Zehnder Group increases sales in a challenging market environment. Ventilation sales exceed EUR 500 million for the first time.

• Zehnder Group sales rose by 8% to EUR 760.7 million in 2025. The sales growth was driven by further market development in the ventilation segment
• Sales in the ventilation segment increased significantly by 18% to EUR 501.7 million, accounting for 66% of total sales. The Siber acquisition contributed to ventilation sales growth with 5%
• Sales in the radiator segment decreased by 8% to EUR 259.0 million due to reduced renovation activity

Gränichen, Switzerland, 16 January 2026: Zehnder Group (SIX: ZEHN), a leading international provider of complete solutions for a comfortable, energy-efficient and healthy indoor climate, achieved sales of EUR 760.7 million in the 2025 financial year (unaudited; previous year: EUR 705.8 million), representing an increase of 8% (organically +7%) compared with the previous year. The Siber acquisition in Spain supported total sales growth by 3%, while currency effects had a negative impact of –1% and the divestment of the Climate Ceiling Solutions business also reduced sales growth by 1%. Demand in the ventilation segment grew across all key countries, partly due to catch-up effects. The increase in sales is attributable to new building regulations and market share gains. By contrast, demand and sales in the radiator segment continued to decline.

Sales growth driven by stronger ventilation segment

Total sales in the ventilation segment increased significantly by 18% (organically +15%) to EUR 501.7 million in 2025. The acquisition of Siber in Spain in July 2024 supported ventilation sales by around 5%. In the second half of the year, ventilation sales grew organically by 14%. Currency effects were approximately –1%. All three divisions – indoor ventilation, heat exchangers and industrial air cleaning solutions – contributed positively to sales growth. The ventilation segment accounted for 66% of total sales of Zehnder Group in the reporting year (previous year: 60%).

Ventilation sales in the EMEA region (Europe, Middle East and Africa) increased by 23% (organically +16%) to EUR 403.3 million (previous year: EUR 328.4 million). Most countries in this region recorded sales growth, with particularly strong increases in the United Kingdom, the Netherlands and Poland. The introduction of new building regulations in the United Kingdom boosted demand for indoor ventilation, benefiting the replacement business for existing buildings.

Sales in the ventilation segment in North America rose by 7% to EUR 76.1 million (previous year: EUR 71.1 million), with market share gains particularly in Canada.

In the Asia-Pacific region, ventilation sales fell by 10% to EUR 22.3 million (previous year: EUR 24.7 million), as weak real estate market development and high number of vacant apartments in China continued to dampen demand in this region.

Reduced renovation activity weighs on radiator sales

The radiator segment achieved sales of EUR 259.0 million in the 2025 financial year, down 8% (organically –5%) on the previous year’s sales of EUR 281.6 million. Radiator sales accounted for 34% of Zehnder Group’s total sales (previous year: 40%).

In the EMEA region, sales in the radiator segment fell by 8% to EUR 216.5 million (previous year: EUR 235.9 million). The downtrend from the previous year continued in 2025, with Germany and France the most affected. This was mainly due to reduced renovation activity and a shift towards lower-priced radiator models amid economic uncertainty.

Radiator sales in North America remained stable at EUR 38.0 million (previous year: EUR 38.5 million), supported by steady demand for high-quality decorative radiators and electric bathroom radiators.

Sales in the Asia-Pacific region fell by 38% to EUR 4.5 million (previous year: EUR 7.2 million), primarily due to the ongoing weakness in the construction sector in China.

Details of sales in 2025 according to region and segment (unaudited) can be found in the annex.

The full annual financial statements for 2025 will be published on 26 February 2026 and will be available on our website via the following link:

www.zehndergroup.com/en/investor-relations/releases

Next dates to note

Contact

René Grieder
Member of the Group Executive Committee, CFO
Zehnder Group AG, 5722 Gränichen (Switzerland)
T +41 62 855 15 21, rene.grieder@zehndergroup.com

Alexander Kamb
Head of Investor Relations & Communications
Zehnder Group AG, 5722 Gränichen (CH)
T +41 62 855 15 36, alexander.kamb@zehndergroup.com

This media release is published in German and English. The German version is binding. For further information about the Zehnder Group, please visit www.zehndergroup.com.

Company profile

Zehnder Group provides world-leading solutions for a comfortable, energy-efficient and healthy indoor climate. The products and services of the Group include heating, cooling, indoor ventilation and air cleaning. The Group develops and manufactures its products at its own factories in Europe, China, and North America. In the 2025 financial year, the Zehnder Group had about 3600 employees and achieved sales of EUR 761 million. The company is listed on the SIX Swiss Exchange (symbol: ZEHN, number: 27 653 461). The unlisted registered shares B are held by Graneco AG, which is controlled by the Zehnder families.

Cautionary note regarding forward-looking statements

This release may contain certain forward-looking statements relating to Zehnder Group’s future business, development, and economic performance. Such statements may be subject to a number of risks, uncertainties and other important factors, such as but not limited to force majeure, competitive pressures, legislative and regulatory developments, global, macroeconomic and political trends, Zehnder Group’s ability to attract and retain the employees that are necessary to generate revenues and to manage its businesses, fluctuations in currency exchange rates and general financial market conditions, changes in accounting standards or policies, delay or inability in obtaining approvals from authorities, technical developments, litigation or adverse publicity and news coverage, each of which could cause actual development and results to differ materially from the statements made in this release. Zehnder Group assumes no obligation to update or alter forward-looking statements whether as a result of new information, future events or otherwise.