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Arbon, 16 October 2025 – Arbonia is further expanding its leading position in the European market with the acquisition of Portuguese manufacturer Cicomol SA. The company has a particularly strong market position in the premium CPL interior doors and door frames segment, as well as in the area of designer and special doors for specialist retailers and project business.
Arbonia is also increasing its vertical integration with the 100% acquisition of German manufacturer Rüthener Zargenbau (RZB), a company specialising in custom metal door frames

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Arbonia commenced financial year 2025 on a strong footing. Despite challenging market conditions, the company maintained its market position in the first half of the year thanks to a very successful first quarter, robust order intake and operational improvements.

Notably, Arbonia expects its operating performance to continue improving despite a challenging market environment: in the first half of 2025, it was able to increase its operating result by 27% compared to the second half of 2024.

Although one-off effects such as the power outage at Dimoldura in Spain, increased marketing costs relating to Arbonia's first in-house congress, ArboniaNext, and structural adjustments in connection with the sale of the Climate division negatively impacted the overall result, the Wood Solutions business reported a double-digit EBITDA margin. The Glass Solutions business encountered significant challenges stemming from market conditions and its product portfolio, and as a result, recorded below-average margins.

The aforementioned cost factors will cease to apply in the second half of 2025. Combined with revenue growth, increased earnings from newly won projects, the full impact of recent price increases and a higher number of working days, this is expected to lead to a significantly stronger second half of 2025. In particular, the project business and the cost-saving measures implemented give reason for optimism for the remainder of the year.
 

• Revenue: CHF 307.2 million and CHF 267.8 million in the previous year (organic -1.5%)
• EBITDA including one-time effects: CHF 27.9 million and CHF 47.4 million in the previous year
• Positive one-time effects¹: previous years sale of Zelgstrasse Arbon (CH) and at midyear 2025 sale of property Tubbergen (NL)
• EBITDA without one-time effects: CHF 26.1 million and CHF 21.1 million in the previous year
• EBITDA-margin without one-time effects: 8.5% compared with 7.9% in the previous year
• EBIT including one-time effects: CHF 1.1 million and CHF 25.2 million in the previous year
• EBIT without one-time effects: CHF -0.7 million and CHF -1.0 million in the previous year
• Group result: CHF 152.6 million (previous year CHF 41.0 million)
• Confirmation of 2025 guidance: sales growth 3–5% (basis CHF 604 million pro-forma 2024) and adjusted EBITDA ~CHF 60 million
  
  ¹Explanations, definitions, and reconciliation calculations for the alternative performance indicators are included in the 2025 half-year report on pages 21–26.

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Arbon, 25 April 2025 – At today’s General Meeting of Arbonia AG, the shareholders approved all motions of the Board of Directors. Among other things, the agenda items regarding the shareholder participation in the proceeds from the sale of the Climate Division were approved.

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Arbon, 27 March 2025 – At Capital Markets Day 2025 taking place today in Erfurt, Germany, Arbonia outlines its strategy and is presenting its medium-term planning for 2029 as well as its acquisition strategy. As part of Arbonia Next25, the first own congress, Arbonia will also provide a comprehensive insight into its product world as well as its new brand identity. In the afternoon there, participants will also be given a guided tour of one of the most modern door factories in Europe

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Arbon, 3 March 2025 – In Arbonia's largest European markets, the construction industry was not yet able to recover noticeably in 2024. Instead, uncertainty persisted and the second half of 2024 in particular was weaker than expected in Germany, an important market for Arbonia: Building permits continued to decline and financing costs remained at a high level for a long time, with consumers only feeling the effects of the ECB's cuts after a delay. In some markets, the general conditions such as interest, energy and material costs have improved somewhat, but this has not yet led to a noticeable recovery in most markets.
Nevertheless, Arbonia is cautiously optimistic about the 2025 financial year.

The closing of the sale of the Climate division took place on 26 February 2025. The following presentation of the annual figures therefore focuses on the continuing operations, i.e. on the former Doors division, thus the new Arbonia.

• Revenue growth of 10.2% to CHF 556.3 million (previous year CHF 504.6 million)
• Currency and acquisition-adjusted revenue growth of -5.4% (previous year -8.2%)
• EBITDA including one-time effects: +107.8% from CHF 31.9 million to CHF 66.3 million
• EBITDA margin including one-time effects: from 6.3% to 11.9%
• The one-time effects¹ amounted to a total of CHF 24.6 million net, primarily from the sale of the Zelgstrasse site (CH)
• EBITDA without one-time effects: +22.1% from CHF 34.1 million to CHF 41.7 million
• EBITDA margin without one-time effects: from 6.8% to 7.5%
• Guidance 2025: revenue growth of 3 - 5% and an adj. EBITDA of approx. CHF 60 million.
• Proposal by the Board of Directors for a distribution of CHF 5.83 per share at the Annual General Meeting in April 2025

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Arbon, 27 February 2025 – The sale of the Climate Division to Midea Electrics Netherlands B.V., a company of the Midea Group, which was announced on 18 April 2024, was completed yesterday, 26 February 2025. This has established the conditions for voting not only on the usual agenda items and motions of the Board of Directors but also on the use of funds from the transaction at the Annual General Meeting on 25 April 2025.

In conjunction with the closing, Alexander Kaiss, CEO of the sold Climate Division, will also be stepping down from Group Management of the Arbonia Group. At the same time, Markus Hütt, COO and simultaneously responsible for the Glass Solutions Business Unit, will be joining Group Management.

With the completion of the transaction, Arbonia’s strategy is focusing on the doors business invested in over the last few years. Thanks to its strong balance sheet with a high equity ratio and reduced debt, the strategic flexibility for the further development of Arbonia is ensured. It is working towards the goal of expanding its position as the European market leader for doors.

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Arbon, 29 January 2025 – Yesterday, on 28 January 2025, the EU Commission approved the sale of the Climate Division to Midea Electrics Netherlands B.V., a company of the Midea Group, without conditions or requirements. As a result, all required approvals of the responsible national antitrust and investment control authorities (FDI) as well as the European Union have been granted without conditions or requirements. The closing of the sale, announced on 18 April 2024, will take place at the end of February 2025.

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Arbon, 20 November 2024 –The Board of Directors of Arbonia AG has decided in its meeting on 19 November 2024 to name Claudius Moor as the new CEO of Arbonia Group. The Executive Chairman Alexander von Witzleben will step down from his executive role on this day, but will remain as Chairman of the Board of Directors for the time being. 

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Arbon, 27 September 2024 – The Board of Directors of Arbonia AG appoints Uwe Schiller as its new CFO and member of Group Management. He will take over from Daniel Wüest, who leaves the company in the course of the strategic reorientation towards the door business at his own request on 30 September. Uwe Schiller takes over the position in October 2024.

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Arbon, Switzerland, 20 June 2024 – Arbonia AG has sold the approx. 35,000 m2 site in Zelgstrasse in Arbon to a company of the HRS Group via its subsidiary AFG Immobilien AG. The completely leased site, which is classified as non-operating real-estate, has thus been sold in line with the strategy.

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Arbon, 17 May 2024 – Arbonia is actively consolidating the European competition landscape in the area of interior and special doors by acquiring the Spanish market leader for interior doors in south-western Europe, Dimoldura, as well as the Czech company Lignis for special doors. With the two acquisitions, Arbonia is expanding its geographic footprint into south-western and Eastern Europe in line with its strategy and has taken another step towards its ambition of market leadership in Europe.

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Arbon, 8 May 2024 – Following Arbonia’s decision to accept the offer to sell the Climate Division and focus on the doors business, Group Management will be reorganised after the closing of the transaction.
In this connection, Daniel Wüest has decided to step down from his position as Group CFO after the sale of the Climate Division in order to take on a new professional challenge outside of Arbonia.

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Arbon, Switzerland, 18 April 2024 – After the conclusion of a competitive sales process with several bidders, Arbonia has decided to divest the Climate Division to Midea Electrics Netherlands B.V., a company of Midea Group for an enterprise value of EUR 760 million. Subject to the approval of relevant regulators, up to CHF 400 million of the sales proceeds are to be returned to the shareholders after completion of the transaction. In addition, net sale proceeds will be used to strengthen the doors business and to reduce net debt. The doors business will strategically be further developed both organically and through acquisitions, with the objective of making Arbonia a European market leader for doors made of wood and glass. 

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Arbon, 27 February 2024 – The Board of Directors has received several unsolicited expressions of interest in purchasing the Climate (formerly HVAC) Division, prompted by comparable transactions in the market. After careful consideration and with a view to sustainably increasing the value for shareholders, the Board decided to carry out a structured sales process with several strategic prospective buyers. Upon conclusion of a possible transaction, the Board of Directors intends to return a significant share of the proceeds to the shareholders, in addition to reducing debt. At the same time, the remaining Doors Division is to be strategically developed as well as further strengthened through targeted acquisitions.

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Arbon, 6 December 2023 – At the Capital Markets Day 2023 taking place today in Prüm (D), Arbonia shows the new door plant of the future. The company also provides an update on current trading and confirms the mid-term guidance for 2026, despite the current challenging market environment in its core markets, which is expected to continue in 2024. 

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• Revenue decline of 9.6% (organic 8.1%) to CHF 570.4 million from CHF 630.9 million in the previous year
• EBITDA: CHF 44.9 million from CHF 52.4 million in the previous year
• EBITDA margin: 7.9% (previous year: 8.3%)
• EBIT: CHF 6.2 million from CHF 17.8 million in the previous year
• Group result after taxes: CHF –2.0 million from CHF 11.7 million in the previous year
• Significant positive free cash flow expected for 2023
• Confirmation of mid-term targets for 2026 due to great demand for housing as well as energy upgrading of existing housing to reduce required CO2 emission

Arbon, 22 August 2023 – Arbonia’s core markets, especially Germany, Benelux, and Eastern Europe, suffered a considerable slump in building permits due to the high construction costs and interest rate hikes. At Arbonia Group, this decrease in construction activity led to sharply lower volumes for the products steel panel radiators, standard doors and shower enclosures. This is against the backdrop of a historically high demand for housing and the necessary energetic conversion of existing building stock to achieve the required reduction in CO2 emissions.

The first half of 2023 was characterised by great challenges, which not only affected the general economy but the building sector in particular and thus Arbonia. The first half of 2023, for example, was impacted by a pronounced reluctance in the ordering behaviour of wholesalers and the specialist retailers, who continued to reduce inventories or did not fill them up again with large orders but placed smaller shorter-term orders instead. New construction was burdened by the reluctance of builders, who started fewer construction projects or postponed them due to an uncertain regulatory environment and significantly increasing construction and financing costs at the same time. In renovation, increasing rents due to increasing interest rates and higher ancillary rental costs (energy) had a noticeable negative impact. This caused people to remain in their current homes for fear of further increasing rental costs and due to the low number of vacant flats, which led to fewer renovations being done. In addition, housing companies delayed planned renovations. On the other hand, the demand for affordable housing as well as the necessity of upgrading the energy efficiency of existing building stock remains high. This had a positive effect on Arbonia’s growth products but could not fully compensate for the negative volume effects from the general reluctance in the construction sector.

Arbonia’s revenue decreased by 9.6% in the first half of 2023 compared to the same period in the previous year, from CHF 630.9 million to CHF 570.4 million. Adjusted for currency and acquisition effects (organic), revenue decreased by 8.1%. EBITDA came to CHF 44.9 million (previous year: CHF 52.4 million), which means a reduction of 14.4%. The EBITDA margin decreased from 8.3% to 7.9%. Without one-time effects, EBITDA decreased by 13.6%, from CHF 52.4 million to CHF 45.3 million, which corresponds to a decrease in the EBITDA margin from 8.3% to 7.9%. EBIT came to CHF 6.2 million (previous year: CHF 17.8 million), which corresponds to a decline of 65.2%. Without one-time effects, a decrease of 63.0% resulted, from CHF 17.8 million in the previous year to CHF 6.6 million. The group result amounted to CHF –2.0 million compared to CHF 11.7 million in the previous year or without one-time effects to CHF –1.7 million (previous year: CHF 11.7 million). The negative net profit at the half year is the result of the lower operating profit, higher depreciation and amortisation as well as the higher financial result due to higher interest expenses and foreign exchange losses.

Cash flow from operating activities amounted to CHF 12.0 million in the reporting period (CHF –68.6 million in the previous year). This resulted in a free cash flow of CHF –27.8 million (CHF –142.9 million in the previous year). As of 30 June 2023, net debt amounted to CHF 241.4 million.

Shareholders' equity decreased to CHF 967.9 million (previous year CHF 1016.1 million). Consequently, the equity ratio also decreased from 66.1% in the previous year to a still solid 61.6%.

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Arbon, 20 July 2023 – The Heating Ventilation and Air Conditioning (HVAC) Division of Arbonia is further improving its competitiveness with the planned relocation of its design radiator manufacturing volume. As part of its strategy of being a best-in-class radiator supplier, the planned relocation of manufacturing and painting from Dilsen (BE) to the competence centre in Stříbro (CZ) will increase capacity utilisation and productivity as well as further centralise know-how. Arbonia expects one-off costs of around CHF 10 million to be incurred in the second half of 2023 due to the closure and relocation of production. In return, Arbonia expects annual savings of around CHF 4 million from the second half of 2024.

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Arbon, 20 July 2023

• Decline in construction activity in Arbonia’s core markets led to sharply lower volumes for radiators, interior doors, and shower enclosures
• Suspension of guidance due to unpredictability of volumes in the second half of 2023
• The volume decreases in the first half of 2023, in conjunction with negative currency effects (-3.6%), led to an overall decrease in revenue of -10% compared to the same period last year to approximately CHF 570 million (HVAC: CHF 303 million; Doors: CHF 266 million)
• HVAC Division on EBITDA level above previous year with increased margin from 8.0% to 9.4%
• Doors Division on EBITDA level below previous year with decreased margin from 10.7% to 8.0% – in particular a one-time additional burden of energy costs had a negative impact here
• Significant positive free cash flow expected for 2023
• Closure of production plant and staff reductions of up to 600 employees until June 2024 will lead to a one-time charge of up to CHF 15 million in the 2023 financial year and consequently to annual net savings of CHF 10 – 12 million
• Confirmation of mid-term targets for 2026 due to great demand for housing as well as energy upgrading of existing housing to reduce required CO2 emissions

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Arbon, 28 February 2023 – The reporting year of Arbonia was characterised by considerable upheavals in both divisions, which increased significantly in the course of the year: 

The 1st half of 2022 was still characterised by stable sales volumes and benefited from the previous year’s high order volumes, among other things. This was despite the fact that a considerable pressure on the margins was already noticeable at that time due to the inflation trend that had set in for all raw materials and energy. The price increases implemented with customers in the 2nd half of 2022 caused margins to improve significantly. As a result, it was possible to reduce the material ratio from 51.4% to 49.4%. 

However, during the 2nd half of 2022, particularly in the 4th quarter, there was a proper slump in orders from wholesalers for stock items such as radiators and standard doors. Economic uncertainties led to significant destocking and a change in ordering behaviour among customers towards short-term ordering. The energy crisis, which persisted throughout the financial year, also burdened the 2nd half of the reporting year with an additional CHF 5.1 million compared to the previous year.

Furthermore, the geopolitical situation resulting from the war in Ukraine impacted the operating activities of both divisions due to the lost volumes and revenues in the affected markets in Eastern Europe.

Arbonia was able to increase revenues in the financial year 2022 by 1.3% to CHF 1'202.1 million; growth was 5.5% without the influence of currency and acquisition effects (organic). EBITDA without one-time effects¹ fell from CHF 134.3 million to CHF 112.4 million; with one-time effects, EBITDA reached 108.3 million compared to CHF 124.7 million in the previous year. This corresponds to a reduction in the EBITDA margin (without one-time effects) from 11.3% in the previous year to 9.4%; with one-time effects, the EBITDA margin fell from 10.5% to 9.0%. As a result, EBIT without one-time effects also fell from CHF 67.0 million to CHF 41.4 million; with one-time effects, EBIT fell from CHF 53.3 million to CHF 37.0 million. This corresponds to a decrease in the EBIT margin without one-time effects from 5.6% to 3.4%; with one-time effects, the EBIT margin fell from 4.5% to 3.1%. The Group result with one-time effects (from continuing operations) fell as a result from CHF 27.5 million in the previous year to CHF 20.7 million. Without one-time effects, the Group result fell from CHF 41.1 million to CHF 23.9 million. 

¹ Explanations, definitions, and reconciliations for the Alternative Performance Measures are found in the Annual Report 2022 on pages 227 – 231.

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Arbon, 12 January 2023 – The financial year 2022 was challenging due to increased material and logistics costs, material shortages, a dramatic rise in energy costs, increased interest rates, and the Swiss franc significantly appreciating. In general, this situation did not ease in the second half-year of 2022 due to factors such as energy costs continuing to rise. 

The situation was made worse by a rapid destocking among all major customers in the fourth quarter of 2022. This significant and unexpected volume reduction, particularly affecting radiators, shower enclosures, and to some extent doors, resulted in the margin being negatively affected as a contrast to the strong performance that is normally seen in the construction industry during the second half-year. However, the growth businesses strategically built up in recent years (for heat pumps, ventilation units, underfloor heating and energy storage) performed in a positive manner, demonstrating high double digit volume growth in. 

Despite achieving organic growth of slightly above 5% resulting in revenues of around CHF 1.2 billion, the EBITDA margin without one-time effects will be around 9.5%.*

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Half-year results 2022 (reported)

• Revenue growth of 7.2% (organic 9.8%) to CHF 630.9 million
• Strong increase in materials ratio from 45.0% to 51.4%
• EBITDA: CHF 52.4 million after CHF 67.6 million in the previous year
• EBIT: CHF 17.8 million after CHF 34.9 million in the previous year
• Group result after tax: CHF 11.7 million after CHF 23.6 million in the previous year
• Increase in net working capital (NWC) of around CHF 118 million (previous year CHF 33 million)
• Arbonia expects a significantly stronger second half-year of 2022 compared to the first half-year of 2022 and also the second half-year of 2021.

Arbon, 23 August 2022 – Arbonia looks back at a challenging first half-year of 2022. The COVID-19 pandemic and the Russian invasion of Ukraine led to considerable increases in raw material prices, sharply rising energy prices, as well as problems with supply chains, which all affected Arbonia as well. In the face of this political crisis and the associated change in thinking, Arbonia's strategy with modern products (heat pump, ventilation, underfloor heating, battery storage, etc.) for energy-efficient and self-sufficient buildings has proven to be all the more correct. In addition to their well-known economic advantages, these products accelerate the transition to buildings that are independent of fossil energy sources and electricity prices. The investments decided on and implemented in the past are also paying off by countering wage inflation and increased material prices with increases in productivity.

In the first half-year of 2022, Arbonia was able to increase its net revenue in Swiss francs by 7.2% compared to the same period in the previous year, from CHF 588.6 million to CHF 630.9 million. Growth when adjusted for currency and acquisition effects was 9.8%. During the same period, EBITDA decreased from CHF 67.6 million to CHF 52.4 million due to the massive increase in the materials ratio from 45.0% to 51.4% (material price increases of around CHF 68 million). Consequently, the EBITDA margin also decreased from 11.5% in the previous year to 8.3%. A negative effect on the absolute EBITDA resulted from the strength of the Swiss franc, among other factors, which appreciated by a high single-digit percentage against almost all currencies relevant to Arbonia, causing results achieved in foreign countries to be lower than budgeted when converted into Swiss francs. EBIT reached CHF 17.8 million (CHF 34.9 million in the previous year). The group result (after taxes) amounted to CHF 11.7 million and is below the previous year's value of CHF 23.6 million. 

In the reporting period, the cash flow from operating activities amounted to CHF –68.6 million (CHF 51.6 million in the previous year). In addition to the low EBITDA contribution, this was above all due to the sharp rise in the NWC, which increased by around CHF 118 million in the first half-year. After the deduction of investments (capex) and including the premature buyback of the Corporate Center, a free cash flow of CHF –142.9 million resulted. As of 30 June 2022, net debt amounted to CHF 68.4 million. No one-time effects occurred in the first half-year of 2022.

The shareholders' equity increased to CHF 1016.1 million (previous year CHF 927.6 million). Consequently, the equity ratio also increased from 55.8% in the previous year to a very solid 66.1%.

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• Revenue growth of 11.6% when adjusted for currency and acquisition effects
• EBITDA without one-time effects: +17.4% from CHF 114.5 million to CHF 134.3 million¹
• EBIT without one-time effects: +28.6% from CHF 52.1 million to CHF 67.0 million¹
• Group result from continuing operations without one-time effects: +46.2% from CHF 28.1 million to CHF 41.1 million¹
• Group result: +208.9% from CHF 44.9 million to CHF 138.7 million
• Net cash position von CHF 93.2 million (previous year: net debt of CHF -140.6 million)
• Increase in the equity ratio to 64.3% (previous year: 59.0%), shareholders' equity >1 billion.
• Proposal of a dividend payment of CHF 0.30 (+20%) for the 2021 financial year

Arbon, 1 March 2022 – A revenue growth of 11.6% when adjusted for currency and acquisition effects, or an increase of 14.2% in Swiss francs from CHF 1038.4 million to CHF 1186.2 million, resulted for the financial year 2021. Without one-time effects, Arbonia increased its EBITDA by 17.4% from CHF 114.5 million to CHF 134.3 million and thereby succeeded in increasing their EBITDA margin to 11.3% in a demanding environment. Arbonia increased EBIT without one-time effects by 28.6% from CHF 52.1 million to CHF 67.0 million. Arbonia was able to increase its Group result from continuing operations without one-time effects by 46.2% to CHF 41.1 million (previous year: CHF 28.1 million). 

¹One-time effects
In the 2021 financial year, one-time effects in the amount of CHF 13.4 million accrued, the majority of which is due to the planned relocation and closure of the radiator production plant in Tubbergen, Netherlands. With one-time effects, EBITDA of the Group was CHF 124.7 million (previous: CHF 116.3 million), EBIT was CHF 53.3 million (previous year: CHF 53.9 million), and capital gains were CHF 138.7 million (previous year: CHF 44.9 million). The reported Group result, which includes the continuing and discontinued operations, amounted to CHF 138.7 million (previous year: CHF 44.9 million) especially thanks to the revenue from the sale of the Windows Division.

¹ Explanations, definitions, and reconciliations for the Alternative Performance Measures are found in the annual report 2021 on pages 227 – 232.
Detailed information on the figures with one-time effects can be found in the lead

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Arbon, 26 November 2021 – The Heating, Ventilation and Air Conditioning (HVAC) Division of Arbonia is advancing the consolidation of its flat panel radiator production volume at its highly automated plant locations with the planned closure of the production plant in Tubbergen (NL). By increasing capacity utilisation and productivity at the remaining locations as well as further centralising know-how in the competence centres, the division is further enhancing its competitive position as a best-in-class provider of radiators.

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Arbon, 26 October 2021 – At the Capital Markets Day 2021, which takes place today in Platting (D), Arbonia will present indications on the financial target setting for the next five years (until 2026) as well as an update on the strategy of its two divisions HVAC and Doors.
 
In addition to the financial outlook and strategic orientation, the focus of the Capital Markets Day will be on the HVAC Division's Research & Development. This department is responsible for a variety of product innovations such as the new energy storage system, the new generation of heat pumps with higher efficiency, and the electrostatic filter technology. Additionally, the participants will be given an insight into the highly automated production at the Platting site (D)

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Half-year results 2021 (continuing operations, reported)

• Revenue growth of 19.5% (organic growth of 16.5%)
• EBITDA: +49% from CHF 45.3 million to CHF 67.6 million (EBITDA margin: 11.5%)
• EBIT: +134.7% from CHF 14.9 million to CHF 34.9 million (EBIT margin: 5.9%)
• Group result after tax: +299.7% from CHF 5.9 million to CHF 23.6 million.
   
• Increase of the vertical value-added depth through the acquisition of Glasverarbeitungs-Gesellschaft Deggendorf mbH (GVG), a subsidiary of the SAINT-GOBAIN Group. The Glass Solutions Business Unit thus integrates the processing of its most important raw material, glass, into its own production processes.
• The closing of the sale of the Windows Division to the Danish DOVISTA Group, announced on 5 January 2021, is expected in the next few days. All responsible competition authorities have now given their approval.

Arbon, 24 August 2021 – Arbonia can look back on a very successful first half-year of 2021. This was driven by the continued good building construction activity due to still favourable conditions resulting from low interest rates, a housing shortage, and European-wide subsidy programmes for energy-efficient new construction and renovation. Arbonia additionally benefits from its further strengthened competitive position as a European building components supplier. The investments made in recent years in automation, digitisation, and vertical integration created the conditions for gaining market shares in Central European sales markets and for further increasing profitability, even during the COVID-19 pandemic and the following upturn.

The following key figures relate to the continuing operations (HVAC, Sanitary Equipment and Doors): Revenue increased compared to the previous year from CHF 492.5 million (CHF 529.1 million in the first half-year of 2019) to CHF 588.6 million, corresponding to a growth in Swiss francs of 19.5% (11.2% compared to the first half-year of 2019) and organic growth of 16.5% (14.5% compared to the first half-year of 2019). EBITDA increased to CHF 67.6 million compared to CHF 45.3 million in the previous year (+49.0%) and compared to CHF 44.6 million in the first half-year of 2019 (+51.5%). This corresponds to an EBITDA margin of 11.5% (9.2% in the previous year and 8.4% in the first half-year of 2019). EBIT increased by 134.7% from CHF 14.9 million in the previous year (and from CHF 15.6 million in the first half-year of 2019) to CHF 34.9 million in the first half-year of 2021. This represents an EBIT margin of 5.9% in the first half-year of 2021 (3.0% in the previous year and 2.9% in the first half-year of 2019). The group result after tax amounted to CHF 23.6 million compared to CHF 5.9 million in the same period last year (+299.7%).

Cash flow from operating activities including the discontinued windows operations increased by 145.8% from CHF 21.0 million in the previous year to CHF 51.6 million and free cash flow from CHF -14.4 million to CHF 6.7 million. 

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