Meier Tobler Group (MTG) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was CHF 496.6 million, up 0.1% year-over-year, with organic growth of 0.5% after adjusting for divestitures.

• Market share increased in the declining Swiss heat pump market, maintaining a strong position despite subdued demand.

• Adjusted consolidated profit before goodwill amortisation was CHF 25.6 million, down from CHF 31.6 million the previous year.

• Dividend proposal of CHF 1.70 per share, up from CHF 1.60, with a payout ratio of 72% of adjusted profit.

• Board of Directors to be reinforced with the proposed addition of Alexander von Witzleben.

Financial highlights

• EBITDA was CHF 37.9 million, 8.2% below the previous year due to margin pressure from price and product mix.

• EBIT fell to CHF 21.6 million from CHF 26.9 million, and consolidated profit dropped to CHF 15.3 million from CHF 21.3 million.

• Operating cash flow was CHF 26.5 million, down from CHF 30.8 million.

• Net debt increased to CHF 24.0 million (0.6x EBITDA), and equity stood at CHF 161.4 million with an equity ratio of 51.7%.

Outlook and guidance

• Market recovery for heat pumps in 2026 remains uncertain, but long-term growth prospects are supported by renovation needs and climate targets.

• Efficiency programme and completion of major investments expected to drive improved profitability, especially in H2 2026.

• Launch of a new e-commerce platform in 2026 will mark the end of major infrastructure investments.