Zumtobel Group AgVIE: ZAG

H1 2025/26 Investor Presentation

· Issued by Zumtobel Group Ag
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H1 2025/26

MANAGEMENT PRESENTATION

4 December 2025

1

Photographer: Nina Bröll



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



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

13.5

18.4

-26.9

1 incl. development

H1 2025/26 results



4



EFFICIENCY PROGR TRANSFORMING THE ZUMTOBEL GROUP

ORGANISATION BY STREAMLINING

Cost savings are ramping up year-on-year

EUR 30 - 40 million

from 2028/2029 onwards

Annual restructuring costs expected in the single-digit million range

5

2025/26 2026/27 2027/28 2028/29

H1 2025/26 results

Annual restructuring costs in EUR million

SG&A cost savings in EUR million 5

3 key levers

Lean

organization

Streamlined

processes

Shared

Service Center



SECURING COMPETITIVENESS THR EFFICIENCY PROGRAMME EXPECTED

EUR 50 MILLION IN 202

3 key levers

Lean

organization

Streamlined

processes

Shared

Service Center

Cost savings are ramping up year-on-year

EUR 40 - 50 million

from 2028/2029 onwards

Combined expected annual restructuring costs

6

2025/26 2026/27 2027/28 2028/29

H1 2025/26 results

Total annual restructuring costs in EUR million

SG&A cost savings in EUR million
Operations, procurement, and R&D cost savings in EUR million 6



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.

-7.0%



-7.3%

fx-adj.

-4.4%

-5.0%



8.9%

10.2%

20.1

17.8

11.4

11.4

1.9

7.8%

5.4%

5.4%

1.0%



22.3

226.6 210.7

229.5 218.0

195.9

212.0

Q1 Q2 Q3 Q4

Q1 Q2

Q3 Q4

2024/25

2025/26

2024/25 as a % of revenues

2024/25

2025/26 as a % of revenues

2025/26

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.

-11.8%



-10.4%

fx-adj.

-12.8%



-11.0%

5.9%

1.9%

8.4%



8.4%

3.0%

0.3%

80.3

70.9

77.0

67.2

69.2

72.8

4.7

5.6

1.3

2.1

0.2

6.5

Q1 Q2 Q3 Q4

Q1 Q2

Q3 Q4

2024/25

2025/26

2024/25 as a % of revenues

2024/25

2025/26 as a % of revenues

2025/26

H1 2025/26: EUR 138.0 million (-12.3%)

H1 2024/25: EUR 157.3 million

H1 2025/26: EUR 7.0 million (margin of 5.0%) H1 2024/25: EUR 11.2 million (margin of 7.1%)

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.

-7.8%



-7.7%

fx-adj.

-5.1%

-6.0%



9.2%

7.0%

7.3%

2.2%

2.5%

-0.1%



25.0

20.2

21.0

6.6

6.0

289.1 266.4

288.6 271.2

250.5

269.1

Q1 Q2 Q3 Q4

Q1 Q2

-0.2

Q3 Q4

2024/25

2025/26

2024/25 as a % of revenues

2024/25

2025/26 as a % of revenues

2025/26

H1 2025/26: EUR 537.6 million (-6.9%)

H1 2024/25: EUR 577.6 million

H1 2025/26: EUR 31.6 million (margin of 5.9%) H1 2024/25: EUR 41.2 million (margin of 7.1%)

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

expenses and the earlier payment of the research bonus

-27.2

Mainly due to negative volume development and price pressure

Mainly due to lower material costs and a positive product/country

mix effect

9.8

7.8 31.6

Mainly due to lower personnel

Adjusted EBIT H1 2024/25

Turnover, price and FX effects on sales

COGS SG&A and Research Adjusted EBIT H1 2025/26

ADJ. GROSS PROFIT MARGIN AT 37.7%

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

-171.3

-179.1

-4.4

Adjusted EBIT

31.6

41.2

-23.4

as a % of revenues

5.9

7.1

Special effects

-10.8

-11.2

EBIT

20.7

30.0

-30.9

as a % of revenues

3.9

5.2

Financial results

-5.8

-9.5

39.4

Profit before tax

14.9

20.5

-26.9

Income taxes

-1.5

-2.0

-26.9

Net profit for the period

13.5

18.4

-26.9

Earnings per share (in EUR)

0.32

0.43

-25.9

ZUMTOBEL GROUP - INCOME STATEMENT

Special effects

  • closure of the US production site in

    Highland (EUR -6.0 million)

  • write-down of goodwill in the CGU Components (EUR -2.0 million)

  • impairment of capitalised development

    projects (EUR -2.7 million)

  • investment grant received from the

    Portuguese government (EUR 1.4 million)

  • Other (EUR -1.5 million)

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 activities

35.5

33.7

Cash flow from investing activities

-21.7

-20.6

Free cash flow

13.7

13.0

Cash flow from financing activities

8.6

-20.6

SOLID BALANCE SHEET

ZUMTOBEL GROUP - KEY BALANCE SHEET DATA

IN EUR MILLION

31 October 2025

30 April 2025

Total assets

1,005.9

989.6

Net debt

120.0

118.5

Debt coverage ratio

1.47

1.36

Equity

430.6

424.9

Equity ratio in %

42.8

42.9

Gearing in %

27.9

27.9

CAPEX

24.6

89.7

thereof CAPEX excl. IFRS 16

21.9

54.2

Working capital

217.6

227.8

as a % of rolling 12-month revenues

20.6

20.8

Solid liquidity position backed by:

  • Consortium credit agreement with a term ending in December 2028 and a volume of EUR 125 million (including clause for an increase in the credit line up to EUR 350 million), thereof EUR 55 million drawn

  • Credit agreement of EUR 50 million with the European Investment Bank (EIB), thereof EUR 50 million drawn

  • Uncommitted credit lines totalling EUR 43.3 million

    Financial covenants attached to:

  • Debt coverage ratio1< 3.55

    ☑ 1.47 as of 31 October 2025

  • Equity ratio > 23.5%

☑ 42.8% as of 31 October 2025

Covenants tested on 31 October as well as

30 April

CURRENT MARKET OUTLOOK

Growth in non-residential construction in 2026

Development in 2026

  • A year of recovery for non-residential

    Development of non-residential construction until 2027 (for selected countries)

    2.7

    3

    1.7 1.5

    1.5

2.0

1.3

construction in most of Europe, with growth

led by public investment and renovation

  • New buildings for health and education will see the strongest growth

  • Green energy transition is still supporting the development of the sector

  • Growth expectations show strong

1.

1.1

1.4

-0.2

2.8

-0

.2

-3.6

1.1

-0

-1.5

.1

1.9

1.2

regional differences

2022

2023

2024

2025

2026

2027

> +0.5%

0 - +0.5%

negative

The civil engineering growth is underpinned by robust investment in transport infrastructure, and energy transition projects.

EU and national public funds, as well as targeted programs for decarbonization and climate adaptation, are key enablers.

New-built
Renovation Total

14

H1 2025/26 results Source: Euroconstruct November 2025 14



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

15

H1 2025/26 results 15



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 provided at the beginning of 2026

16

H1 2025/26 results 16



BACK UP

H1 2025/26 results 17



GROUP REVENUES DOWN BY -6.9% IN H1 2025/26

ZUMTOBEL GROUP - REGIONAL REVENUE DISTRIBUTION

IN EUR MILLION

Q2 2025/26

CHANGE IN %

H1 2025/26

CHANGE IN %

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

138.8

-2.3

-1.8

Asia & Pacific

17.6

-18.9

34.6

-23.4

-18.2

Americas & MEA

15.5

9.4

26.3

-2.1

2.0

Total

271.2

-6.0

537.6

-6.9

-6.4

FINANCIAL CALENDAR

DATE

SUBJECT

PERIOD

5 March 2026

Quarterly Report Q1 - Q3 2025/26

1 May 2025 - 31 January 2026

WORKING CAPITAL DEVELOPMENT

ZUMTOBEL GROUP - WORKING CAPITAL

21.0

21.5

21.0

19.7 20.7 20.6

19.8 20.4

20.0 20.8

  • 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

FY 2023/24
FY 2024/25
FY 2025/26

In %

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

455.4

109.7

122.2

0

0

537.6

577.6

Inter-company revenues

0.8

0.7

28.3

35.1

-29.1

-35.8

0

0

Adjusted EBIT

33.7

38.0

7.0

11.2

-9.1

-8.0

31.6

41.2

Special effects

-6.4

-11.2

-3.3

0

-1.1

0

-10.8

-11.2

EBIT

27.3

26.8

3.7

11.2

-10.2

-8.0

20.7

30.0

Investments

15.6

16.0

5.0

5.4

1.3

1.2

21.9

22.6

Depreciation

-18.9

-18.0

-6.4

-6.6

-1.7

-2.0

-27.0

-26.6

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 for the year

15.5

24.7

60.0

45.8

45.6

as a % of revenues

1.4

2.2

5.0

4.0

4.4

Total assets

989.6

987.2

1,002.4

1,005.4

943.3

Equity

424.9

425.2

421.7

382.8

308.4

Equity ratio in %

42.9

43.1

42.1

38.1

32.7

Net debt

118.5

77.1

86.9

95.1

88.5

Cash flow from operating results

86.4

105.8

140.2

122.7

115.7

CAPEX excl. IFRS 16

54.2

50.8

54.5

45.3

38.1

as a % of revenues

4.9

4.5

4.5

3.9

3.7

R&D total

74.1

72.7

67.8

67.5

64.8

as a % of revenues

6.8

6.5

5.6

5.9

6.2

Headcount incl. contract workers (FTE)

5,299

5,350

5,503

5,782

5,813

ZUMTOBEL GROUP AG

Investor Relations investorrelations@zumtobelgroup.com

https://www.zumtobelgroup.com

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