Metall Zug AG / CH0039821084

Metall Zug Group The challenging first half of 2025 was marked by ongoing macroeconomic and geopolitical uncertainties. The Board of Directors of Metall Zug is not satisfied with the current results. The continued high investments in R&D shall, however, make a positive contribution to the future performance. Despite the existing challenges, Metall Zug made further progress in implementing its strategic goals.   Thanks to targeted investments in research and development in recent years, Haag-Streit is launching three new, innovative products on the market. The high-quality surgical microscope Metis 900, which was introduced in fall 2024, has already been well received at the market. With the Elara 900, Haag-Streit is launching a hybrid-digital slit lamp in the second half of the year. It represents a world novelty in Haag-Streit’s core business. Elara is the first model in a new generation of slit lamps and represents an important step towards efficiency through digitalization. It combines outstanding Swiss optics with innovative digital image processing for accelerated workflows. Furthermore, the digital phoropter Refractor 900 is being launched. With this product, Haag-Streit is now able to offer its own completely and seamlessly integrated basic workstation for ophthalmologists and optometrists (exam lane).   Further progress has been made in the post-merger integration process of the joint venture SteelcoBelimed. The integration of the companies and the streamlining of the organization and product portfolio are mostly proceeding according to plan. The first cost synergies will be visible in the current year, particularly in the purchasing area. The merger of the local subsidiaries will be largely completed by 2026.   A positive aspect to highlight is that the Medical Devices Business Unit and the Gehrig Group recorded growth in order intake compared with the prior-year period, although this was not yet reflected in sales in the first half of 2025.   “The positive development in order intake in all Business Units gives us momentum in the current challenging market environment.” Matthias Rey, CEO of Metall Zug AG.   The Metall Zug Group generated net sales of CHF 94.2 million in the first half of 2025 (previous year: CHF 181.2 million). The deconsolidation of Belimed Infection Control and Belimed Life Science as of June 7, 2024, led to a decline in sales of CHF -82.1 million. Adjusted for this effect, the organic decline in net sales was a moderate -2.0 %. The main reason was a slow start to the year in the Medical Devices Business Unit with a reduced order backlog. The operating result (EBIT), including the proportional results of the strategic investments, came in at CHF -12.6 million (previous year: CHF 58.5 million). The previous year contained a one-off gain of CHF 66.6 million from the merger of Belimed and Steelco. Adjusted for this one-time effect, the comparable EBIT for the previous year was CHF -8.1 million.   The net result for the Group amounted to CHF -10.3 million (previous year: CHF 56.6 million) and cash flow from operating activities was CHF -5.4 million (previous year: CHF 6.7 million). The equity ratio remained solid at 70.8 % as of June 30, 2025 (December 31, 2024: 76.8 %), underlining the Group’s robust financial base.   Medical Devices Business Unit – Haag-Streit Group  

		HY 1 2025		HY 1 2024		?
CHF million
Net sales		77.1		81.6		-5.6%
Operating result (EBIT)		-2.6		2.4		-211.6%
EBIT margin in %		-3.4		2.9		-630bp
Research & Development (R&D)		-12.6		-13.3		-5.2%
Operating result (EBIT) excl. R&D		10.0		15.7		-36.2%
EBIT margin excl. R&D in %		13.0		19.2		-620bp

  As a result of the macroeconomic conditions, the global investment climate is subdued in the Medical Devices Business Unit (Haag-Streit Group). Many customers are currently focusing on repairs and upgrades rather than new investments. The decline in sales compared to the previous year is primarily attributable to the General Diagnostics product area. A more dynamic development is expected in the second half of the year as recorded orders increasingly translate into sales. The Simulation and Chairs&Stands product area also remained below the previous year’s level, while the Specialties product area developed slightly positively.   Operating result (EBIT) was below the previous year's level due to lower sales. In addition, an unfavorable margin mix, continued high R&D investments, and expenses related to product launches weighed on the result. The cost-cutting measures that were initiated began to show initial effects but were not yet able to fully stabilize the result.   The very positive customer feedback on the newly launched products Elara 900 and Refractor 900 was encouraging and has already led to initial orders. The launch of further innovative products is planned for the coming years, which will specifically renew and further digitalize Haag-Streit’s product portfolio. The new products will strengthen and expand Haag-Streit’s market position. In the medium term, the ratio of R&D investments to sales will normalize, which should improve profitability in the long term.   The tariff policy in the important US market, where Haag-Streit generates around 40 % of its sales, has led to uncertainty. As Haag-Streit has local production facilities in the US, only around half of its US sales are affected by the high tariffs on Swiss exports. In the current situation, Haag-Streit will have to pass on the tariffs on Swiss exports through price adjustments.   After almost five years as CEO of the Haag-Streit Group, Thomas Bernhard has decided to seek a new challenge outside Haag-Streit. Thomas Lenzen will take over as CEO of the Haag-Streit Group on September 1, 2025. He will continue to drive forward Haag-Streit’s international growth strategy during this phase of significant product innovation. Thomas Lenzen previously headed the DACH business of Bausch + Lomb and the international blood bank and plasma donation business of Haemonetics. We welcome Thomas Lenzen and thank Thomas Bernhard for his many years of commitment and extraordinary dedication to Haag-Streit. We wish him all the best for the future.   Technologycluster&Infrastructure Business Unit  

		HY 1 2025		HY 1 2024		?
CHF million
Net sales		0.0		0.1		n/a
Operating result (EBIT)		0.8		1.3		-40.1%
EBIT margin in %		n/a		n/a		n/a

  EBIT of the Technologycluster&Infrastructure Business Unit was below the previous year’s level owing to higher depreciation and an increase in provisions for the remediation of contaminated sites.   In the first half of 2025, the development of real estate projects, the site network and infrastructure on the Tech Cluster Zug site made encouraging progress. The Business Unit invested CHF 14.7 million (previous year: CHF 9.6 million) in ongoing projects.   At the SHL-Südtor project, the new headquarters and production site of SHL-Medical, part of the building shell, such as the two basement floors and the ground floor, has already been completed. The building permit has been granted for the CreaTower I project, the new office building of VZ Depository Bank. In connection with the refActory project, the revised preliminary project has been submitted. Unfortunately, the innovative high-rise project Pi, for which 70 % affordable housing is planned, has suffered a setback. An administrative complaint was filed by a private individual at the beginning of March against the underlying development plan, which was unanimously approved by the legislative branch of the City Council of Zug in September 2024 and clearly confirmed by the Zug electorate in a referendum on February 9, 2025. As a result, the project and thus the creation of the urgently needed affordable housing in Zug is expected to be delayed by several years.   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 %).  

		HY 1 2025		HY 1 2024		?
CHF million
Net sales		17.1		32.8		-47.7%
Operating result (EBIT)		-10.8		58.7		-118.3%
EBIT margin in %		-62.8		179.1		-24,190bp

  The net sales were lower compared to the previous year, primarily due to the deconsolidation effect of Belimed Life Science as of June 7, 2024. EBIT for the reporting period was significantly below the previous year’s level, as the first half of 2024 included a gain of CHF 66.6 million from the merger of Belimed (Infection Control and Life Science) with Steelco. The proportionate net result of strategic investments of CHF -5.1 million (previous year: CHF -1.5 million) is reported in EBIT and comprises the following amounts:  

V-ZUG (30%)

Komax (25%)

SteelcoBelimed (33%)

HY 1 2025

HY 1 2024

HY 1 2025

HY 1 2024

HY 1 2025

HY 1 2024

CHF million

Pro rata net result*

0.5

1.8

-1.1

-2.7

-4.5

-0.6

* In the first half of 2024, including adjustments to the previous year   Detailed information on the business performance of V-ZUG and Komax can be found in the half-year reports that have been published. SteelcoBelimed generated net sales of CHF 176.5 million in the reporting period. As usual, SteelcoBelimed is experiencing strong seasonality, with the first half of the year typically being weaker. EBIT was negative at CHF -10.8 million, partly due to special costs in connection with post-merger integration measures.   In the first half of 2025, the Gehrig Group’s net sales remained nearly unchanged year-on-year at CHF 17.1 million (previous year: CHF 17.4 million). A positive development was also recorded in order intake. Several major projects were won and the number of new service contracts increased. Also sales of the new Ariane dishwasher series, which is produced in Switzerland, are picking up speed, whereby around 20 % of orders are placed via the sustainable model “All-inclusive rent”. Due to lower revenues from the high-margin customer service segment and a slightly higher cost base compared to the first half of 2024, EBIT missed the break-even point.   Outlook It is becoming apparent that the economic environment will remain challenging due to exogenous disruptions beyond our control. Nevertheless, sales and the operating result are expected to stabilize in the second half of the year. The solid balance sheet, the long-term business model, and targeted investments in innovation and efficiency constitute a stable basis for the future development of the Metall Zug Group.

Key Figures Metall Zug Group Any currency, divestment and acquisition effects mentioned in this announcement as well as other one-off effects are described in detail in the Half-year Report.  

Balance Sheet
Assets		06.30.25		12.31.24		Liabilities and shareholders' equity		06.30.25		12.31.24
CHF million						CHF million
Current assets		129.2		129.5		Current liabilities		168.2		127.2
Of which cash and cash equivalents		14.5		17.1		Non-current liabilities		20.6		19.4
Tangible assets		179.8		168.7		Total liabilities		188.8		146.6
Financial Assets		336.1		333.0		Shareholders' equity		458.3		486.4
Intangible Assets		2.0		1.7		in % of total assets		70.8%		76.8%
Fixed assets		517.9		503.4
Total assets		647.1		633.0		Total liabilities and shareholders' equity		647.1		633.0
Income Statement		HY 1 25		HY 1 24
CHF million
Net sales		94.2		181.2
Trading operating result		-7.4		60.4
in % of net sales		-7.9%		33.3%
Operating result (EBIT)		-12.6		58.5
Financial result		1.4		0.4
Income before taxes		-11.2		58.9
Net income		-10.3		56.6
in % of net sales		-11.0%		31.2%
Employees (FTE)		952		990
Statement of Cash Flows		HY 1 25		HY 1 24
CHF million
Cash flow from operating activities		-5.4		6.7
Cash flow from investing activities		-27.1		-18.6
of which investments (w/o financial assets, M&A)		-17.6		-14.8
Cash flow from financing activities		30.6		-1.5