Arbonia Ag · SIX:ARBN
Arbonia — FY2024 Earnings Presentation
36 slides from Arbonia's earnings presentation, Mar 4, 2025
Slide 1: Annual results 2024
Annual results 2024 Claudius Moor (CEO), Uwe Schiller (CFO)
Slide 2: New Arbonia with focus on Interior Doors Business
New Arbonia with focus on Interior Doors Business Division Climate • EU Commission approved sale of the Climate division on 28 January 2025 • Sale of Climate division closed on 26 February 2025, proceeds from the sale of EUR 742 million • Distribution of proceeds to shareholders proposed to AGM on 2
Slide 3: Agenda
Agenda 1. 2024 review 2. Group results 3. Outlook 4. Organisation & Arbonia Next / CMD Q&A Annual results 2024 | 4 March 2025 3
Slide 4: Agenda: 2024 review
Agenda 1. 2024 review 2. Group results 3. Outlook 4. Organisation & Arbonia Next / CMD Q&A Annual results 2024 | 4 March 2025 4
Slide 5: 2024 summary
2024 summary Financials 20241 CHF 604.4 M CHF 48.7 M 8.1 % net revenues (pro-forma) adj. EBITDA (pro-forma) adj. EBITDA margin (pro-forma) 1. With acquisition of Dimoldura/Lignis, Arbonia took over market leadership in continental Europe, at the same time entering Key messages attractive markets in
Slide 6: Gaining market leadership in continental Europe
1. Gaining market leadership in continental Europe Acquisition of Dimoldura/Lignis in context Core markets Arbonia Door and … … combined with Dimoldura/Lignis Platform for growth • Participation in growing Spanish construction market; new-built CAGR 2024-27 of 7.2%3 • Market entry France – Europe's
Slide 7: Winning market share in the project business
2. Winning market share in the project business (Objektgeschäft) 2024 highlights • From designs made for purpose to customized support, Arbonia covers the complete life-cycle of a door, which enables the continued growth of the project business • Raised the market share in a competitive market throu
Slide 8: FTE development driven by demographic trends and productivity gains
3. FTE development driven by demographic trends and productivity gains FTE development … … driven by productivity gains -336 Example 1 old new -9.7% -0.6% 3′744 Start of operation 2000 2023 3’284 2’966 2’948 880 84 Pieces per hour 95 TB/h 120 TB/h Capacity per shift 713 TB 900 TB 2’864 FTE per shift
Slide 9: Energy costs: structured energy sourcing and CHP plants
4. Energy costs Structured energy sourcing and CHP plants1 Avg. energy price (in EUR) per MWh2 CHP plants • Prüm CHP plant's first year in operation, Garant follows in ~ 500 Q3 2025 • Reducing exposure to volatile energy markets > 190 • Delivering ~100% of all heat and up to 60% of all energy ~ 120
Slide 10: Establishing the European market leader for door frames
Establishing the European market leader for doors frames Development of Arbonia Doors Looser- Integration of Capacity Start of ERP Integration of SAP Go Live Interwand- Dimoldura/ acquisition Prüm, Garant expansion and harmonization BU Glass incl. Invado; Joro- acquisition Lignis Milestones (Complet
Slide 11: Agenda: Group results
Agenda 1. 2024 review 2. Group results 3. Outlook 4. Organisation & Arbonia Next / CMD Q&A Annual results 2024 | 4 March 2025 11
Slide 12: 2024 Arbonia Group Financial Results: Revenues
2024 Arbonia Group Financial Results Revenue decline reduced – EBITDA decline almost stopped in CHF M 2013 2023 -9.2% Revenue decline significantly improved -5.0% 556 556 505 • Revenue excluding acquisitions YoY decline of 5.0% versus 9.2% in 2023 Revenues 479 77 • Organic revenue (adjusted for acqu
Slide 13: 2024 Division Doors
2024 Division Doors - excluding corporate costs Revenues and adj. EBITDA pro-forma for the acquisition of Dimoldura/Lignis in CHF M -7.4% -4.4% Revenue decline in 2024 is softening Revenues 680 630 602 • Division Doors is a CHF 602 M business • Revenue decline softened significantly in CHF • EUR:CHF
Slide 14: EBIT impacted by past investments and acquisitions
2024 Arbonia Group Financial Results EBIT impacted by past investments and acquisitions in CHF M +8.8% +3.7% 7 49 5 Depreciations and Amortization are expected to rise 41 42 37 Depr.&Amort. 2 11 11 12 • PPA amortizations increased in 2024 due to the acquisitions of Dimoldura/Lignis • Activation of p
Slide 15: Operational NWC
NWC1 Group Level As reported, continuing operations (excl. Climate) in CHF M -23.0% 81 Operational NWC 71 +13.6% 26 Operational NWC, adjusted for acquisitions improved 55 • Operational NWC, including the acquisitions of Dimoldura/Lignis increased by 13.6%, resulting in 13.5% of net revenues 14.2% 13
Slide 16: Capex in % of Net Revenue
Capex in % of Net Revenue As reported, continuing operations (excl. Climate) in CHF M Arbonia Group Doors -54.3% -42.2% 1041 99 58 -13.9% -15.2% 58 57 59 49 Corporate 25 50 33 Center 17 Strategic Capex 33 17 Strategic Capex 46 41 32 33 Maintenance Capex 25 Maintenance Capex 26 23.2% 17.9% Corporate
Slide 17: Cash Flow and Net Debt Development
Cash Flow1 and Net Debt Development Continuing operations (excl. Climate) in CHF M +900.0% Cash Flow and Operational 1 10 Op. CF excl. Capex Operational Cash Flow remained stable Capex Capex 60 60 • Cash Flow from operations remained stable and with declining Capex, Cash Flow after Capex improved fr
Slide 18: Closing of sale of Division Climate
Closing of sale of Division Climate Transaction closed on 26 February 2025 Net cash / debt development post sale of Climate (estimate) ~167 • Cash proceeds total EUR 742 M ~(37) ~130 • Transaction closed at the beginning of the year, which is ~(50) ~80 normally cash intensive due to normal seasonal
Slide 19: Closing timeline: general meeting to decide on repayment of funds
Closing timeline General meeting after closing to decide on the repayment of funds Approval by EU Notice to CMD Arbonia AGM Arbonia Payment date commission creditors Resolutions: ordinary dividend FY '23 of CHF 0.30 ordinary dividend FY '24 of CHF 0.33 nominal value repayment of CHF 4.00 ext
Slide 20: Agenda: Outlook
Agenda 1. 2024 review 2. Group results 3. Outlook 4. Organisation & Arbonia Next / CMD Q&A Annual results 2024 | 4 March 2025 20
Slide 21: Development of residential building market in Germany
Development of residential building market in Germany Building permits 1 Building completions 1 Growth/decline in renovations 2 336.6 260.8 270.8 264.7 263.6 262.9 1.5% 317.8 327.1 311.0 215.1 1.0% 219.6 -23% 172.4 170.0 -23% 204.8 0.5% 172.8 184.4 0.3% -0.3% 2.9% 2.9% 6.7% 11.1% 3.8% -1.0% -7.6% -2
Slide 22: 2025 Guidance
2025 Guidance By leveraging: • Geographic distribution • Product portfolio ranging from standard to special doors Revenue • Project business and new sales channels Revenues should increase in 2025 3-5% net revenue growth1, from a pro- Due to modern factories with a high degree of automation, additio
Slide 23: Agenda: Organisation & Arbonia Next / CMD
Agenda 1. 2024 review 2. Group results 3. Outlook 4. Organisation & Arbonia Next / CMD Q&A Annual results 2024 | 4 March 2025 23
Slide 24: Arbonia stand-alone organisation: Board of Directors and Management
Arbonia stand-alone organisation Board of Directors and Management Board of Directors Board of Directors Group management Reduced from 8 to 5 Extended Group management CEO Claudius Moor BU Wood BU Glass COO CFO Claudius Moor Markus Hütt Markus Hütt Uwe Schiller Chief of Staff Sandro Sergio Human Com
Slide 25: Programme Capital Markets Day 27 March 2025
Programme Capital Markets Day 27 March 2025 Timing Event (CEE) 8.30 am Opening doors 8.30 – Get-together at Arbonia Next25 (Zentralheize Erfurt, Maximilian- 9.00 am Welsch-Straße 6, 99084 Erfurt, D) 9.00 – Capital Markets Day presentation: strategy and financial targets 10.30 am 11.00 – Extensive to
Slide 26: Agenda: Q&A
Agenda 1. 2024 review 2. Group results 3. Outlook 4. Organisation & Arbonia Next / CMD Q&A Annual results 2024 | 4 March 2025 26
Slide 27: Thank you
ARBONIA @ Thank you
Slide 28: Appendix
ARBONIA @ Appendix
Slide 29: Revenue breakdown Arbonia
Revenue breakdown Arbonia Including FX effects, continuing operations (excl. Climate) 2023 2024 NL/BE Others PT AT SWE2 Others 4% NL/BE 3% AT 2% 2% 2% 2% 2% 1% FR 5% CEE1 5% CEE 6% ES 8% CH 24% 54% DE 61% DE CH 20% 1 CEE: Poland, Czech Republic, Hungary, Slovakia | 2 SWE: Spain, France, Portugal Ann
Slide 30: Income Statement
Income Statement As reported, continuing operations (excl. Climate) In CHF m 2024 in % 2023 in % EBITDA one-time effects EBITDA one-time effects (CHF 24.6 M total net) Net Revenues 556.3 100.0 504.6 100.0 (CHF 24.6 M total net) Cost of material and goods -216.0 -38.8 -199.7 -39.6 • Other operating i
Slide 31: Consolidated Balance Sheet, Assets
Consolidated Balance Sheet, Assets Incl. discontinued operations in 1’000 CHF 31.12.2024 % 31.12.2023 % Assets Assets held for sale Cash and cash equivalents 23’639 17’160 • Recognition of the assets of the Climate division and Accounts receivable 46’072 50’041 AFG RUS under "Assets held for sale" •
Slide 32: Consolidated Balance Sheet, Liabilities and shareholders' equity
Consolidated Balance Sheet, Liabilities and shareholders' equity Incl. discontinued operations in 1’000 CHF 31.12.2024 % 31.12.2023 % Liabilities and shareholders’ equity Financial debt Accounts payable 45’126 33’139 • Increase of short-term financial debts due to: Contract liabilities 5’545 7’935
Slide 33: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Incl. discontinued operations in 1’000 CHF 2024 2023 Group result 8’279 -17’212 Change in Net Working Capital (NWC) Depreciation, amortisation and impairments 72’117 77’813 • Absolut NWC has been significantly reduced in 2023. On the low Profit/loss on disposal of no
Slide 34: EBITDA Bridge 12.2023 – 12.2024
EBITDA Bridge 12.2023 – 12.2024 DIV Doors1 in CHF m +23.7% 11.0 51.2 +9.8 Mio. 41.4 40.2 EBITDA SPI SVI MCC SI PI ECC Residual FX-Effect ACT 12/2024 Dimoldura, EBITDA M12 2023 w/o. Acq. Rozière, M12 2024 Lignis, 1) 2) 3) 4) 5) 6) 7) 8) 9) Interwand 10) Explanations: 1) Actual December 2023 2) SPI -
Slide 35: Organic growth, continuing operations
Organic growth1 continuing operations Net revenues as reported Δ FX Organic 2024 2023 Acq. effect Year Total effect growth1 in CHF M Arbonia Group 556.3 504.6 +10.2% -1.6% +17.2% -5.4% Wood Solutions 425.2 367.5 +15.7% -1.1% +20.9% -4.1% Glass Solutions 129.4 134.4 -3.7% -2.7% +7.3% -8.3% 1 adjusted
Slide 36: Thank you
ARBONIA @ Thank you