BELIMO Holding AG

BELIMO reported H1 2026 sales of CHF 676 million, up 20.5% in Swiss francs and close to 30% in local currency. EBIT rose 19%+ to CHF 153 million, with an EBIT margin of 22.5%; net income increased 23% to CHF 125 million. Regional growth was led by the Americas at 35% in local currency, Asia-Pacific at 58%, and EMEA at 14%. For H2, management expects continued strong demand and a very strong top line, but said relative growth will be lower than H1 because of tougher comparisons and less pricing support; EBIT margin is still expected to stay ahead of 20%.

The lead executive framed H1 as “extremely successful” and emphasized that BELIMO’s growth drivers remain intact, especially urbanization, energy efficiency, digitalization, and strong data center demand. He stressed portfolio renewal, new product launches including the first data center-specific product, and major capacity expansion in Hinwil and the U.S. His tone was confident and strategic, but he also acknowledged geopolitical uncertainty, FX volatility, supply-chain tension, and weak new construction in parts of Europe.

Markus Schürch said BELIMO more than offset tariffs and significant FX effects in H1, delivering CHF 153 million of EBIT, a 22.5% EBIT margin, CHF 125 million of net income, ROCE of 41%, ROE of 35%, and an equity ratio of 61%. He said cash flow was lower because of higher working capital, mainly accounts receivable tied to strong growth, and elevated CapEx linked to capacity expansion. He also noted that H2 will have a higher cost base as the company hires and ramps resources, while pricing pressure is currently not a concern and the full-year price-cost spread should remain positive.

Analysts focused heavily on data center demand, asking whether H2 growth could remain as strong, how liquid cooling versus air cooling is shifting, and whether competitors or new technologies could pressure BELIMO. Management said liquid cooling is becoming the standard, especially in the Americas, and that BELIMO remains the technology leader with no major change in competitive position, though new entrants and alternative solutions are emerging. Analysts also asked about working capital normalization, CapEx for 2026-2028, tariff reimbursement, and why quantitative top-line guidance was removed; management said working capital should stabilize, CapEx will remain elevated, tariff timing is uncertain, and quantitative guidance will return when market certainty improves.