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BELIMO Holding AG July 21, 2025 Earnings Call Semiannual Results 2025
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2 HY1 in Brief 01 Business Highlights 02 Financial Highlights 03 Outlook FY 2025 04 Earnings Call Semiannual Results 2025 Overview Q&A 05 Agenda Belimo HY1 2025, July 21, 2025
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3 01 HY1 in Brief Financial Performance Above Historical Averages Net Sales Operating Result The Bigger Picture Strong net sales growth of +20.6% in LC; reported +18.6% to CHF 561.5 million (5Y average: 10.8%). Americas sales up by +30.1% in LC, fueled by a favorable business environment and strong data center business. Proportional increase in EBIT to CHF 128.1 million with EBIT- margin of 22.8%, driven by operating leverage combined with a favorable product and customer mix. Free cash flow (w/o term deposits) of CHF 52.8 million, despite increased investments in capacity expansion. Strong growth of Control Valves (+23.3% in LC) continued, further increase of presence and market share Belimo continued to drive regional performance in the first half of 2025 and achieving strong progress in the Data Centers and Renovation Market. Belimo HY1 2025, July 21, 2025
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4 HY1 in Brief 01 Business Highlights 02 Financial Highlights 03 Outlook FY 2025 04 Earnings Call Semiannual Results 2025 Overview Q&A 05 Agenda Belimo HY1 2025, July 21, 2025
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High Growth in Data Centers with significant contribution from cold plate technology 02 Business Highlights H1 2025 Keynote: Capitalizing on strong Growth Momentum 5 Long term succession planning – Sarah Bencic as designated Head of Americas Accelerated capacity expansion program to cope with volume growth Strong Demand in Americas and AP; Early signs of a European Recovery Talent attraction – Belimo ranked #7 among Europe’s top employers MarketBelimo Uncertainties from US tariffs and future global set-up with so far limited effect Belimo HY1 2025, July 21, 2025
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02 Business Highlights Celebrating Belimo’s 50th anniversary
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7 02 Business Highlights Spotlight Data Centers: Wide application of Belimo solutions in Data Centers Belimo HY1 2025, July 21, 2025
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8 02 Business Highlights Spotlight Data Centers: Cooling is becoming mission critical Belimo established close collaborations with hyperscalers and leading AI chip designers and increasingly demanding cooling applications deepen those relationships. Belimo’s product portfolio has use cases for all five technologies, especially when integrated in an intelligent solution. Shift to liquid cooling is strongly benefiting demand for Belimo’s Pressure-Independent Products such as Belimo Energy Valve , CCV and EPIV. Belimo HY1 2025, July 21, 2025
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9 02 Business Highlights Spotlight Data Centers: Strong growth of Data Center business Approx. USD 7B Approx. USD 15B Belimo HY1 2025, July 21, 2025 Addressable market for Belimo of about 40 to 60m CHF per GW electrical power of data center capacity Lower end for pure air based cooling, higher end for liquid cooling Additional potential from retrofitting existing installations Source: Data Center Hawk, Belimo calculations
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10 02 Business Highlights Data center are becoming an increasing share of total turnover Approx. USD 7B Approx. USD 15B Belimo HY1 2025, July 21, 2025 10-11% 12-13% ~16% 473.5 470.4 561.5 HY1 2024 HY2 2024 (pro forma) HY1 2025 Non-DC DC Data center business with significantly higher growth rates Share of total sales increasing Significant differences by market region – AM and AP shares in the range 20% while EMEA DC investments still being relatively low Net Sales in CHF million, % of total sales
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11 02 Business Highlights Spotlight Capacity expansion: accelerated capacity build-up 1YB+ (Yottabyte) data creation Belimo HY1 2025, July 21, 2025 Inauguration of our new Customizing and Logistic building in Shanghai China early Q1 New building and capacity expansion in Hinwil CH well progressing, ready for operation in summer 26 Planning process ongoing to significantly increase capacity at our Danbury CT and Sparks NV production facilities
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12 HY1 in Brief 01 Business Highlights 02 Financial Highlights 03 Outlook FY 2025 04 Earnings Call Semiannual Results 2025 Overview Q&A 05 Agenda Belimo HY1 2025, July 21, 2025
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561.5 04 Financial Highlights Overview of Net Sales in HY1 2025 13 Regions & Business Lines Net Sales Development 39% EMEA 50% Americas 12% Asia Pacific 45% Damper Actuators 50% Control Valves 5% Sensors and Meters Net Sales by Region Net Sales by Business Line 20.6 Net Sales Growth in LC (in %, HY1) Net Sales in CHF million 18.6 Net Sales Growth in CHF (in %, HY1) Belimo HY1 2025, July 21, 2025
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Net Sales Bridge (in % for the HY1 2025 – compared to HY1 2024) 04 Financial Highlights Overview Net Sales HY1 2025 14 Net Sales Composition 18.1 Price 2.3 0.2 FX 18.6 Others Reported -2.0 Volume & Mix Higher volume and a favorable product and customer mix Positive price realization compensating for the FX headwind Belimo HY1 2025, July 21, 2025 LC Organic 20.6 ⬊ in local currencies in CHF ⬈ ⬈
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03 Market Regions Global Presence Enables Strong Growth Securing a substantial market share in the data center vertical. EMEA Ongoing strength in renovation activity and early recovery of the OEM business Americas Capitalized on the favorable HVAC market. Asia Pacific Structural growth in selected verticals continues, both China and India contributing. EMEA Outperformed the commercial construction sector across all key markets. Americas Asia Pacific Growth Rates in Local Currencies of Total Net Sales 15 10% 30% 21% 39% 50% 12% Belimo HY1 2025, July 21, 2025 Sharp growth trajectory in a complex, fast-evolving market environment.
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03 Market Regions Sales Review by Region – EMEA Positive sales performance of 9.9% in LC despite persistent economic headwinds. Germany: Construction spending gradually recovered after four years of decline. Alongside superior service levels, the RetroFIT+ initiative was one of the main drivers. EMEA in CHF million, LC adjusted at previous year rates 16 199.6 216.3 219.3 8.3% 9.9% HY1 2024 CHF HY1 2025 CHF HY1 2025 LC Belimo HY1 2025, July 21, 2025
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17 03 Market Regions Sales Review by Region – Americas Americas in CHF million, LC adjusted at previous year rates Net sales growth of 30.1% in LC fueled by a favorable business environment and strong data center business. Strong data center business with successful rollout of next-generation cooling solutions for high-end servers in data centers. Key provider of field devices improving energy efficiency.Belimo HY1 2025, July 21, 2025
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18 03 Market Regions Sales Review by Region – Asia Pacific Asia Pacific in CHF million, LC adjusted at previous year rates Net sales growth of 21.3% in LC with data center activity as well as energy efficiency projects in a fast-evolving market environment. Governmental incentives for green technologies and energy-efficient HVAC solutions drove market growth in all verticals. Belimo HY1 2025, July 21, 2025
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01 HY1 in Brief Accelerating Data Center Deployment Further reaffirming position as an innovation leader. Damper Actuators Driven by early recovery of EMEA construction spend and data centers. Control Valves Benefited considerably from accelerating data center deployment. Sensors and Meters Strong growth path after launching first sensor-actuator integrated solution in 2024. Damper Actuators Significant portion coming from the OEM channel. Control Valves Sensors and Meters Gained traction. Growth Rates in Local Currencies of Total Net Sales 19 18% 23% 16% 45% 50% 5% Belimo HY1 2025, July 21, 2025
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04 Financial Highlights Improved Operational Results 20 EBIT and EBIT Margin EBIT in CHF million, EBIT Margin in % EBIT rose to CHF 128.1 million or 22.8% of sales (PY CHF 93.0 million; 19.6% EBIT-Margin) despite Fx headwind Operating leverage combined with favorable product and customer mix. Belimo HY1 2025, July 21, 2025
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Net Income and Net Income Margin Net Income in CHF million, Net Income Margin in % 04 Financial Highlights Increase in Net Income following the Operational Results 21 Net income of CHF 101.3 million, 31.2% above PY (CHF 77.2 million); 18.0% of net sales. Financial result impacted by CHF - 10.6 million FX loss. Increased earnings per share (EPS) of CHF 8.23 (PY CHF 6.28). Belimo HY1 2025, July 21, 2025
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04 Financial Highlights Free Cash Flow reflecting the capacity expansion program 22 Cash Flow in CHF million Operating cash flow of CHF 93.5 million (PY CHF 85.6 million) rose driven by higher net income. Free cash flow (without term deposits) of CHF 52.8 million (PY CHF 69.8 million, down -24.3% on comparable basis 2024 due to capacity expansion program and sales related working capital build up. Total investments in property, plant and equipment and intangible assets of CHF 40.9 million (PY 16.4 million). Free cash flow comparable = Free cash flow – change in term deposits Belimo HY1 2025, July 21, 2025
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04 Financial Highlights Strong Equity Ratio Reduced cash and cash equivalents of CHF 72.7 million compared to CHF 97.2 million on Dec 31, 2024, driven by the dividend distribution. Net liquidity at CHF 49.9 million (Dec 31, 2024, CHF 111.8 million) and total equity at CHF 542.6 million (Dec 31, 2024, CHF 580.7 million). Equity ratio at 71.9% (Dec 31, 2024, 76.0%). Negative currency translation adjustments due to adverse foreign exchange rate development. 23Belimo HY1 2025, July 21, 2025 in CHF million Dec 2024 Jun 2025 Cash and cash equivalents 97.2 72.7 Other current assets 347.8 357.1 Non-current assets 318.7 324.4 Assets 763.7 754.3 Current liabilities 155.3 180.7 Non-current liabilities 27.6 31.0 Total equity 580.7 542.6 Liabilities and equity 763.7 754.3 Equity Ratio 76.0% 71.9%
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24 HY1 in Brief 01 Business Highlights 02 Financial Highlights 03 Outlook FY 2025 04 Earnings Call Semiannual Results 2025 Overview Q&A 05 Agenda Belimo HY1 2025, July 21, 2025
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05 Outlook FY 2025 Continuedstrong sales growth 25 Sales Growth Projection sales growth in local currencies of 15% to 20% with structural drivers such as urbanization, the push for energy efficiency along with rising attention to indoor air quality and high data center investments. Risks Considerable external uncertainty, including potential disruptions to global economic growth or exchange rate developments. Profitability Based on current spot exchange rates, the EBIT margin is expected to remain above 20% for the full year. Belimo continues to pursue its long-term strategy through continued investment in innovation, digitalization, as well as capacity expansion. ! Belimo HY1 2025, July 21, 2025
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05 Outlook FY 2025 Outlook by Market Region 26 Roughly stable demand in HY2 2025 throughout the market region. EMEA Strong momentum to maintain with continued support from data center investments. 2Americas Ongoing good demand in Belimo’s key verticals despite challenges in some Asian countries Asia Pacific Belimo HY1 2025, July 21, 2025
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Positioned to Outperform Over the Long Term Core Business BenefitingFrom Strong Secular Tailwinds Urbanization Digitalization Climate Change Higher demand in Comfort, Energy Efficiency and Safety in buildings 27Belimo HY1 2025, July 21, 2025
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Announcing new Head of Investor Relations - Stephan Gick EffectiveSeptember 1, 2025 Belimo HY1 2025, July 21, 2025 28 Experience & Background Former Head of Investor Relations at OC Oerlikon, Pfäffikon Degree in Economics from the University of Zurich (Major in Finance) Many years of industry experience in investor relations Deep capital market knowledge as former Equity Analyst Contact From early September via our IR contact or directly by Email / Phone
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Publications and Agenda 29 Publication of Sales 2025 January 19, 2026 Publication of Annual Report 2025 February 23, 2026 Annual General Meeting 2026 March 23, 2026Next Dates Ex-Dividend Date March 25, 2026 Dividend Payment March 27, 2026 Belimo HY1 2025, July 21, 2025
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Belimo HY1 2025, July 21, 2025 31
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Forward-Looking Statements 32 This presentation contains comments relating to future developments which are based on assumptions and estimates made by BELIMO Holding AG. Although the Company assumes the expectations of these forward-looking statements to be realistic, they contain risks. Because of this, the actual results might be significantly different from the forward-looking statements. Various factors may cause actual results to differ materially in the future from those reflected in forward-looking statements contained in this report: • Changes in the economic and business environment. • Exchange rate and interest rate changes. • The introduction of competing products. • Inadequate acceptance of new products or services. • Changes in the business strategy. BELIMO Holding AG neither plans nor commits itself to keep these prospective comments up to date. § Belimo HY1 2025, July 21, 2025
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