Belimo Accelerated Sales Growth in The First Half of 2026
Dear Shareholders,
In the first half of 2026, Belimo operated in dynamic end markets amid an economically and geopolitically challenging environment. Non-residential construction spending remained subdued, while data centers continued to grow strongly and energy-savings opportunities drove renovation activity.
Against this backdrop, Belimo made solid progress in executing its long‑term growth ambitions, further strengthening its market position through disciplined execution of its strategy. The company remains on track with the expansion of its facilities in Switzerland and the US to support sustained growth. In parallel, the Belimo RetroFIT+ partner ecosystem gained further momentum, with partners increasingly adopting the Belimo RetroFIT+ Assessment Tool to unlock the large installed base. The Grow Asia Pacific Initiative continued to expand the regional distribution partner network, enhancing market reach and execution capabilities. Belimo sustained its high level of investment in research and development and advanced the renewal of its device portfolio through the New Digital Generation, leveraging scale and reinforcing its technology leadership.
The Data Centers Initiative delivered outstanding growth, supported by targeted innovations such as a stainless-steel Energy Valve specifically engineered for high-flow and low-pressure-drop requirements. Belimo’s consistent focus on customer value, innovation, quality, and fast lead times, combined with its unique culture of highly engaged employees, further reinforced its leadership in HVAC field devices.
Belimo delivered accelerated sales growth of 29.6% year-on-year in local currencies (first half of 2025: +20.6%), resulting in sales of CHF 676.4 million in the first half of 2026. This outstanding performance underscores the company’s strong market position and the disciplined execution of its growth strategy. Belimo continued to benefit from the megatrends of urbanization, energy efficiency, and digitalization. Data center cooling solutions accounted for slightly more than half of the company’s absolute sales growth in the first half of 2026. Despite subdued global non-residential construction spending, Belimo recorded strong growth in its traditional HVAC business. This was supported by sustained momentum in renovation activities through the RetroFIT+ Initiative. All geographic regions contributed to the excellent result and showed accelerated growth in local currencies.
Net Sales by Market Region
1st half 2026 | 1st half 2025 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
in CHF million | Net sales | %1) | Growth in CHF2) | Growth in local currencies2) | Net sales | %1) | Growth in CHF2) | Growth in local currencies2) | ||||||||
EMEA | 240.3 | 36% | 11.1% | 14.1% | 216.3 | 39% | 8.3% | 9.9% | ||||||||
Americas | 341.3 | 50% | 21.9% | 35.1% | 280.0 | 50% | 27.7% | 30.1% | ||||||||
Asia Pacific | 94.8 | 14% | 45.4% | 58.0% | 65.3 | 12% | 19.3% | 21.3% | ||||||||
Total | 676.4 | 100% | 20.5% | 29.6% | 561.5 | 100% | 18.6% | 20.6% | ||||||||
1) in % of total net sales
2) Alternative Performance Measures are described here
The substantial sales growth was supported by continued innovation across all the Belimo business lines.
Control Valves achieved a 48.3% sales increase in local currencies, supported by Belimo Energy ValveTM, Characterized Control Valves (CCV), and an ongoing shift from pressure-dependent to higher-value pressure-independent control valves. In parallel, Damper Actuator sales increased by 7.6% in local currencies, bolstered by Fire & Smoke applications, among other factors. Sensors and Meters recorded an increase of 39.2% in local currencies as customers increasingly consolidated their field device suppliers with Belimo and benefited from seamless portfolio integration.
Net Sales by Business Line
1st half 2026 | 1st half 2025 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
in CHF million | Net sales | %1) | Growth in CHF2) | Growth in local currencies2) | Net sales | %1) | Growth in CHF2) | Growth in local currencies2) | ||||||||
Damper Actuators | 253.8 | 38% | 0.8% | 7.6% | 251.8 | 45% | 16.1% | 18.1% | ||||||||
Control Valves | 389.3 | 58% | 37.0% | 48.3% | 284.1 | 51% | 21.3% | 23.3% | ||||||||
Sensors and Meters | 33.3 | 5% | 30.2% | 39.2% | 25.6 | 5% | 13.8% | 16.3% | ||||||||
Total | 676.4 | 100% | 20.5% | 29.6% | 561.5 | 100% | 18.6% | 20.6% | ||||||||
1) in % of total net sales
2) Alternative Performance Measures are described here
Financials
Earnings before interest and taxes (EBIT) increased 19.1% to CHF 152.5 million in the first half of 2026 (first half of 2025: CHF 128.1 million). This represents an EBIT margin of 22.5% (first half of 2025: 22.8%). The margin was impacted year-on-year by foreign exchange headwinds. These effects were partly offset by operating leverage, pricing, and favorable product mix.
Net income rose by 23.3% to CHF 124.9 million (first half of 2025: CHF 101.3 million), driven by EBIT growth and an improved financial result.
Operating cash flow amounted to CHF 83.8 million (first half of 2025: CHF 93.5 million), reflecting higher net working capital related to the company’s strong growth. Free cash flow (w/o term deposits) totaled CHF 38.7 million (first half of 2025: CHF 52.8 million), including a temporarily elevated Capex of CHF 45.4 million (first half of 2025: CHF 40.9 million) related to ongoing capacity expansion at Belimo. Net debt at the end of June 2026 was at CHF 27.7 million, and the equity ratio was 61.2%.
EMEA
The EMEA market region registered sales of CHF 240.3 million in the first half of 2026. This represents sales growth of 14.1% in local currencies compared to the prior‑year period.
Market development varied across countries, with overall non-residential construction spending in EMEA showing only modest growth. Renovation continued to represent a key source of growth for Belimo, supported by the RetroFIT+ Initiative. Consequently, Belimo delivered a solid performance across all countries.
From a vertical perspective, health, education, and industrial buildings were key contributors to growth with particularly strong momentum in Fire & Smoke applications.
The data center segment also contributed positively, though to a lesser extent than in the Americas and Asia Pacific, in line with the global data center spending pattern.
Americas
The Americas market region generated CHF 341.3 million sales in the first half of 2026. This reflects a strong sales growth of 35.1% in local currencies.
The data center vertical was a key growth driver in the Americas. Despite reports of equipment supply chain and power availability constraints, demand for new AI data centers was strong. Preference for Belimo products among specifiers and equipment manufacturers in traditional air-cooling applications remained robust. In addition, the demand for direct-to-chip liquid cooling further rose, driven by the ever-increasing heat densities of new-generation AI processors. Belimo’s advanced and differentiated control valve technology enabled it to solidify its position as the solution of choice for direct-to-chip liquid cooling from leading chip manufacturers and hyperscalers.
In addition, Belimo strengthened its market position in several other verticals, including life sciences and pharmaceuticals, healthcare, and semiconductors. This was supported by the company’s strong customer focus, innovation leadership, short lead times, and high product quality.
The Belimo RetroFIT+ Initiative, introduced in 2021 and focused on renovation projects, also contributed positively. Building owners increasingly adopted Belimo solutions to upgrade legacy HVAC systems, aiming to reduce energy consumption and enhance system reliability.
Asia Pacific
The Asian-Pacific market region reported CHF 94.8 million sales in the first half of 2026. This corresponds to an outstanding 58.0% increase in local currencies.
The data center vertical remained the key growth driver across the region, supporting demand for both domestic deployment and export‑oriented projects. Customers showed strong interest in the company’s newly inaugurated Data Center Experience Center in Singapore. The center features direct-to-chip liquid cooling and demonstrates how Belimo Energy ValveTM, sensors, and damper actuators are applied.
While the environment for commercial new construction continued to be challenging, several growth verticals delivered strong performance. These included pharma, semiconductor, battery, and electronics production facilities. Infrastructure projects such as airports and power plants also contributed positively. Market development for energy‑efficiency measures in existing buildings continued to show a growing pipeline, underpinned by the Belimo RetroFIT+ Initiative.
Market share growth across verticals was supported by disciplined execution of market coverage‑expansion initiatives, such as scaling application consultants and delivering technical seminars tailored to different sales‑channel personas.
Growth Strategy and Innovation
The Group’s long-term strategy comprises six initiatives focused on increasing customer value and advancing solution leadership, supported by operational excellence and a deeply embedded credibility culture that fosters employee engagement.
RetroFIT+
In the first half of 2026, Belimo further strengthened the execution of its RetroFIT+ Initiative across all regions. Capacity was expanded through additional RetroFIT+ Application Specialists and Business Development Managers, enhancing proximity to customers and partners. At the same time, the RetroFIT+ partner ecosystem continued to grow, with newly onboarded partners increasingly utilizing Belimo tools, including the RetroFIT+ Assessment Tool. These efforts lead to a growing retrofit pipeline and improving conversion dynamics, underlining the relevance of energy‑efficiency upgrades in existing buildings.
Grow Asia Pacific
The Belimo Grow Asia Pacific Initiative delivered strong momentum in the first half of 2026, supported by robust demand across several high‑growth markets and verticals. The regional distribution partner network was further expanded, with new partners onboarded in selected markets to increase reach and execution capabilities. In parallel, Belimo continued to strengthen its own sales and business development organization, with a clear focus on fast‑growing verticals.
Data Centers
The Data Centers Initiative delivered outstanding growth in the first half of 2026. The strong position and momentum of Belimo in the data center industry are supported by technology leadership, product quality, availability, customer support, and first-mover advantage. Belimo began serving the unique needs of the data center market in the early 2000s. In recent years, the company established a dedicated Global Data Center Team, enabling coordinated global support alongside localized expertise within regional organizations. This structure ensures a consistent, high-quality customer experience across the data center vertical.
To further highlight its technological leadership, Belimo is opening an Application Center for data center cooling in Danbury, CT, in 2026. To secure long-term success in this vertical, the company is also actively involved in research initiatives with universities and major industry partners to explore future approaches to data center cooling. In the second half of 2026, Belimo plans to progress with targeted innovations for data centers. This includes the introduction of a new Energy Valve product featuring a stainless-steel version, software-based application enhancements, and new cybersecurity features to further improve the reliability and security of device communication.
Damper Actuators and Control Valves
The Damper Actuators and Control Valves Initiative delivered solid progress in the first half of 2026, supported by the company’s strong market position and the continued step-by-step renewal of its device portfolio through the New Digital Generation. This transformation represents a fundamental portfolio upgrade to a modular design, enhancing digital connectivity, reducing power consumption, and ensuring a consistent user experience across the full product range.
Sensors and Meters
The Sensors and Meters Initiative continued to gain traction in the first half of 2026, supported by increasing customer adoption. Belimo further advanced the rollout of New Digital Generation air differential pressure sensors, accompanied by intensified marketing and sales activities. A strong presence at major industry trade shows increased market visibility and reinforced the company's positioning as a comprehensive supplier of sensors and meters.
Digital Ecosystem
In the first half of 2026, Belimo advanced its Digital Ecosystem by extending the capabilities of its operating system (BelOS), with a particular focus on the data center vertical. New features were released to enhance connectivity and interoperability, including support for high-performance Ethernet as well as additional fieldbus protocols. In parallel, Belimo expanded its HVAC Application Library with new functions, further strengthening application support across building automation use cases.
Outlook
Following a robust performance in the first half of the year, Belimo expects continued strong demand for its field devices across both its traditional HVAC business and data centers in the second half of the year. Continued strong dynamics are expected across all market regions. Compared with the first half, the year-over-year sales growth rate, measured in local currencies, will be affected by an increasing base effect and the annualization of pricing measures. Belimo continues to expect an EBIT margin above 20% in 2026.
On behalf of the Board of Directors and the Executive Committee, we thank our employees, customers, suppliers, shareholders, and other stakeholders for their continued trust and contribution to sustained success.
Yours sincerely,
BELIMO Holding AG
Patrick Burkhalter Chair of the Board of Directors
Lars van der Haegen CEO