Welcome
© GF v3.3
Analyst and Media Conference 2026
Zurich, 25 February 2026
2025 Financial Year
Andreas Müller, CEO | Mads Joergensen, CFO
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GF GroupHighlights
Strategic transformation into pure-play completed
Divestment of GF Machining Solutions
Divestment of GF Casting Solutions' automotive business and iron foundry in Leipzig
Integration of VAG-Group and Uponor
synergy achievement on track
Solid performance despite market headwindsStrong momentum in Infrastructure; subdued demand in Industry driven by geopolitical tensions
Soft construction markets, with US slowing towards year-end
EBIT margin impacted by mix effect,
tariffs and FX
Outlook 2026Low single-digit organic sales growth
Comparable EBITDA margin of 14 - 16%
Growth acceleration in H2 2026 driven by expected end-market recovery
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Fit for Growth program to drive profitability
(CHF)
GF's Flow Solutions business
Net sales | ROIC | |||
3.0 billion consolidated | -1.7% growth | +0.6% organic growth | 20.0% comparable1,2 | |
(2024: 24.0%) | ||||
EBIT margin | EBITDA margin | Proposed dividend | ||
10.0% comparable1,2 | 8.9% reported2 | 13.4% comparable1,2 | 1.35 per share | |
(2024: 11.4%) | (2024: 10.1%) | (2024: 15.0%) | (2024: 1.35) |
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1 Excluding PPA effects on inventory and items affecting comparability 2 Including estimated proportionate corporate costs
Well-balanced global presence in a challenging geopolitical environmentNew 15'000 m2 facility in Shawnee, Oklahoma (US)
Net sales per region / organic growth
-2.0%
+3.5%
+2.2%
981
965
2024
2025
2024
2025
2024
2025
Americas
EMEA
APAC
619
629
1'415
1'442
(CHF million)
Expansion in Hassfurt (DE) with new European warehouse
Share in % Prior year
32%
(32%)
47%
(47%)
21%
New customer experience center in Shanghai (CN)
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(21%)
GF transformation to pure-play Flow Solutions company completedDivestment of GF Machining Solutions completed mid-year 2025
Divestment of GF Casting Solutions' automotive activities closed mid-February 2026; iron foundry in Leipzig sold at year-end 2025
Integration of Uponor and VAG-Group progressing according to plan
Ongoing sale process for Precicast (Aerospace and
Industrial Gas Turbine operations)
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Focus on three business areas - Building, Industry and Infrastructure
Combined sales kick-off in the US
Uponor synergy achievement on track Annual run-rate synergies
(CHF million)
Key milestones30 - 40
29
25-30
17
40 - 50
2024 2025 2026 2027
Portfolio complexity further reduced
Production and organizational footprint optimized
Customer and channel synergies achieved
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Realized Target Original target
Fit for Growth launched to drive effectiveness and efficiency 2026 execution timeline
(CHF million)
25
35
40
40
Secured measures
Q1/26
Q2/26
Q3/26
Q4/26
ScopeLaunched in late 2025 to streamline organization and drive profitable growth
Targeted CHF 40 million cost savings booked in 2026
Measures include reduction of non-customer-facing roles and external
expenses, as well as right-sizing of corporate functions
Re-investment in sales organization to support high-growth strategic priorities
Estimated one-off restructuring cost of CHF 15 million in 2026
Net working capital initiatives launched
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Booked P&L effect 31 Dec 2026
Successful achievement of GF's Flow Solutions 2025 sustainability targets77%
sales with social or
environmental benefits
FY 2024: 74%
-51%
CO2 emissions Scope 1 and 21
FY 2024: - 48%
3.3 accidents
per million hours worked
FY 2024: 4.2
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1 From 2019 adjusted baseline
GF IIFS - Strong momentum in Infrastructure offsets muted demand in Industry(CHF)
Net sales 1'955million
+1.9%organic growth
-16%1Semiconductors
EBIT margin (comparable) 10.9%
(2024: 13.2%)
+18%1Life Sciences
Strong momentum in Infrastructure in Europe, with solid demand in Industry in
the US, Middle East and Northeast Asia
Industry impacted by tariff-induced uncertainty and investment delays; improved semiconductor outlook for 2026
+6%1Water Distribution
Increase in demand for data center cooling solutions with CHF 30 million sales
Lower EBIT margin due to unfavorable mix effect, FX and tariffs
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1 Organic growth
Industry - Driving AI data center efficiencyQuick Connect
Valve
Complete cooling piping infrastructure for Netmountains' new data center
Industry needs:
Rapid expansion of AI and cloud computing is driving sharp increases in data center energy demand, accelerating adoption of liquid cooling
GF solution:High-performance direct-to-chip liquid cooling system made from polymers
Efficient coolant distribution with lightweight,
corrosion-free design
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Reduction of installation time and system complexity
Further expanding our high-tech production capabilities for valves and actuatorsNew warehouse
in Seewis (CH)
New ball valve assembly line in Seewis (CH)
Efficiency and precision: The modernized Seewis plantKey competence center for the production of
plastic valves and actuators
New ball valve assembly line ensuring high product quality and shorter delivery times
Automated high-bay storage system for greater efficiency, optimized processes and faster order processing
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CO2-neutral operations powered by 100% renewable energy and energy efficient production
Infrastructure - Renewing aging water networksFlowise
DMA chamber
VAG
Gate valve
Sabesp water utility (BR)
Industry needs:
Outdated water networks lose significant volumes of treated water before reaching consumers
GF solution:Flowise DMA chambers combine GF, Uponor and VAG technologies with NeoFlow pressure control
Reduced water loss, improved pressure management and faster response through continuous network monitoring
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Lightweight design enables installation in 1 - 2 days instead of weeks
Cooling Water Intake
Joint trade fair
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Flowise DMA chamber
Installation at hydropower plant
GF BFS - resilient performance in mixed construction markets(CHF)
Net sales 1'114million
-2.7%organic growth
EBIT margin (comparable) 8.7%(2024: 8.7%)
Europe - Building permitsEurozone Germany
Sales down 2.7% organically; adjusting for the impact of discontinued product
lines due to plant closures, sales only declined by 1.8%
North America down 1.4% organically, with softening construction market, high mortgage rates and tariff uncertainty
Europe down 2.1% organically, adjusted for discontinued product lines, with signs of recovery towards year-end
Comparable EBIT margin stable, with negative FX and tariff effects offset by the value creation program
2022 2023 2024 2025
US - Housing starts in 1'000 units© GF v3.3
2022 2023 2024 2025
Buildings - Comfort and energy efficiency for older buildingsUponor Siccus 16
Residential building
(NL)
Industry needs:
Buildings account for around 40% of EU energy use, accelerating demand for efficiency upgrades
GF's refurbishment solution:20 mm dry-fit panels fit tight spaces and allow direct tiling due to their unmatched stiffness, without wet screed or heavy equipment
The only homologated tiling system of its kind significantly reduces installation time, even in difficult-to-access buildings
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Energy-efficient, comfortable heating integrates seamlessly into existing interiors
Connection from heat pump to building with the best thermal performance on the marketVIP insulation Outstanding insulation performance
Heat pump
Ecoflex VIP 2.0Best-in-class insulation
Less outer pipe diameter and heat loss
Superior flexibility and time savings
Installed stock of heat pumps in Europe
(in million units / CAGR)
60
+15%
+13%
16 18 21
23 26
2030
EU 2030
target
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2020 2021 2022 2023 2024
Consolidated financial statements
Mads Joergensen, CFO
© GF v3.3
Net salesOrganic
+1.9%
-8.4%
(CHF million)
-1.7%
4'776
4'110
2024 2025
GF Group
Continuing operations
1'947 1'955
-2.7%
1'189 1'114
2024 2025
2024 2025
GF IIFS GF BFS
Discontinued operations
NA
841
752
885
360
2024 2025
2024 2025
GF CS GF MS1
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1 2025 includes sales for H1 2025 given closing on 30 June 2025
Net sales bridge(CHF million)
4'776
-74
-153
4'110
-439
GF MS H2 2024 -492
VAG +54
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2024
Organic FX
M&A 2025
© G