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Zumtobel : H1 2025/26 Investor Presentation
Zumtobel : H1 2025/26 Investor
About this update from Zumtobel Group Ag
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 ratio 1 < 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 [email protected] https://www.zumtobelgroup.com Attention : This is an excerpt of the original content. To continue reading it, access the original document here .