Metall Zug – results for the 2025 financial year

Metall Zug Group

2025 was marked by geopolitical uncertainties, new US import tariffs and the significant devaluation of the US dollar. As a result, the global investment environment progressed cautiously, while consumer-related demand responded very tentatively to the new realities. Despite these challenges, Metall Zug continued to press ahead with major strategic initiatives, including the modernization of the product portfolio, the expansion of the Tech Cluster Zug, and the reduction of the cost base. This has created a sound basis for organic and profitable growth above the market in the future.

The highlights of the 2025 financial year include the following developments:

Two new products were successfully launched: the hybrid digital slit lamp Elara 900, which is a world first in Haag-Streit’s core business, and the Refractor 900 digital phoropter. This means that Haag-Streit is now able to offer a fully integrated basic workstation for ophthalmologists and optometrists from a single source for the first time. In addition, the Metis 900 surgical microscope, which was presented in 2024, met with a very positive response from eye specialists.

“Progress on the planned development of an industrial ecosystem on the Tech Cluster Zug is strikingly visible.” Matthias Rey, CEO of Metall Zug AG.

The industrial transformation of the Tech Cluster Zug is steadily progressing. SHL Medical will open its international headquarters and European production center on the site this year as a third-party industrial user. Another milestone is on the horizon for the ETH Learning Factory Zug project. The Zug cantonal government and ETH have given the green light for ETH to establish a presence on the Tech Cluster site in Zug. However, the project is still subject to approval by both the cantonal and municipal councils.

Financing for the next project steps has been secured thanks to the successful arrangement of a syndicated loan of CHF 220 million with an option to increase the loan by a further CHF 50 million. The credit facility has been granted for a four-year term and can be extended by another year.

The Metall Zug Group generated net sales of CHF 194.6 million in the 2025 financial year (previous year: CHF 283.4 million). The decrease is mainly due to the deconsolidation of Belimed Infection Control and Belimed Life Science, which was completed on June 7, 2024. Adjusted to take this into account and allowing for currency effects, the organic decline in sales represented just 0.8%. At CHF –17.5 million, EBIT (including the proportional net results of the strategic investments) was significantly lower than in the previous year (CHF 58.0 million) and was impacted by various negative one-off effects. The previous year’s result included a one-off gain of CHF 66.6 million from the merger of Belimed and Steelco. The organic decline in earnings is primarily attributable to the Medical Devices Business Unit. Consolidated net result totaled CHF –16.7 million (previous year: CHF 52.8 million), and the operating cash flow of CHF –6.2 million was below the previous year’s figure of CHF 2.8 million. The equity ratio stood at 67.4% at the end of the reporting year (previous year: 76.8%), underlining the Group’s solid financial base.

Medical Devices Business Unit – Haag-Streit Group

2025

2024

Δ

CHF million

Net sales

158.5

167.6

-5.4%

Operating result (EBIT)

-5.8

1.1

-627.3%

EBIT margin in %

-3.6

0.6

-420bp

Research & Development (R&D)

-25.1

-27.3

-8.1%

Operating result (EBIT) excl. R&D

19.3

28.4

-32.0%

EBIT margin excl. R&D in %

12.2

17.0

-480bp

The decline in sales, particularly in Simulation and General Diagnostics, was the result of a challenging market environment with increasing competition and price pressure, as well as ongoing consolidation in the market. As around 40% of sales are generated in the USA, the much weaker US dollar also had a negative impact, leading to a loss of market share. The US tariff policy resulted in uncertainty and a modest order intake, particularly in the second half of the year. The prices of products exported from Switzerland and Europe partly had to be adjusted to pass on the additional costs resulting from US tariffs to customers.

At CHF –5.8 million, EBIT was down on the previous year’s figure of CHF 1.1 million. This was due not only to the lower level of sales, but also to a less favorable margin mix, and underutilization of production capacity. One-off costs of CHF 5.1 million for phasing out older products and CHF 0.6 million for restructuring also weighed on the result. Adjusted for these one-off effects, operating result would have reached break-even in 2025.

The market’s positive response to the new Elara 900 and Refractor 900 products launched in 2025 and the new Metis microscope introduced in 2024 was an encouraging sign. There are plans for additional targeted modernization and digitalization of the portfolio in the next few years. Investment in research and development will however return to a normalized level, and the cost base will be reduced accordingly.

Technologycluster&Infrastructure Business Unit

2025

2024

Δ

CHF million

Net sales

1.6

0.1

n/a

Other operating income

12.9

13.3

-3.0%

Operating result (EBIT)

0.0

2.9

-99.4%

Rental income and income from building contractor services amounted to CHF 12.9 million in 2025 (previous year: CHF 13.3 million). EBIT was down on the previous year due to lower income and higher depreciation and amortization. In addition, post-completion costs of CHF 1.6 million relating to the facilities leased to Multi Energy Zug AG in 2023 had a negative impact on the result.

The industrial transformation of the Tech Cluster Zug is gradually unfolding, with the development of real estate projects, the site network, and infrastructure. The Business Unit invested CHF 40.4 million (previous year: CHF 25.2 million) in ongoing projects.

Two important milestones are now within reach: a third-party industrial user will move onto the site alongside V-ZUG for the first time as part of the SHL-Südtor project. Despite the high level of complexity, the project is progressing according to plan. The completion of the building shell was celebrated at the end of January 2026 at a topping-out ceremony attended by 300 project participants. SHL Medical is expected to open its international headquarters and European production site in summer 2026. With the ETH Learning Factory Zug project – an ETH presence on the Tech Cluster site in Zug – the desired ecosystem comprising industry, housing, research, and teaching could soon be achieved. The Zug cantonal government and ETH approved the project planning in March 2026, and the other public authorities are expected to make a final decision by the end of the year. This planned project will accentuate the ripple effect of the Tech Cluster Zug and clearly emphasize the focus on innovation and interaction between teaching and real-world industrial practice.

Building permission was granted for the CreaTower I project (the new headquarters of VZ Depository Bank) in July, and construction work started in fall 2025. The CreaTower II project, which will mainly offer housing and services in keeping with the character of the surrounding area, entered the project phase. The preliminary project phase of the refActory building is on target, and construction should begin in the first half of 2026. The development plan for the innovative high-rise project Pi, which is intended to create 70% of affordable housing, was explicitly approved by Zug voters in a referendum held in February 2025. However, the project is likely to be delayed by several years due to an administrative appeal by a private individual against the development plan.

Silvan Burkhalter (39) will take over as CEO of the Technology Cluster & Infrastructure Business Unit on April 1, 2026. He had already held management positions in this Business Unit from 2017 to 2023, and was most recently responsible for several project teams at Halter AG as project manager for general services. Thanks to the return of Silvan Burkhalter, the Metall Zug Group is regaining an experienced and professionally skilled manager. We wish him a warm welcome and every success in his new role. Christina Annen will step down from the position of CEO at the end of March 2026. The Board of Directors would like to thank her for her commitment to the further development of the Tech Cluster Zug and wish her all the best for the future.

Investments & Corporate

The Investments&Corporate reporting segment comprises Metall Zug AG (Corporate), Gehrig Group AG, and the strategic investments in V-ZUG (30%), Komax (25%), and SteelcoBelimed (33%).

2025

2024

Δ

CHF million

Net sales

34.5

49.1

-29.7%

Operating result (EBIT)

-11.7

57.9

-120.2%

The decline in net sales compared to the previous year was due to the deconsolidation of Belimed Life Science as at June 7, 2024, representing CHF –15.4 million. EBIT for the reporting period was much lower than the previous year’s result, which was significantly affected by a one-off book gain of
CHF 66.6 million from the merger of Belimed (Infection Control and Life Science) with Steelco. The proportional result from the strategic investments included in EBIT amounted to CHF –2.9 million (previous year: CHF 3.1 million) and can be broken down as follows:

V-ZUG (30%)

Komax (25%)

SteelcoBelimed (33%)

 2025

 2024

 2025

 2024

 2025

 2024

CHF million

Proportional
net result*

2.1

5.7

-2.3

-4.1

-2.7

1.5

* 2024 including adjustments relating to the previous year

The post-merger integration is progressing at SteelcoBelimed. The streamlining of the organization and the merging of the companies will be almost complete by the end of 2026. The key priorities now are to streamline production sites and refocus the product portfolio while developing “best of breed” products at the same time. The opening of the Innovation Hub in Zug and the new Academy in Riese (Italy) provided important momentum. The acquisition of iM Med Ltd. also strengthens the sales channel in the strategically important UK market.

The Gehrig Group is back on course for growth, with positive trends in sales, unit sales, and incoming orders. Contracts were signed for several major contracts in the reporting year, and the number of new service subscriptions was up year-on-year. There is a rise in demand for the new “Ariane” dishwasher series produced in Switzerland. Net sales increased to CHF 34.5 million (previous year: CHF 33.7 million). Growth was driven by the “Dishwashers” segment, followed by a solid contribution from the “Thermal appliances” segment. EBIT remained below the break-even point. Lower sales in the high-margin “Customer service” and “Cleaning agents” segment had a negative impact. Higher expenses in Marketing & Sales and value adjustments on spare parts also weighed on the result. However, the efficiency and cost-cutting measures introduced in the reporting year are taking effect and paving the way for a significant improvement in EBIT in 2026.

Sustainability / ESG

Sustainability is firmly embedded in Metall Zug’s values. Since 2018, around CHF 6.2 million has been made available via the internal Greenhouse Gas Fund to promote Group-wide initiatives in areas ranging from the circular economy to energy efficiency and CO₂ reduction. The Group’s carbon footprint (Scope 1 and 2) was reduced by 83 tons of CO₂ or –2.9% in 2025.

One of the year’s key milestones was the inauguration of the methane pyrolysis plant on the Tech Cluster Zug site by the Association for the Decarbonization of Industry co-founded by Metall Zug. This technology will decarbonize industrial high-temperature processes in the future, making a key contribution to reaching the net-zero targets set for Swiss industry. In specific terms, the next step will be to supply V-ZUG’s enameling furnace with hydrogen.

Appropriation of available earnings

Due to the negative consolidated net result, the Board of Directors proposes that no dividend be paid for the 2025 financial year. This will maintain the room for maneuver in the coming years.

Outlook

Continuous investment in new products and the implemented reduction of the cost basis are creating the conditions for business to stabilize. Metall Zug firmly believes that the 2025 results mark the bottom of the cycle and that the Group has high potential for growth and profitability. However, uncertainties regarding the geopolitical and tariff situation and the further development of the US dollar persist.

Key Figures Metall Zug Group

Any currency and divestment effects mentioned in this announcement as well as other one-off effects are described in detail in the Annual Report 2025.

Balance Sheet

Assets

12.31.25

12.31.24

Liabilities and
shareholders' equity

12.31.25

12.31.24

CHF million

CHF million

Current assets

135.0

129.5

Current liabilities

46.5

127.2

Of which cash and
cash equivalents

16.1

17.1

Non-current liabilities

171.3

19.4

Tangible assets

192.8

168.7

Total liabilities

217.8

146.6

Financial Assets

337.6

333.0

Shareholders' equity

449.4

486.4

Intangible Assets

1.8

1.7

in % of total assets

67.4%

76.8%

Fixed assets

532.2

503.4

Total assets

667.2

633.0

Total liabilities and
shareholders' equity

667.2

633.0

Income Statement

2025

2024

CHF million

Net sales

194.6

283.4

Trading operating result

-14.6

54.9

in % of net sales

-7.5%

19.4%

Operating result (EBIT)

-17.5

58.0

Financial result

0.8

-0.3

Result before taxes

-16.7

57.6

Net result

-16.7

52.8

in % of net sales

-8.6%

18.6%

Employees (FTE)

913

983

Statement of Cash Flows

2025

2024

CHF million

Cash flow from
operating activities

-6.2

2.8

Cash flow from
investing activities

-52.8

-53.5

of which investments (w/o
financial assets, M&A)

-45.5

-33.9

Cash flow from
financing activities

58.7

37.4