Notes to the Consolidated Financial Statements
General
Corporate Information
The Belimo Group (hereinafter referred to as “Belimo” or “the Group”) is a global market leader in the development, production, and sales of field devices for the energy-efficient control of heating, ventilation, and air-conditioning systems. The focus of the core business is on damper actuators, control valves, sensors and meters. The shares of BELIMO Holding AG have been listed on the SIX Swiss Exchange since 1995. The registered office is in Hinwil, Switzerland. The business activities of Belimo are not subject to any significant seasonal fluctuations.
Basis of Preparation
These unaudited interim consolidated financial statements 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting and should be read in conjunction with the annual consolidated financial statements 2025. In general, the same estimates, assumptions, and judgments as in the annual consolidated financial statements 2025 have been applied. However, income taxes were calculated using the expected tax rate for the 2026 financial year.
The Group analyzed the development of plan assets and IAS 19 discount rates and concluded that the asset ceiling remains applicable. Therefore, the surplus was not recognized as a non-current asset as at June 30, 2026 (December 31, 2025: nil).
These consolidated financial statements are presented in Swiss francs (CHF), with all amounts stated in millions and rounded to one decimal place, unless otherwise indicated. Due to rounding, amounts presented throughout this report may not add up precisely to the totals provided. All ratios and variances were calculated using the underlying amount rather than the presented rounded amount.
Changes in Accounting Policies
The accounting policies applied in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2025, except for the adoption of new or amended IFRS® Accounting Standards effective as of January 1, 2026. The amendments to IFRS 9 and IFRS 7 (Classification and Measurement of Financial Instruments; Contracts Referencing Nature-Dependent Electricity) and the annual improvements to IFRS (Volume 11), applied for the first time in 2026, did not materially affect the interim consolidated financial statements of the Group. The Group has not early adopted any standard, interpretation, or amendment that has been issued but is not yet effective.
1Changes to the Scope of Consolidation
There were no changes to the scope of consolidation in the first half of 2026 and in 2025.
2Segment Reporting
Segment Information
The following tables present revenue and profit information for the Group’s operating segments, investments, and information on the segment assets for the six months ended June 30, 2026, and 2025:
in CHF million | EMEA | Americas | Asia Pacific | Shared Services | Elimination | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
1st half 2026 | ||||||||||||
Income statement | ||||||||||||
Net sales – Third parties | 240.3 | 341.3 | 94.8 | - | - | 676.4 | ||||||
Operating expenses | -38.8 | -37.6 | -13.4 | -150.0 | - | -239.7 | ||||||
Other operating income | 0.1 | 2.0 | 0.1 | 1.9 | - | 4.1 | ||||||
Depreciation and amortization | -2.6 | -3.9 | -1.9 | -13.8 | - | -22.1 | ||||||
Segment profit | 199.0 | 301.9 | 79.7 | -161.9 | - | 418.7 | ||||||
Unallocated material expenses | -272.0 | |||||||||||
Unallocated changes in inventories | 5.9 | |||||||||||
Unallocated financial result | 0.2 | |||||||||||
Earnings before taxes (EBT) | 152.7 | |||||||||||
Cash effective investments in property, plant and equipment and intangible assets | 2.1 | 1.6 | 1.2 | 40.5 | - | 45.4 | ||||||
Balance sheet as at June 30, 2026 | ||||||||||||
Trade receivables – Third parties | 77.1 | 122.2 | 31.7 | - | - | 231.0 | ||||||
Trade receivables – Group companies | 71.7 | 6.8 | - | - | -78.5 | - | ||||||
Property, plant and equipment and intangible assets | 30.0 | 52.2 | 45.2 | 250.4 | - | 377.7 | ||||||
Unallocated assets | 410.5 | |||||||||||
Total assets | 1 019.2 |
in CHF million | EMEA | Americas | Asia Pacific | Shared Services | Elimination | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
1st half 2025 | ||||||||||||
Income statement | ||||||||||||
Net sales – Third parties | 216.3 | 280.0 | 65.3 | - | - | 561.5 | ||||||
Operating expenses | -34.4 | -35.0 | -11.0 | -122.1 | - | -202.6 | ||||||
Other operating income | 0.7 | - | 0.1 | 3.0 | - | 3.7 | ||||||
Depreciation and amortization | -3.1 | -2.5 | -1.3 | -12.1 | - | -19.0 | ||||||
Segment profit | 179.4 | 242.5 | 53.0 | -131.3 | - | 343.7 | ||||||
Unallocated material expenses | -216.3 | |||||||||||
Unallocated changes in inventories | 0.8 | |||||||||||
Unallocated financial result | -6.0 | |||||||||||
Earnings before taxes (EBT) | 122.1 | |||||||||||
Cash effective investments in property, plant and equipment and intangible assets | 1.7 | 0.6 | 4.9 | 33.7 | - | 40.9 | ||||||
Balance sheet as at December 31, 2025 | ||||||||||||
Trade receivables – Third parties | 54.5 | 77.0 | 23.8 | - | - | 155.3 | ||||||
Trade receivables – Group companies | 48.1 | 6.1 | 0.2 | - | -54.4 | - | ||||||
Property, plant and equipment and intangible assets | 30.3 | 52.3 | 40.0 | 226.4 | - | 349.0 | ||||||
Unallocated assets | 374.5 | |||||||||||
Total assets | 878.8 |
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
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
3Share-Based Payments
Under the Employee Share Purchase Plan (ESPP), employees received 5 495 restricted shares at a fair value of CHF 261.60 per share in June 2026 (first half 2025: none). The fair value is determined as the market price of BELIMO Holding AG shares at the grant date, less the employee's cash contribution of 70% of the market price, resulting in a 30% discount. Employees made cash contributions of CHF 3.3 million (first half 2025: nil), and share-based payment expenses recognized in connection with this plan amounted to CHF 1.4 million (first half 2025: nil).
Under the Executive Committee Bonus Shares Regulations, 2 883 restricted shares were granted in March 2026 in respect of the financial year 2025 (first half 2025: none). In addition, expenses for share-based payments of CHF 0.5 million were recognized in the first half of 2026 for the mandatory conversion amount of the target variable remuneration 2026 (first half 2025: nil).
Expenses for share-based payments of CHF 0.2 million were recognized for the remuneration of members of the Board of Directors in the first half of 2026 (first half 2025: nil).
All plans are classified as equity-settled share-based payment arrangements. In aggregate, CHF 5.5 million were recognized directly in equity and CHF 6.6 million were deducted from equity in connection with the award of shares, resulting in a net decrease of CHF 1.1 million in the first half of 2026 (first half 2025: none).
4Property, Plant and Equipment
During the six months ended June 30, 2026, the Group invested CHF 40.9 million in property, plant and equipment (first half 2025: CHF 35.9 million). Non-cash effective additions to the right-of-use assets amounted to CHF 6.7 million (first half 2025: CHF 3.0 million).
Commitments for investments in property, plant and equipment amounted to CHF 51.2 million (December 31, 2025: CHF 50.9 million), of which CHF 19.0 million (December 31, 2025: CHF 23.0 million) was in relation to the building extension projects, and CHF 30.2 million (December 31, 2025: CHF 27.0 million) for tools and machinery.
5Other Assets and Liabilities
Other Assets
in CHF million | June 30, 2026 | December 31, 2025 | ||
|---|---|---|---|---|
Non-income tax receivables | 11.3 | 6.9 | ||
Advance payments and deferred expenses | 10.1 | 6.4 | ||
Other receivables | 15.1 | 10.2 | ||
Total | 36.5 | 23.6 | ||
of which other current assets | 29.4 | 18.2 | ||
of which other non-current assets | 7.1 | 5.4 |
Other Liabilities
in CHF million | June 30, 2026 | December 31, 2025 | ||
|---|---|---|---|---|
Liabilities to employees | 44.4 | 32.8 | ||
Social security liabilities | 7.9 | 4.8 | ||
Accrued volume rebates to customers | 26.9 | 34.1 | ||
Non-income tax payables | 10.2 | 8.7 | ||
Payables for property, plant and equipment and intangible assets | 3.0 | 6.5 | ||
Other liabilities and accrued expenses | 41.9 | 25.0 | ||
Total | 134.3 | 111.9 | ||
of which other current liabilities | 134.3 | 111.9 |
6Financial Instruments
The following table shows the carrying amounts of the Group’s financial instruments. For assets and liabilities not measured at fair value (excluding lease liabilities), the carrying amount is a reasonable approximation of fair value. In accordance with IFRS Accounting Standards, the fair value of the lease liabilities is neither calculated nor disclosed.
in CHF million | Amortized Cost | FVPL1) | FVOCI2) | Total financial instruments | Non-financial instruments | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
June 30, 2026 | ||||||||||||
Cash and cash equivalents | 103.1 | - | - | 103.1 | - | 103.1 | ||||||
Trade receivables | 231.0 | - | - | 231.0 | - | 231.0 | ||||||
Other current assets | 5.8 | - | - | 5.8 | 23.6 | 29.4 | ||||||
Current financial assets | 0.1 | 0.3 | - | 0.4 | - | 0.4 | ||||||
Other non-current assets | 7.1 | - | - | 7.1 | - | 7.1 | ||||||
Non-current financial assets | - | 2.0 | 1.6 | 3.6 | - | 3.6 | ||||||
Total | 347.0 | 2.3 | 1.6 | 351.0 | ||||||||
Trade payables | 78.0 | - | - | 78.0 | - | 78.0 | ||||||
Other current liabilities | 59.1 | - | - | 59.1 | 75.2 | 134.3 | ||||||
Current financial liabilities | 86.8 | 1.6 | - | 88.4 | - | 88.4 | ||||||
Non-current financial liabilities | 42.9 | - | - | 42.9 | - | 42.9 | ||||||
Total | 266.7 | 1.6 | - | 268.3 | ||||||||
December 31, 2025 | ||||||||||||
Cash and cash equivalents | 100.6 | - | - | 100.6 | - | 100.6 | ||||||
Trade receivables | 155.3 | - | - | 155.3 | - | 155.3 | ||||||
Other current assets | 4.8 | - | - | 4.8 | 13.4 | 18.2 | ||||||
Current financial assets | 15.1 | 0.2 | - | 15.4 | - | 15.4 | ||||||
Other non-current assets | 5.4 | - | - | 5.4 | - | 5.4 | ||||||
Non-current financial assets | - | 2.0 | 1.8 | 3.8 | - | 3.8 | ||||||
Total | 281.3 | 2.2 | 1.8 | 285.3 | ||||||||
Trade payables | 60.6 | - | - | 60.6 | - | 60.6 | ||||||
Other current liabilities | 65.6 | - | - | 65.6 | 46.3 | 111.9 | ||||||
Current financial liabilities | 6.9 | 0.4 | - | 7.4 | - | 7.4 | ||||||
Non-current financial liabilities | 39.3 | - | - | 39.3 | - | 39.3 | ||||||
Total | 172.4 | 0.4 | - | 172.9 |
1) Fair value through profit or loss (FVPL)
2) Fair value through other comprehensive income (FVOCI)
Financial Instruments at Amortized Cost
The carrying amounts by class of financial instruments measured at amortized cost were as follows:
in CHF million | June 30, 2026 | December 31, 2025 | ||
|---|---|---|---|---|
Financial instruments (assets) at amortized cost | ||||
Cash and cash equivalents | 103.1 | 100.6 | ||
Trade receivables | 231.0 | 155.3 | ||
Other receivables | 12.9 | 10.2 | ||
Term deposits | - | 15.0 | ||
Other financial assets | 0.1 | 0.1 | ||
Total | 347.0 | 281.3 | ||
Financial instruments (liabilities) at amortized cost | ||||
Trade payables | 78.0 | 60.6 | ||
Accrued volume rebates to customers | 26.9 | 34.1 | ||
Payables for property, plant and equipment and intangible assets | 3.0 | 6.5 | ||
Other liabilities and accrued expenses | 29.1 | 25.0 | ||
Loans | 94.5 | 14.9 | ||
Lease liabilities | 34.7 | 30.9 | ||
Other financial liabilities | 0.4 | 0.4 | ||
Total | 266.7 | 172.4 |
During the first half of 2026, the Group drew down committed credit facilities of up to CHF 115.0 million to meet short-term financing requirements (first half of 2025: CHF 35.0 million). During the period, CHF 45.0 million of these borrowings were repaid (first half of 2025: CHF 35.0 million), resulting in an outstanding balance of CHF 70.0 million as at June 30, 2026 (December 31, 2025: nil). As the related drawdowns and repayments occurred within three months, the associated cash flows are presented on a net basis within proceeds from financial borrowings in the consolidated statement of cash flows.
In addition, the Group's Swiss pension fund placed short-term deposits with the Group. The outstanding balance of these deposits amounted to CHF 9.0 million as at June 30, 2026 (December 31, 2025: nil).
Financial Instruments at Fair Value
The fair values of the financial instruments measured at fair value and the hierarchy level for their measurement were as follows:
June 30, 2026 | December 31, 2025 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
in CHF million | Level 2 | Level 3 | Total | Level 2 | Level 3 | Total | ||||||
Financial assets at FVPL | ||||||||||||
Current financial assets - Derivatives | 0.3 | - | 0.3 | 0.2 | - | 0.2 | ||||||
Non-current financial assets - Investments | - | 2.0 | 2.0 | - | 2.0 | 2.0 | ||||||
Total | 0.3 | 2.0 | 2.3 | 0.2 | 2.0 | 2.2 | ||||||
Financial assets at FVOCI | ||||||||||||
Non-current financial assets - Investments | - | 1.6 | 1.6 | - | 1.8 | 1.8 | ||||||
Total | - | 1.6 | 1.6 | - | 1.8 | 1.8 | ||||||
Financial liabilities at FVPL | ||||||||||||
Current financial liabilities - Derivatives | 1.6 | - | 1.6 | 0.4 | - | 0.4 | ||||||
Total | 1.6 | - | 1.6 | 0.4 | - | 0.4 | ||||||
The derivatives as at June 30, 2026, mature in 171 days or less (December 31, 2025: 177 days or less).
There were no transfers between the fair value hierarchical levels, and no purchases or sales of investments allocated to Level 3 during the six months ended June 30, 2026, and 2025.
The reconciliation of the Level 3 fair values of non-current financial assets was as follows:
in CHF million | 2026 | 2025 | ||
|---|---|---|---|---|
As at January 1 | 3.8 | 7.4 | ||
Fair value changes recognized in financial result | - | -0.3 | ||
Fair value changes recognized in OCI | -0.2 | -3.3 | ||
As at June 30 / December 31 | 3.6 | 3.8 |
There were no changes in the Group’s valuation processes, valuation techniques, and types of input used in the fair value measurements during the period.
For the unquoted equity instrument measured at FVOCI, the significant unobservable inputs used in the fair value measurement are the long-term growth rate for cash flows for subsequent years of 5.0% and WACC of 16.1% (December 31, 2025: long-term growth rate of 5.0% and WACC of 16.1%). In the first half of 2026, the Group recognized a loss of CHF 0.2 million in OCI (first half of 2025: loss of CHF 3.4 million).
The Group did not perform any quantitative sensitivity analyses as at June 30, 2026, for the financial instruments measured at fair value, as they are considered to be immaterial.
7Provisions and Contingent Liabilities / Assets
Provisions and Contingent Liabilities
2026 | 2025 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
in CHF million | Warranties | Others | Total | Warranties | Others | Total | ||||||
As at January 1 | 5.3 | 1.9 | 7.2 | 4.7 | 1.7 | 6.4 | ||||||
Increase | 5.5 | 0.2 | 5.7 | 4.9 | 0.7 | 5.6 | ||||||
Utilization | -3.3 | - | -3.3 | -4.3 | -0.5 | -4.8 | ||||||
As at June 30 / December 31 | 7.6 | 2.1 | 9.7 | 5.3 | 1.9 | 7.2 | ||||||
of which current provisions | 6.4 | 1.4 | 7.7 | 4.3 | 1.2 | 5.4 | ||||||
of which non-current provisions | 1.2 | 0.7 | 1.9 | 1.0 | 0.7 | 1.8 | ||||||
Provisions for warranties were calculated considering historical returns as well as current sales developments. They generally cover product and replacement costs for a warranty period of five years. Product liability incidents involving property, plant and equipment damage were considered separately on a case-by-case basis.
Other provisions mainly included expected costs for non-income tax and for onerous contract risks.
As at June 30, 2026, and December 31, 2025, there were no contingent liabilities.
Contingent Assets
In 2025, tariffs were imposed on certain goods imported into the United States under the International Emergency Economic Powers Act (IEEPA). In February 2026, the U.S. Supreme Court ruled that IEEPA does not authorize the U.S. President to impose tariffs. Subsequently, the U.S. Court of International Trade (CIT) ordered the refund of tariffs collected under IEEPA. Refunds are currently being processed on a phased basis; however, the U.S. government has appealed aspects of the refund order, including the scope of certain refunds. As a result, significant uncertainty remains regarding the ultimate recoverability of all IEEPA tariff payments.
In the first half of 2026, the Group received tariff refunds of CHF 1.3 million, which were recognized in other operating income. Potential claims for further tariff refunds of CHF 32.1 million are disclosed as contingent assets, as an inflow of economic benefits is considered probable but not virtually certain. The Group will continue to monitor developments and reassess its position as additional information becomes available.
As at December 31, 2025, there were no contingent assets.
8Equity / Dividend
As per the resolution of the Annual General Meeting of BELIMO Holding AG held on March 23, 2026, a dividend of CHF 10.00 per registered share (2025: CHF 9.50) was paid on March 27, 2026, amounting to CHF 123.0 million in total (2025: CHF 116.8 million).
9Foreign Exchange Rates
The consolidated financial statements are based on the following closing and average exchange rates (rounded) for the main currencies:
Closing rates | Average rates | |||||||
|---|---|---|---|---|---|---|---|---|
in CHF | June 30, 2026 | December 31, 2025 | 1st half 2026 | 1st half 2025 | ||||
CAD | 0.57 | 0.58 | 0.57 | 0.62 | ||||
CNY | 0.12 | 0.11 | 0.11 | 0.12 | ||||
EUR | 0.92 | 0.93 | 0.92 | 0.94 | ||||
GBP | 1.07 | 1.07 | 1.06 | 1.12 | ||||
HKD | 0.10 | 0.10 | 0.10 | 0.11 | ||||
PLN | 0.21 | 0.22 | 0.22 | 0.22 | ||||
USD | 0.81 | 0.79 | 0.79 | 0.88 | ||||
10Related Parties
During the six months ended June 30, 2026, the Group's Swiss pension fund placed short-term deposits (with approximately one-month maturities, rolled over at maturity) with the Group as part of its liquidity management. The outstanding balance presented within financial liabilities as at June 30, 2026 was CHF 9.0 million (December 31, 2025: nil). These deposits are transacted at arm's length with immaterial interest expense recognized in the income statement for the period (first half of 2025: nil).
11Events after the Reporting Date
On July 17, 2026, the Board of Directors of BELIMO Holding AG approved the present interim consolidated financial statements for release. Until this date, no material events after the reporting date have occurred.