operational management Silvan Burkhalter appointed as new CEO as of April 1, 2026 − Worked for Tech Cluster Zug from 2017 to 2023 initially as a project manager for client representation and from 2020 on as Head of Construction & Development and member of
Slide 31: Investments & Corporate
Investments & Corporate Investor & Media Presentation - March 23, 2026
Slide 32: Key figures
INVESTMENTS & CORPORATE Key figures 2025 2024 (in CHF million) Net sales 34.5 49.1 Net sales developtment in % -29.7 -58.1 of which foreign currency impact in % 0.0 -0.1 of which acquisition & divestment impact in % -31.4 -46.1 Organic net sales development in % 1.7 -11.9 Net sales to third parties
Slide 33: Key topics
INVESTMENTS & CORPORATE Key topics − Net Sales CHF 34.5 million (previous year: CHF 33.7 million) − Negative EBIT due to unfavorable margin-mix, higher costs in Marketing & Sales and increased value adjustments on spare parts − Business development reversed to positive with increase in sales, units
Slide 34: Key topics
INVESTMENTS & CORPORATE Key topics Post-merger integration (PMI) − process progressing rapidly, cost synergies already visible in 2025, first product discontinuations implemented and well received by the market, intensive work for development of “best of breed” products, production line transfers on
Slide 35: Sustainability
Sustainability With targeted investments in energy efficiency, responsible procurement, and social responsibility, we are actively shaping the future – for a sustainable economy and society. Investor & Media Presentation - March 23, 2026
Slide 36: Greenhouse Gas Fund
SUSTAINABILITY Greenhouse Gas Fund Goals: 1. Allocating a price to CO2 emissions 2. Metall Zug’s production sites in Switzerland are being CO2 offset 3. Support the development and implementation of internal greenhouse gas-reducing innovation projects Financed Projects − Since implementation, the Me
Slide 37: Innovative methane pyrolysis plant on TCZ area
SUSTAINABILITY Innovative methane pyrolysis plant on TCZ area − Milestone: inauguration of the methane pyrolysis plant on the Tech Cluster Zug site by the “Association for the Decarbonisation of Industry” and its members − Splits methane from bio- or natural gas into solid carbon and hydrogen, which
Slide 38: CO2 emissions
SUSTAINABILITY CO2 emissions Investor & Media Presentation - March 23, 2026 38
Slide 39: CO2 reduction path
SUSTAINABILITY CO2 reduction path Investor & Media Presentation - March 23, 2026 39
Slide 40: What we plan for 2026
METALL ZUG GROUP What we plan for 2026 − Increase in sales and market share; focus on US and Europe − Focus on cost efficiency with implementation of further savings − Further conversion of innovation pipeline: Perimetry and software-related solution − Conclusion and handover of project SHL Südtor −
Slide 41: We are happy to answer your questions
Q A We are happy to answer your questions Investor & Media Presentation - March 23, 2026
Slide 42: Information for Investors
Information for Investors Metall Zug Group Investor & Media Presentation - March 23, 2026
Slide 43: Financial calendar
METALL ZUG GROUP Financial calendar May 8, 2026 General Meeting of the Shareholders 2026 August 24, 2026 Publication of Half-year Report Investor & Media Presentation - March 23, 2026 43
Slide 44: Contact
METALL ZUG GROUP Contact Urs Scherrer CFO Bettine Killmer Head of Corporate Communications & Investor Relations Metall Zug AG Industriestrasse 66 (postal address), Grienbachstrasse 11 (office address) 6302 Zug Switzerland investorrelations@metallzug.ch Phone: +41 58 768 60 50 Investor & Media Presen
Slide 45: Disclaimer
METALL ZUG GROUP Disclaimer Metall Zug AG 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 and disclaim any