V-ZUG (VZUG) H2 2024 earnings summary

Executive summary

• Returned to growth with net sales of CHF 591.7 million, up 1.1% year-over-year (FX-neutral +1.5%).

• EBIT increased 50.8% to CHF 25.3 million; EBITDA margin improved to 9.4%.

• Positive free cash flow of CHF 1.8 million despite ongoing investments.

• First dividend proposal since IPO, CHF 0.90 per share.

• Strategic focus on premium brand positioning, international expansion, and site transformation.

Financial highlights

• Net sales grew 1.1% year-over-year; Switzerland +3.2%, International own brand +15.8% (FX-neutral +18.8%).

• EBIT margin rose to 4.3% from 2.9% year-over-year.

• ROCE improved to 5.5% from 3.8% year-over-year.

• Free cash flow declined to CHF 1.8 million from CHF 18.2 million due to high investments.

• Operating cash flow normalized at CHF 58.0 million.

Outlook and guidance

• Expects continued improvement in sales and profitability in 2025.

• Mid-term targets confirmed: 3% annual organic sales growth, >10% international growth, 10–13% EBIT margin, 20–40% payout ratio.

• Strategic priorities: brand strengthening, Swiss market expansion, international growth, innovation, and sustainability.