Zumtobel (AO) | Hold | FY results: more colour on segment performance and outlook

研报英文原文证据摘录

Zumtobel (AO) | Hold | FY results: more colour on segment performance and outlook

News comment

Release date: 16 July 2026

Emanuele Sartori

Equity Research Analyst

+ 44 207 621 5267

esartori@keplercheuvreux.com

William Mackie

Head of Capital Goods

Hold +44 (0) 207 621 5183Zumtobel

wmackie@keplercheuvreux.com

Austria | Capital goods Beta Profile: MCap: EUR157.1M

Target Price: EUR4.50 Bloomberg: ZAG AV Reuters: ZUMV.VI

Current Price: EUR3.71 Free float 63%

Up/downside: 21.3% Avg. daily volume (EURm) 0.2

YTD abs performance 8.5% Market data: 15 July 2026

52-week high/low (EUR) 4.93/3.25

FY results: more colour on segment performance and outlook

Key points:

As Zumtobel had already pre-released headline figures in an ad hoc release around its AGM, alongside the decision to waive the

FY 2025/26 dividend, the focus of today’s release shifts to segment mix and forward guidance. In particular, investors will look for

evidence that Lighting is stabilising while Components remains the key drag, and whether FY 2026/27 guidance provides enough

confidence in a 2027 recovery path.

Still, headline numbers: slightly better operational resilience, but weak net income and no dividend. Revenues declined 5.2% to

EUR 1,040.4m (FX-adjusted: -4.4%) as weak demand in key European markets and industrial investment reluctance weighed on

the year. Adjusted EBIT came in at EUR 42.4m, with an adjusted EBIT margin of 4.1%, only slightly below last year’s 4.3%, but

slightly above top end of the guidance, showing that cost discipline and early efficiency programme benefits helped cushion the

top-line decline. Net profit, however, fell sharply to EUR 1.0m from EUR 15.5m, mainly due to special effects and higher tax

charges, leading management to recommend no dividend for FY 2025/26.