Investor Presentation Metall Zug AG - Welcome
August 25, 2025
Matthias Rey, CEO Urs Scherrer, CFO
METALL ZUG GROUP
Content
- Group Financial Report
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Business Units
Medical Devices
Technologycluster & Infrastructure
Investments & Corporate
- Information for Investors
METALL ZUG GROUP
What we have planned and what we achieved in HY 1/25
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Investments & Corporate |
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Group Financial Report HY1/2025
Metall Zug Group
Investor Presentation - August 25, 2025
Medical Devices Technologycluster &
Infrastructure
Investments & Corporate
METALL ZUG GROUP
Income Statement
Metall Zug Group | HY 1/25 | in % | HY 1/24 | in % | Comment | |||||
(in CHF million) Net sales | 94.2 | 100.0 | 181.2 | 100.0 | ||||||
Cost of Goods and Services sold | -63.2 | -67.1 | -123.2 | -68.0 | ||||||
Gross Profit | 31.0 | 32.9 | 57.9 | 32.0 | ||||||
Marketing and sales expenses | -13.9 | -14.8 | -26.7 | -14.7 | ||||||
Research and development expenses | -13.1 | -13.9 | -19.0 | -10.5 | ||||||
Administation expenses | -17.2 | -18.3 | -23.6 | -13.0 | ||||||
Other operating income | 6.5 | 6.9 | 73.0 | 40.3 | HY 1/24 includes gain of CHF 66.6 million from JV SteelcoBelimed | |||||
Other operating expenses | -0.7 | -0.7 | -1.3 | -0.7 | ||||||
Trading operating result | -7.4 | -7.9 | 60.4 | 33.3 | ||||||
Result from strategic investments | -5.1 | -5.4 | -1.9 | -1.0 | ||||||
Operating result (EBIT) | -12.6 | -13.4 | 58.5 | 32.3 | ||||||
Financial Result | 1.4 | 1.5 | 0.4 | 0.2 | ||||||
Result before taxes | -11.2 | -11.9 | 58.9 | 32.5 | ||||||
Taxes | 0.8 | 0.8 | -2.4 | -1.3 | ||||||
Net result | -10.3 | -11.0 | 56.6 | 31.2 | ||||||
METALL ZUG GROUP
Strategic Investments
Metall Zug Group | Komax Group | V-ZUG Group | SteelcoBelimed | Multi Energy Zug AG | ||||
(in CHF million) HY 1/25 proportional result | -1.1 | 0.5 | -4.5 | 0.0 | ||||
Book value (proportional equity) | 85.3 | 145.3 | 53.6 | 0.0 | ||||
Market value (share price as of June 30) | 124.2 | 126.2 | n/a | n/a | ||||
HY 1/24 proportional result | -2.7 | 1.8 | -0.6 | -0.4 | ||||
- thereof current year pro rata net result | 0.6 | 2.6 | -0.6 | -0.4 | ||||
- thereof adjustment previous year's actual result | -3.3 | -0.8 | 0.0 | 0.0 | ||||
Book value (proportional equity) | 96.7 | 143.5 | 57.3 | -0.4 | ||||
Market value (share price as of June 30) | 167.3 | 97.8 | n/a | n/a |
Total |
-5.1 |
284.2 |
n/a |
-1.9 |
2.2 |
-4.1 |
297.1 |
n/a |
Net Sales HY 1/25
by Business Unit by region
18%
(18%)
12%
(13%)
22%
(15%)
82%
(45%)
37%
(39%)
29%
(33%)
(Previous year's values in brackets)
Investor Presentation - August 25, 2025 7
METALL ZUG GROUP
Net Sales Analysis
181.2
-3.3
-0.1
-0.2
-82.1
-1.2
94.2
200.0
180.0
160.0
140.0
in CHF million
120.0
100.0
80.0
60.0
40.0
20.0
0.0
181.2
Net Sales
HY 1/24
-3.3
Medical Devices
-0.1
Technologycluster &
Infrastructure
-0.2
Investments &
Corporate
-82.1
Deconsolidation
Belimed Group
-1.2
FX
94.2
Net Sales
HY 1/25
METALL ZUG GROUP
Operating Result (EBIT) Analysis
58.5
-5.0
-0.5
-2.4
-3.7
-66.6
-12.6
7.1
70.0
60.0
50.0
40.0
in CHF million
30.0
20.0
10.0
0.0
-10.0
-20.0
-30.0
58.5
EBIT HY 1/24
-5.0
Medical Devices
-0.5
Technologycluster & Infrastructure
-2.4
Investments & Corporate (operational)
-3.7
I&C Strategic Investments
-66.6
Book Gain SteelcoBelimed
7.1
Deconsolidation Belimed Group
-12.6
EBIT HY 1/25
METALL ZUG GROUP | ||||||||||
Balance Sheet | ||||||||||
Metall Zug Group | 06/30/2025 | in % | 12/31/2024 | in % | Comment | |||||
(in CHF million) Cash and cash equivalents / securities | 14.6 | 2.3 | 17.2 | 2.7 | ||||||
Other current assets | 114.6 | 17.7 | 112.3 | 17.7 | ||||||
Current assets | 129.2 | 20.0 | 129.5 | 20.5 | ||||||
Tangible assets | 179.8 | 27.8 | 168.7 | 26.6 | ||||||
Financial assets | 336.1 | 51.9 | 333.0 | 52.6 | Includes book values of strategic investments of CHF 284.2 million (2024: CHF 297.1 million) | |||||
Intangible assets | 2.0 | 0.3 | 1.7 | 0.3 | ||||||
Fixed assets | 517.9 | 80.0 | 503.4 | 79.5 | ||||||
Total assets | 647.1 | 100.0 | 633.0 | 100.0 | ||||||
Current & long-term financial liabilities | 124.7 | 19.3 | 82.8 | 13.1 | ||||||
Other liabilities | 64.1 | 9.9 | 63.7 | 10.1 | ||||||
Total liabilities | 188.8 | 29.2 | 146.5 | 23.2 | ||||||
Shareholders' equity | 458.3 | 70.8 | 486.4 | 76.8 | ||||||
Total liabilities and shareholders' equity | 647.1 | 100.0 | 633.0 | 100.0 | ||||||
Net debt position | -110.1 | -17.0 | -65.6 | -10.4 | ||||||
METALL ZUG GROUP
Cash Flow Statement
Metall Zug Group | HY 1/25 | HY 1/24 | Comment | |||
(in CHF million) Cash flow from operating activities | -5.4 | 6.7 | ||||
Cash flow from investing activities | -27.1 | -18.6 | ||||
- of which investments in tangible assets | -16.7 | -14.1 | ||||
- of which investments in financial assets | -14.2 | 0.0 | HY 1/25: includes loan to SteelcoBelimed of CHF 14 million | |||
- of which investments in intangible assets | -0.8 | -0.7 | ||||
- of which disposal of group companies, net cash | 0.0 | -8.7 | HY 1/24: disposal of cash and cash equivalents Belimed | |||
Cash flow from financing activities | 30.6 | -1.5 | ||||
- of which cash dividends | -9.0 | -9.0 | ||||
- of which change in financial liabilities | 42.0 | 7.5 | ||||
- of which purchase of treasury shares | -2.5 | 0.0 | ||||
Currency translation effects | -0.7 | 0.9 | ||||
Change in "cash and cash equivalents" | -2.6 | -12.5 | ||||
Free cash flow | -32.5 | -11.9 |
Business Units
Metall Zug Group
Investor Presentation - August 25, 2025 Medical Devices Technologycluster &
Infrastructure
Investments & Corporate
Medical Devices
Medical Devices
Investor Presentation - August 25, 2025
MEDICAL DEVICES | ||||
Key figures | ||||
HY 1/25 | HY 1/24 | |||
(in CHF million) Net sales | 77.1 | 81.6 | ||
Net sales development in % | -5.6 | -13.1 | ||
- of which foreign currency impact in % | -1.5 | -1.2 | ||
Organic net sales development in % | -4.1 | -11.8 | ||
Investments (expenses) in research and development | -12.6 | -13.3 | ||
Operating income (EBIT) | -2.6 | 2.4 | ||
in % of net sales | -3.4 | 2.9 | ||
Operating income (EBIT)
excl. Research and development
10.0 15.7
in % of net sales 13.0 19.2
Investor Presentation - August 25, 2025 14
MEDICAL DEVICES
Net Sales
Net sales by regionin %
Net sales by product areain %
15%
(16%)
5%
(5%)
13%
5%
(7%)
(11%)
21%
(20%)
41%
(44%)
36%
(38%)
45%
(41%)
20%
(18%)
Investor Presentation - August 25, 2025
Accessories
15
(Previous year's values in brackets)
MEDICAL DEVICES
US tariff policy
Tariff policy in important US market, where around 40% of
sales is generated, has led to uncertainties
Haag-Streit has local production facilities in the US for chairs and stands - only around half of its US sales are affected by the high tariffs on Swiss exports
Haag-Streit will have to pass on the tariffs on Swiss exports through price adjustments
MEDICAL DEVICES
Metis 900
High-quality surgical microscope
Stable & brilliant red reflex
Outstanding ergonomics, delivering a more comfortable working experience
Efficient control through programmable foot and hand switches
Assistant microscope supporting surgical teaching & training
Introduced in fall 2024 - already been well received, as reflected in the orders received and positive feedback from eye specialists and surgeonsMEDICAL DEVICES
Elara 900
World novelty: first hybrid-digital slit lamp
Represents important step towards efficiency through digitalization
Outstanding image sharpness and precision thanks to proven Swiss optics and revolutionary projector lighting
Two integrated cameras enable a detailed 3D experience, allowing images and videos to be captured in 4K quality at the touch of a button
The preset-function and motorized height control optimize and speed up workflows
Presented in May 2025 during DOC - very positive feedbackMEDICAL DEVICES
Refractor 900
Digital phoropter
Accelerate refraction processes due to fast lens exchange
Precise prescription thanks to 1/8 diopter increments
Intelligent connectivity: integrates seamlessly with EMR systems, diagnostic devices and vision testing solutions.
With this product, Haag-Streit is now able to offer its own completely and seamlessly integrated basic workstation (exam lane)
Presented in May 2025 during DOC - very positive feedbackMEDICAL DEVICES
Further growth in product portfolio
Metis 900
Refractor 900
Elara 900
Add-on Microscope (I)
Add-on Microscope (II)
Perimeter (I)
Biometer
Add-on Microscope (III) Accessories
Simulator
Examination unit Perimeter (II)
Launch of further innovative products is planned for the
coming years
Renewal and further digitalization of portfolio
New products will strengthen and expand market position
In the medium term, ratio of R&D investments to sales will normalize, which should improve profitability
2024 2025 2026 2027
Time to first registration (usually US)
MEDICAL DEVICES
Ophthalmological expertise
Prof. Dr. Sandrine ZweifelAppointed as new member of the Board of Directors of Metall
Zug on May 9, 2025Titularprofessor, University of Zurich; Private Lecturer, Venia legendi for Ophthalmology; PhD of Medical Sciences and Health Sciences, University of Basel; Medical Degree, University of Basel
Deputy Director of the Ophthalmology Clinic at the University Hospital of Zurich, since 2019; Head of Medical Retina & Imaging services, University Hospital Zurich, since 2015
Dr. Thomas LenzenAppointed as new CEO of the Haag-Streit Group as of
September 1, 2025
Study of economics at University of St. Gallen, obtaining a
doctoral degree
Managing Director in dental industry; Business Unit Director Eye Surgery for DACH region at Bausch + Lomb; General Manager for Bausch + Lomb DACH; Vice President at Haemonetics, responsible for international business with blood banks and plasma donations
Technologycluster & Infrastructure
Investor Presentation - August 25, 2025
TECHNOLOGYCLUSTER & INFRASTRUCTURE
Key figures(in CHF million)
HY 1/25 HY 1/24
Net sales 0.0 0.1
Other operating income 6.5 6.6
Operating income (EBIT) 0.8 1.3
Employees (FTE) 30.0 31.0
CAPEX Total
(in CHF million, Cash-flow-view)
14.7
Rental income
(in CHF million)
4.6 4.6
9.7
TECHNOLOGYCLUSTER & INFRASTRUCTURE
Site overviewTECHNOLOGYCLUSTER & INFRASTRUCTURE
SHL Südtor: New Headquarter 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 for third parties on the site
Decoupled hybrid supporting structure made of wood-concrete-steel
Facade with 3,500 m2 PVA, cooling energy from the Multi Energy Hub with lake water use and in-house cooling, heat recovery with feed-in to the district heating network
Key figures
Project time / completion 2021 to 2026
Rentable area (m2) 16'244
Volume (m3) 102'561
Hight (m) 44 (8 upper floors / 2 basements)
Project status
Implementation
TECHNOLOGYCLUSTER & INFRASTRUCTURE
CreaTower I: VZ DepotbankProject 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 precast concrete elements as dome
vaults
Dismantling capability of the entire load-bearing and slab structure
(circularity)
35% CO2reduction of above-ground construction vs. conventional
construction
Key figures
Project time / completion 2021 to 2027
Rentable area (m2) 6'044
Volume (m3) 58'872
Hight (m) 40 (10 upper floors / 2 basements)
Project status
Building permit obtained, construction started in August
Pre-sale agreement with VZ Depotbank
TECHNOLOGYCLUSTER & INFRASTRUCTURE
RefActory: Center of Tech ClusterProject Description & Usage
Commercial building, which houses the Zugorama exhibition of V-ZUG on the ground floor and 1st floor, ground floor also a shop and a restaurant, upper floors office/commercial uses, 60% office, 10% gastronomy, 20% exhibition
Construction & Specialties
Sophisticated architecture, central character
Load-bearing natural stone with ceilings in timber construction
Different user groups and needs in one building
Key figures
Project time / completion 2022 to 2029
Rentable area (m2) 6'904
Volume (m3) 59'558
Hight (m) 30 (7 upper floors/ 2 basements)
Project status
End Phase Preliminary Project / Start Phase Construction Project
TECHNOLOGYCLUSTER & INFRASTRUCTURE
Project Pi: Residential high-riseProject Description & Usage
Residential high-rise 80m with approx. 180 apartments, commercial space on the ground floor, daycare center in the adjoining building - 22 floors of affordable housing, 4 floors of location-conform housing,
97% residential, 3% commercial
Construction & Specialties
New timber composite ceiling construction with beech supports, birch ceilings
Innovative form of housing with 3-storey squares & exciting socio-cultural mix
of apartments, high proportion of affordable housing
33% CO2reduction compared to conventional construction methods
Very small number of parking spaces for cars, high proportion of bycicle
parking
Key figures
Project time / completion 2019 to 2030? (unclear, many dependencies)
Rentable area (m2) 15'910
Volume (m3) 97'222
hight (m) 80 (27 upper floors / 2 basements)
Project status
Legal zoning plan procedure, planning of construction project
Administrative complaint against development plan
Investments & Corporate
Investor Presentation - August 25, 2025
INVESTMENTS & CORPORATE | |||||
Key figures | |||||
HY 1/25 | HY 1/24 | ||||
(in CHF million) Net sales | 17.1 | 32.8 | |||
Net sales developtment in % | -47.7 | -34.6 | |||
of which foreign currency impact in % | 0.0 | -0.2 | |||
of which acquisition & divestment impact in % | -47.1 | -10.0 | |||
Organic net sales development in % | -0.7 | -24.4 | |||
Net sales to third parties | 17.1 | 32.1 | |||
Switzerland | 17.1 | 20.3 | |||
Europe (excluding Switzerland) | 0.0 | 8.1 | |||
Americas | 0.0 | 3.2 | |||
Asia/Pacific/Others | 0.0 | 0.6 | |||
Trading operating result | -5.6 | 60.2 | |||
in % of net sales | -32.7 | 183.5 | |||
Result from strategic investments (associated companies) | -5.1 | -1.5 | |||
Operating income (EBIT) | -10.8 | 58.7 | |||
Investor Presentation - August 25, 2025 | 30 | ||||