BELIMO Holding AG

H1 2026 sales were CHF 676 million, up 20.5% in Swiss francs and close to 30% in local currency. EBIT was CHF 153 million, up 19%+, with EBIT margin at 22.5%; net income was CHF 125 million, up 23%. Growth was driven by 22.3% volume/mix and 7.3% pricing, partly offset by a negative 9.2% FX impact. By region, EMEA sales were CHF 240 million and grew 14% in local currency, the Americas reached CHF 341 million and grew 35%, and Asia-Pacific grew 58% in local currency. For the full year, management expects continued strong demand in H2, EBIT margin ahead of 20%, and no quantitative top-line guidance because of uncertainty around data center deployment timing and FX volatility.

No CEO spoke on the call; CFO Markus Schürch led the presentation. His strategic message was that BELIMO’s growth drivers remain intact, especially urbanization, energy efficiency, digitalization, and strong demand from data centers. He emphasized portfolio renewal, new digital-generation products, and capacity expansion in Hinwil and the U.S. as the foundation for continued growth.

Schürch highlighted that BELIMO not only offset tariffs but also absorbed significant FX headwinds in H1, while still delivering CHF 153 million of EBIT and a 22.5% margin. He said cash flow was lower mainly because of higher accounts receivable from strong sales growth and elevated CapEx tied to capacity expansion, while ROCE was 41%, ROE 35%, equity ratio 61%, and net debt remained very low. On the cost outlook, he said H2 will carry a higher cost base as hiring continues, but pricing is stable and he still expects a positive price-cost spread for the full year.

Analysts focused heavily on data center growth, asking whether H2 growth could slow, whether liquid cooling penetration is still rising, and whether competition or project delays could affect call-offs. Management said data center growth should continue in absolute terms, but at a less steep rate because deployment speed is the constraint; it also said most U.S. data center sales are now liquid cooled and that higher rack density raises value per rack even if fewer racks are installed per gigawatt. On working capital and CapEx, management said receivables should stabilize, inventory should improve over the next two years, CapEx should be about the same in H2 as H1, and similar elevated CapEx is expected next year and in 2028. On guidance, Schürch said BELIMO is not giving quantitative top-line guidance because of uncertainty around data center execution timing and market volatility, though it may return to quantitative guidance when visibility improves.