Belimo Accelerated Growth in 2025

Belimo delivered an outstanding sales performance (+23.3% in local currencies) across all geographies and further improved its profitability (EBIT margin up 159 bps to 20.8%) in 2025. This development was supported by continued strategic execution, underscoring Belimo’s leadership in innovation, customer centricity, quality, and industry leading lead times.

Belimo continued to execute on its long-term growth strategy in 2025. As part of this, the Company is on track with expanding its facilities in Switzerland and the US, and inaugurated its CESIM® House in China in 2025. Moreover, Belimo’s RetroFIT+ initiative gained momentum in 2025, with partners identifying more project opportunities and achieving higher conversion rates. Belimo continued its considerable investment in research and development activities. In 2025, the Company launched the first products of its New Digital Generation, improving energy efficiency and increasing flexibility for customization. In Asia Pacific, Belimo further expanded its market reach and strengthened its regional capabilities. To best address the evolving data center vertical, Belimo expanded its global data center organization, and implemented sector-specific innovations. All of this reaffirms Belimo’s strong position as a global market leader in innovation, customer centricity, quality, and industry leading lead times.

Belimo delivered accelerated sales growth of 23.3% year-on-year in local currencies (2024: +13.1%), leading to CHF 1 120.8 million sales in 2025. This excellent performance is the result of Belimo’s strong market position and the continuous execution of its growth strategy. Belimo continued to successfully cater to the megatrends of urbanization, energy efficiency, and digitalization. Despite a slowdown of global non-residential construction spending, growth was accelerated in both Belimo’s traditional HVAC business and data center cooling solutions — the latter accounting for slightly less than half of Belimo’s sales growth in 2025. This strong performance was underpinned by Belimo gaining momentum in renovations through its RetroFIT+ initiative. All geographic regions contributed to this excellent result and showed accelerated growth in local currencies.

Net Sales by Market Region

The substantial sales growth was supported by continued innovation across all of Belimo’s business lines.

Control Valves achieved a 31.3% sales increase in local currencies, supported by Belimo Energy Valves^TM and an ongoing shift from pressure dependent to higher-value pressure independent control valves. In parallel, sales of Damper Actuators reached an increase of 14.4% in local currencies, bolstered by Fire & Smoke and variable air volume (VAV) applications. Sensors and Meters recorded an increase of 25.1% in local currencies, gaining further momentum as customers switched to Belimo to consolidate their supplier base for field devices and benefit from seamless integration across the portfolio.

Net Sales by Business Line

Earnings before interest and taxes (EBIT) increased 28.6% to CHF 232.9 million in 2025. This represents an EBIT margin of 20.8%, well above 19.2% of the previous year. Margin expansion was driven by operating leverage, innovation, and a favorable product mix, partially offset by foreign exchange headwinds and the impact of tariffs. The impact of tariffs was alleviated in the second half of 2025 by price increases. Furthermore, supply chain flow-through partially shifted the impact of tariffs to the first quarter of 2026.

Net income rose by 23.8% to CHF 181.6 million, driven by EBIT growth, partly offset by a net foreign exchange impact.

Operating cash flow amounted to CHF 184.9 million (2024: CHF 194.8 million), reflecting higher net working capital related to Belimo’s strong growth in 2025. Free cash flow (w/o term deposits) totaled CHF 98.5 million (2024: CHF 132.8 million), including a temporarily elevated Capex of CHF 86.8 million (2024: CHF 63.1 million) due to Belimo’s ongoing capacity expansion. Belimo achieved a strong 36.3% Return on Capital Employed (ROCE) in 2025.

EMEA

The EMEA market region registered sales of CHF 429.4 million in 2025. This corresponds to a sales growth of 12.0% in local currencies compared to the previous year.

This was supported by revitalization in the original equipment manufacturer (OEM) segment, supported by restocking. Particularly, Fire & Smoke and VAV applications showed a strong performance.

Market development differed across countries, with the overall non-residential market remaining challenging. Renovation and maintenance remained the stabilizing force in the sector, growing steadily despite economic headwinds.

Belimo’s sound positioning and its RetroFIT+ initiative enabled a strong performance across all countries. In terms of verticals, health, education, and commercial buildings made significant contributions to growth.

Data centers also drove growth, although to a lower extent than in the Americas and in Asia Pacific, consistent with the global data center spending pattern.

Americas

The Americas market region reported CHF 544.0 million sales in 2025. This corresponds to an outstanding sales growth of 31.8% in local currencies, supported by an overall positive market environment.

Growth was broad-based across most of the verticals and regions in which Belimo operates.

The data center vertical strongly contributed to America’s sales growth, driven by AI data center construction demand. Leading data center owners and chip manufacturers have shown a preference for Belimo’s advanced and differentiated control valve technology for direct-to-chip liquid cooling applications.

Belimo also won market share in other verticals, including life sciences/pharmaceuticals, healthcare, and education. This was supported by Belimo’s customer focus, innovation leadership, superior lead times, and product quality.

Furthermore, Belimo’s RetroFIT+ initiative, launched in 2021 and targeting renovations, gained traction. Building owners are increasingly embracing Belimo technology to retrofit older HVAC systems in buildings to reduce energy consumption and improve system reliability.

Asia Pacific

The Asian-Pacific market region reported CHF 147.4 million sales in 2025. This corresponds to an increase of 28.9% in local currencies, despite an overall subdued new construction market.

Belimo’s operations in China and India developed positively. A key driver was the data center vertical, which continued to fuel growth across the region, for both domestic use and export.

Other high-growth verticals, such as semiconductors, battery and electronics factories, also contributed to Belimo’s results. The market development for energy efficiency measures in existing buildings, supported by Belimo’s RetroFIT+ initiative, has shown first successful projects. Market share gains across verticals were also supported by Belimo’s continued execution to expand market reach through additional application consultants and technical seminars targeted at various personas in the sales channel.

A highlight included the inauguration of the Belimo China CESIM® House in January, expanding Belimo’s Chinese operational footprint. It received the China green building three-star certification and earned LEED Platinum certification from the US Green Building Council for energy efficiency — the first industrial building in Shanghai to achieve this distinction.

Outlook

In 2026, Belimo expects continued solid demand for its field devices in both new construction and the renovation of existing buildings. Sales growth, measured in local currencies, is projected to be in the mid-teens percentage. This is above the historical annual growth track record. Belimo’s EBIT margin is expected to exceed 20%. Margins are expected to be impacted year-on-year by foreign exchange fluctuations. Operating leverage and product mix are expected to contribute positively.

In the EMEA market region, Belimo foresees a modest market recovery, with non-residential construction expected to grow slightly in 2026. Market conditions will likely continue to vary across countries, and a material rebound in Germany is not yet anticipated. The restocking effects that supported 2025 results in the OEM segment are expected to normalize. Against this backdrop, Belimo will maintain its focus on the RetroFIT+ initiative to unlock EMEA’s significant energy-efficiency potential.

In the Americas market region, progress achieved through the RetroFIT+ initiative is expected to continue driving market-share gains across Belimo’s traditional HVAC verticals. Furthermore, the data center vertical is set to benefit from the expansion of installed data center capacity and the increasing share of new capacity deploying liquid-cooling technology. Belimo continues to collaborate closely with leading data center operators and chip manufacturers as they develop next-generation designs for chips, servers, and cooling infrastructure. To support sustained momentum in the region, Belimo will continue to expand its Americas operations by further strengthening its headquarters in Danbury, CT, and growing its footprint at an additional location in Connecticut as well as in Sparks, NV, while also increasing manufacturing activities across the region.

From a leadership perspective, as announced previously, Sarah Bencic will succeed James Furlong as Head of Group Division Americas, effective March 1, 2026. Belimo is pleased to announce that James Furlong will continue to support Belimo as Senior Advisor following his long-standing, valuable, and successful leadership of the region.

In the Asian-Pacific market region, Belimo will continue to concentrate on high-growth verticals, including data centers and electronics factories, while expanding its regional footprint and developing RetroFIT+ opportunities. Across the region, Belimo will remain active in market education, promoting solutions that elevate design standards and enhance energy efficiency in buildings.

As a market leader in energy-efficient HVAC field devices, Belimo is well-positioned to capitalize on these market trends. Ongoing urbanization, climate change, and digitalization trends fuel demand for more efficient cooling solutions, improved indoor air quality, and energy efficiency in buildings — offering prospects for growth outpacing general GDP trends.

The Group remains committed to its long-term growth strategy and will continue investing in strategic initiatives and expanding its capacity. As a result, capital expenditure is expected to remain elevated in 2026.

Financial Key Performance Indicators

Profitability

Accelerated double-digit sales growth resulted in an EBIT increase of 28.6% to CHF 232.9 million in 2025 (2024: CHF 181.1 million). This represented an EBIT margin of 20.8%, well above 19.2% of the previous year. Margin expansion was driven by operating leverage, innovation, and a favorable product mix, partially offset by foreign exchange headwinds and the impact of tariffs. The impact of tariffs was alleviated in the second half of 2025 by price increases. Furthermore, supply chain flow-through partially shifted the impact of tariffs to the first quarter of 2026.

Strong sales growth overcompensated for an overall higher cost base driven by the execution of long-term investments aligned with Belimo’s strategy, coupled with a workforce increase of 343 FTEs in 2025.

Net income rose by 23.8% to CHF 181.6 million (2024: CHF 146.7 million), driven by EBIT growth, partly offset by a net foreign exchange impact. Earnings per share increased to CHF 14.77 (2024: CHF 11.94).

Cash Flows

Operating cash flow amounted to CHF 184.9 million (2024: CHF 194.8 million), reflecting higher net working capital related to Belimo’s strong growth in 2025.

Free cash flow (without term deposits) totaled CHF 98.5 million (2024: CHF 132.8 million), reflecting both a temporarily elevated Capex of CHF 86.8 million (2024: CHF 63.1 million) for ongoing capacity expansion and higher net working capital following Belimo’s strong growth in 2025.

Balance Sheet

Total assets increased compared to the previous year to CHF 878.8 million (2024: CHF 763.7 million). Property, plant and equipment grew from CHF 266.6 million to CHF 326.0 million, driven by the continued capacity expansion investments. Net working capital rose by CHF 51.1 million to CHF 301.7 million (2024: CHF 250.6 million) due to the growth of the Group. Net liquidity amounted to CHF 69.4 million (2024: CHF 111.8 million) mainly reflecting Belimo’s capacity expansion investments and the change in net working capital.

The equity ratio remained at a very solid 70.8% (2024: 76.0%). Based on average equity, the return on equity (ROE) came to 30.2% (2024: 26.4%).

Belimo achieved a strong 36.3% return on capital employed (ROCE) in 2025 (2024: 31.3%).

The Board of Directors is proposing a dividend of CHF 10.0 (2024: 9.50) per share at the Annual General Meeting on March 23, 2026. This reflects investments in Belimo’s ongoing capacity expansion program for profitable future growth.

Growth Strategy and Innovation

The Group’s long-term strategy comprises six initiatives focused on increasing customer value and advancing solution leadership to drive top-line growth, supported by operational excellence and a deeply embedded credibility culture that fosters employee engagement.

RetroFIT+

In 2025, Belimo further advanced its RetroFIT+ initiative, reinforcing its position in the expanding global retrofit market.

The initiative continued to gain momentum, with application consultants and partners identifying a growing pipeline of opportunities, and achieved higher conversion rates from lead identification to successful sales.

Throughout the year, Belimo remained focused on onboarding and developing new RetroFIT+ partners, ensuring they were equipped to evaluate, position, and execute retrofit solutions efficiently by benefitting from tools and structured technical training.

Looking ahead, Belimo will continuously improve the RetroFIT+ Assessment Tool to simplify opportunity identification, expand partner capability-building programs, and broaden the partner ecosystem to accelerate market adoption and impact. Furthermore, Belimo has initiated a research project for an innovative product aimed at significantly improving energy efficiency in HVAC systems, with a particularly strong impact on existing buildings.

Grow Asia Pacific

In Asia Pacific, Belimo strengthened its regional presence through the Grow Asia Pacific initiative, which focused on high-growth markets and verticals. The Group expanded its market reach, supported by technical seminars and additional business development managers.

A key milestone was the inauguration of China’s new headquarters in Shanghai, the CESIM® House, which features modern offices, a cutting-edge logistics hub, and an advanced customer experience center. Reflecting Belimo’s commitment to sustainability, the building received the China green building three-star certification and earned the LEED Platinum certification, becoming Shanghai’s first industrial facility to receive this recognition.

In India, Mumbai’s CESIM® House has become a recognized industry benchmark for training, thanks to its tailored infrastructure and stakeholder-specific programs.

Across East Asia, Belimo recorded robust growth in data center projects and OEM sales, with Indonesia and Vietnam maintaining momentum driven by large-scale infrastructure and data center developments.

In Australia, Belimo will relocate to a larger facility in Melbourne to support its strategic expansion plans.

From expanding facilities to deepening customer engagement, Belimo Asia Pacific remains a key driver of market education, promoting advanced building technologies that elevate design standards and enhance energy efficiency.

Data Centers

The reporting period marked the formal establishment of data centers as a strategic pillar, underscoring Belimo’s commitment to serving the unique needs of the expanding data center market.

To drive this initiative, Belimo created a dedicated global Data Center team, bringing together business development managers, applications managers, product management, training, and marketing communications. This structure enables coordinated global support as well as localized expertise within regional organizations, ensuring a consistent and high-quality customer experience in the data center vertical.

To deliver targeted customer value, Belimo advanced its product roadmap for data centers, including Energy Valve solutions for data centers, to address the evolving customer requirements for reliability, scalability, and efficiency. To showcase its technological leadership, Belimo will open an Application Center for data center cooling in Danbury, CT, in 2026. Complementing this investment, Belimo inaugurated a Data Center Experience Center in Singapore in the fourth quarter of 2025, featuring single-phase cold-plate cooling. To secure long-term success in this vertical, Belimo is also actively involved in research initiatives with universities and other major industry partners to explore future approaches to data center cooling.

Belimo’s strong sales momentum with data center customers in 2025 highlights the successful launch of this strategic initiative.

Damper Actuators and Control Valves

The Damper Actuators and Control Valves initiative delivered strong performance in 2025, driven by the market’s need for precise, reliable, and scalable cooling solutions.

A major milestone was the introduction of the GM actuator, the first product in Belimo’s New Digital Generation. Initially launched in Italy as a pilot with very positive customer feedback, the actuator was subsequently rolled out globally. This introduction marks the start of a multi-year renewal of Belimo’s product portfolio, incorporating enhanced digital connectivity, lower power consumption, modular design, and consistent user experience across product families.

Further innovations of the New Digital Generation were launched in November: the GR, QR, and YR butterfly control valves complement the JR and PR range, completing the most advanced HVAC butterfly valve portfolio in the industry. The portfolio covers torques from 40 Nm to 700 Nm for valves up to DN 450, features the new M600 chip with BACnet and Modbus communication as well as NFC commissioning, and delivers up to 80% energy savings. The QR and YR ranges are manufactured in Danbury, CT, in line with Belimo’s supply-chain strategy, and are being phased in worldwide over the course of 2026.

Belimo also progressed with targeted innovations for data centers, including software-based application enhancements and new cybersecurity features to further improve the reliability of device communication links with the overall cooling system automation.

Sensors and Meters

The Sensors and Meters initiative continued to deliver robust sales growth, reinforcing Belimo’s position in this rapidly expanding business line.

In May, the Company launched an enhanced room sensor offering featuring improved connectivity and integrated CO₂ logging. This supports more accurate indoor air-quality monitoring, helping customers meet rising regulatory requirements and growing expectations around building wellness.

At the launch event in November, Belimo introduced the first sensor of its New Digital Generation: a family of differential air pressure sensors (DPA) widely used for filter monitoring. This launch marks the start of a next-level evolution of Belimo’s duct, pipe, and outdoor sensor portfolio, enabling fully seamless integration and a consistent digital user experience across sensors and meters, control valves, and damper actuators, with simplified commissioning and enhanced data accessibility.

In the coming years, Belimo will continue to broaden its sensor and meter offerings to boost increasing market shares.

Digital Ecosystem

All Belimo devices are designed as intelligent edge devices. They deliver high-quality data to building automation systems for control and analytics that support comfort, energy efficiency, and safety. A consistent, device-spanning platform significantly reduces integration, installation, commissioning, and maintenance effort, creating a scalable competitive advantage that is difficult to replicate.

Building on this foundation, the Digital Ecosystem initiative further strengthened Belimo’s digital toolkit through the deployment of the Belimo Operating System (BelOS) across the newly launched products of the New Digital Generation. Development of onboard software and the next-generation tool suite progressed as planned, with a clear focus on simplicity and productivity for system integrators and contractors.

A standout achievement was the release of the latest version of the “Belimo Assistant 2”, offering improved functionality and an improved intuitive user experience. The App received the Best of Swiss Apps Silver Award in the category Innovation. Additionally, the introduction of the “Belimo Assistant Link” provided a flexible interface that simplifies device connectivity, streamlining installation and commissioning workflows.

Together, these advances reduce customer effort across the device lifecycle and strengthen Belimo’s position as a differentiated, technology-driven leader in smart building solutions.