Zumtobel Group Ag · VIE:ZAG
Zumtobel — H1 2025/26 Earnings Presentation
23 slides from Zumtobel's earnings presentation, Dec 4, 2025
Slide 1: H1 2025/26 Management Presentation
H1 2025/26 MANAGEMENT PRESENTATION 4 December 2025 1 Photographer: Nina Bröll
Slide 2: Disclaimer
DISCLAIMER The facts and information contained herein constitute forward-looking statements as of the date they were made and based upon assumptions as to future events or circumstances that may not prove to be complete or accurate. By their nature, these statements involve risk and uncertainty beca
Slide 3: Reference projects
Haus zum Falken, Zurich, Switzerland APO BANK HQ, Düsseldorf, Germany 2026 Winter Olympic Games Biathlon Arena, Italy 3 PENNY sustainability branch, Weiden am See, Austria Sydney Fish Market, Sydney, Australia
Slide 4: H1 2025/26 Financial Overview
H1 2025/26 FINANCIAL OVERVIEW IN EUR MILLION H1 2025/26 H1 2024/25 CHANGE IN % Group revenues 537.6 577.6 –6.9 Lighting Segment revenues 428.7 456.1 –6.0 Components Segment revenues 138.0 157.3 –12.3 Adjusted gross profit 1 202.9 220.3 –7.9 Adjusted EBIT 31.6 41.2 –23.4 Net profit for the period 13.
Slide 5: Efficiency Programme: Streamlining our SG&A Footprint
EFFICIENCY PROGRAMME: TRANSFORMING THE ZUMTOBEL GROUP INTO A BEST-IN-CLASS ORGANISATION BY STREAMLINING OUR SG&A FOOTPRINT Lean Streamlined Shared Cost savings are ramping up 3 key levers organization processes Service Center year-on-year EUR 30 – 40 million from 2028/2029 onwards Annual restructuri
Slide 6: Efficiency Programme Expected to Deliver up to EUR 50 Million
SECURING COMPETITIVENESS THROUGH OPTIMISATION: EFFICIENCY PROGRAMME EXPECTED TO DELIVER UP TO EUR 50 MILLION IN 2028/29 Lean Streamlined Shared Cost savings are ramping up 3 key levers organization processes Service Center year-on-year EUR 40 – 50 million from 2028/2029 onwards Combined expected ann
Slide 7: Lighting Segment: Revenues and Adjusted EBIT
LIGHTING SEGMENT WHILE REVENUES DECLINED, ADJ EBIT WAS POSITIVELY IMPACTED BY LOWER MATERIAL COSTS, LOWER PERSONNEL EXPENSES, AND THE CONTRIBUTION FROM THE RESEARCH SUBSIDY REVENUES IN EUR MILLION ADJUSTED EBIT IN EUR MILLION fx-adj. fx-adj. –7.3% –4.4% 10.2% 8.9% –7.0% –5.0% 5.4% 7.8% 5.4% 1.0% 226
Slide 8: Components Segment: Revenues and Adjusted EBIT
COMPONENTS SEGMENT LOWER MATERIAL COSTS AND THE CONTRIBUTION FROM THE RESEARCH SUBSIDY WERE UNABLE TO OFFSET THE DECLINE IN REVENUES REVENUES IN EUR MILLION ADJUSTED EBIT IN EUR MILLION fx-adj. fx-adj. 8.4% –10.4% –11.0% 5.9% 8.4% 3.0% 0.3% –11.8% –12.8% 1.9% 80.3 77.0 70.9 67.2 69.2 72.8 6.5 5.6 4.
Slide 9: Zumtobel Group: Revenues and Adjusted EBIT
ZUMTOBEL GROUP WHILE REVENUES DECLINED, ADJ EBIT WAS POSITIVELY IMPACTED BY LOWER MATERIAL COSTS AND THE CONTRIBUTION FROM THE RESEARCH SUBSIDY REVENUES IN EUR MILLION ADJUSTED EBIT IN EUR MILLION fx-adj. fx-adj. 9.2% –7.7% –5.1% 7.0% 7.3% 2.2% –7.8% –6.0% -0.1% 2.5% 289.1 288.6 266.4 271.2 269.1 25
Slide 10: Adjusted EBIT Bridge
ZUMTOBEL GROUP LOWER MATERIAL COSTS, LOWER PERSONNEL EXPENSES, AND THE CONTRIBUTION FROM THE RESEARCH SUBSIDY WERE MORE THAN OFFSET BY WEAK DEMAND ADJUSTED EBIT BRIDGE IN EUR MILLION / AS % OF SALES 7.1% –1.2pp 5.9% 41.2 Mainly due to lower material costs and a positive product/country 7.8 31.6 mix
Slide 11: Adj. Gross Profit Margin at 37.7%
ADJ. GROSS PROFIT MARGIN AT 37.7% ZUMTOBEL GROUP – INCOME STATEMENT IN EUR MILLION H1 2025/26 H1 2024/25 CHANGE IN % Revenues 537.6 577.6 –6.9 Adjusted cost of goods sold –334.7 –357.3 –6.3 Adjusted gross profit (incl. development) 202.9 220.3 –7.9 as a % of revenues 37.7 38.1 Adjusted SG&A expenses
Slide 12: Free Cash Flow Slightly Above Prior Year
FREE CASH FLOW SLIGHTLY ABOVE PRIOR YEAR ZUMTOBEL GROUP – CASH FLOW STATEMENT IN EUR MILLION H1 2025/26 H1 2024/25 Cash flow from operating results 52.7 58.1 Change in working capital 9.4 –6.2 Change in other operating items –20.2 –13.4 Taxes paid/received –6.4 –4.8 Cash flow from operating activiti
Slide 13: Solid Balance Sheet
SOLID BALANCE SHEET ZUMTOBEL GROUP – KEY BALANCE SHEET DATA IN EUR MILLION 31 October 2025 30 April 2025 Solid liquidity position backed by: Total assets 1,005.9 989.6 • Consortium credit agreement with a term ending in December 2028 and a volume of EUR 125 million Net debt 120.0 118.5 (including cl
Slide 14: Current Market Outlook
CURRENT MARKET OUTLOOK Growth in non-residential construction Development of non-residential construction in 2026 until 2027 (for selected countries) Development in 2026 1.7 1.5 ✓ A year of recovery for non-residential 1.3 2.7 2.8 construction in most of Europe, with growth 2.0 1.9 1.4 1.5 led by pu
Slide 15: Full Year 2025/26 Outlook
FULL YEAR 2025/26 OUTLOOK REVENUES IN SINGLE DIGIT PERCENTAGE RANGE BELOW PREVIOUS YEAR'S LEVEL ADJUSTED EBIT MARGIN OF 1 – 4% CAPEX EXCL. IFRS 16 ~EUR 50 MILLION H1 2025/26 results 15
Slide 16: Investor event at Light & Building 2026
Investor event at Light & Building 2026 Meet CEO Alfred Felder and CFO Thomas Erath on 12 March 2026 at the Zumtobel Group booth We will present the latest company updates, new products and technologies, and our market outlook Save the date: 12 March in Frankfurt – further information will be provid
Slide 17: Back Up
BACK UP H1 2025/26 results 17
Slide 18: Group Revenues Down by 6.9% in H1 2025/26
GROUP REVENUES DOWN BY –6.9% IN H1 2025/26 ZUMTOBEL GROUP – REGIONAL REVENUE DISTRIBUTION CHANGE IN % IN EUR MILLION Q2 2025/26 CHANGE IN % H1 2025/26 NOMINAL FX ADJUSTED D/A/CH 106.5 –3.6 213.8 –1.5 –2.5 Northern and Western Europe 62.9 –13.7 124.1 –15.2 –14.4 Southern and Eastern Europe 68.6 –0.9
Slide 19: Financial Calendar
FINANCIAL CALENDAR DATE SUBJECT PERIOD 5 March 2026 Quarterly Report Q1 – Q3 2025/26 1 May 2025 – 31 January 2026 H1 2025/26 results 19
Slide 20: Working Capital Development
WORKING CAPITAL DEVELOPMENT ZUMTOBEL GROUP – WORKING CAPITAL 21.0 21.5 21.0 20.7 20.6 20.8 19.7 19.8 20.4 20.0 • Working capital at EUR 217.6 million as of 31 October 2025 (30 April 2025: EUR 227.8 million) • In % of rolling 12-month revenues, working capital at 20.6% (Q2 2024/25: 20.7%) Q1 Q2 Q3 Q4
Slide 21: Supplementary Data for Segment Reporting
SUPPLEMENTARY DATA FOR SEGMENT REPORTING ZUMTOBEL GROUP Lighting Segment Components Segment Reconciliation Group IN EUR MILLION H1 2025/26 H1 2024/25 H1 2025/26 H1 2024/25 H1 2025/26 H1 2024/25 H1 2025/26 H1 2024/25 Net revenues 428.7 456.1 138.0 157.3 –29.1 –35.8 537.6 577.6 External revenues 427.9
Slide 22: Five-Year Overview
FIVE-YEAR OVERVIEW ZUMTOBEL GROUP IN EUR MILLION 2024/25 2023/24 2022/23 2021/22 2020/21 Revenues 1,097.2 1,127.0 1,209.2 1,148.3 1,044.5 Adjusted EBIT 46.9 57.3 84.3 60.8 45.5 as a % of revenues 4.3 5.1 7.0 5.3 4.4 EBIT 33.0 49.5 84.3 60.8 43.4 as a % of revenues 3.0 4.4 7.0 5.3 4.2 Net profit/loss
Slide 23: Zumtobel Group AG Investor Relations
ZUMTOBEL GROUP AG Investor Relations investorrelations@zumtobelgroup.com www.zumtobelgroup.com H1 2025/26 results 23