Zumtobel Group AG: Zumtobel Group presents results for the first half-year 2025/26

Positive results despite decline in revenues

Dornbirn (pta008/04.12.2025/07:30 UTC+1)

• Revenues decline by 6.9% to EUR 537.6 million in the first half year
• Adjusted EBIT at EUR 31.6 million (H1 2024/25: EUR 41.2 million)
• Adjusted EBIT margin equals 5.9% (H1 2024/25: 7.1%)
• Positive net profit for the period of EUR 13.5 million
• Outlook confirmed

The challenging economic environment was reflected in subdued performance by the Zumtobel Group: In the second quarter, revenues declined by 6.0% year-on-year to EUR 271.2 million. Revenues for the first six months totalled EUR 537.6 million (–6.9%), whereby the decline resulted primarily from weak demand. There are signs of an end to the recession in the non-residential construction sector, but the professional lighting market was unable to benefit from the expected recovery due to its delayed reaction to economic cycles. Adjusted EBIT for the Zumtobel Group amounted to EUR 31.6 million in the first half year (H1 2024/25: EUR 41.2 million), and the adjusted EBIT margin equalled 5.9% (H1 2024/25: 7.1%). The decline was based, above all, on the loss of revenues. Net profit for the period equalled EUR 13.5 million.

"The first half of our 2025/26 financial year was influenced by a difficult market environment. Fixed cost reductions were only able to offset part of the revenue decline in both segments. In spite of these developments, we are working hard to further improve efficiency, drive innovation and sustainably strengthen our market position", emphasised Alfred Felder, CEO of the Zumtobel Group.

In the Lighting Segment, revenues fell by 6.0% to EUR 428.7 million in H1 2025/26 (H1 2024/25: EUR 456.1 million). Positive contributions from parts of the D/A/CH region and from Southern and in Eastern Europe were unable to offset the weaker demand in Northern and Western Europe and in Asia. The Components Segment was affected to a greater extent and recorded a decline of 12.3% in revenues to EUR 138.0 million (H1 2024/25: EUR 157.3 million). The difficult economic environment was responsible for weaker performance in all regions.

Adjusted material and personnel costs declined during the reporting period, and adjusted development costs fell by EUR 1.0 million to EUR 33.6 million. However, lower fixed cost coverage led to a reduction in the gross profit margin to 37.7% (H1 2024/25: 38.1%). These savings had a positive effect on adjusted selling and administrative expenses, which improved to EUR –171.3 million compared with EUR –179.1 million in the previous year and absorbed part of the impact on margins.

Earnings pressured by negative special effects
Special effects of EUR –10.8 million were recognised in H1 2025/26. They include restructuring costs in connection with the termination of the US production in Highland (EUR –6.0 million). The recognised special effects also include the write-off of goodwill in the CGU Components (EUR –2.0 million), write-downs to capitalised development projects (EUR –2.7 million), and an investment grant received from the Portuguese government (EUR 1.4 million). EBIT recorded by the Zumtobel Group fell to EUR 20.7 million (H1 2024/25: EUR 30.0 million), and the EBIT margin equalled 3.9% in H1 2025/26 (H1 2024/25: 5.2%).

Financial results improved to EUR –5.8 million (H1 2024/25: EUR –9.5 million). Profit before tax totalled EUR 14.9 million (H1 2024/25: EUR 20.5 million) and, after the deduction of taxes, net profit for the period amounted to EUR 13.5 million (H1 2024/25: EUR 18.4 million). Earnings per share equalled EUR 0.32 (basic EPS based on 42.3 million shares).

Solid balance sheet structure
The balance sheet total of the Zumtobel Group rose by 1.7% over the level on 30 April 2025 to EUR 1,005.9 million as of 31 October, and equity increased by 1.3% to EUR 430.6 million. The equity ratio remained nearly unchanged at 42.8% (30 April 2025: 42.9%). Net liabilities increased by 1.3% to EUR 120.0 million (30 April: EUR 118.5 million). The balance sheet structure of the Zumtobel Group remains stable and strong.

Progress on the efficiency programme: scaling of first measures
The recently launched efficiency programme is creating the basis to lead the Zumtobel Group safely through challenging times and optimally prepared to meet future developments. The measures developed in Phase 1 for selling and administrative costs (SG&A) are already being implemented, while similar actions for operations, research & development and procurement were recently defined for Phase 2.

The goal is not only short-term cost reduction, but also the structural improvement of margins and the sustainable strengthening of the Group's competitive position. The expansion of the Global Business Centres in Serbia and Portugal underscores the necessity of closely linking efficiency and innovation – and will strengthen the central value drivers for sustainable profitability and long-term shareholder value generation. The future will bring better integration for key expertise, streamlined processes and shorter development cycles.

The first quantifiable effects are expected at the end of this financial year. Cost savings will increase continuously over the coming four years and in the fourth year – the 2028/29 financial year – are expected to reach a volume of EUR 40 to 50 million.

Outlook confirmed
The management of the Zumtobel Group confirms the expected revenue decline in the single-digit percentage range and an adjusted EBIT margin of 1% to 4% for the 2025/26 financial year. The market environment remains challenging and difficult to forecast. Business development is negatively impacted by the ongoing geopolitical risks, volatile procurement markets and weak demand, especially in the new construction segment. Although the direct effects of US tariff policies on the Zumtobel Group are limited, increasing competition and delayed investment decisions by customers could further slow growth. In contrast, regulatory initiatives at the EU level and in Germany as well as the consequent implementation of efficiency and stability measures could create opportunities to strengthen the sector in the future and contribute to an upturn.

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Emitter:	Zumtobel Group AG Höchster Straße 8 6850 Dornbirn Austria
Contact Person:	Eric Schmiedchen
Phone:	+43 5572 509 1125
E-Mail:	eric.schmiedchen@zumtobelgroup.com
Website:	z.lighting
ISIN(s):	AT0000837307 (Share)
Stock Exchange(s):	Vienna Stock Exchange (Official Trade)