Zehnder reported full-year 2025 sales of €760.7 million, a 7% organic increase. Second-half revenue of €377.9 million beat market forecasts by about 2%, driven by a strong ventilation business rebound. The company’s radiator segment, however, remained under pressure with a 7% organic decline.

The ventilation division outperformed expectations by roughly 7%, with all three sub-sectors contributing positively. This unit’s share of group sales grew to 66%, up from 60% the previous year. Zehnder did not update its full-year margin guidance, which analysts interpret as a reiteration of its earlier outlook.

Shares dipped around 4% following the announcement, as investors digested the mixed results. Kepler Cheuvreux analyst Martin Flueckiger noted the company provided no 2026 outlook, a practice consistent with past communications. Based on the sales figures, he anticipates consensus earnings forecasts will rise 4–6% in the near term.