Overview

• Switzerland household appliance maker's H1 net sales rose 4.9% yr/yr to CHF 284.5 mln

• Operating profit (EBIT) more than doubled, driven by efficiency gains and higher sales

• Net income for H1 surged to CHF 6.9 mln from CHF 1.6 mln a year earlier

Outlook

• V-ZUG expects business performance to remain positive in H2 2026

• Company sees ongoing uncertainty due to geopolitical tensions and inflationary trends

• V-ZUG confirms medium-term targets of 3% annual sales growth and 10% profitability

Result Drivers

• SWISS MARKET GROWTH - Co said increased demand in new and replacement business, targeted sales promotion, and brand investments drove net sales growth in Switzerland

• NORTH AMERICAN OEM SALES - Higher OEM sales in North America more than offset a slight decline in own-brand international sales

• EFFICIENCY GAINS - Efficiency improvements and strict cost management helped counter material cost pressures and supported margin growth

Company press release: ID:nEQ72rQxba

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
H1 Sales		CHF 284.50 mln
H1 Net Income		CHF 6.90 mln
H1 EBIT		CHF 7.90 mln
H1 EBITDA		CHF 24.30 mln
H1 EBIT Margin		2.80%

Analyst Coverage

• The one available analyst rating on the shares is "hold"

• The average consensus recommendation for the investment holding companies peer group is "buy."

• The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 21 three months ago

Reuters Recommended Reads

• July 21 - Switzerland's Schindler H1 EBIT margin rises; reaffirms outlook

• July 21 - Swatch reports stronger sales, but profit miss hurts shares

• July 21 - Lindt reiterates growth target as pricing supports half-year sales

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