Zumtobel – Zumtobel Group starts the new 2026/27 financial year with improved profitability

• Group revenues generally stable at EUR 264.1 million (Q1 2025/26: EUR 266.4 million)
• Segment revenues: Lighting +0.2%, Components –4.8%
• Adjusted EBIT rises to EUR 8.2 million (Q1 2025/26: EUR 6.6 million)
• Adjusted EBIT margin at 3.1% (Q1 2025/26: 2.5%)
• Positive net profit for the period of EUR 4.2 million (Q1 2025/26: EUR –4.0 million)
• Outlook confirmed

 

Dornbirn, Austria – The Zumtobel Group started the 2026/27 financial year with an improvement in profitability. In a challenging market environment, revenues totalled EUR 264.1 million and nearly matched the previous year. Adjusted EBIT rose to EUR 8.2 million, and the adjusted EBIT margin improved to 3.1%. Net profit was also positive at EUR 4.2 million. The outlook for the 2026/27 financial year was confirmed.

Despite the challenging economic environment, we successfully improved our profitability in the first quarter. A reduction in material costs and consequent focus on our efficiency measures further strengthened the quality of our earnings. With a return to positive net profit and the improvement of our EBIT margin, we are on track to meet our targets for the 2026/27 financial year.

— Alfred Felder, CEO of the Zumtobel Group

 

Group revenues nearly stable, Lighting slightly positive, Components decline

The Zumtobel Group recorded generally stable revenue development in the first quarter of the 2026/27 financial year: Group revenues totalled EUR 264.1 million and were only slightly lower than the previous year (Q1 2025/26: EUR 266.4 million; –0.9%). Growth in the Northern and Western Europe, Asia & Pacific and America & MEA regions set positive impulses and partly offset the declines in the D/A/CH and Southern and Eastern Europe regions. After an adjustment for foreign exchange effects, revenues were 1.4% lower year-on-year.

The Lighting Segment generated revenues of EUR 211.1 million in the first quarter, which represent a slight 0.2% increase over the prior year level of EUR 210.7 million. Higher revenues in the Northern and Western Europe, Asia & Pacific and America & MEA regions offset the declines in D/A/CH and Southern and Eastern Europe. The Components Segment was again faced with a challenging market environment. The Asia & Pacific region provided positive impulses, but all other regions recorded declines. In total, segment revenues were 4.8% below the previous year at EUR 67.5 million (Q1 2025/26: EUR 70.9 million).

Material costs continued to decline during the reporting period, while adjusted development costs rose by EUR 0.2 million to EUR 17.3 million (Q1 2025/26: EUR 17.1 million). This led to an increase in the adjusted gross profit margin to 37.4% (Q1 2025/26: 36.7%). Adjusted selling and administrative expenses (incl. research) improved to EUR –90.7 million (Q1 2025/26: EUR –91.3 million).

Adjusted EBIT for the Zumtobel Group increased to EUR 8.2 million in the first quarter of 2026/27 (Q1 2025/26: EUR 6.6 million), and the adjusted EBIT margin rose to 3.1% (Q1 2025/26: 2.5%). Lower material costs and the cost reductions resulting from the current efficiency programme led to improved profitability at the Group level, in spite of the decline in Components Segment revenues.

An analysis by segment shows a differentiated but positive picture: Adjusted EBIT in the Lighting Segment rose to EUR 12.5 million (Q1 2025/26: EUR 11.4 million). In the Components Segment, adjusted EBIT increased slightly to EUR 1.4 million (Q1 2025/26: EUR 1.3 million) despite the decline in revenues.

 

Substantial decline in special effects

Negative special effects of EUR –0.7 million were recorded in the first quarter of 2026/27. They reflected the ongoing efficiency measures and were significantly lower than the previous year (Q1 2025/26: EUR –7.4 million). EBIT recorded by the Zumtobel Group rose significantly to EUR 7.5 million (Q1 2025/26: EUR –0.8 million), and the EBIT margin equalled 2.9% (Q1 2025/26: –0.3%).

 

Financial results above previous year

Financial results amounted to EUR –2.8 million in the reporting period (Q1 2025/26: EUR –3.0 million). Profit before tax totalled EUR 4.8 million (Q1 2025/26: EUR –3.9 million), and income taxes equalled EUR –0.6 million. Net profit for the Zumtobel Group rose significantly to EUR 4.2 million in the first quarter of the current financial year (Q1 2025/26: EUR –4.0 million) and represents basic (undiluted) earnings per share of EUR 0.11.

 

Orderly CEO succession strengthens strategic continuity

On 17 August, the Zumtobel Group announced the appointment of Heiner Lang as its future Chief Executive Officer. Mr. Lang joined the Management Board on 1 September and will take over as CEO from Alfred Felder on 1 October. His appointment was made as part of a long-term succession plan. With his international industrial and technological experience, Heiner Lang will bring additional expertise for the further development of the Zumtobel Group.

 

Outlook confirmed

The Zumtobel Group expects a continuation of the challenging market environment with subdued economic development in major European countries, slow momentum in the construction sector and continuing geopolitical uncertainty. At the same time, regulatory initiatives to improve energy efficiency and building refurbishment will create attractive medium- and long-term growth opportunities. The Management Board confirms the previous outlook and expects revenues at the prior year level and an adjusted EBIT margin of 3% to 5%.

 

 

Q1 2026/27 OVERVIEW

 

 

 

Q1 2026/27 Quarterly Report (May 2026 – July 2026)

Overview of the First Quarter of 2026/27

 

 

 

Letter to Shareholders

Dear Shareholders, 

Our company can report a solid start into the 2026/27 financial year. The market remained challenging, but we successfully improved profitability and held revenues largely stable in the first quarter. At EUR 264.1 million, Group revenues were only slightly lower than the previous year

The Lighting Segment was supported by robust development and recorded a slight year-on-year increase in revenues to EUR 211.1 million. The Components Segment was unable to match the previous year with revenues of EUR 67.5 million and was again confronted with weak demand in key markets. 

The positive development of our earning power in the first quarter of 2026/27 was particularly encouraging. Adjusted EBIT rose to EUR 8.2 million, and the adjusted EBIT margin improved to 3.1%. Both segments were able to improve profitability: adjusted EBIT in the Lighting Segment rose to EUR 12.5 million and increased slightly to EUR 1.4 million in the Components Segment despite the decline in revenues.

This development shows the effectiveness of our consequently implemented efficiency and transformation measures. In spite of the continuing weakness in the construction industry, geopolitical uncertainty and a generally subdued economic climate, we further strengthened the quality of the Group’s earnings. One particular highlight is the return to positive net profit of EUR 4.2 million.

Although operating conditions remain challenging, we see the Zumtobel Group well positioned with its clear strategic focus. The long-term trends in our branch – above all the rising demand for energy-efficient buildings, intelligent infrastructure and sustainable lighting solutions – create attractive opportunities for growth. Our strong Zumtobel, Thorn and Tridonic brands give us the technological expertise, innovative strength and market positions to utilise this potential.

We can confirm our outlook for the 2026/27 financial year and expect revenues at the prior year level as well as an adjusted EBIT margin between 3% and 5%. Despite the ongoing uncertainty, we look to the coming quarters with optimism and will remain on course to ensure the sustainably profitable, futureoriented development of the Zumtobel Group

This financial year has a special meaning for me personally. On 17 August, the Zumtobel Group announced the appointment of Heiner Lang as the future chief executive officer. Heiner Lang joined the Management Board on 1 September and will take over as CEO on 1 October. He is an experienced industrial manager who will bring additional expertise for the further development of the Zumtobel Group. Especially in a phase where adaptive, learning and integrated systems are making light an integral part of intelligent rooms, it will be important to develop related business opportunities beyond conventional lighting and transform them into profitable growth.

In conclusion, I would like to thank the many women and men across the world who work for the Zumtobel Group. Their commitment, expertise and willingness to play an active role in change form the foundation for our success. I would also like to thank our customers, business partners and you, our shareholders, for your confidence and support. 

Alfred Felder 

Chief Executive Officer (CEO)

 

 

 

Group Management Report

Development of earnings in the first quarter of 2026/27 

• Group revenues decline by –0.9% (FX-adjusted –1.4%)
• Lighting Segment revenues 0.2% over the previous year
• Components Segment revenues –4.8% lower year-on-year
• Adjusted EBIT rises to EUR 8.2 million

 

 

Revenue decline of –0.9%

Revenues recorded by the Zumtobel Group declined by –0.9% to EUR 264.1 million in Q1 2026/27 (Q1 2025/26: EUR 266.4 million). The increase in revenues in the Northern and Western Europe, Asia & Pacific and America & MEA regions was unable to offset declines in the D/A/CH and Southern and Eastern Europe regions. After an adjustment for foreign exchange effects, the decline equalled –1.4%.

Lighting Segment revenues rise by 0.2%

In the Lighting Segment, revenues rose by a slight 0.2% to EUR 211.1 million in Q1 2026/27 (Q1 2025/26: EUR 210.7 million). Higher revenues in Northern and Western Europe, Asia & Pacific and America & MEA offset lower revenues in the D/A/CH and Southern and Eastern Europe regions.

Components Segment with revenue decline of –4.8%

The Components Segment reported a year-on-year decline of –4.8% in revenues to EUR 67.5 million in Q1 2026/27 (Q1 2025/26: EUR 70.9 million). Apart from Asia & Pacific, all other regions were confronted with decreasing revenues due to the difficult economic environment.

 

The adjusted cost of goods sold reflects a reduction in material costs, while adjusted development costs rose by EUR 0.2 million to EUR 17.3 million (Q1 2025/26: EUR 17.1 million). This led to an increase in the adjusted gross profit margin to 37.4% (Q1 2025/26: 36.7%). Adjusted selling and administrative expenses (incl. research) improved to EUR –90.7 million (Q1 2025/26: EUR –91.3 million).

Adjusted EBIT rises to EUR 8.2 million

Adjusted EBIT for the Zumtobel Group increased from EUR 6.6 million in Q1 2025/26 to EUR 8.2 million in Q1 2026/27, and the adjusted EBIT margin rose to 3.1% (Q1 2025/26: 2.5%). The reduction in material costs and the implementation of efficiency measures led to an improvement in the adjusted EBIT margin, in spite of the decline in Components Segment revenues.

Adjusted EBIT in the Lighting Segment rose from EUR 11.4 million in the first quarter of the previous year to EUR 12.5 million in Q1 2026/27, whereby the increase was supported by cost savings and higher revenues. Adjusted EBIT in the Components Segment improved slightly despite the decline in revenues due to a reduction in material costs, and adjusted EBIT rose from EUR 1.3 million to EUR 1.4 million in Q1 2026/27.

Special effects of EUR –0.7 million

Negative special effects of EUR –0.7 million related to efficiency measures were recognised in Q1 2026/27 (Q1 2025/26: EUR –7.4 million). EBIT recorded by the Zumtobel Group rose significantly to EUR 7.5 million (Q1 2025/26: EUR –0.8 million), and the EBIT margin equalled 2.9% (Q1 2025/26: –0.3%).

 

Financial results above previous year

Financial results amounted to EUR –2.8 million in the reporting period (Q1 2025/26: EUR –3.0 million). Net financing costs consisted chiefly of interest expense for current credit agreements and leasing agreements and totalled EUR –2.3 million (Q1 2025/26: EUR –2.0 million). The other financial income and expenses of EUR –0.5 million consisted primarily of the interest expense on pension obligations, the earnings effects from exchange rate changes and the measurement of hedges.

Net profit totals EUR 4.2 million

Profit before tax totalled EUR 4.8 million in Q1 2026/27 (Q1 2025/26: EUR –3.9 million), and income taxes equalled EUR –0.6 million (Q1 2025/26: EUR –0.1 million). Net profit for the reporting period improved significantly to EUR 4.2 million (Q1 2025/26: EUR –4.0 million). Earnings per share for the shareholders of Zumtobel Group AG (basic EPS based on 42.3 million shares) equalled EUR 0.11 (Q1 2025/26: EUR –0.09).

 

 

Cash flow

 

Cash flow from operating results increased year-on-year from EUR 12.8 million to EUR 20.8 million, chiefly due to the improvement in profitability. 

Cash outflows from the changes in other operating positions amounted to EUR –10.0 million (Q1 2025/26: EUR –11.8 million) and resulted mainly from a reduction in the provisions for variable salary components. Cash flow from operating activities declined year-on-year in Q1 2026/27 and totalled EUR –4.2 million. 

Cash flow from investing activities equalled EUR –12.2 million (Q1 2025/26: EUR –11.9 million). In addition to investments in property, plant and equipment, this position also included investments of EUR 2.9 million (Q1 2025/26: EUR 5.3 million) for capitalised development costs.

Free cash flow at EUR –16.4 million

Free cash flow equalled EUR –16.4 million (Q1 2025/26: EUR –10.6 million). 

Cash flow from financing activities totalled EUR 4.0 million in Q1 2026/27 (Q1 2025/26: EUR 12.0 million). In comparison with the first quarter of the previous year, borrowings declined by EUR 10.0 million.

 

 

Asset position

Solid balance sheet structure

The balance sheet total of the Zumtobel Group equalled EUR 993.3 million as of 31 July 2026 and was slightly higher than at the last balance sheet date on 30 April 2026 (EUR 979.7 million). Working capital totalled EUR 230.0 million as of 31 July 2026 and was EUR 13.6 million above the level on 30 April 2026 (EUR 216.4 million).

The equity ratio remained unchanged at 43.0% as of 31 July 2026 (30 April 2026: 43.0%). Equity rose by EUR 5.5 million over the level on 30 April 2026 from EUR 421.2 million to EUR 426.7 million. Net debt increased to EUR 148.1 million as of 31 July 2026 (30 April 2026: EUR 128.5 million). The balance sheet structure of the Zumtobel Group remains stable and solid.

 

 

Outlook for the 2026/27 financial year 

• Revenues at prior year level confirmed
• Adjusted EBIT margin between 3% and 5% confirmed

The market environment is expected to remain challenging in 2026/27 – for the Zumtobel Group and for other market participants. Stressing factors include the subdued economic development in major European countries, slow momentum in the construction sector and the tense geopolitical situation (above all owing to the conflict in Iran). The Zumtobel Group is faced with rather restrained demand in the new construction sector, which is further weakened by lengthy decision cycles and project delays on the part of customers. Positive factors include the initiatives at the EU level and in Germany which may strengthen the sector in the future and could contribute to an upturn. However, the direct effects can only be expected with a delay due to the Zumtobel Group’s late cyclical business model.

Outlook on 2026/27: Revenues at prior year level and adjusted EBIT margin of 3 to 5%

The management of the Zumtobel Group continues to see the current geopolitical and economic situation as tense and difficult to forecast. That makes it difficult to predict economic developments in the 2026/27 financial year. Against this backdrop and with reference to the above-mentioned uncertainties, the Management Board of Zumtobel Group expects revenues at the prior year level and an adjusted EBIT margin of 3% to 5%.

 

Dornbirn, 3 September 2026 

The Management Board

 

 

Consensed Consolidated Interim Financial Statements as of 31 July 2026

Zumtobel Group AG has adjusted the scope of the interim reports due to the changed requirements of the “Prime Market Rules“ of the Vienna Stock Exchange for first and third quarter interim reporting. Financial information presented in the interim report for the first quarter of 2026/27 is fundamentally based on the same accounting and valuation methods underlying the consolidated financial statements of the Zumtobel Group AG for the 2025/26 financial year.

 

 

 

 

 

 

 

Service

General Information 

The use of automatic data processing equipment can lead to rounding differences.

Financial Terms 

• CAPEX Capital expenditure 
• Debt coverage ratio = Net debt divided by EBITDA 
• EBIT Earnings before interest and taxes 
• Adjusted EBIT EBIT adjusted for special effects 
• Adjusted EBIT margin = Adjusted EBIT as a percentage of revenues 
• EBITDA Earnings before interest, taxes, depreciation and amortisation 
• Adjusted EBITDA EBITDA adjusted for special effects Equity ratio = 
• Equity as a percentage of assets 
• Gearing = Net debt as a percentage of equity 
• Net debt = Non-current borrowings + current borrowings – liquid funds – current financial receivables from associated companies – receivables from credit institutions from a continuing involvement based on the factoring agreement 
• Working capital = Inventories + trade receivables – trade payables – prepayments received – customer bonuses, discounts and rebates

 

 

Financial Calendar 

• Record Date for the Annual General Meeting 15 September 2026 
• 50th Annual General Meeting 25 September 2026 
• Half-Year Financial Report 2026/27 (1 May 2026 – 31 October 2026) 03 December 2026 
• Quarterly Report Q1 – Q3 2026/27 (1 May 2026 – 31 January 2027) 04 March 2027

 

 

Disclaimer 

This report includes statements on future developments, which are based on information available at the present time and involve risks and uncertainties that could cause the results realised at a later date to vary from these forward-looking statements. These statements on future developments are normally characterised by expressions like “preview”, “outlook”, “believe”, “expect”, “estimate”, “intend”, “plan”, “goal”, “evaluation”, “can/could”, “become” or similar terms or can be interpreted as a statement on future developments because of the context. The statements on future developments are not to be understood as guarantees. On the contrary, future developments and results are dependent on a wide range of factors and connected with various risks and incalculable events. They are also based on assumptions that may prove to be incorrect. Included here, for example, are unforeseeable changes in the political, economic and business environment, especially in the regions where the Zumtobel Group operates as well as the competitive situation, interest rates and foreign exchange rates, technological developments and other risks and incalculable events. Risks may also arise as a result of price developments, unforeseeable events in the operating environments of acquired companies or Group companies as well as ongoing cost optimisation programmes. Neither the Zumtobel Group nor any persons involved in the preparation of this report accepts any liability whatsoever for the correctness and completeness of the statements on future developments contained in this report. The Zumtobel Group does not plan to update these forwardlooking statements. The report is also presented in English, but only the German text is binding. This report does not represent a recommendation or invitation to buy or sell securities issued by the Zumtobel Group.