Interim report
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Belimo Semiannual Report 2025 Key Figures 2 Key Figures Net Sales in CHF million 561.5 Net Income in CHF million 101.3 Operating Cash Flow in CHF million 93.5 Earnings before Interest and Taxes (EBIT) in CHF million 128.1 EBIT Margin in % of net sales 22.8 Earnings per Share (EPS) in CHF 8.23 Number of Employees Full-time equivalents as at June 30 2 512
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Belimo Semiannual Report 2025 Management Report 3 Capitalizing on Strong Growth Momentum Patrick Burkhalter (left), Chair of the Board of Directors, and Lars van der Haegen, CEO Dear Shareholders, Belimo proudly celebrates its 50 anniversary — marking half a century of innovation, growth, sustainability and team spirit. The strategic and financial results achieved in the first half of 2025 underscore the successful journey of a company, which today is both the market and innovation leader in field devices for the heating, ventilation, and air-conditioning (HVAC) applications. th This success is rooted in a strong company culture and highly engaged employees who consistently deliver greater customer value. Recently, this was recognized by the Financial Times, ranking Belimo 7 among 1 000 companies in its “Europe’s Best Employers” list. th The strong strategic and financial results achieved in the first half of 2025 are a testament to Belimo’s continued momentum. They underscore the success of a company that not only drives performance and efficiency in buildings worldwide, but also helps shape the future of smart, sustainable infrastructure.
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Belimo Semiannual Report 2025 Management Report 4 Belimo’s net sales rose 20.6% in local currencies and 18.6% in Swiss francs to CHF 561.5 million in the reporting period. With this performance, it surpassed projections across all market regions. Consequently, operating leverage combined with a favorable product and customer mix resulted in earnings before interest and taxes (EBIT) exceeding the target corridor. The Americas market region posted outstanding results, fueled by a favorable business environment, strong data center business and the successful rollout of Belimo’s next-generation cooling solutions for high-end servers in data centers. In this rapidly expanding sector, Belimo has established itself as a key provider of field devices that help secure reliable operations while improving energy efficiency. This upward drive was mirrored in China, where data center demand remained a major catalyst. Meanwhile, India delivered substantial results particularly in the data centers and in the general HVAC markets. These two countries considerably helped Belimo surpass expectations in the Asia Pacific region. In the EMEA market region, sales growth was ahead of prior-year levels, driven by an improving original equipment manufacturer (OEM) business, as well as a substantial push in the RetroFIT+ project pipeline, despite ongoing weakness in the broader new non-residential construction market. Net Sales by Market Region 1 half 2025st 1 half 2024st in CHF 1 000 Net sales %1) Growth in CHF Growth in local currencies2) Net sales %1) Growth in CHF Growth in local currencies2) EMEA 216 261 39% 8.3% 9.9% 199 621 42% -1.1% 2.0% Americas 279 998 50% 27.7% 30.1% 219 212 46% 13.3% 17.6% Asia Pacific 65 252 12% 19.3% 21.3% 54 699 12% 3.0% 9.9% Total 561 511 100% 18.6% 20.6% 473 533 100% 5.6% 9.7% 1) in % of total net sales 2) Alternative Performance Measures are described here
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Belimo Semiannual Report 2025 Management Report 5 The Control Valves and the Damper Actuators' business lines reported substantial net sales growth on a year-on-year basis. Both benefited considerably from accelerating data center deployment in all market regions. Control Valves achieved a 23.3% revenue increase in local currencies, further reaffirming Belimo’s position as an innovation leader. In parallel, sales for Damper Actuators reached an increase of 18.1% in local currencies. Similarly, Sensors and Meters continued to gain traction, recording an increase of 16.3% in local currencies. Net Sales by Business Line 1 half 2025st 1 half 2024st in CHF 1 000 Net sales %1) Growth in CHF Growth in local currencies2) Net sales %1) Growth in CHF Growth in local currencies2) Damper Actuators 251 820 45% 16.1% 18.1% 216 881 46% 1.9% 5.8% Control Valves 284 078 51% 21.3% 23.3% 234 144 49% 7.8% 11.9% Sensors and Meters 25 613 5% 13.8% 16.3% 22 507 5% 23.2% 28.6% Total 561 511 100% 18.6% 20.6% 473 533 100% 5.6% 9.7% 1) in % of total net sales 2) Alternative Performance Measures are described here Financials EBIT rose to CHF 128.1 million in the first half of 2025 (first half of 2024: CHF 93.0 million), resulting in an increased EBIT margin of 22.8% (first half of 2024: 19.6%). Belimo achieved a net income of CHF 101.3 million (first half of 2024: CHF 77.2 million) and earnings per share of CHF 8.23 (first half of 2024: CHF 6.28). The Group generated a free cash flow (without term deposits) of CHF 52.8 million (first half of 2024: CHF 69.8 million), despite an increased CAPEX of CHF 35.9 million in conjunction with Belimo’s capacity expansion program (first half of 2024: CHF 14.4 million). Net liquidity at the end of June 2025 was at CHF 49.9 million, and the equity ratio was 71.9%.
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Belimo Semiannual Report 2025 Management Report 6 EMEA In the EMEA market region, Belimo’s net sales of CHF 216.3 million mark a rise of 9.9% in local currencies (8.3% in Swiss francs) compared to the first half of 2024. Belimo outperformed the commercial construction sector across all key EMEA markets, despite persistent economic headwinds. Ongoing strength in renovation activity further supported development in the retrofit business. Alongside superior service levels, the RetroFIT+ initiative was one of the main drivers for Belimo leading to a slight increase in the market share in damper actuators and control valves, although fewer large projects were available in Western Europe. In Germany, construction spending gradually recovered after four years of decline, although companies remained cautious amid political uncertainty and trade tensions. Despite this, Belimo delivered solid results, supported by an uptick in smaller contracting and retrofit projects, as well as a rebound in the OEM boiler and heat pump segment. A strong OEM order intake also bolstered performance in Austria and Eastern Europe, driven by increased demand for biomass ovens, and fire & smoke damper applications. In the UK and Ireland, rising real construction spending contributed to robust expansion, further supported by data center orders. Americas The Americas market region was Belimo’s main growth driver in the first half of 2025, with net sales reaching CHF 280.0 million — an increase of 30.1% in local currencies (27.7% in Swiss francs) compared to the prior year. Belimo capitalized on the favorable HVAC market, leveraging a supporting investment climate and resilient demand, particularly in the United States and Canada.
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Belimo Semiannual Report 2025 Management Report 7 Belimo secured a substantial market share in the data center vertical. Demand from this sector is becoming a major growth engine in the region. Spring-return (Failsafe) actuators used for airside cooling applications considerably supported the damper actuator growth. Belimo’s control valve offering gained substantial traction, performing well above expectations. As a key partner to leading chip designers and data center hyperscalers, Belimo is well-positioned to benefit from the strong growing liquid cooling market. Key OEM accounts were instrumental in driving growth, backed by Belimo’s strong supply chain performance and leadership in high-end applications. The contracting channel also recorded notable results. Reshoring trends persisted, while Belimo’s traditional verticals — including government facilities, educational institutions, hospitals, and pharmaceutical sites — continued to deliver solid performance. Asia Pacific The Asia Pacific market region reported CHF 65.3 million in sales in the first half of 2025, corresponding to an increase of 21.3% in local currencies (19.3% in Swiss francs) compared to prior year. The region sustained a sharp growth trajectory in a complex, fast-evolving market environment, with data center activity, energy efficiency projects, and the Business Line Sensors and Meters serving as major growth drivers. Belimo recorded particularly dynamic performance in China and India. In China, despite an overall weak construction market, business outpaced expectations, assisted by robust demand across several high-potential verticals — including data centers, semiconductors and electronic factories. Further drivers were multiple large-scale projects and demand for control valves. The recovery of the contracting business complemented the increase in OEM sales and contributed to the broad-based improvement across business lines. India also delivered high growth, driven by rising demand in district energy, data center, high-rise residential, and semiconductor production verticals. OEM customers were the primary growth contributors, backed by increased adoption of electronic pressure-independent valves and butterfly valves. The surge of green certified buildings, due to continued governmental incentives for green technologies and energy-efficient HVAC solutions, drove market growth in all verticals.
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Belimo Semiannual Report 2025 Management Report 8 Strategy Execution and Innovation Update The Group’s long-term strategy consists of the following six initiatives aimed at increasing customer value and advancing solution leadership. During the first half of 2025, Belimo advanced its strategic initiative, which continued to build momentum. Application consultants and partners identified an increasing number of opportunities, achieving a strong conversion rate from leads to active projects. The primary focus during this timeframe was onboarding new RetroFIT+ partners and strengthening their ability to identify and capture retrofit potential. Looking ahead, Belimo plans to further enhance the RetroFIT+ Assessment Tool, launched in 2024, by investing in the expansion of its partner network to scale impact. RetroFIT+ Belimo also reinforced its presence in the Asia Pacific region through the initiative, which targets selected high-growth markets and verticals. A milestone was reached with the inauguration of the new China headquarters in Shanghai. Known as the CESIM House, the facility includes modern office spaces, a state-of-the-art logistics hub serving the Chinese market, and an advanced customer experience center. Designed to reflect Belimo’s sustainability values, the building achieved both China Three Star Green Building and LEED Platinum certifications. Grow Asia Pacific The reporting period also marked the launch of as a formal strategic pillar. Following the successful expansion of the Global Data Center Team, Belimo is now well-positioned to deliver tailored value to customers. The first half of the year saw notable double-digit growth, with data center sales rising by over 50% and continuing to accelerate in the final months of the period. Building on this, Belimo is advancing its product roadmap for data centers. Data Centers
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Belimo Semiannual Report 2025 Management Report 9 The initiative achieved strong results, with substantial sales growth highlighting its success. A milestone was the introduction of the GM actuator — the first product from Belimo’s modular platform and part of its Digital Generation — initially launched in Italy as a pilot market, with a global rollout scheduled for the second half of the year. This launch marks the start of a multi-year renewal of the product portfolio, featuring modular design, enhanced connectivity, and consistent user experience. Actuators and Valves Under the initiative, sales continued to grow at a strong pace, reinforcing Belimo’s position in this rapidly expanding segment. In May, the Company launched its enhanced room sensor offering, with additional connectivity and integrated CO logging for indoor air quality monitoring. Efforts during this period also focused on preparing for the launch of a new range of differential air pressure sensors, typically applied in filter monitoring applications. Scheduled for release in the second half of the year, this marks a milestone in the uniqueness of Belimo’s Sensor Portfolio. Sensors and Meters 2 As part of the initiative, Belimo advanced its digital toolkit to unlock new efficiency levers in a mission to enhance customer value. Development of the new digital platforms — including onboard software and the next-generation tool suite — progressed as planned, targeting improved usability for system integrators and contractors. A highlight was the release of the latest version of Belimo Assistant 2, featuring improved functionality and a more intuitive user experience. The App won the Best of Swiss Apps 2024 Silver Award in the category Innovation. Additionally, the launch of the Belimo Assistant Link provided a flexible interface that simplifies device connectivity, notably streamlining installation and commissioning processes across diverse project environments. Digital Ecosystem
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Belimo Semiannual Report 2025 Management Report 10 Outlook By maintaining a strategic focus on high-potential verticals and achieving strong progress in the data center and RetroFIT+ initiatives, Belimo continued to drive regional performance in the first half of 2025. In line with the expectations communicated in April, the Company confirms its full-year 2025 outlook, projecting sales growth in local currencies of 15% to 20%. Based on current spot exchange rates, the EBIT margin is expected to remain above 20% for the full year. These projections remain subject to considerable external uncertainty, including potential disruptions to global economic growth or exchange rate developments. With a strong focus on customer value and a culture that fosters employee engagement, Belimo continues to deliver industry-leading service — clearly setting itself apart from competitors. Structural drivers such as urbanization, the push for energy efficiency — which lowers CO emissions and operating costs — along with rising attention to indoor air quality, continue to drive demand across all regions. Building on strong regional performance in the first half of 2025, the Group will advance its long-term strategy through continued investment in innovation, digitalization, as well as capacity expansion. 2 On behalf of the Board of Directors and the Executive Committee, we thank all stakeholders — customers, partners, employees, and shareholders — for their continued trust and contribution to Belimo’s sustained success. BELIMO Holding AG Patrick Burkhalter Chair of the Board of Directors Lars van der Haegen CEO
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Belimo Semiannual Report 2025 Consolidated Income Statement 11 Consolidated Income Statement in CHF 1 000 Note 1 half 2025 st %1) 1 half 2024 st %1) Net sales 2 561 511 100.0 473 533 100.0 Material expenses -216 343 -38.5 -185 137 -39.1 Changes in inventories 770 0.1 1 907 0.4 Personnel expenses -147 385 -26.2 -131 048 -27.7 Other operating expenses -55 183 -9.8 -49 371 -10.4 Other operating income 3 744 0.7 769 0.2 Earnings before interest, taxes, depreciation, and amortization (EBITDA)2) 147 114 26.2 110 652 23.4 Depreciation of property, plant and equipment -15 424 -2.7 -14 521 -3.1 Amortization of intangible assets -3 599 -0.6 -3 086 -0.7 Earnings before interest and taxes (EBIT)2) 128 091 22.8 93 045 19.6 Financial income 5 685 1.0 593 0.1 Financial expenses -1 113 -0.2 -3 322 -0.7 Net foreign exchange result -10 591 -1.9 2 556 0.5 Financial result -6 019 -1.1 -172 - Earnings before taxes (EBT) 122 072 21.7 92 873 19.6 Income taxes -20 813 -3.7 -15 693 -3.3 Net income 101 258 18.0 77 179 16.3 Attributable to shareholders of BELIMO Holding AG 101 258 18.0 77 239 16.3 Attributable to non-controlling interests - - -60 - Earnings per share (EPS) in CHF 8.23 6.28 There are no options or other instruments that could have a dilutive effect. 1) in % of net sales 2) Alternative Performance Measures are described here
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Belimo Semiannual Report 2025 Consolidated Statement of Comprehensive Income 12 Consolidated Statement of Comprehensive Income in CHF 1 000 Note 1 half 2025 st 1 half 2024 st Net income 101 258 77 179 Currency translation adjustment -20 706 11 864 Tax effect 1 981 -1 190 Items that may be reclassified to the income statement -18 725 10 674 Remeasurement of post-employment benefits -1 402 -2 456 Tax effect 273 479 Fair value changes of equity instruments at FVOCI 5 -3 354 187 Tax effect 637 - Items that will not be reclassified to the income statement -3 846 -1 791 Other comprehensive income, net of tax -22 571 8 883 Total comprehensive income 78 687 86 062 Attributable to shareholders of BELIMO Holding AG 78 687 86 122 Attributable to non-controlling interests - -60
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Belimo Semiannual Report 2025 Consolidated Balance Sheet 13 Consolidated Balance Sheet in CHF 1 000 Note June 30, 2025 December 31, 2024 Cash and cash equivalents 72 732 97 166 Trade receivables 2 167 669 126 867 Inventories 161 658 163 043 Other current assets 4 21 990 12 424 Current financial assets 5 2 951 40 034 Current tax assets 2 854 5 414 Current assets 429 854 444 949 Property, plant and equipment 3 275 931 266 584 Intangible assets 23 006 21 872 Other non-current assets 4 2 820 2 175 Non-current financial assets 5 3 752 7 558 Deferred tax assets 18 925 20 548 Non-current assets 324 435 318 736 Assets 754 289 763 685 Trade payables 50 820 39 335 Other current liabilities 4 106 298 91 481 Current financial liabilities 5 4 793 7 563 Current provisions 6 4 822 4 309 Current tax liabilities 13 998 12 635 Current liabilities 180 731 155 324 Non-current financial liabilities 5 21 002 17 800 Non-current provisions 6 2 147 2 062 Non-current employee benefit liabilities 6 092 6 145 Deferred tax liabilities 1 743 1 618 Non-current liabilities 30 983 27 625 Liabilities 211 714 182 949 Equity attributable to shareholders of BELIMO Holding AG 542 575 580 736 Total equity 542 575 580 736 Liabilities and equity 754 289 763 685
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Belimo Semiannual Report 2025 Consolidated Statement of Changes in Equity 14 Consolidated Statement of Changes in Equity in CHF 1 000 Share capital Treasury shares Capital reserves Other reserves Retained earnings Attributable to shareholders of BELIMO Holding AG Attributable to non- controlling interests Total equity As at January 1, 2024 615 -473 24 061 -40 124 546 551 530 631 -142 530 489 Net income 77 239 77 239 -60 77 179 Other comprehensive income, net of tax 10 860 -1 977 8 883 - 8 883 Total comprehensive income 10 860 75 262 86 122 -60 86 063 Changes in non-controlling interests1) -7 -581 -588 201 -387 Dividends -104 541 -104 541 - -104 541 As at June 30, 2024 615 -473 24 061 -29 270 516 691 511 624 - 511 624 As at January 1, 2025 615 -71 24 337 -28 297 584 152 580 736 - 580 736 Net income 101 258 101 258 - 101 258 Other comprehensive income, net of tax -21 442 -1 129 -22 571 - -22 571 Total comprehensive income -21 442 100 129 78 687 - 78 687 Dividends -116 849 -116 849 - -116 849 As at June 30, 2025 615 -71 24 337 -49 739 567 432 542 575 - 542 575 1) In May 2024, Belimo acquired all shares held by non-controlling shareholders of BELIMO Automation Italy S.r.l. (former BEREVA S.r.l.).
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Belimo Semiannual Report 2025 Consolidated Statement of Cash Flows 15 Consolidated Statement of Cash Flows in CHF 1 000 Note 1 half 2025 st 1 half 2024 st Net income 101 258 77 179 Income taxes 20 813 15 693 Interest result 203 317 Depreciation of property, plant and equipment 15 424 14 521 Amortization of intangible assets 3 599 3 086 Gain on sale of property, plant and equipment -158 -225 Non-cash items non-current employee benefits -1 361 -2 365 Other non-cash items -4 799 816 Change in net working capital -43 321 -20 124 Change in other assets and liabilities 14 885 9 756 Change in provisions 6 610 939 Income taxes paid -13 677 -14 013 Cash flow from operating activities 93 476 85 581 Investments in property, plant and equipment 3 -35 925 -14 422 Investments in intangible assets -4 990 -1 995 Purchase of financial assets - -146 Proceeds from sale of property, plant and equipment 167 279 Proceeds from sale of financial assets1) 40 000 78 Interest received 98 410 Cash flow from investing activities -649 -15 796 Acquisition of non-controlling interests - -387 Dividends paid 7 -116 849 -104 541 Interest paid -394 -440 Repayment of financial borrowings 5 -142 -30 142 Repayment of lease liabilities -2 026 -1 993 Proceeds from financial borrowings 5 4 721 31 518 Cash flow from financing activities -114 690 -105 984 Currency translation adjustment in respect of cash and cash equivalents -2 572 1 769 Change in cash and cash equivalents -24 435 -34 431 Cash and cash equivalents at beginning of period 97 166 110 833 Cash and cash equivalents at end of period 72 732 76 403 1) CHF 40.0 million in term deposits with maturities of more than three months from the date of acquisition were divested in the first half of 2025 (first half 2024: none).
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Belimo Semiannual Report 2025 Notes to the Consolidated Financial Statements 16 Notes to the Consolidated Financial Statements General Corporate Information The Belimo Group (hereinafter referred to as “Belimo” or “the Group”) is the global market leader in the development, production, and sales of field devices for the energy-efficient control of heating, ventilation, and air-conditioning systems. The focus of the core business is on damper actuators, control valves, sensors and meters. The shares of BELIMO Holding AG have been listed on the SIX Swiss Exchange since 1995. The registered office is in Hinwil (Switzerland). The business activities of Belimo are not subject to any significant seasonal fluctuations. Basis of Preparation These unaudited interim consolidated financial statements 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the annual consolidated financial statements 2024. In general, the same estimates, assumptions, and judgements as in the annual consolidated financial statements 2024 have been applied. However, income taxes were calculated using the expected tax rate for the 2025 financial year. The Group analyzed the development of plan assets and IAS 19 discount rates and concluded that the asset ceiling remains applicable. Therefore, the surplus was not recognized as a non-current asset as at June 30, 2025 (December 31, 2024: zero). The consolidated financial statements are presented in Swiss francs (CHF), rounded to the nearest thousand. Due to rounding, amounts presented throughout this report may not add up precisely to the totals provided. All ratios and variances were calculated using the underlying amount rather than the presented rounded amount.
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Belimo Semiannual Report 2025 Notes to the Consolidated Financial Statements 17 Changes in Accounting Policies The accounting policies applied in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2024, except for the adoption of new or amended IFRS Accounting Standards effective as of January 1, 2025. The Group has not early adopted any standard, interpretation, or amendment that has been issued but is not yet effective. The amendments to IAS 21 (lack of exchangeability), applied for the first time in 2025, did not impact the interim consolidated financial statements of the Group. ® 1 Change to the Scope of Consolidation There were no changes to the scope of consolidation in the first half of 2025 and in 2024.
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Belimo Semiannual Report 2025 Notes to the Consolidated Financial Statements 18 2 Segment Reporting Segment Information The following tables present revenue and profit information for the Group’s operating segments, investments, and information on the segment assets for the six months ended June 30, 2025 and 2024: in CHF 1 000 EMEA Americas Asia Pacific Shared Services Elimination Total 1 half 2025st Income statement Net sales – Third parties 216 261 279 998 65 252 - - 561 511 Operating expenses -34 421 -34 990 -11 037 -122 115 -5 -202 568 Other operating income 664 - 113 2 968 - 3 744 Depreciation and amortization -3 088 -2 464 -1 339 -12 132 - -19 023 Segment profit 179 417 242 544 52 988 -131 279 -5 343 664 Unallocated material expenses -216 343 Unallocated changes in inventories 770 Unallocated financial result -6 019 Earnings before taxes (EBT) 122 072 Cash effective investments in property, plant and equipment and intangible assets 1 702 614 4 874 33 725 - 40 915 Balance sheet as at June 30, 2025 Trade receivables – Third parties 66 071 81 418 20 180 - - 167 669 Trade receivables – Group companies 42 744 4 287 102 - -47 132 - Property, plant and equipment and intangible assets 30 093 38 529 35 380 194 936 - 298 938 Unallocated assets 287 682 Total assets 754 289
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Belimo Semiannual Report 2025 Notes to the Consolidated Financial Statements 19 in CHF 1 000 EMEA Americas Asia Pacific Shared Services Elimination Total 1 half 2024st Income statement Net sales – Third parties 199 621 219 212 54 699 - - 473 533 Operating expenses -31 279 -27 910 -9 862 -111 366 -1 -180 419 Other operating income 330 - 101 338 - 769 Depreciation and amortization -2 303 -2 807 -1 142 -11 356 - -17 607 Segment profit 166 369 188 495 43 796 -122 384 -1 276 275 Unallocated material expenses -185 137 Unallocated changes in inventories 1 907 Unallocated financial result -172 Earnings before taxes (EBT) 92 873 Cash effective investments in property, plant and equipment and intangible assets 3 065 447 1 702 11 205 - 16 417 Balance sheet as at December 31, 2024 Trade receivables – Third parties 45 410 59 177 22 280 - - 126 867 Trade receivables – Group companies 35 936 2 297 37 - -38 270 - Property, plant and equipment and intangible assets 28 982 44 991 32 215 182 268 - 288 456 Unallocated assets 348 362 Total assets 763 685
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Belimo Semiannual Report 2025 Notes to the Consolidated Financial Statements 20 Net sales by market region were as follows: 1 half 2025st 1 half 2024st in CHF 1 000 Net sales %1) Growth in CHF Growth in local currencies2) Net sales %1) Growth in CHF Growth in local currencies2) EMEA 216 261 39% 8.3% 9.9% 199 621 42% -1.1% 2.0% Americas 279 998 50% 27.7% 30.1% 219 212 46% 13.3% 17.6% Asia Pacific 65 252 12% 19.3% 21.3% 54 699 12% 3.0% 9.9% Total 561 511 100% 18.6% 20.6% 473 533 100% 5.6% 9.7% 1) in % of total net sales 2) Alternative Performance Measures are described here Net sales by business line were as follows: 1 half 2025st 1 half 2024st in CHF 1 000 Net sales %1) Growth in CHF Growth in local currencies2) Net sales %1) Growth in CHF Growth in local currencies2) Damper Actuators 251 820 45% 16.1% 18.1% 216 881 46% 1.9% 5.8% Control Valves 284 078 51% 21.3% 23.3% 234 144 49% 7.8% 11.9% Sensors and Meters 25 613 5% 13.8% 16.3% 22 507 5% 23.2% 28.6% Total 561 511 100% 18.6% 20.6% 473 533 100% 5.6% 9.7% 1) in % of total net sales 2) Alternative Performance Measures are described here
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Belimo Semiannual Report 2025 Notes to the Consolidated Financial Statements 21 3 Property, Plant and Equipment During the six months ended June 30, 2025, the Group invested CHF 35.9 million in property, plant and equipment (first half 2024: CHF 14.4 million). Non-cash effective additions to the right-of-use-assets amounted to CHF 3.0 million (first half 2024: CHF 3.3 million). Commitments for investments in property, plant and equipment amounted to CHF 56.8 million (December 31, 2024: CHF 62.2 million), of which CHF 30.2 million (December 31, 2024: CHF 34.1 million) was in relation to the building extension project in Switzerland, and CHF 22.0 million for tools and machinery (December 31, 2024: CHF 19.3 million). 4 Other Assets and Liabilities Other Assets in CHF 1 000 June 30, 2025 December 31, 2024 . Non-income tax receivables 10 560 6 478 Advance payments and deferred expenses 8 500 5 298 Other receivables 5 751 2 823 Total 24 811 14 599 of which other current assets 21 990 12 424 of which other non-current assets 2 820 2 175 Other Liabilities in CHF 1 000 June 30, 2025 December 31, 2024 Liabilities to employees 39 746 28 511 Accrued volume rebates to customers 23 558 24 385 Social security liabilities 6 589 6 592 Non-income tax payables 8 772 6 294 Payables for property, plant and equipment and intangible assets 3 643 6 987 Other liabilities and accrued expenses 23 990 18 712 Total 106 298 91 481 of which other current liabilities 106 298 91 481
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Belimo Semiannual Report 2025 Notes to the Consolidated Financial Statements 22 5 Financial Instruments The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. For financial assets and financial liabilities not measured at fair value (excluding lease liabilities), the carrying amount is a reasonable approximation of fair value. In accordance with IFRS Accounting Standards, the fair value of the lease liabilities is neither calculated nor disclosed. Carrying amounts in CHF 1 000 June 30, 2025 December 31, 2024 Assets held to collect measured at amortized cost Cash and cash equivalents 72 732 97 166 Term deposits - 40 000 Trade receivables 167 669 126 867 Other assets qualifying as financial instruments 5 751 2 823 Other financial assets 160 181 Total 246 310 267 037 Financial assets measured at fair value through OCI Investments1), 3) 1 758 5 111 Total 1 758 5 111 Financial assets measured at fair value through profit or loss Investments1), 3) 1 994 2 265 Derivative financial instruments2) 2 791 34 Total 4 785 2 299 Liabilities measured at amortized cost Trade payables 50 820 39 335 Bank loans 13 356 10 119 Lease liabilities 12 063 12 021 Other financial liabilities 355 388 Other liabilities qualifying as financial instruments 51 190 50 084 Total 127 784 111 947 Financial liabilities measured at fair value through profit or loss Derivative financial instruments2) 22 2 835 Total 22 2 835 1) Measured at fair values that are calculated based on factors that are not observable market data (level 3). 2) Measured at fair values that are calculated based on observable market data (level 2). 3) Investments are presented within "non-current financial assets" in the primary statement.
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Belimo Semiannual Report 2025 Notes to the Consolidated Financial Statements 23 There were no changes in the Group’s valuation processes, valuation techniques, and types of inputs used in the fair value measurements during the period. For the unquoted equity instrument measured at fair value through OCI, the Group recognized an unrealized loss of CHF 3.4 million in OCI in the first half of 2025 (first half 2024: gain of CHF 0.2 million). The significant unobservable inputs used in the fair value measurement are long-term growth rate for cash flows for subsequent years with a probability weighted average of 5.0% and WACC with a probability weighted average of 18.0%. The Group did not perform any quantitative sensitivity analysis for the investments measured at fair value as at June 30, 2025, as they are considered to be immaterial. There were no transfers between the fair value hierarchical levels, and no purchases or sales of investments allocated to level 3 during the six months ended June 30, 2025 and 2024. In the first half of 2025, the Group utilized committed credit lines in the amount of a maximum of CHF 35.0 million at a given point in time to cover short-term financing needs (first half 2024: use of CHF 30.0 million of committed credit lines). All of it has been fully repaid as at June 30, 2025 and 2024.
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Belimo Semiannual Report 2025 Notes to the Consolidated Financial Statements 24 6 Provisions and Contingent Liabilities 2025 2024 in CHF 1 000 Warranties Others Total Warranties Others Total As at January 1 4 705 1 666 6 371 4 914 3 313 8 227 Increase 2 484 - 2 484 2 760 2 711 5 470 Utilization -1 787 -87 -1 874 -2 969 -4 369 -7 339 Translation differences - -12 -12 - 12 12 As at June 30 / December 31 5 402 1 567 6 969 4 705 1 666 6 371 of which current provisions 4 377 445 4 822 3 772 537 4 309 of which non-current provisions 1 025 1 122 2 147 932 1 129 2 062 Provisions for warranties were calculated considering experienced returns in the past as well as current sales developments. They generally cover product and replacement costs for a warranty period of five years. Product liability incidents with property, plant and equipment damages were considered separately on a case-by-case basis. Other provisions mainly included expected costs for non-income tax risks and for legal litigations. As at June 30, 2025 and December 31, 2024, there were no contingent liabilities. 7 Share Capital / Dividend As per the resolution of the Annual General Meeting of BELIMO Holding AG held on March 24, 2025, a dividend of CHF 9.50 per registered share (2024: CHF 8.50) was paid out on March 28, 2025. In total, a dividend of CHF 116.8 million (2024: CHF 104.5 million) was paid.
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Belimo Semiannual Report 2025 Notes to the Consolidated Financial Statements 25 8 Foreign Exchange Rates The consolidated financial statements are based on the following closing and average exchange rates (rounded) for the main currencies: Closing rates Average rates in CHF June 30, 2025 December 31, 2024 1 half 2025 st 1 half 2024 st CAD 0.58 0.63 0.62 0.65 CNY 0.11 0.12 0.12 0.12 EUR 0.93 0.94 0.94 0.96 PLN 0.22 0.22 0.22 0.22 USD 0.80 0.91 0.88 0.88 9 Events after the Reporting Date On July 18, 2025, the Board of Directors of BELIMO Holding AG approved the present interim consolidated financial statements for release. Until this date, no material events after the reporting date have occurred.
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Belimo Semiannual Report 2025 Five-Year Financial Summary 26 Five-Year Financial Summary Net Sales in CHF 1 000 (unless indicated otherwise) 1 half 2025 st 1 half 2024 st 1 half 2023 st 1 half 2022 st 1 half 2021 st EMEA 216 261 199 621 201 855 193 940 195 392 Americas 279 998 219 212 193 397 173 238 143 319 Asia Pacific 65 252 54 699 53 111 49 243 46 015 Group 561 511 473 533 448 363 416 421 384 727 Growth in local currencies, in %1) 20.6% 9.7% 12.4% 9.1% 16.9% Growth in CHF, in % 18.6% 5.6% 7.7% 8.2% 14.7% 1) Alternative Performance Measures are described here Income Statement in CHF 1 000 (unless indicated otherwise) 1 half 2025 st 1 half 2024 st 1 half 2023 st 1 half 2022 st 1 half 2021 st Net sales 561 511 473 533 448 363 416 421 384 727 Earnings before interest, taxes, depreciation, and amortization (EBITDA)1) 147 114 110 652 102 242 95 628 91 842 Earnings before interest and taxes (EBIT)1) 128 091 93 045 84 744 76 688 75 615 Net income 101 258 77 179 64 975 61 264 63 679 EBIT margin, in % 22.8% 19.6% 18.9% 18.4% 19.7% 1) Alternative Performance Measures are described here Cash Flow in CHF 1 000 (unless indicated otherwise) 1 half 2025 st 1 half 2024 st 1 half 2023 st 1 half 2022 st 1 half 2021 st Cash flow from operating activities 93 476 85 581 72 748 46 522 64 588 Free cash flow1) 92 827 69 785 79 619 81 696 52 109 Free cash flow (w/o term deposits)1) 52 827 69 785 54 619 21 696 52 109 Free cash flow, in % of net sales 16.5% 14.7% 17.8% 19.6% 13.5% Free cash flow (w/o term deposits), in % of net sales 9.4% 14.7% 12.2% 5.2% 13.5% 1) Alternative Performance Measures are described here
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Belimo Semiannual Report 2025 Five-Year Financial Summary 27 Balance Sheet in CHF 1 000 (unless indicated otherwise) June 30, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 Total assets 754 289 763 685 661 989 671 983 642 671 Total liabilities 211 714 182 949 131 500 150 226 131 335 Total equity 542 575 580 736 530 489 521 757 511 336 Equity ratio, in %1) 71.9% 76.0% 80.1% 77.6% 79.6% 1) Alternative Performance Measures are described here
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Belimo Semiannual Report 2025 Legal Notice 28 Legal Notice This report contains comments relating to future developments that are based on assumptions and estimates of BELIMO Holding AG. Although the Company assumes the expectations of these forward-looking statements to be realistic, they contain risks. These can lead to the actual results being 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 including, among others: – 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 forward- looking statements up to date.
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Belimo Semiannual Report 2025 Credits 29 Credits BELIMO Holding AG, Hinwil (Switzerland) Concept/Editing NeidhartSchön AG, Zurich (Switzerland) Design/Realization Florian Bilger, Freiburg (Germany) Photography This Semiannual Report 2025 was published on July 21, 2025. A German translation of the management report is available; the English version is binding.
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Belimo Semiannual Report 2025 Financial Agenda 30 Financial Agenda Publication of Sales 2025 January 19, 2026 Publication of Annual Report 2025 / Media and Financial Analysts Conference February 23, 2026 Annual General Meeting 2026 March 23, 2026 Ex-Dividend Date March 25, 2026 Dividend Payment March 27, 2026 The full financial agenda is available at: belimo.com/financialcalendar
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Belimo Semiannual Report 2025 Alternative Performance Measures 31 Alternative Performance Measures Net sales - Material expenses +/- Changes in inventories - Personnel expenses - Other operating expenses + Other operating income Earnings before interest, taxes, depreciation, and amortization (EBITDA) = = Net sales - Material expenses +/- Changes in inventories - Personnel expenses - Other operating expenses + Other operating income - Depreciation and amortization Earnings before interest and taxes (EBIT) = Total equity / AssetsEquity ratio = Cash flow from operating activities + Cash flow from investing activities Free cash flow = Cash flow from operating activities + Cash flow from investing activities + Purchase of term deposits - Proceeds from sale of term deposits Free cash flow (w/o term deposits) = (Net sales current period at previous period exchange rates - Net sales previous period) / Net sales previous period Net sales growth in local currencies = Cash and cash equivalents + Current financial assets - Current financial liabilities - Non-current financial liabilities Net liquidity = Trade receivables + Inventories - Trade payablesNet working capital
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BELIMO Holding AG Brunnenbachstrasse 1 8340 Hinwil Switzerland Phone +41 43 843 61 11 E-mail ir@belimo.ch www.belimo.com