Zumtobel Group AgVIE: ZAG

Q1 2025/26 Investor Presentation

· Issued by Zumtobel Group Ag
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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 ratio1< 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 investorrelations@zumtobelgroup.com

https://www.zumtobelgroup.com

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