Zehnder H1 Sales Rise 3% as Ventilation Growth Offsets Radiator Weakness

Zehnder Group reported a 3% increase in sales for the first half of 2026, driven by strong demand in its ventilation business that counteracted a slump in its radiator segment. The Switzerland-based indoor climate solutions company announced that its adjusted operating profit climbed significantly during the period.

First-Half Financial Performance

In a report released on July 30, Zehnder detailed its financial results for the six months ending June 30, 2026. The company's performance was highlighted by a significant increase in profitability despite modest top-line growth.

Key figures from the report include:

• Sales: EUR 394.9 million, a 3% year-over-year increase.
• Adjusted EBIT: EUR 37.7 million, up 15% from the prior-year period.
• EBIT: EUR 32.2 million, resulting in an EBIT margin of 8.2%.
• Net Income: EUR 23.9 million.

Segment Divergence

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The company's results revealed a clear divergence between its two main business divisions. The ventilation segment delivered 7% sales growth, fueled by advances in residential ventilation, Clean Air Solutions, and heat exchangers. Performance was particularly strong in North America, where ventilation sales surged 12%, which the company attributed to market share gains and an expanded sales network.

In contrast, the radiator segment posted a 5% decline in sales. Zehnder noted that this division faced significant price pressure and a market shift toward lower-priced models. While the company stated that cost-reduction measures are beginning to yield results, it acknowledged that profitability in the radiator segment remains under pressure.

Full-Year Outlook

Looking ahead, Zehnder provided guidance for the full year 2026. The company expects total sales to be in the range of EUR 770 million to EUR 790 million.

Zehnder anticipates its full-year adjusted EBIT margin will remain consistent with the first-half level of 9.5%. The company also noted that it expects to incur EUR 10 million in one-off costs during 2026 related to a planned divisional reorganization.