Zehnder Group (AO) | Hold | Introduction of new organisational structure

Research evidence excerpt

Zehnder Group (AO) | Hold | Introduction of new organisational structure

News comment

Release date: 19 June 2026

Martin Flueckiger

Equity Research Analyst

+41 43 333 6005

mflueckiger@keplercheuvreux.com

HoldZehnder Group

Switzerland | Constr., Infra & Materials Beta Profile: MCap: CHF720.3M

Target Price: CHF81.00 Bloomberg: ZEHN SW Reuters: ZEHN.S

Current Price: CHF64.80 Free float 81%

Up/downside: 25.0% Avg. daily volume (CHFm) 1.9

YTD abs performance -20.8% Market data: 18 June 2026

52-week high/low (CHF) 90.30/63.30

Introduction of new organisational structure

Key points:

Zehnder is separating a structurally growing, higher-margin ventilation platform from a challenged radiator platform so each can

be managed with clearer accountability. In our view, the move is less about a change in strategy and more about aligning the

organisation with a strategy already visible in the 2025 results.

Today's announcement is mildly positive strategically, neutral-to-negative near term for reported FY2026 earnings, and execution-

dependent thereafter. Positive, because it gives ventilation and radiators different management cadences: ventilation needs

growth investment, market expansion, service penetration, and channel development; radiators need cost discipline, capacity

management, and probably continued portfolio optimisation. Negative near term, because the charge hits 2026 and two Group

Executive Committee-level departures create some transition risk, especially in EMEA ventilation where momentum has been

strong recently.

We believe that the move could be a precursor to more radiator restructuring and, at a later stage (we think within the next 12

months or so), potentially the divestment of the radiator business. The company is guiding for substantial efficiency gains in the