Belimo Holding AG (BLHWF) Full Year 2025 Earnings Call Highlights: Record Revenue and Strategic ...

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• Revenue Growth:23.3% in local currency, 18.7% in Swiss francs, reaching CHF1.12 billion.

• EBIT Growth:29% increase to CHF233 million, with an EBIT margin of 20.8%.

• Net Income:Increased by 24% to CHF182 million.

• Return on Capital Employed:36%.

• Return on Equity:30%.

• Dividend Proposal:CHF10 per share.

• Regional Sales Contribution:Americas 50%, EMEA 38%, Asia Pacific 13%.

• Data Center Sales Contribution:17% of total sales.

• R&D Investment:CHF76 million, 6.7% of total turnover.

• Workforce Increase:343 full-time equivalents, totaling 2,704 employees.

• Free Cash Flow:CHF99 million, excluding short-term deposits.

• Equity Ratio:71%.

• Net Liquidity:CHF69 million.

• Warning! GuruFocus has detected 2 Warning Sign with BLHWF.

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Release Date: February 23, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

Positive Points

• Belimo Holding AG ( BLHWF ) achieved a sales growth of 23.3% in local currency, surpassing CHF1 billion in sales for the first time.

• The company reported a strong EBIT growth of 29%, with an EBIT margin of 20.8%, up 159 basis points from the previous year.

• The data center business accounted for 17% of total sales, contributing significantly to the company's growth.

• Belimo Holding AG ( BLHWF ) is investing in capacity expansion, including new buildings in the US, to support future growth.

• The company is focused on sustainability, with a 14% reduction in Scope 1 and 2 emissions compared to 2022, and is rated AAA by MSCI for ESG efforts.

Negative Points

• The geopolitical situation and fluctuating tariffs pose significant risks and uncertainties for Belimo Holding AG ( BLHWF ).

• The foreign exchange impact was negative, burdening the P&L with CHF10.4 million compared to a gain in the previous year.

• The nonresidential construction market was slightly down globally, impacting potential growth opportunities.

• Belimo Holding AG ( BLHWF ) faces challenges in predicting the long-term impact of US tariffs, which have fluctuated significantly.

• The company anticipates continued high investment levels, which may impact free cash flow and require careful financial management.

Q & A Highlights

Q: You mentioned a 9% to 11% sales growth target for the mid to long term. Given the current growth in building applications and the potential increase in data center exposure, do you foresee any significant slowdown in growth in the next few years? A: We maintain our 9% to 11% growth target over a 10-year horizon. While we expect accelerated growth in the next few years, particularly in data centers, these investments may decrease from current high levels, impacting overall growth. Thus, our long-term growth projection remains between 9% and 11%. - Markus Schurch, CFO