Arbonia Ag · SIX:ARBN
Arbonia — H1 2026 Earnings Presentation
39 slides from Arbonia's earnings presentation, Aug 25, 2026
Slide 1: H1 results 2026
H1 results 2026 Claudius Moor (CEO), Uwe Schiller (CFO)
Slide 2: Agenda
1. Overview 2. Business update 2. Business update 3. Group results 3. Group results 4. Market update 4. Market update 5. Outlook 5. Outlook QA Q&A Appendix Appendix 2
Slide 3: Overview
Overview Financials CHF 318.2 M CHF 23.8 M 7.5% CHF 12 M Capex H1 2026 net revenues EBITDA (reported) EBITDA margin (rep.) (3.6% of NR, -31% vs. PY) +2.3% organic growth CHF 23.8 M 7.5% EBITDA (adjusted) EBITDA margin (adj.) 1. Organic revenue growth of 2.3% (Wood 2.9%, Glass 0.3%), showing Arbonia'
Slide 4: H1 '26 results in perspective – improving results
H1 '26 results in perspective – improving results Revenue and profitability development by semester (in CHF M) 1 Launch of Net revenue EBITDA SAP-/ERP-effect Garant 2 new Arbonia 8% -8.8% 12.6 307.2 318.2 288.5 8.4 +23% 20.5 26.1 23.8 H2 ’24 H1 ’25 H1 ’26 H2 ’26 FC . . Start of new Arbonia • Revenue
Slide 5: Agenda
1. Overview 1. Overview 2. Business update 3. Group results 3. Group results 4. Market update 4. Market update 5. Outlook 5. Outlook QA Q&A Appendix Appendix 5
Slide 6: SAP/ERP introduction Garant
SAP/ERP introduction Garant Significant financial impact in H1 '26 CHF M -12.6 Adjustments to Garant's reported results • The financial impact during the first six months was: Revenues Revenues CHF -12.6 M; EBITDA CHF -8.4 M compared to same period of last year Garant – • No adjustments were booked
Slide 7: Successful key sales initiatives
Successful key sales initiatives Current projects • High-single digit revenue growth in H1 '26 leading to market share gains in Europe's second Wholesale largest construction market France • Launch of Dimoldura delivery express programme with local stock availability • Portfolio optimisation at Rozi
Slide 8: Projects recently won and in delivery H2 '26
Projects recently won and in delivery H2 '26 Overview of reference projects (Germany and international) Hotel (D): EUR 0.7 M Hotel (HU): EUR 1.6 M Offices (D): EUR 1.4 M Government office (HU): EUR 0.8 M Hotel (D): EUR 0.2 M Apartments (D): EUR 0.2 M Multi-purpose (D): EUR 1.1 M Multi-purpose (D): E
Slide 9: Results in rising revenues, order intake and backlog
Results in rising revenues, order intake and backlog Order development Revenue growth by key markets Order intake 1 Germany Switzerland CEE 3 EUR EUR CHF EUR • Arbonia performed well in +2.6% -3.7% German market (excl. Garant) and could grow • Order intake and revenues against a market backlog +7.5%
Slide 10: Cost programme with impact in H2'26
Cost programme with impact in H2'26 Newly launched "Performance Plus" programme Complete and speedy transformation of Arbonia towards the market leader for doors in Europe required very high management capacity Next to the focus on our strategic initiatives, a comprehensive consolidation and efficie
Slide 11: Sale of non-operating assets
Sale of non-operating assets Very good progress in closing of legacy topics Skyfens, Lublin (PL): • Due to antitrust issues, Skyfens could not be sold with Windows division in 2021 • Now successfully sold in April 2026 for CHF 4.6 M (EUR 5.0 M), thereof CHF 0.8 M deferred • Skyfens contributed CHF -
Slide 12: Agenda
1. Overview 1. Overview 2. Business update 2. Business update 3. Group results 4. Market update 4. Market update 5. Outlook 5. Outlook QA Q&A Appendix Appendix 12
Slide 13: Revenues
H1 2026 Arbonia Group financial results in CHF M +3.6% Revenues 307 318 • Increased order backlog at end of 2025 and turn-around of BU Glass supported revenue growth Revenues • Organic growth of 2.3% is coming from BU Wood with 2.9% and BU Glass with 0.3% • Garant and some delayed as well as project
Slide 14: Depr. & Amort.
H1 2026 Arbonia Group financial results in CHF M +5.7% Depreciation & Amortization • Depreciations are slightly increasing due to 28 27 capitalization of finished projects from the Depr. & Amort. 8 past investment programs, including CHP 8 Prüm • PPA amortizations almost stable (-3.6%) 18 20 H1 2025
Slide 15: 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 -15.2% -105.3% +88.5% 20 -30.9% 618 89 17 7 -17.6% 6 12 58 47 5 13 10 7 14.1% 7.4% 9.7% 7.4% 5.4% 3.6% 06 20251 12 2025 0
Slide 16: Net Debt development
Net Debt development in CHF M 184 11 173 Comments 26 • Seasonal increase in NWC compared to 26 149 146 year end 2025 132 • Year-over-Year increase mainly driven by 28 increases in receivables and inventories, 27 partially related to higher revenues, raw materials, finished goods and higher stock at
Slide 17: Agenda
1. Overview 1. Overview 2. Business update 2. Business update 3. Group results 3. Group results 4. Market update 5. Outlook 5. Outlook QA Q&A Appendix Appendix 17
Slide 18: Market outlook
Market outlook Construction output by country (CAGR '26f – '28f) – promising outlook in all markets where Arbonia is present ARBN core markets Residential Total building construction Arbonia ARBN export markets CAGR '26 – '28 (%) CAGR '26 – '28 (%) Total 26f Total 26f Δ rev. vs. Revenues Δ vs. Count
Slide 19: Agenda
1. Overview 1. Overview 2. Business update 2. Business update 3. Group results 3. Group results 4. Market update 4. Market update 5. Outlook QA Q&A Appendix Appendix 19
Slide 20: Updated 2026 guidance
Updated 2026 guidance Rising EBITDA & lower Capex to drive FCF growth Continued organic revenue growth in 2026 by leveraging: • Geographic distribution • Project business and new sales channels Revenue • Disciplined pricing policy • … and supported by catch-up effect from H1 as well as full effect o
Slide 21: Mid-term guidance (until 2029) confirmed
Mid-term guidance (until 2029) confirmed Without one-time effects and M&A and full recovery of Garant • Raise market share • Market normalisation and recovery in Germany Guidance 2029 • Growth stimulus from interest rate cuts Revenue 1 • Spare capacities after completed investment programme • Net re
Slide 22: Why Arbonia
Why Arbonia Key takeaways Building the clear market leader in Europe for doors with constant gain of market shares Established a platform for growth by accessing new markets and sales channels – strong momentum outside Germany with market share gains across key European markets and Middle East Stron
Slide 23: Agenda
1. Overview 1. Overview 2. Business update 2. Business update 3. Group results 3. Group results 4. Market update 4. Market update 5. Outlook 5. Outlook Q&A Appendix Appendix 23
Slide 24: Appendix
1. Overview 1. Overview 2. Business update 2. Business update 3. Group results 3. Group results 4. Market update 4. Market update 5. Outlook 5. Outlook QA Q&A Appendix 24
Slide 25: SAP/ERP introduction Garant
SAP/ERP introduction Garant Action plan and issues Issues Action Plan Complex, fully integrated go-live – SAP, MES (machinery control) Group-wide task force with strict KPI governance and direct executive and Motis (warehouse management) launched in parallel oversight; additional SAP expertise mobil
Slide 26: Europe: Development of residential construction markets
Europe: Development of residential construction markets Arbonia's main markets Germany 1 Switzerland 2 Spain 2 311 59 150 155 58 145 58 139 220 -2% 57 128 177 56 Permits 3 0% 222 236 55 +1% 109 109 198 208 55 19.6% 12.2% 5.2% 6.6% 6.4% 3.9% 2.0% 1.4% 16.7% 8.1% 5.1% 3.5% 3.3% 0.9% 0.9% 264 263 49 13
Slide 27: Germany: Current market developments
Germany: Current market developments 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
Slide 28: Germany: Market developments through 2028
Germany: Market developments through 2028 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 residentia
Slide 29: Euroconstruct (June 2026): Market outlook
Euroconstruct (June 2026): Market outlook Share New residential construction CAGR 26-28 CAGR 26-28 CAGR 26-28 new built renovation total 2025 rev. 1 In EUR billion at 2025 prices +4.5% -25% 49% 94.0 83.1 67.5 68.2 70.3 +3.8% +0.7% +1.5% 63.1 65.3 2022 2023 2024 2025 2026f 2027f 2028f +1.4% -6% 19% 2
Slide 30: Euroconstruct (June 2026): Market outlook
Euroconstruct (June 2026): Market outlook Share New residential construction CAGR 26-28 CAGR 26-28 CAGR 26-28 new built renovation total 2025 rev. 1 In EUR billion at 2025 prices +5.0% +29% 12% 58.7 59.2 61.4 65.9 69.2 72.6 75.9 +4.7% +1.0% +2.6% 2022 2023 2024 2025 2026f 2027f 2028f +3.6% -20% West
Slide 31: Euroconstruct (June 2026): Market outlook
Euroconstruct (June 2026): Market outlook Share New residential construction CAGR 26-28 CAGR 26-28 CAGR 26-28 new built renovation total 2025 rev. 1 In EUR billion at 2025 prices +2.2% +27% 1% 12.8 13.0 13.5 15.0 15.6 15.9 16.4 +2.5% +6.2% +3.9% 2022 2023 2024 2025 2026f 2027f 2028f +1.2% -2% 3% 13.
Slide 32: Revenue breakdown Arbonia
Revenue breakdown Arbonia Including FX effects, continuing operations H1 2025 (pro-forma) 2 H1 2026 AT Others AT Others NL/BE NL/BE 3% 4% PT 2% 1% PT 2% 2% 3% 3% 6% FR 7% FR 6% CEE1 7% CEE1 45% DE 49% DE 12% ES 12% ES 17% CH 18% CH 1 CEE: Poland, Czech Republic, Hungary, Slovakia | 2 incl. revenue o
Slide 33: H1 results 2026 | 25 August 2026
H1 results 2026 | 25 August 2026 33
Slide 34: H1 results 2026 | 25 August 2026
H1 results 2026 | 25 August 2026 34
Slide 35: H1 results 2026 | 25 August 2026
H1 results 2026 | 25 August 2026 35
Slide 36: H1 results 2026 | 25 August 2026
H1 results 2026 | 25 August 2026 36
Slide 37: Organic growth and FX effects
Organic growth and FX effects Ø M06 2026 Budget ∆ in % Ø M06 2025 ∆ in % EUR / CHF 0.9200 0.930 -1.1% 0.9410 -2.2% CZK / CHF 3.7848 3.800 -0.4% 3.7603 0.7% PLN / CHF 21.7117 22.000 -1.3% 22.1563 -2.0% RUB / CHF 1.0038 0.900 11.5% 0.9675 3.8% Net revenues as Δ reported FX Acq. Organic H1 2026 H1 2025
Slide 38: 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 Org. growth Org. growth +9% of 2.0% of 2.3% Long-tail of 558.7 national door Jeld-Wen 513.5 +4%
Slide 39: Thank you!
Thank you! Investor Relations ir@arbonia.com Arbonia AG Amriswilerstrasse 50, CH-9320 Arbon www.arbonia.com