Zumtobel – Zumtobel Group again delivers strong results

  • Revenues rise by 5.3% to EUR 1,209.2 million
  • At EUR 84.3 million, best operating results in 14 years
  • Net profit grows to EUR 60 million (earnings per share of EUR 1.39)
  • Dividend of EUR 0.40 recommended
  • Moderate growth expected for the 2023/24 financial year

Dornbirn, Austria – The Zumtobel Group was able to continue the positive development of recent years during the 2022/23 financial year and performed significantly better than had been expected in view of the uncertain environment at the beginning of the year. Revenues rose by 5.3% (FX-adjusted by 4.7%) year-on-year to EUR 1,209.2 million. EBIT increased by 38.7% to EUR 84.3 million, making it the highest EBIT in 14 years and represents an EBIT margin of 7%. Revenues were within the guidance range (4% to 8%), and the EBIT margin reflected the upper end of the also adjusted guidance range of 5% to 7%.

The generally tense situation surrounding the subject of energy has created a special type of boom. The relevant EU directives have led to increasing investments by our customers in more energy efficient lighting solutions, and we expect this trend will continue.

— Alfred Felder, CEO of the Zumtobel Group


Revenues grow above all in the Lighting Segment

Revenues in the Lighting Segment rose by a sound 6.9% to EUR 903.1 million in 2022/23 (2021/22: EUR 844.7 million). Successfully implemented price increases and positive FX effects contribute to this increase. The Components Segment recorded an increase of 1.2% in revenues to EUR 367.3 million (2021/22: EUR 363.0 million). Price adjustments were also successfully implemented here, but customer demand was reserved due to previous stock build-ups. Revenue development was also negatively affected by the devaluation of the Turkish lira.

In the D/A/CH region, growth was stronger in Switzerland and Germany but weaker in Austria. This top-selling region made a major contribution to revenues, not least due to the record year in Switzerland. The generally good development in Northern and Western Europe was negatively influenced by a substantial drop in revenues from Great Britain. Results from the Southern and Eastern European region were mixed: Increases in Italy, Poland, Croatia and France more than offset weaker results in the other markets. The Asia & Pacific region witnessed a decline in demand that covered the entire market, with the highest decrease of turnover reported in China. The strongest growth in America & MEA was recorded in the Middle East and Africa, which generated an increase again after two below-average years.

Earnings benefited from the sound growth in revenues and more than offset the unfavourable development of operating costs. The increases in material, energy and personnel costs were particularly high. Material costs were also negatively influenced by the revaluation of the US dollar, above all during the first half of the financial year, but stabilised at the prior year level in the beginning of the third quarter. Selling and administrative expenses (incl. research) rose by EUR 15.7 million to EUR –335.9 million, whereby the main drivers were higher costs for personnel and travel.

EBIT recorded by the Zumtobel Group rose significantly from EUR 60.8 million to EUR 84.3 million in spite of the higher costs, and the EBIT margin improved substantially to 7.0% (2021/22: 5.3%). Profit before tax rose to EUR 66.0 million (2021/22: EUR 47.5 million), and income taxes equalled EUR –6.1 million (2021/22: EUR –1.7 million). Net profit increased by 31% to EUR 60.0 million. Earnings per share for the shareholders of Zumtobel Group AG (basic EPS based on 43.1 million shares) equalled EUR 1.39 (2021/22: EUR 1.06).

Positive development of free cash flow

Cash flow from operating results increased by a significant EUR 17.5 million from EUR 122.7 million in 2021/22 to EUR 140.2 million in 2022/23, chiefly due to the EUR 18.5 million improvement in profitability. Based on the improvement in cash flow from operating activities, free cash flow rose to EUR 52.3 million for the reporting year (2021/22: EUR 15.9 million) despite the high level of investments.

Higher equity ratio and dividend increase planned

As of the balance sheet date on 30 April 2023, the equity ratio rose from 38.1% to 42.1% and underscores the expansion and improvement of the Zumtobel Group’s solid balance sheet structure. In view of this solid operating development, the Management Board plans to make a recommendation to the Supervisory Board and to the General Meeting for the 2022/23 financial year, which is scheduled for 28 July 2023, to distribute a dividend of 40 euro cents per share (2021/22: 35 euro cents). That would represent roughly 30% of net profit.

Outlook on the 2023/24 financial year

Despite the successful results achieved during the past financial year, the Management Board remains cautiously optimistic for developments in 2023/24.

 “Our customers are also suffering from the high inflation and their budgets can often not keep pace, even when they would like to invest more in energy efficient lighting solutions”, explained Alfred Felder.


This could influence the demand for modern lighting solutions in the Lighting Segment. The reserved demand for products as a result of customers’ high stock levels is another reason for caution.

The management of the Zumtobel Group continues to see the current geopolitical and economic situation as stressed, which makes it difficult to predict business developments in the coming financial year. The further course of the war in Ukraine, high prices for energy, raw material and transport, substantially higher personnel costs, as well as inflation, interest rate trends and the general uncertainty over a possible recession will have a significant influence on the global economy and, in turn, on the success of the Zumtobel Group.

Against this backdrop and with reference to the current uncertainties, the Zumtobel Group expects moderate revenue growth of 1% to 4% for the 2023/24 financial year. The EBIT margin is expected to range from 3% to 6%, above all due to the increase in personnel costs.


Annual Results 2022/23 presented by CEO Alfred Felder

Zumtobel: Hartung GmbH & Co. KG, Neumünster, Germany | Hartung GmbH’s headquarters in Neumünster is an incredibly modern “open space” in line with New Work criteria, spread over 1,500 m². A site that is specifically aimed at “people with ideas and passion” that represents a company’s headquarters, co-working space and showroom, all rolled into one. Zumtobel’s lighting solutions contribute by presenting the modern office architecture in its best light, establishing an intuitive layout and creating a harmonious atmosphere. Photo: Faruk Pinjo.

Tridonic: Cradle to Cradle Certified® LED modules | Tridonic is the first company worldwide to achieve the sustainability certificate Cradle to Cradle Certified® in Bronze for an electronic lighting component. The LED modules of the LLE, QLE and CLE product groups were designed and certified according to the sustainable concept. A milestone that raises the bar for sustainably designed products and provides an advantage for the technology brand’s customers. Photo: Faruk Pinjo.

Thorn: Migros Verteilzentrum, Neuendorf, Switzerland | Thorn’s modern and sustainable lighting solution improves efficiency, reduces costs and enhances safety at the location.Isaro Pro luminaires help to protect the nighttime environment in Neuendorf. In addition, the use of the UrbaSens City Connect control solution further optimises the overall scheme. With a full suite of control, connectivity and data analysis reports, users are able to measure energy savings, CO2 emissions and access a heat map showing how the space is used overtime.

Zumtobel Group: Light Talks Podcast | Light is life; light inspires; light creates emotion; light changes the world. Light Talks, the podcast of the Zumtobel Group, illuminates the impact of light and how light can bring people, nature and innovations together. We will talk about a wide range of topics in connection with light with international guests from various disciplines as well as experts from the Zumtobel Group, but there will also be an exchange on current and future issues that move us as a company and are of broad interest to society. Photo: Janine Kyofsky.

Annual Financial Report 2022/23pdf 

EMR Analysis


More information on Zumtobel: See the full profile on EMR Executive Services

More information on Alfred Felder (CEO, Zumtobel Group): See the full profile on EMR Executive Services

More information on Thomas Erath (CFO, Zumtobel Group): See the full profile on EMR Executive Services

More information on Marcus Frantz (Chief Digital Transformation Officer (CDTO), Zumtobel Group): See the full profile on EMR Executive Services

More information on Bernard Motzko (Chief Operating Officer (COO), Zumtobel Group AG): See the full profile on EMR Executive Services

More information on Tridonic: https://www.tridonic.com/ + Tridonic is a world-leading supplier of lighting technology, supporting its customers with intelligent hardware and software and offering the highest level of quality, reliability and energy savings. As a global driver of innovation in the field of lighting-based network technology, Tridonic develops scalable, future-oriented solutions that enable new business models for lighting manufacturers, building managers, systems integrators, planners and many other types of customers. To promote the vision of the “Internet of Light”, Tridonic relies on partnerships with other specialists. The goal is the joint development of innovative technological solutions that convert lighting systems into intelligent networks and thereby enable associated services. Its profound, technical industry expertise makes Tridonic an ideal partner for established brands and for newcomers to the market. Tridonic is the technology company of the Zumtobel Group and is headquartered in Dornbirn, Austria. In the 2018/19 tax year, Tridonic generated sales of €348.3 million. 1,778 highly skilled employees and a worldwide sales presence in over 50 countries reflect the company’s commitment to the development and deployment of new, smart and connected lighting systems.

More information on Hugo Rohner (CEO, Tridonic): See the full profile on EMR Executive Services

More information on Thorn Lighting: http://www.thornlighting.com/ + Thorn manufactures and supplies dependable, efficient, high-quality lighting. Our extensive portfolio of indoor and outdoor lighting is developed to address the needs of wholesalers, contractors, specifiers and end users, for the widest range of applications. Our name is recognised throughout the world as standing for quality, reliability and ease of use. Supported by 90 years of expertise, we are proud to be known as a trusted partner, providing customers with invaluable insight and support beyond the product. We are also a Smart City specialist, helping municipalities improve safety and wellbeing through connectivity and intelligence. In indoor lighting, our innovative solutions create comfortable, efficient light for living and working. Thorn is proud to be a member of the Zumtobel Group.


More information on Hartung GmbH & Co. KG: https://www.hartung.net/ + For more than 35 years we have been a successful, third-generation family business operating throughout Europe and we develop photographic art with that certain something for those who want more than a simple photograph on postcards and envelope cards, as well as high-quality stationery products. Our range is developed with a lot of passion in professional teams and turned into promising innovations and successful products.

The result: products that deliver emotional messages for people who want to express appreciation to other people. Our products set standards in terms of quality and turnover rate, which is often reflected to us.

More information on Ute Reiner (Managing Director, Hartung): https://www.hartung.net/impressum + https://www.linkedin.com/in/olaf-reiner-90a4a293/

More information on Olaf Reinar (Managing Director, Hartung): https://www.hartung.net/impressum


More information on Migros: https://www.migros.ch/en + The leading Swiss Supermarket.

The Migros Group includes its own industry, various trading and travel companies, the Migros Bank and several foundations. Organizationally, they are assigned to the President of the General Management and the six department heads of the FMC.

The subsidiaries are usually 100% owned by the Federation of Migros Cooperatives (MGB) . They are strategically managed by members of the Executive Board, with the member responsible for the area usually acting as President of the relevant Board of Directors.

  • Group sales 2022 increased by 4.2% in comparison with the previous year to CHF 30.138 billion.
  • 6 segments: Cooperative Retailing: 55.3 %, Commerce: 28.7 %, Migros-Industry: 5.8 %, Financial Services: 2.8 %, Travel: 4.8 %, Other: 2.5 %
  • The Migros Group employed an average of 97’727 people in 2022 (number of employees, consolidated companies in Switzerland and other countries).


More information on Cradle to Cradle Certified®: https://www.c2ccertified.org + Cradle to Cradle Certified® is a science-based and the world’s most advanced certification programme for designing, making and verifying materials and products that are safe, circular and responsibly produced. Products with the Cradle to Cradle Certified® trademark are certified based on their performance in the five key areas of sustainability: Material Health, Product Recyclability, Clean Air and Climate Protection, Water and Soil Stewardship, and Social Fairness. Cradle to Cradle Certified® is a trademark of the Cradle to Cradle Products Innovation Institute.

The Cradle to Cradle Certified​®​ Product Standard Version 4.0 is the most ambitious and actionable standard yet for designing and making products today that enable a healthy, equitable and sustainable future.

Cradle to Cradle Certified Version 4.0 offers businesses of all sizes a comprehensive single-standard solution for advancing from commitment to action by addressing interconnected sustainability topics, and developing safe and circular products. The standard enables brands, manufacturers, retailers and product designers to:

  • Prioritize action across five sustainability focus areas: Material Health, Product Circularity, Clean Air & Climate Protection, Water & Soil Stewardship, and Social Fairness
  • Enact roadmaps for change, from product innovation to operations.
  • Transform business models, systems and collaboration throughout the value chain.
  • Verify sustainability performance and measure progress.
  • Lead industry transformation towards a safe, circular and equitable future.




EMR Additional Financial Notes: 

  • Major financial KPI’s since 2017 are available on EMR Executive Services under “Financial Results” and comparison with peers under “Market Positioning”
  • Companies’ full profile on EMR Executive Services are based on their official press releases, quarterly financial reports, annual reports and other official documents like the Universal Registration Document.
  • Zumtobel Investor Presentation 2022/2023 can be viewed here: https://z.lighting/en/group/investor-relations/
  • Zumtobel Annual Financial Report 2022/2023 can be viewed here: https://z.lighting/en/group/investor-relations/financial-data/