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Zumtobel : Q1 2025/26 Investor Presentation
Zumtobel : Q1 2025/26 Investor
About this update from Zumtobel Group Ag
Q1 2025/26 MANAGEMENT PRESENTATION 4 September 2025 1 Photographer: Jens Ellensohn Dornbirn, Austria Joynext Arena Eislöwen Dresden, Germany Shopping Center TC Usce, Belgrade, Serbia 3 Campus Founder Lab Heilbronn, Germany UNESCO site project - Fortezza Bellinzona, Switzerland Q1 2025/26 FINANCIAL OVERVIEW IN EUR MILLION Q1 2025/26 Q1 2024/25 CHANGE IN % Group revenues 266.4 289.1 -7.8 Lighting Segment revenues 210.7 226.6 -7.0 Components Segment revenues 70.9 80.3 -11.8 Adjusted gross profit 1 97.9 111.2 -12.0 Adjusted EBIT 6.6 20.2 -67.5 Net profit for the period -4.0 12.8 <-100 1 incl. development Q1 2025/26 results 4 CLOSURE OF THE HIGHLAND (USA) PRODUCTION SITE Situation & Measurements Difficult economic situation and low production volume Facility has been unprofitable and significantly underutilized for some time Approximately 70 employees in production, research & development, logistics, and administration will be affected. Sales operations in the Americas to be restructured South America North America Impact Restructuring costs This closure will result in restructuring costs of approximately EUR -9 million Most of the effects will be recorded in the 2025/26 financial year as special Maintain a strong sales and marketing presence in the U.S. through a new sales and distribution structure Sales operations for the Americas region will be divided into two independent units: North America and South America Future deliveries to the American markets will be handled through the Zumtobel Group's global production and distribution network. effects These one-time effects are expected to be more than offset in the following years Q1 2025/26 results 5 TRANSFORMATION OF THE ZUMTOBEL GROUP INTO A BEST-IN-CLASS ORGANIZATION C U R R E N T Organizational complexity - Numerous layers and no standardized functional blueprints Unfavorable SG&A - Historically, suboptimal overhead structure with limited SSC leverage Manual processes - High level of manual processes which are not harmonized Simple - Reduced organizational complexity F U T U R E Lean - Minimized ineffeciencies and shadow functions Streamlined - Optimized processes & overhead Agile - Increased decision speed Customer centric - Enabled customer facing roles Cost savings are ramping up year-on-year EUR 30 - 40 million from 2028/2029 onwards 3 key levers to define future target setup Lean organization Streamlined processes Shared Service Center 2025/26 2026/27 2027/28 2028/29 Annual restructuring costs expected in the single-digit million range. 6 Q1 2025/26 results 6 LIGHTING SEGMENT ADJUSTED EBIT WAS NEGATIVELY IMPACTED BY LOWER REVENUES DUE TO A WEAK ECONOMIC ENVIRONMENT REVENUES IN EUR MILLION ADJUSTED EBIT IN EUR MILLION fx-adj. -7.0% -7.3% 8.9% 5.4% 5.4% 1.0% 7.8% 17.8 11.4 11.4 1.9 226.6 210.7 229.5 195.9 212.0 20.1 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 WEAK DEMAND HAD A NEGATIVE IMPACT ON THE ADJUSTED EBIT REVENUES IN EUR MILLION ADJUSTED EBIT IN EUR MILLION fx-adj. -11.8% -10.4% 5.9% 1.9% 8.4% 3.0% 0.3% 80.3 70.9 77.0 69.2 72.8 4.7 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 FY 2024/25: EUR 299.3 million (+/- 0.0%) FY 2024/25: EUR 13.5 million (margin of 4.5%) ZUMTOBEL GROUP OVERALL WEAK DEMAND HAD A NEGATIVE IMPACT ON THE ADJUSTED EBIT IN Q1 2025/26 REVENUES IN EUR MILLION ADJUSTED EBIT IN EUR MILLION fx-adj. -7.7% 7.0% 7.3% -7.8% 289.1 266.4 288.6 250.5 269.1 20.2 21.0 6.6 6.0 2.2% 2.5% -0.1% 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 FY 2024/25: EUR 1,097.2 million (-2.6%) FY 2024/25: EUR 46.9 million (margin of 4.3%) ADJ. GROSS PROFIT MARGIN AT 36.7% IN EUR MILLION Q1 2025/26 Q1 2024/25 CHANGE IN % Revenues 266.4 289.1 -7.8 Adjusted cost of goods sold -168.5 - 177.8 - 5.2 Adjusted gross profit (incl. development) 97.9 111.2 -12.0 as a % of revenues 36.7 38.5 Adjusted SG&A expenses - 91.3 - 91.0 0.4 Adjusted EBIT 6.6 20.2 -67.5 as a % of revenues 2.5 7.0 Special effects -7.4 -1.5 EBIT -0.8 18.7 <-100 as a % of revenues -0.3 6.5 Financial results -3.0 -4.6 33.5 Profit before tax -3.9 14.2 <-100 Income taxes -0.1 -1.4 -92.0 Net profit for the period -4.0 12.8 <-100 Earnings per share (in EUR) -0.09 0.30 <-100 ZUMTOBEL GROUP - INCOME STATEMENT Special effects of EUR -7.4 were mainly booked for the Lighting plant in Highland (USA) LOWER CASH FLOW FROM OPERATING RESULT ZUMTOBEL GROUP - CASH FLOW STATEMENT IN EUR MILLION Q1 2025/26 Q1 2024/25 Cash flow from operating results 12.8 32.4 Change in working capital 2.2 -15.2 Change in other operating items -11.8 -14.6 Taxes paid/received -1.9 -2.6 Cash flow from operating activities 1.3 0.0 Cash flow from investing activities -11.9 -11.2 Free cash flow -10.6 -11.2 Cash flow from financing activities 12.0 13.9 SOLID BALANCE SHEET ZUMTOBEL GROUP - KEY BALANCE SHEET DATA IN EUR MILLION 31 July 2025 30 April 2025 Total assets 999.6 989.6 Net debt 134.4 118.5 Debt coverage ratio 1.98 1.36 Equity 418.8 424.9 Equity ratio in % 41.9 42.9 Gearing in % 32.1 27.9 CAPEX 13.4 89.7 thereof CAPEX excl. IFRS 16 12.1 54.2 Working capital 225.2 227.8 as a % of rolling 12-month revenues 21.0 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 45 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 ☑ 1.98 as of 31 July 2025 Equity ratio > 23.5% ☑ 41.9% as of 31 July 2025 Covenants tested on 31 October as well as 30 April CURRENT MARKET OUTLOOK Growth in non-residential construction in 2025 Development in 2025 After two years of recession, the Development of non-residential construction until 2027 (for selected countries) European non-residential construction sector is back to at least moderate growth Growth is seen in both markets -non-residential new-built as well as renovation Growth expectations show strong regional differences 3. 1.8 0.0 1 -1.2 1.7 1.7 0.9 > +0.5% 0 - +0.5% negative In the upcoming two years non-residential construction growth is expected to accelerate Growth will be driven by new buildings for education and for health, whereas the boom for new storage facilities will come to an end 2021 2022 2023 2024 2025 2026 2027 New-built Renovation Total 13 Q1 2025/26 results Source: Euroconstruct June 2025 13 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 14 Q1 2025/26 results 14 BACK UP Q1 2025/26 results 15 GROUP REVENUES DOWN BY -7.8% IN Q1 2025/26 ZUMTOBEL GROUP - REGIONAL REVENUE DISTRIBUTION IN EUR MILLION Q1 2025/26 CHANGE IN % NOMINAL FX ADJUSTED D/A/CH 107.3 0.6 -1.0 Northern and Western Europe 61.2 -16.7 -16.6 Southern and Eastern Europe 70.1 -3.7 -2.9 Asia & Pacific 17.0 -27.7 -22.9 Americas & MEA 10.8 -15.0 -11.5 Total 266.4 -7.8 -7.7 FINANCIAL CALENDAR DATE SUBJECT PERIOD 16 September 2025 Record Date for the Annual General Meeting 26 September 2025 49th Annual General Meeting 30 September 2025 Ex-Dividend Day 1 October 2025 Record Date Dividend 3 October 2025 Dividend Payout Day 4 December 2025 Half-Year Financial Report 2025/26 1 May 2025 - 31 October 2025 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 19.8 20.4 20.0 20.8 Working capital at EUR 225.2 million as of 31 July 2025 (30 April 2025: EUR 227.8 million) In % of rolling 12-month revenues, working capital at 21.0% (Q1 2024/25: 21.5%) 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 Q1 2025/26 Q1 2024/25 Q1 2025/26 Q1 2024/25 Q1 2025/26 Q1 2024/25 Q1 2025/26 Q1 2024/25 Net revenues 210.7 226.6 70.9 80.3 -15.1 -17.8 266.4 289.1 External revenues 210.3 226.2 56.1 62.9 0 0 266.4 289.1 Inter-company revenues 0.3 0.4 14.8 17.4 -15.1 -17.8 0 0 Adjusted EBIT 11.4 20.1 1.3 4.7 -6.2 -4.6 6.6 20.2 Special effects -7.4 -1.5 0 0 0 0 -7.4 -1.5 EBIT 4.1 18.6 1.3 4.7 -6.2 -4.6 -0.8 18.7 Investments 8.4 9.0 2.6 2.1 1.0 0.5 12.1 11.6 Depreciation -9.5 -3.0 -3.2 -1.1 -0.9 -0.3 -13.5 -4.4 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 .