Annual Report 2025
The Metall Zug Group reported net sales of CHF 194.6 million in the 2025 financial year (previous year: CHF 283.4 million). The decrease is mainly due to the deconsolidation of Belimed Infection Control and Belimed Life Science, which was completed on June 7, 2024. The negative operating result (EBIT) of CHF –17.5 million was well below the previous year’s level of CHF 58.0 million and was affected by various negative one-off effects. The Metall Zug Group generated a consolidated net result of CHF –16.7 million in the reporting period (previous year: CHF 52.8 million).
Net sales by Business Units 2025
in CHF million
194.6
Operating result (EBIT) 2025
in CHF million
-17.5
Employees (FTE) 2025
913
Net sales with third parties by region 2025
In %
Net sales by Business Units 2025
In %
Organic sales development 2025
in %
-0.8%
Cash flow from operating activities 2025
in CHF million
-6.2
Earnings per share 2025
in CHF
-34.00
Equity ratio 2025
in %
67.4%
| Assets | 31.12.2025 | 31.12.2024 |
|---|---|---|
in CHF 1 000 |
|
|
| ||
| Cash and cash equivalents | 16’096 | 17’060 |
| Securities | 141 | 186 |
| Trade receivables | 30’808 | 32’153 |
| Other receivables | 6’138 | 4’961 |
| Inventories | 58’597 | 61’735 |
| Assets for sale, under construction | 19’994 | 9’893 |
| Prepaid expenses | 3’203 | 3’539 |
| Current assets | 134’977 | 129’527 |
|
| |
| Land | 1’155 | 1’265 |
| Land and buildings | 115’549 | 118’505 |
| Plant and equipment | 12’446 | 11’171 |
| Prepayments and assets under construction | 60’982 | 35’080 |
| Other tangible assets | 2’616 | 2’651 |
| Tangible assets | 192’748 | 168’672 |
|
| |
| Strategic investments (associated companies) | 284’668 | 295’074 |
| Other financial assets | 52’942 | 37’950 |
| Financial assets | 337’610 | 333’024 |
|
| |
| Software | 1’829 | 1’727 |
| Intangible assets | 1’829 | 1’727 |
|
| |
| Fixed assets | 532’187 | 503’423 |
|
| |
| Total assets | 667’164 | 632’950 |
| Liabilities and Shareholders' Equity | 31.12.2025 | 31.12.2024 |
in CHF 1 000 |
|
|
|
| |
| Current financial liabilities | 4’500 | 82’806 |
| Trade payables | 7’550 | 8’132 |
| Other current liabilities | 6’015 | 11’531 |
| Accrued liabilities | 22’179 | 19’533 |
| Current provisions | 6’198 | 5’181 |
| Current liabilities | 46’442 | 127’183 |
|
| |
| Long-term financial liabilities | 149’000 | 0 |
| Other long-term liabilities | 7’199 | 5’101 |
| Long-term provisions | 15’115 | 14’260 |
| Non-current liabilities | 171’314 | 19’361 |
|
| |
| Total liabilities | 217’756 | 146’544 |
|
| |
| Share capital | 11’250 | 11’250 |
| Capital reserves | 349’003 | 349’003 |
| Treasury shares | -3’054 | 0 |
| Retained earnings | 27’276 | 58’983 |
| Non-controlling interest | 64’933 | 67’170 |
| Shareholders' equity | 449’408 | 486’406 |
| in % of total assets (equity ratio) | 67.4% | 76.8% |
|
| |
| Total liabilities and shareholders' equity | 667’164 | 632’950 |
| Consolidated Income Statement | 2025 | 2024 | 1) |
|---|---|---|---|
in 1 000 CHF | |||
| Net sales | 194’619 | 283’420 | |
| Cost of goods and services sold | -133’209 | -192’473 | |
| Gross profit | 61’410 | 90’947 | |
| in % of net sales | 31.6% | 32.1% | |
| |||
| Marketing and sales expenses | -27’949 | -41’248 | |
| Research and development expenses | -26’083 | -33’170 | |
| Administration expenses | -33’696 | -40’335 | |
| Other operating income | 13’351 | 80’356 | |
| Other operating expenses | -1’614 | -1’655 | |
| Trading operating result | -14’581 | 54’895 | |
| in % of net sales | -7.5% | 19.4% | |
| |||
| Result from strategic investments (associated companies) | -2’886 | 3’055 | |
| Operating result (EBIT) | -17’467 | 57’950 | |
| |||
| Financial income | 4’779 | 4’943 | |
| Financial expenses | -4’005 | -5’266 | |
| Financial result | 774 | -323 | |
| |||
| Result before taxes | -16’693 | 57’627 | |
| |||
| Taxes | -26 | -4’779 | |
| Net result | -16’719 | 52’848 | |
| in % of net sales | -8.6% | 18.6% | |
| Net result attributable to: | |||
| - Shareholders of Metall Zug AG | -15’234 | 52’593 | |
| - Non-controlling interest holders | -1’485 | 255 | |
| Net result per type A registered share (in CHF) 2) | -3.40 | 11.69 | |
| Net result per type B registered share (in CHF) 2) | -34.00 | 116.87 |
1) On June 7, 2024, the Metall Zug Group deconsolidated its Infection Control Business Unit and the Belimed Life Science Group (part of the Investments & Corporate reporting segment) and contributed them to the Joint Venture SteelcoBelimed AG. In return, Metall Zug AG received a 33% stake in this company. For this reason, the figures of the previous year period are not comparable with the 2025 financials. |
2) There is no dilution for 2025 or 2024 with regard to net result per share. |
| Consolidated Statement of Cash Flows | 2025 | 2024 |
|---|---|---|
in CHF 1 000 |
|
|
|
| |
| Net result | -16’719 | 52’848 |
| Financial result, net | -774 | 323 |
| Result from strategic investments (associated companies) | 2’886 | -3’055 |
| Income from sale of fixed assets and participations | -26 | -67’195 |
| Depreciation and amortization | 8’860 | 9’758 |
| Net changes in provisions | 1’491 | 81 |
| Taxes | 26 | 4’779 |
| Other non-cash items1) | 3’217 | 2’499 |
| Change in trade receivables | 69 | 10’446 |
| Change in other receivables and prepaid expenses | -253 | 245 |
| Change in inventories | -3’263 | -13’552 |
| Change in trade payables | -388 | 1’363 |
| Change in other current liabilities and accrued expenses | 1’757 | 8’346 |
| Interest paid | -2’128 | -981 |
| Taxes paid | -958 | -3’132 |
| Cash flow from operating activities | -6’203 | 2’773 |
| ||
| Investments in tangible assets2) | -44’465 | -32’603 |
| Investments in financial assets | -14’536 | -17’177 |
| Investments in intangible assets | -1’000 | -1’298 |
| Investments in Group companies, net of cash acquired3) | 0 | -17’928 |
| Disposals of tangible assets4) | 2’152 | 1’911 |
| Disposals of financial assets | 2’605 | 8’755 |
| Interest received | 523 | 951 |
| Dividends received | 1’902 | 3’850 |
| Cash flow from investing activities | -52’819 | -53’539 |
| Issuance of short-term financial liabilities | 211’187 | 65’867 |
| Repayment of short-term financial liabilities | -140’493 | -19’423 |
| Purchase of treasury shares | -3’054 | 0 |
| Dividend to shareholders of Metall Zug AG | -8’950 | -9’000 |
| Cash flow from financing activities | 58’690 | 37’444 |
| ||
| Currency translation effects | -632 | 811 |
| Change in "Cash and cash equivalents" | -964 | -12’511 |
|
| |
| Opening balance cash and cash equivalents | 17’060 | 29’571 |
| ||
| Closing balance cash and cash equivalents | 16’096 | 17’060 |
1) Other non-cash items are mainly related to the change in inventory and trade receivable valuation allowances. |
2) Investments in tangible assets 2025 include investments in Assets for sale, under construction, in the amount of KCHF 10,995 (previous year: KCHF 5,320). |
3) The position Disposals of Group companies, net of cash disposed, of the previous year includes the disposal of cash and cash equivalents from the deconsolidation of the Infection Control Business Unit and the Belimed Life Science Group as well as a compensation payment in connection with this transaction. The 33% stake in SteelcoBelimed AG received in return does not affect liquidity. |
4) The Disposals of tangible assets 2025 include an advance payment in connection with Assets for sale, under construction, in the amount of KCHF 2,098 (previous year: KCHF 0). |
| Metall Zug Group | 2025 | 2024 | 1) | 2023 |
| 2022 | 2) | 2021 |
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|---|---|---|---|---|---|---|---|---|---|---|
in CHF million |
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| Performance |
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| Net sales | 194.6 | 283.4 | 494.7 | 645.9 | 661.9 | |||||
| Trading operating result | -14.6 | 54.9 | 13.1 | 134.7 | 42.3 | |||||
| Result from strategic investments | -2.9 | 3.1 | 17.0 | 10.2 | 18.8 | |||||
| Operating result (EBIT) | -17.5 | 58.0 | 30.1 | 144.9 | 61.1 | |||||
| Net result | -16.7 | 52.8 | 26.1 | 136.1 | 53.3 | |||||
| Earnings per share (EPS) | -34.00 | 116.87 | 48.13 | 286.25 | 108.83 | |||||
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| Sales development in % | -31.3 | -42.7 | -23.4 | -2.4 | -19.6 | |||||
| of which foreign currency impact in % | -1.6 | -0.8 | -2.5 | -0.3 | -0.1 | |||||
| of which acquisition & divestment impact in % | -29.0 | 3) | -33.6 | 3) | -25.7 | 4) | -11.6 | -30.0 | 5) | |
| Organic sales development in % | -0.8 | -8.3 | 4.8 | 9.5 | 10.5 | |||||
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| Cash flow from operating activities | -6.2 | 2.8 | 9.5 | -6.0 | 48.9 | |||||
| in % of net sales | -3.2 | 1.0 | 1.9 | -0.9 | 7.4 | |||||
| Employees | 913 | 983 | 2’224 | 2’317 | 3’321 | |||||
| Personnel expenses | -101.7 | -154.7 | -218.8 | -282.3 | -303.0 | |||||
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| Invested Capital |
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| Total assets | 667.2 | 633.0 | 688.9 | 700.0 | 715.6 | |||||
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| Net debt/net cash6) | -137.3 | -65.6 | -6.8 | 14.7 | 77.7 | |||||
| in % of total assets | -20.6 | -10.4 | -1.0 | 2.1 | 10.9 | |||||
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| Current assets | 135.0 | 129.5 | 236.8 | 284.7 | 378.9 | |||||
| in % of total assets | 20.2 | 20.5 | 34.4 | 40.7 | 52.9 | |||||
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| Fixed assets | 532.2 | 503.4 | 452.1 | 415.3 | 336.8 | |||||
| in % of total assets | 79.8 | 79.5 | 65.6 | 59.3 | 47.1 | |||||
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| Strategic investments (associated companies) | 284.7 | 295.1 | 249.0 | 244.7 | 135.8 | |||||
| in % of total assets | 42.7 | 46.6 | 36.1 | 35.0 | 19.0 | |||||
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| Shareholders' equity | 449.4 | 486.4 | 520.0 | 517.1 | 516.2 | |||||
| in % of total assets | 67.4 | 76.8 | 75.6 | 73.9 | 72.1 | |||||
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| Investments in tangible and intangible assets | 45.5 | 33.9 | 36.2 | 34.8 | 34.7 | |||||
| Investments (expenses) in research and development | -26.1 | -33.2 | -41.0 | -54.6 | -60.4 |
1) On June 7, 2024, the Infection Control Business Unit and the Belimed Life Science Group were deconsolidated and contributed into SteelcoBelimed AG. In return, Metall Zug AG received a 33% stake in SteelcoBelimed AG. As a consequence, the 2024 performance figures are not comparable with the other years stated. |
2) On August 30, 2022, the Schleuniger Group (Wire Processing Business Unit) was deconsolidated and contributed into Komax Holding AG. In return, Metall Zug AG received a 25% stake in Komax Holding AG. As a consequence, the 2022 performance figures are not comparable with the other years stated. |
3) 2025 and 2024 solely in connection with the deconsolidation of the Infection Control Business Unit and the Belimed Life Science Group. |
4) Of which -24.6% related to the deconsolidation of the Schleuniger Group in 2023 (2022: -11.1%). |
5) Of which -31.7% related to the spin-off of V-ZUG Group in 2021. |
6) Net debt/net cash is made up of cash and cash equivalents and securities less financial liabilities. |