V-ZUG records an increase in net sales and improved half-year results
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V-ZUG Holding AG / Key word(s): Half Year Results MEDIA RELEASE / INVESTOR NEWS
Zug, 22 July 2026 – The V-ZUG Group increased its net sales in the first half of 2026 by 4.9% to CHF 284.5 million and improved its operating result (EBIT) to CHF 7.9 million (previous year: CHF 3.0 million). In a persistently volatile environment, this solid performance was driven by positive business development in the home market of Switzerland, overall good momentum in international sales and the systematic implementation of V-ZUG’s refined strategy, supported by its “Simplify” and “Grow” initiatives.
* Information in brackets: results for the corresponding period in 2025 *
“Our solid start to 2026 confirms that we are on track in consistently driving our refined strategy and our initiatives for targeted growth, additional efficiency improvements and further cost optimisation. As the market leader in Switzerland and a premium provider internationally, we inspire people around the world with our appliances and services for the kitchen and the home,” comments Christoph Kilian, CEO of V-ZUG. The sharpened corporate strategy is based on V-ZUG’s established, responsible business model and the company’s core strengths – Swiss precision, quality, design and durability. V-ZUG’s aim is to expand its leading position in its home market and to grow its international premium business profitably, particularly in the focus markets of Germany, China, Australia and the United Kingdom. To achieve this, V-ZUG relies on a differentiated product portfolio, targeted investments in innovation and operational discipline. To put this into practice, the company is pushing ahead with its “Simplify” initiative, with the aim of improving efficiency and optimising costs, and the “Grow” initiative, which focuses on growth. Solid growth in the home market, regional variations internationally The partner model introduced in 2025, which is designed to facilitate differentiated levels of collaboration with retail partners and places greater emphasis on brand presentation, advice and service quality, is now successfully established. In the project business, the reorientation towards providing more focused support proved successful, and the customer experience and service quality were confirmed to be of a high standard, with industry-leading response times and first-time completion rates in customer service. The international business was shaped by a persistently challenging environment and varying regional trends. Net sales for the first half of 2026 amounted to CHF 43.7 million (previous year: CHF 38.9 million), representing an increase of 12.3%. The own-brand business saw a slight decline, with net sales of CHF 28.6 million (previous year: CHF 30.2 million). To strengthen this area, V-ZUG has adapted certain sales structures and made targeted investments in its international presence, for example with a dedicated presentation at the Salone del Mobile in Milan. In its focus market of China, V-ZUG also started expanding its partner-based retail business. The plan is to gradually open additional retail outlets in selected metropolitan areas during the second half of the year. In addition, the sales organisation in the focus market of Germany was strengthened. In the OEM business in North America, net sales rose to CHF 15.0 million (previous year: CHF 8.6 million). This more than offset the slight decline in sales in the own-brand business. Improved operating result and efficiency gains The operating result (EBIT) increased to CHF 7.9 million (previous year: CHF 3.0 million). The gross profit margin rose from 35.8% to 36.7% thanks to higher sales volumes and efficiency gains. Material cost pressures in certain product groups were countered through operational discipline and strict cost management. The “Simplify” strategic initiative also saw further progress made in process automation and the optimisation of additional production stages at the vertical factory in Zug. Structural costs are rising slightly also due to forward-looking investments in additional measures focused on marketing and designed to grow net sales. Owing to favourable currency effects, the financial result was CHF 1.6 million higher than in the previous year. The group net result amounted to CHF 6.9 million (previous year: CHF 1.6 million). Cash flow from operating and investing activities amounted to CHF -32.0 million (previous year: CHF -51.5 million). The balance sheet remains solid; the equity ratio is 74.7% (previous year: 77.0%), while cash and cash equivalents amount to CHF 42.4 million (previous year: CHF 34.0 million). As at the end of the first half of 2026, loan financing amounts to CHF 20.0 million (previous year: CHF 10.0 million) as part of a major credit facility secured on a long-term basis during the reporting period. This is primarily intended to cover seasonal fluctuations in cash flow and to finance the new “Zephyr West” office and laboratory building at the company’s headquarters in Zug. Innovation, portfolio expansion and the circular economy With the “Adora Circular Edition”, V-ZUG has produced its first washing machine that halves its material footprint – thanks to over 30 reused components – without compromising on performance or quality. V-ZUG’s commitment to the circular economy is further underlined by the dismantling line for single-material streams from washing machines, which is being set up in collaboration with the Swiss recycling specialist Thommen. Outlook Through its strategic “Simplify” and “Grow” initiatives, V-ZUG is driving targeted measures to improve its results and net sales further, with effects extending beyond 2026. On this basis, V-ZUG expects business performance to remain positive in the second half of 2026. This is contingent upon the external factors mentioned not deteriorating significantly and not having an adverse effect on business performance. V-ZUG confirms its medium-term objectives. It continues to target average annual sales growth of 3% and aims to achieve profitability of approximately 10%. Key figures as at 30 June
About the V-ZUG Group 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).
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2368968 22-Jul-2026 CET/CEST