Zumtobel Group AgVIE: ZAG

Q1-Q3 2025/26 Investor Presentation

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Q1-Q3 2025/26

MANAGEMENT PRESENTATION

1

5 March 2026



European Patent Office Munich, Germany

Levis Store, Paris, France Amazon, Rochester, UK

Festhalle Bern, Switzerland



ARENA SANTA GIULIA MILANO PREDAZZO SKI JUMPING STADIUM

4

SÜDTIROL ARENA ANTERSELVA CORTINA SLIDING CENTRE



ZUMTOBEL GROUP

Q1-Q3 2025/26 FINANCIAL OVERVIEW

IN EUR MILLION

Q1-Q3 2025/26

Q1-Q3 2024/25

CHANGE IN %





Group revenues

775.0

828.1

-6.4

Lighting Segment revenues

618.6

652.0

-5.1



Components Segment revenues

200.0

226.6

-11.7



Adjusted gross profit 1

288.7

304.9

-5.3



Adjusted EBIT

32.2

41.0

-21.5



Net profit for the period

9.0

13.0

-31.3

1 incl. development

Q1-Q3 2025/26 results



5



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

Q1-Q3 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 AND LOWER PERSONNEL EXPENSES

REVENUES IN EUR MILLION ADJUSTED EBIT IN EUR MILLION

fx-adj.

-7.0%



-7.3%

fx-adj.

-5.0%



-4.4%

fx-adj.

-3.0%



-1.9%

7.8%

3.8%

5.4%

5.4%



8.9%

10.2%

226.6 210.7

229.5 218.0

195.9 190.0

212.0

20.1

22.3

1.0%

17.8

11.4

11.4

7.2

1.9

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 PERSONNEL EXPENSES WERE UNABLE TO OFFSET THE DECLINE IN REVENUES

REVENUES IN EUR MILLION ADJUSTED EBIT IN EUR MILLION

fx-adj.

-10.4%

fx-adj.

-11.0%

fx-adj.

-8.0%

5.9%

-11.8%

-12.8%

-10.4%



1.9%

8.4%

8.4%

3.0%

0.3%



6.5

4.7

5.6

1.3

2.1

0.2



-3.2%

80.3 70.9

77.0 67.2

69.2

62.0

72.8

Q1 Q2 Q3 Q4

Q1 Q2

-2.0

Q3 Q4

2024/25

2025/26

2024/25 as a % of revenues

2024/25

2025/26 as a % of revenues

2025/26

Q1-Q3 2025/26: EUR 200.0 million (-11.7%) Q1-Q3 2024/25: EUR 226.6 million

Q1-Q3 2025/26: EUR 5.0 million (margin of 2.5%) Q1-Q3 2024/25: EUR 13.3 million (margin of 5.9%)

ZUMTOBEL GROUP

WHILE REVENUES DECLINED, ADJ. EBIT WAS POSITIVELY IMPACTED BY LOWER MATERIAL COSTS AND LOWER PERSONNEL EXPENSES

REVENUES IN EUR MILLION ADJUSTED EBIT IN EUR MILLION

fx-adj.

-7.7%

fx-adj.

-5.1%

fx-adj.

-3.6%

9.2%

-7.8%

-6.0%

-5.2%



289.1 266.4

288.6 271.2

250.5 237.4

269.1

7.0%

7.3%

0.3%

2.2%

2.5%



25.0

-0.1%

20.2

21.0

6.6

6.0

0.6

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

Q1-Q3 2025/26: EUR 775.0 million (-6.4%) Q1-Q3 2024/25: EUR 828.1 million

Q1-Q3 2025/26: EUR 32.2 million (margin of 4.2%) Q1-Q3 2024/25: EUR 41.0 million (margin of 4.9%)

ZUMTOBEL GROUP

WEAK DEMAND LED TO LOWER RESULT

ADJUSTED EBIT BRIDGE IN EUR MILLION / AS % OF SALES

4.9%

-0.7pp

4.2%



41.0

Mainly due to negative volume development and price pressure

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

mix effect

7.3 32.2

-38.5

22.3

Mainly due to lower personnel expenses

Adjusted EBIT Q1-Q3 2024/25

Turnover, price and FX effects on sales

COGS SG&A and Research Adjusted EBIT Q1-Q3 2025/26

ADJ. GROSS PROFIT MARGIN AT 37.3%

IN EUR MILLION

Q1-Q3 2025/26

Q1-Q3 2024/25

CHANGE IN %

Revenues

775.0

828.1

-6.4

Adjusted cost of goods sold

-486.3

-523.2

-7.1

Adjusted gross profit (incl. development)

288.7

304.9

-5.3

as a % of revenues

37.3

36.8

Adjusted SG&A expenses

-256.6

-263.9

-2.8

Adjusted EBIT

32.2

41.0

-21.5

as a % of revenues

4.2

4.9

Special effects

-12.7

-13.1

EBIT

19.5

27.8

-30.0

as a % of revenues

2.5

3.4

Financial results

-9.5

-13.3

28.6

Profit before tax

10.0

14.5

-31.3

Income taxes

-1.0

-1.4

-31.3

Net profit for the period

9.0

13.0

-31.3

Earnings per share (in EUR)

0.22

0.31

-29.8

ZUMTOBEL GROUP - INCOME STATEMENT

Special effects

  • Closure of the US production site in Highland (EUR -5.3 million)

  • Efficiency program (EUR -1.7 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 -2.4 million)

CASH FLOW STATEMENT

ZUMTOBEL GROUP - CASH FLOW STATEMENT

IN EUR MILLION

Q1-Q3 2025/26

Q1-Q3 2024/25

Cash flow from operating results

64.6

69.2

Change in working capital

15.1

1.2

Change in other operating items

-36.4

-16.2

Taxes paid/received

-6.5

-5.3

Cash flow from operating activities

36.8

48.8

Cash flow from investing activities

-31.4

-33.1

Free cash flow

5.4

15.6

Cash flow from financing activities

10.0

-36.3

SOLID BALANCE SHEET

ZUMTOBEL GROUP - KEY BALANCE SHEET DATA

IN EUR MILLION

31 January 2026

30 April 2025

Total assets

982.9

989.6

Net debt

131.1

118.5

Debt coverage ratio

1.59

1.36

Equity

426.2

424.9

Equity ratio in %

43.4

42.9

Gearing in %

30.8

27.9

CAPEX

36.0

89.7

thereof CAPEX excl. IFRS 16

32.0

54.2

Working capital

212.6

227.8

as a % of rolling 12-month revenues

20.4

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 60 million drawn

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

  • Uncommitted credit lines totalling EUR 40.0 million

    Financial covenants attached to:

  • Debt coverage ratio1< 3.55

    ☑ 1.59 as of 31 January 2026

  • Equity ratio > 23.5%

☑ 43.4% as of 31 January 2026

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 growth in civil engineering is supported 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

Q1-Q3 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 2.5 - 4%

(previously: 1 - 4%)

CAPEX EXCL. IFRS 16 ~EUR 50 MILLION

15

Q1-Q3 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

16

Q1-Q3 2025/26 results 16



BACK UP

Q1- 17



GROUP REVENUES DOWN BY -5.2% IN Q3 2025/26

ZUMTOBEL GROUP - REGIONAL REVENUE DISTRIBUTION

IN EUR MILLION

Q3

2025/26

Q3

2024/25

CHANGE

IN %

Q1-Q3

2025/26

Q1-Q3

2024/25

CHANGE IN %

NOMINAL FX ADJUSTED

D/A/CH

86.5

93.8

-7.8

300.2

310.9

-3.5

-4.2

Northern and Western Europe

52.8

55.7

-5.1

177.0

202.1

-12.4

-11.1

Southern and Eastern Europe

62.2

64.8

-4.0

201.0

206.9

-2.8

-2.4

Asia & Pacific

19.7

21.6

-8.8

54.3

66.8

-18.7

-12.9

Americas & MEA

16.2

14.5

11.7

42.5

41.4

2.7

8.0

Total

237.4

250.5

-5.2

775.0

828.1

-6.4

-5.6

FINANCIAL CALENDAR

DATE

SUBJECT

PERIOD

16 July 2026

Annual Results 2025/26

1 May 2025 - 30 April 2026

3 September 2026

Quarterly Report Q1 2026/27

1 May 2026 - 31 July 2026

15 September 2026

Record Date for the Annual General Meeting

25 September 2026

50th Annual General Meeting

29 September 2026

Ex-Dividend Day

30 September 2026

Record Date Dividend

2 October 2026

Dividend Payout Day

3 December 2026

Half-Year Financial Report 2026/27

1 May 2026 - 31 October 2026

4 March 2027

Quarterly Report Q1-Q3 2026/27

1 May 2026 - 31 January 2027

WORKING CAPITAL DEVELOPMENT

ZUMTOBEL GROUP - WORKING CAPITAL

21.0

21.5

21.0

19.7 20.7 20.6

19.8 20.4 20.4

20.0 20.8

  • Working capital at EUR 212.6 million

    as of 31 January 2026

    (30 April 2025: EUR 227.8 million)

  • In % of rolling 12-month revenues, working capital at 20.4%

(Q3 2024/25: 20.4%)

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-Q3 2025/26

Q1-Q3 2024/25

Q1-Q3 2025/26

Q1-Q3 2024/25

Q1-Q3 2025/26

Q1-Q3 2024/25

Q1-Q3 2025/26

Q1-Q3 2024/25

Net revenues

618.6

652.0

200.0

226.6

-43.7

-50.5

775.0

828.1

External revenues

617.6

650.9

157.4

177.2

0.0

0.0

775.0

828.1

Inter-company revenues

1.0

1.1

42.6

49.4

-43.7

-50.5

0.0

0.0

Adjusted EBIT

41.0

39.9

5.0

13.3

-13.8

-12.2

32.2

41.0

Special effects

-8.3

-13.3

-3.3

0.1

-1.1

0.0

-12.7

-13.1

EBIT

32.7

26.6

1.7

13.4

-14.9

-12.2

19.5

27.8

Investments

23.6

24.9

6.8

8.5

1.6

1.8

32.0

35.2

Adjusted depreciation

-27.9

-27.5

-9.7

-9.7

-2.5

-2.9

-40.1

-40.1

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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