V-ZUG sets the course for profitable growth

Zug, 5 March 2026MEDIA RELEASE / INVESTOR NEWS Ad hoc announcement pursuant to Art. 53 LR 

Result lower than previous year – dividend unchanged at CHF 0.90

Zug, 5 March 2026 –The financial result in the reporting year was not satisfactory due to restrained market development and lower net sales in the project business both in Switzerland and in the international markets. In an exceedingly challenging environment, V-ZUG has taken key decisions – strategically, operationally and in terms of personnel – in order to return to profitable growth. On the basis of this framework and a very solid balance sheet, the Board of Directors is proposing an unchanged dividend and repayment from the capital reserves, totalling CHF 0.90 per share. 

Financial development: lower sales volumes weigh on profitability Both in terms of geopolitics and trade policy, the year 2025 was characterised by tensions, which undermined consumer confidence and resulted in greater spending restraint. The Swiss household appliance market declined slightly before showing signs of stabilisation in the second half of the year. Internationally, the markets remained inconsistent with little growth momentum.

In this context, the V-ZUG Group achieved CHF 567.4 million in net sales (previous year: CHF 591.7 million, -4.1%). Above all, this is attributable to a market development below expectations and reduced volumes in the project business, both in Switzerland and in international markets. In Switzerland, net sales decreased by 3.8%. Net sales in the international markets fell by 5.6%, with the own-brand business declining by 18.2%. In contrast, the OEM business normalised at CHF 20.0 million (previous year: CHF 9.8 million). 

Due to the fixed costs, the lower sales volumes had a disproportionate impact on the operating result. The EBIT fell to CHF 11.6 million (previous year: CHF 25.3 million), and the EBIT margin decreased from 4.3% to 2.0%. The Group net result amounted to CHF 6.8 million (previous year: CHF 21.4 million). Despite the negative business development, the balance sheet of the V-ZUG Group remains exceptionally solid as of 31 December 2025. The equity ratio rose to 77.1% (previous year: 76.4%). Cash and cash equivalents including securities amounted to CHF 60.1 million (previous year: CHF 83.5 million). Cash flow from operating activities amounted to CHF 41.3 million (previous year: CHF 58.0 million); free cash flow fell to CHF -15.4 million (previous year: CHF 1.8 million) – whereby investments in the company’s future remain strong and comparable to those made in the previous year. “Our strong and robust financial position gives us the additional flexibility necessary to continue investing in our strategy, products and organisation in the future”, said CFO Adrian Ineichen.

Key decisions: strategic, operational and personnel-relatedOn the basis of this financial strength, V-ZUG is vigorously pushing ahead with its plans to bring the company back to profitable growth:

• From a strategic perspective, V-ZUG has introduced “Simplify” and “Grow” initiatives to strictly execute and improve efficiency over the long term and unlock new growth potential. “Simplify” seeks to streamline structures and processes, thereby making work flows leaner and leading to savings – including in procurement. With “Grow”, V-ZUG is strengthening its market presence and advancing growth in a targeted manner by expanding specific sales organisations, optimising sales structures and implementing sales-promoting measures. 
• On the operational side, this strategic course is underpinned by the complete commissioning of the vertical factory “Zephyr Ost”. The multi-storey building brings together central production, assembly and logistics processes and sustainably boosts productivity and efficiency. In addition, the Rotkreuz site was expanded to integrate the spare parts warehouse based in Hünenberg. This consolidation will enable various synergies in transport and logistics processes, while also contributing to cost efficiency.
• In terms of personnel, targeted measures were undertaken to strengthen company management. Since 1 April 2025, Christoph Kilian has managed the company as CEO. Since taking over, he has refined the strategy and accelerated the implementation of strategic programmes. On 16 February 2026, Barbara Hans assumed responsibility for the global brand and the product portfolio as Chief Marketing Officer. Starting on 13 April 2026, Yvonne Ongetta will take on the role of Chief International Officer and pursue a structured approach to advancing expansion in international markets. On the Board of Directors, Petra Rumpf, Tobias Knechtle and Dr Jürg Werner will not be running for re-election at the upcoming Annual General Meeting on 14 April 2026. “We are grateful to Petra Rumpf, Tobias Knechtle and Dr Jürg Werner for their valuable contributions to the development of V-ZUG Holding AG, in particular in the phase of establishing itself as an independent, listed company”, said Oliver Riemenschneider, Chairman of the Board of Directors. With Ivo Wechsler and René Zahnd two personalities with proven track records are being proposed to the Annual General Meeting for election. They will strengthen the Board in real estate and continue expertise in the areas of finance, corporate governance and strategic corporate management. Following this change, the Board of Directors will once again have six members.

Innovation: new products and excellent serviceIn addition to these structural changes, V-ZUG also invested in the further development of its product portfolio in 2025. The company set a clear emphasis on technological innovations. New appliance generations convince with higher energy efficiency, improved functionality and elegant design. The high-quality products underpin the pricing on the market and thus lay the groundwork to sustainably develop sales and margins. This product strength is paired with excellent service. Optimisations in the service area – such as the diagnostics platform – have resulted in a first-time resolution rate of over 90%. Customer satisfaction remains at a consistently high level, with a net promoter score of 79. In addition, significant investments were made throughout the reporting year to prepare innovative product launches in various product categories – in particular, for cooktops in both 2026 and the following years.

Sustainability: direct emissions reduced by more than 25%V-ZUG also remained committed to sustainability. In 2025, we advanced further along the path of decarbonisation: compared to 2024, direct emissions fell by more than 25%, thanks to the ongoing electrification of service vehicles and trucks and the connection of new buildings to the Multi Energy Hub of the Tech Cluster Zug. A further milestone was the commissioning of the industrial pilot plant for methane pyrolysis, which represents a critical step towards CO2-neutral industry.

Dividend: continuity with distribution of CHF 0.90 per share (proposed)The combination of a solid balance sheet, the measures introduced and a clear strategic orientation can be seen in the dividend proposal: as in the previous year, the Board of Directors proposes to the Annual General Meeting an ordinary dividend as well as a withholding-tax-free repayment from capital reserves each amounting to CHF 0.45 per share, thus totalling CHF 0.90 per share. This corresponds to a payout ratio of 84.5% of the group net result. This emphasises V-ZUG‘s confidence in its financial strength and strategic measures.

Outlook: strong foundation for sales growthV-ZUG looks to the current business year with cautious optimism; the company is confident to benefit from the actions taken. On a positive note, V-ZUG posted a solid order intake in the international own-brand business, and there is positive momentum in the Swiss market. “Now, the focus is on further boosting our operational excellence and expanding our strong market position, both in Switzerland and in selected international markets”, said CEO Christoph Kilian.

V-ZUG remains resolute in its commitment to the medium-term objectives. The company continues to target an average annual sales growth of around 3% and aims at a profitability of approximately 10% again. These targets reflect the aspiration to sustainably generate value for shareholders even in a challenging environment.

Further information

This ad hoc announcement is available at www.vzug.com/ch/en/investor-relations-news and the 2025 Annual Report at www.vzug.com/ch/en/financial-reports. 

Key dates

Media release (PDF)

About the V-ZUG GroupV-ZUG is Switzerland’s leading brand in household appliances and markets its products in selected premium markets abroad. V-ZUG has been developing and manufacturing kitchen and laundry appliances in Switzerland for over 110 years and offers a comprehensive service in all its markets. The SIBIRGroup AG, which focuses on the Swiss-wide provision of all-brand servicing and the sale of household appliances, is also part of the V-ZUG Group. The V-ZUG Group currently employs around 2,100 people. 

V-ZUG Holding AG is listed in the Swiss Reporting Standard of SIX Swiss Exchange in Zurich and represented in the Swiss Performance Index (SPI) (securities number 54 248 374, ISIN CH0542483745, ticker symbol VZUG).

Legal notesThe expectations expressed in this ad hoc announcement/media/investor release are based on assumptions. Actual results may deviate from these assumptions. This ad hoc announcement is published in German and English. The German version is binding. V-ZUG Holding AG processes personal data in accordance with its privacy statement, which is available at www.vzug.com/privacy-statement.