Zehnder Group increased sales by 17% to EUR 812.5 million

Gränichen (CH), 20 January 2023: Zehnder Group (SIX: ZEHN), a leading international provider of complete solutions for healthy indoor climate, increased its sales by 17% to EUR 812.5 million (unaudited) in the 2022 reporting year. Acquisitions and sales price increases had a positive impact on revenue, while the limited availability of electronic components inhibited further growth.

Sales growth in both segments despite a challenging market situation

Zehnder Group increased its sales in the reporting year 2022 by 17% to EUR 812.5 million (unaudited; EUR 697.1 million in the previous year). The organic growth, primarily influenced by price increases, amounted to 7%[1]. Acquisitions contributed 8%. The Group, whose consolidated financial statements are reported in euros, also benefited from positive currency effects of approximately 2%. The continued limited availability of electronic components hampered further growth in the ventilation segment. However, the strained supply situation improved towards the end of the year, hence increasing shipments were achieved against delivery backlogs.

Above-average sales growth in the ventilation segment driven by acquisitions

The ventilation segment achieved sales of EUR 450.3 million in 2022, which corresponds to a growth of 28% (of which 10% was organic). The Airia, Caladair, Filtech and Fortuneway acquisitions contributed a total of 16% to the growth achieved in ventilation. The ventilation segment represented approximately 55% of the Group’s total sales, an increase of 5 percentage points compared to the previous year. All three product lines – residential ventilation, heat exchangers, and clean air solutions – showed a positive development.

EUR 349.4 million (EUR 289.1 million in the previous year) of the sales were achieved in the EMEA region (Europe, Middle East and Africa). The growth mainly came from Germany, United Kingdom, and Belgium, as well as from the Caladair and Filtech acquisitions. EUR 59.4 million (EUR 19.6 million in the previous year) of the ventilation sales were attributable to the North America region. Here, the acquisition of the Canadian company Airia in February 2022 played a key role in the expansion of the ventilation business. The Asia-Pacific region generated sales of EUR 41.6 million (EUR 43.9 million in the previous year). The Chinese market continued to prove a very challenging one. Due to the heat exchanger business of Fortuneway as well as favourable currency effects, the decline in sales was limited.

Stable sales in the radiator segment

The radiator segment achieved sales of EUR 362.1 million in the reporting year. This corresponded to roughly 45% of Zehnder Group’s total sales. Compared to the previous year, revenue grew by 5% (of which 4% was organic) due to price increases and positive currency effects. The radiator segment showed a volume decline in H2 2022 compared to H1 2022, which occurred contrary to a usual seasonality with higher volumes in the second half of the year.

EUR 310.1 million (EUR 296.4 million in the previous year) of sales were attributable to the EMEA region, driven by growth in Germany, Italy, and Switzerland and despite a decline in sales in the United Kingdom. Sales of EUR 44.3 million (EUR 36.0 million in the previous year) were attained in the North America region and EUR 7.8 million (EUR 12.0 million in the previous year) in the Asia-Pacific region.

Details on the 2022 sales by regions and segments (unaudited) can be found in the annex. The Zehnder Group will publish its full annual financial statements on 1 March 2023.

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Contact

René Grieder
Member of the Group Executive Committee, CFO
Zehnder Group AG, 5722 Gränichen (Switzerland)
T +41 62 855 1521, rene.grieder@zehndergroup.com

This media release is published in German and English. The German version is binding. For further information about the Zehnder Group, please visit www.zehndergroup.com.

Company profile

Zehnder Group improves quality of life with comprehensive indoor climate solutions. The globally active company develops and manufactures its products in its own plants in Europe, China, and North America. Its sales activities, spanning more than 70 countries, take place through local sales companies and representative offices.

Zehnder Group products and systems for heating and cooling, comfortable indoor ventilation and air cleaning are characterised by outstanding design and high energy efficiency. The Group is among the market and technology leaders in its segments with brands such as Zehnder, Acova, and Core.

Zehnder Group has had its headquarters in Gränichen (CH) since 1895. It employs around 4,000 people worldwide and achieved sales of EUR 812 million in 2022 (unaudited). The company is listed on the SIX Swiss Exchange (symbol: ZEHN, number: 27 653 461). The unlisted registered shares B are held directly or indirectly by the Zehnder family and persons closely associated with them.