BELIMO (BEAN) H2 2025 earnings summary

Executive summary

• Achieved record sales of CHF 1.12 billion in 2025, up 23.3% in local currency and 18.7% in CHF, surpassing CHF 1 billion for the first time, with all regions contributing.

• EBIT grew 29% to CHF 233 million, with a margin of 20.8%, up 159 basis points year-over-year, driven by operating leverage and innovation.

• Net income increased 24% to CHF 182 million, representing 16.2% of sales.

• Data center business accounted for 17% of total sales and nearly half of absolute growth, with strong momentum in renovation and energy efficiency projects.

• Board proposes a dividend of CHF 10 per share, payout ratio of 68%.

Financial highlights

• Sales growth driven by 19.5% volume/mix and 3.6% price increases, offset by -4.5% FX impact.

• Americas led with 32% local currency growth, EMEA at 12%, Asia Pacific at 29%.

• Control Valves grew 31%, Damper Actuators 14%, Sensors and Meters 25% in local currency.

• Operational cash flow CHF 185 million; free cash flow (excl. short-term deposits) CHF 99 million.

• Equity ratio 71%, net liquidity CHF 69 million, ROIC 28%, ROCE 36%, ROE 30%.

Outlook and guidance

• Expect mid-teens % sales growth in local currency for 2026, above historical average.

• EBIT margin expected to remain above 20%, with continued investment in capacity, R&D, and innovation.

• Long-term organic growth target remains 9%-11% CAGR.

• Double-digit growth expected in Americas, with focus on higher value solutions and data centers.

• Capital expenditure to remain elevated as capacity expansion continues.