Slides
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HIT – Hamburger Investorentage Uwe Schiller (CFO)
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Agenda Arbonia one strategy Highlights H1 2026 Highlights H1 2026 Market update Market update Financial results Financial results Outlook and Guidance Outlook and Guidance HIT - Hamburger Investorentage | August 2026 2
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1988 Going public of the company Steel tubes, kitchens, refrigerators, room heaters, shower enclosures, doors, road transport and embroidery supplies Initial Public Offering (IPO) Arbonia's long and eventful history… 1874 – 2003 Main products Revenues in CHF M Event 1874 Founded in Arbon by Franz Josef Forster Bed pans, frying pans and other metal containers 1973 Merged into Arbonia-Forster AG Steel tubes, kitchens, refrigerators, room heaters, road transport and embroidery supplies 2003 Edgar Oehler takes over as majority shareholder from the "Züllig" heirs Steel tubes, kitchens, refrigerators, room heaters, shower enclosures, doors, road transport and embroidery supplies CHF 1'022 M HIT - Hamburger Investorentage | August 2026 3
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2014 - 2017 Arbonia's long and eventful history… 2015 Alexander von Witzleben takes over as Chairman and CEO a.i. HVAC, Sanitary equipment, Windows, Doors and Profile systems CHF 941 M ALEXANDER VON WITZLEBEN 2017 Sale of Forster Profile systems & sale of Coatings and Industrial services business HVAC, Sanitary equipment, Windows, Doors and Industrial services (until November 2017) CHF 1'246 M 2016 Merger with Looser Holding → Rebranding to Arbonia HVAC, Sanitary equipment, Windows, Profile systems, Doors, Coatings and Industrial services CHF 995 Mio. 2014 Sale of the kitchen business and Artemis' entry Profile systems, kitchens, room heating systems, windows, doors and shower enclosures CHF 1'017 M HIT - Hamburger Investorentage | August 2026 4 Main products Revenues in CHF M Event
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2021 – 2025 … towards the leading door producer in Europe 2021 Sale of the Windows business for CHF 345 M Heating, ventilation and air conditioning, Windows and Doors CHF 1'186 M SALE WINDOWS DIVISION 2025 Launch Arbonia one – towards the leading door producer in Europe Doors CHF 625 M ARBONIA ONE 2023 2024 Arbonia sells the HVAC business to Midea for EUR 760 M Heating, ventilation and air conditioning and Doors CHF 1'081 M CHF 556 M SALE CLIMATE DIVISION Doors Arbonia announces the sale of the HVAC business HIT - Hamburger Investorentage | August 2026 5 Main products Revenues in CHF M Event
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Arbonia one – sites and revenue development Arbonia one – Market leader in continental Europe Arbonia's1 production sites Revenues of Arbonia (EUR M)2 Market presence Standard doors Special doors Glass doors Ichtershausen (DE) 1.0 M doors / year 2 Ciasna (PL) 1.0 M doors / year 3 Dimoldura (ES / PT) 1.0 M doors / year 4 Roggwil (CH) 100 K doors / year 1 Korycany (CZ) 65 K doors / year 3 Renchen (DE) 10 K doors / year 2 Bozouls (FR) 80 K doors / year 4 Deggendorf (DE) 15.000 m² prod. area 2 Dagmarsellen (CH) 2.000 m² prod. area 1 Dörzbach (DE) 6.000 m² prod. area 4 Weinsheim (DE) 1.3 M doors / year 1 Plattling (DE) 600 K units / year 3 1 2 3 4 4 4 4 1 32 4 3 1 2 4 71 306 310 323 340 510 550 516 640 687 0 200 400 600 800 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 Unit numbers represent the production capacity of the individual locations | 2 Arbonia 2024 incl. Dimoldura and Lignis on a pro-forma basis 6 Core markets Export markets x Site standard doors x Site special doors x Site Glass doors Seiça (PT) 80 K doors / year 5 Rüthen (DE) 30 K Zargen / year 6 5 6 HIT - Hamburger Investorentage | August 2026
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Agenda Arbonia one strategy Arbonia one strategy Highlights H1 2026 Market update Market update Financial results Financial results Outlook and Guidance Outlook and Guidance HIT - Hamburger Investorentage | August 2026 7
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CHF 318.2 M net revenues +2.3% organic growth CHF 23.8 M EBITDA (reported) CHF 23.8 M EBITDA (adjusted) 7.5% EBITDA margin (rep.) 7.5% EBITDA margin (adj.) CHF 12 M Capex (3.6% of NR, -31% vs. PY) 1. Organic revenue growth of 2.3% (Wood 2.9%, Glass 0.3%), showing Arbonia's strong market presence 2. Established platform for growth by addressing new markets and sales channels – strong revenue growth outside Germany of 7.5% in Switzerland, 20% in Western Europa, 22% in Central Eastern Europe and 27% rest of Europe/World 3. SAP/ERP introduction at Garant with negative impact in H1 2026 on sales (CHF -12.6 M) and EBITDA (CHF -8.4 M) greater than expected – all relevant SAP implementation issues solved; focus now on regaining customer's trust 4. EBITDA, adj., decline of -8.8% to CHF 23.8 M (previous year CHF 26.1 M) – w./o. Garant EBIDTA, adj., growth of 23% 5. Successful turnaround of Glass business achieved – sales stabilized and profitability significantly improved 6. Progress on sale of non-operating assets: Skyfens (PL) and real estate (AT) signed; Corp. Centre (CH) close to signing 7. EBITDA-Guidance for 2026 adjusted for "SAP/ERP effect", all other items and mid-term Guidance confirmed Continue to drive sales initiatives in growing markets and reduce dependency on German market Executing on top cost reduction programme "Performance plus" (CHF >5 M 2027, CHF >8 M 2030) Regaining trust from Garant customers on delivery performance 8 Overview Continue to build the leading door producer in Europe Financials H1 2026 Key messages Priorities H2 2026 HIT - Hamburger Investorentage | August 2026
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12.6 8.4 SAP-/ERP-effect Garant 2 20.5 26.1 23.8 288.5 H2 ’24 307.2 H1 ’25 318.2 H1 ’26 H2 ’26 FC 8% -8.8% 9 H1 '26 results in perspective – improving results Revenue and profitability development by semester (in CHF M) 1 Net revenue EBITDA 1 excluding one-time effects | 2 SAP-/ERP-effect is compared to same period of previous year Launch of new Arbonia • Revenue growth of 6.5% (vs. H2 '24) • Successful price increases • Reduction in costs driven by efficiency gains • Reduction in corporate costs following the sales of Climate division Start of new Arbonia With the acquisitions Dimoldura and Lignis fully included HIT - Hamburger Investorentage | August 2026 . • Revenue growth driven by addressing new markets and sales channels • Successful price increases • Successful turnaround of Glass solutions • Reduction in corporate costs • With downsides from SAP- /ERP-rollout at Garant . • Continued revenue growth from H1 '26 • Second wave of price increases • Impacts from Performance Plus program • Improving contribution from Garant +23%
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HIT - Hamburger Investorentage | August 2026 10 SAP/ERP introduction Garant Significant financial impact in H1 '26 CHF M ACT H1’25 ACT H1’26 -8.4 CHF M ACT H1’25 ACT H1’26 -12.6 Garant – Revenues Garant – EBITDA Adjustments to Garant's reported results • The financial impact during the first six months was: Revenues CHF -12.6 M; EBITDA CHF -8.4 M compared to same period of last year • No adjustments were booked for Garant to grant full transparency Actions taken yielding results • Task force established with concrete action plan and strict KPI governance • Number of open issues massively reduced (esp. inadequate master data quality) • All relevant system related gaps solved – stable operations ensured • >90% of all delayed orders to customers are now delivered • Strong focus on regaining customer's trust and increasing revenues Impact on SAP rollout Prüm • SAP rollout at Prüm on hold – no implementation in the next 24 months • Learnings from Garant rollout started to be implemented at Prüm to simplify migrations • Prüm rollout will only be established once Garant ist fully back on-track
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HIT - Hamburger Investorentage | August 2026 11 Successful key sales initiatives In H1 '26 Office building, Birmingham (UK) Current projects Project business • Arbonia's dedicated European project business sales team is gaining momentum • Many top references won across Europe (residential, hotels, offices, schools, hospitals, etc.) • New framework agreement with major European hotel chain: >20 hotels (new built/renovation) DIY • Successful launch with newly won European DIY chain: ~30k doors delivered in a single country (in H1 '26), rollout in additional markets targeted • Secured a major listing at another European DIY chain effective January '27, resulting in double-digit revenue potential in 2027 Wholesale France • High-single digit revenue growth in H1 '26 leading to market share gains in Europe's second largest construction market • Launch of Dimoldura delivery express programme with local stock availability • Portfolio optimisation at Rozière, including streamlined product range and new products from the group Wholesale Switzerland • Double-digit revenue growth in H1 '26 leading to market share gains in highly attractive market • Order intake increased 12% YoY, supporting continued growth momentum • Successful launch of the Arbonia brand in the specialist trade, incl. customer migration to Arbonia sales organisation Football stadium, Lugano (CH) Ruby Malta, Valetta (MT) Serviced apartments, Berlin (D) note: pictures are illustrative nature
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12 Overview of reference projects (Germany and international) Hotel (D): EUR 0.7 M Offices (D): EUR 1.4 M Government office (HU): EUR 0.8 M Apartments (D): EUR 0.2 M Public building (D): EUR 0.7 M Multi-purpose (D): EUR 0.1 M Hotel (D): EUR 0.2 M Projects recently won and in delivery H2 '26 Residential (D): EUR 0.6 M Multi-purpose (D): EUR 0.5 M Residential (D): EUR 0.5 M Multi-purpose (D): EUR 1.1 M Hotel (HU): EUR 1.6 M Hotel (HU): EUR 0.2 M HIT - Hamburger Investorentage | August 2026 note: pictures are illustrative nature
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Arbonia – Platform for Growth Market leadership in continental Europe Europäischer Hof, Baden-Baden (D) Fairmont, Prague (CZ) Cost leadership Sales leadership • Extending market share by organic growth in our core and neighbouring markets by accessing new customers, market segments and sales channels • Leveraging the Arbonia platform to combine products from all our factories across Europe and offer a true full-range portfolio • Arbonia Next – in-house congress format – as an innovative platform that reinforces the market leadership and launch of Arbonia as a premium product brand • Cost leader and roll-out of digital end-to-end processes through highly-automated best-in-class production sites with SAP S4/HANA • Completed investment programme Industry 4.0 in the last 5 years EUR > 300 M ensures capacities for anticipated market recovery M & A • Extension of geographic footprint • Extension of product range • Diversification of sales channels HIT - Hamburger Investorentage | August 2026 13
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14 Cost leadership Cost leadership through state-of-the-art plants and digital end-to-end processes Cost leadership: key initiatives operations ARBEX • Arbonia Excellence program to improve process quality at plants • Full monetization of investments made • EBITDA increase through continuous E2E process optimization and exploitation of economies of scale SAP S/4 HANA • Consistent end-to-end digital processes in the standard door factories • Invado (PL) and Garant (D) in operation, Prüm (subsequent) Combined heat and power (CHP) • CHP at Prüm site in operation, enabling significant savings • At the Garant site, CHP ramp-up on schedule to further decrease energy costs Arbonia completed the 5-year investment program for Industry 4.0, totalling: EUR > 300 M Machines Industry 4 . 0 MES / MOTIS Visual 3D configuration Technical configuration SAP(ERP) Production systems HIT - Hamburger Investorentage | August 2026
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HIT - Hamburger Investorentage | August 2026 15 M&A – Extending market leadership Diversifying sales and adding key-competences with acquisition of Cicomol and RZB Market structure: Revenues 2025 with interior wooden and glass doors in CHF M 1 incl. windows; note: Jeld-Wen has started a strategic review of its European operations | 2 source: Euroconstruct (Nov. 2025) | 3 continuous pressure laminate Core markets 625UK/Nordics Jeld-Wen Europe (US) Arbonia (CH) Competitor 1 (D) Competitor 2 (FR) Competitor 3 (NL) Competitor 4 (D) Competitor 5 (PL) Competitor 6 (D) 8371 ~250 ~200 ~180 ~160 ~160~200 Integration of Cicomol • Extending market share with acquisition of Cicomol, market leader in Portugal with residential new-built CAGR 2026-28 of 4.3%2 • Diversifying sales channels in Portugal / Iberia by adding wholesale/merchant and project expertise of Cicomol • Adding Cicomol's CPL3 production to Dimoldura's white lacquer doors to round off the product portfolio in Iberia Integration of RZB • Insourcing of special steel door frame production with acquisition of Rüthener Zargenbau • Opening additional sales channel in project business with RZB and strengthening of non-residential business with steel frames; a requested product for hospitals, schools, student housing etc. Executing on M&A strategy by • extension of geographic footprint • extension of product range • diversification of sales channels Arbonia Doors markets Extending our market leadership Export markets RZB Cicomol
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Agenda Arbonia one strategy Arbonia one strategy Highlights H1 2026 Highlights H1 2026 Market update Financial results Financial results Outlook and Guidance Outlook and Guidance HIT - Hamburger Investorentage | August 2026 16
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HIT - Hamburger Investorentage | August 2026 17 Market outlook Construction output by country (CAGR '26f – '28f) – promising outlook in all markets where Arbonia is present Residential Total building construction Arbonia CAGR '26 – '28 (%) CAGR '26 – '28 (%) Country Total 26f (EUR B) New Reno. Total Total 26f (EUR B) New Reno. Total Δ rev. vs. H1 25 Revenues share Δ vs. H1 251 DACH Germany 274.2 3.7 0.7 1.5 391.1 2.8 0.6 1.3 -3.7% 45% -4 PP Switzerland 34.6 1.4 1.6 1.5 58.6 1.5 1.8 1.7 +7.5% 18% +1 PP Austria 27.3 2.1 0.4 1.4 43.0 2.0 0.8 1.6 +11.1% 2% 0 PP Western Europe France 170.1 3.2 0.9 1.7 275.0 3.7 0.9 2.0 +19.7% 8% +1 PP Spain 105.1 4.7 1.0 3.5 162.3 3.8 1.2 2.9 12% 0 PP Portugal 15.0 4.0 2.0 2.6 24.6 4.3 2.7 3.4 3% 0 PP Central Eastern Europe CEE2 55.0 2.1 5.0 3.1 111.7 1.7 4.5 2.7 +21.7% 7% +1 PP Rest of Europe/World UAE, Benelux, Greece, etc. 5.0 3.1 1.7 4.5 2.7 +26.9% 5% +1 PP Italy 128.4 0.2 -2.0 -1.6 210.8 -1.5 -1.9 -1.8 n/a 0% n/a ARBN core markets ARBN export markets source: Euroconstruct 101 (June 2026) 1 compared with pro-forma revenues H1 '25 (incl. RZB & Cicomol) | 2 CEE (Poland, Czechia, Hungary, Slovakia)
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Agenda Arbonia one strategy Arbonia one strategy Highlights H1 2026 Highlights H1 2026 Market update Market update Financial results Outlook and Guidance Outlook and Guidance HIT - Hamburger Investorentage | August 2026 18
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H1 2026 Arbonia Group financial results RevenuesEBITDA 19 307 318 H1 2025 H1 2026 +3.6% 28 2 H1 2025 reported One-time effects 8.5% H1 2025 excl. one- time effects 26 -8.8% EBITDA • EBITDA significantly impacted by Garant − BU Wood with negative development − Compensated by upsides from BU Glass and reduction in corporate costs • EBITDA without Garant impact (CHF 8.4 M) would have been CHF 32 M or 23% growth • Very small negative and positive on-time effects are compensating each other HIT - Hamburger Investorentage | August 2026 in CHF M 240 7.5% H1 2026 excl. one- time effects One-time effects H1 2026 reported 24 Revenues • Increased order backlog at end of 2025 and turn-around of BU Glass supported revenue growth • Organic growth of 2.3% is coming from BU Wood with 2.9% and BU Glass with 0.3% • Garant and some delayed as well as projects put on hold negatively impacted revenues
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H1 2026 Arbonia Group financial results Depr. & Amort.EBIT in CHF M 20 18 20 8 8 H1 2025 H1 2026 27 28 +5.7% PPA Amort. Depr. & Amort. 1 H1 2025 reported 2 One-time effects (1) H1 2025 excl. one- time effects (5 ) (4 ) H1 2026 excl. one- time effects One-time effects H1 2026 reported 0 Depreciation & Amortization • Depreciations are slightly increasing due to capitalization of finished projects from the past investment programs, including CHP Prüm • PPA amortizations almost stable (-3.6%) EBIT • EBITDA and slightly increased depreciations and amortizations are reducing the EBIT year-over-year HIT - Hamburger Investorentage | August 2026
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Arbonia Group NWC, Capex and Free Cash Flow As reported, continuing operations (excl. Climate) in CHF M 21 58 47 89 9.7% 06 20251 7.4% 12 2025 14.1% 06 2026 -17.6% +88.5% NWC in % of NR NWC Free Cash Flow incl. discontinued operations Capex in % of net revenue NWC 13 10 7 7 6 5 7.4% H1 2024 5.4% H1 2025 3.6% H1 2026 20 17 12 -15.2% -30.9% in % of NR Strategic Capex Maintenance Capex HIT - Hamburger Investorentage | August 2026 Comments • Seasonal increase in NWC compared to year end 2025 • Year-over-Year increase mainly driven by CHF 8.0 M guarantees due to divestment of Termovent and increases in receivables and inventories, partially related to higher revenues, raw materials, partially finished goods and higher stock at Garant • Capex is coming down as expected • Capex H2 '26 is expected to be higher than H1 '26 as some of the projects started during H1 • Proceeds from sale of Climate division of CHF 665.3 M, whereas 2026 includes the sale of Skyfens for CHF 3.7 M • Guarantees of CHF 8.0 M in 2026 due to divestment of Termovent – to be compensated by Midea • Income tax payments in 2026 mainly for Swiss holding companies primarily related to past divestments 1 excl. acquisitions RZB and Cicomol (immaterial impact) 618 -33 H1 2025 H1 2026 -105.3%
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in CHF M 173 146 11 26 Guarantee and Tax related to divestures 06 2026 (excl. Divesture effects) IFRS 16 Net Debt (excl. IFRS 16) HIT - Hamburger Investorentage | August 2026 22 Net Debt development 105 121 157 27 28 26 06 2025 12 2025 06 2026 132 149 184 IFRS 16 Net Debt (excl. IFRS 16) Comments • Seasonal increase in NWC compared to year end 2025 • Year-over-Year increase mainly driven by increases in receivables and inventories, partially related to higher revenues, raw materials, finished goods and higher stock at Garant • NWC reduction measures already started with impact in H2 '26
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Agenda Arbonia one strategy Arbonia one strategy Highlights H1 2026 Highlights H1 2026 Market update Market update Financial results Financial results Outlook and Guidance HIT - Hamburger Investorentage | August 2026 23
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24 Updated 2026 guidance Rising EBITDA & lower Capex to drive FCF growth Continued organic revenue growth in 2026 by leveraging: • Geographic distribution • Project business and new sales channels • Disciplined pricing policy • … and supported by catch-up effect from H1 as well as full effect of additional price increases Revenue Adjusted EBITDA Free Cash Flow Margin expansion supported by • Savings due to CHP and favourable development of energy costs • Full-year effect of lower corporate costs • Restructuring of glass business • Further productivity gains and economies of scale • … but negatively impacted by SAP/ERP introduction at Garant FCF growth supported by EBITDA increase and declining Capex • Completion of main investment program will result in declining Capex • Coupled with growing EBITDA will drive FCF growth • Sale of non-operating assets will support FCF Guidance 2026 • 3 – 5% net revenue growth 1, from a revenue of CHF 622 M in 2025 • EBITDA, adjusted, will be broadly at level of previous year (CHF 57.3 M) 1 • CHF 15 – 20 M Free Cash Flow 1 1 assumes stable exchange rates (CHF/EUR of 0.93) and normal development of material costs HIT - Hamburger Investorentage | August 2026
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25 Mid-term guidance (until 2029) confirmed Without one-time effects and M&A and full recovery of Garant • Raise market share • Market normalisation and recovery in Germany • Growth stimulus from interest rate cuts • Spare capacities after completed investment programme • Market expansion: development of new geographical markets and sales channels Revenue 1 Adjusted EBITDA 1 Capex and Free Cash Flow • Significant operational leverage, due to automation of the largest door plants brings competitive advantage and cost reduction • Economies of scale • Energy efficiency through automated, modern machinery and CHP plants • Improving profitability and cash flow due to lower investment costs • Strong deleveraging capability over period to 2029 due to positive cash flow development • Due to recent inflation, same investments would require significantly higher investments HIT - Hamburger Investorentage | August 2026 Guidance 2029 • Net revenues: CHF 820 – 850 M in 2029 • EBITDA-margin: 14 – 15% in 2029 • Depreciation & amortisation (without PPA 2) expected to rise to 6.0 – 6.5% of net revenues, with positive effect on taxes • Reduction to Capex normalisation below 4% • Free Cashflow of CHF 55 – 65 M 3 • Enabling a dividend policy in the range of more than 30% of Net income and a maximum of 50% of Free Cash Flow 1 assumes stable exchange rates (CHF/EUR of 0.96) a market development as described in previous slides and normal development of material costs; includes initiatives for organic growth 2 PPA amortisation peaked in 2025 at CHF ~17 M and will decline to CHF ~16 M in 2026 with a further decline of CHF ~2 M thereafter 3 excl. one-time effects
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Building the clear market leader in Europe for doors with constant gain of market shares Established a platform for growth by accessing new markets and sales channels – strong momentum outside Germany with market share gains across key European markets and Middle East Strong demand, increased order backlogs and positive market outlook in all key markets of Arbonia with further improved market positions in H1 2026 Significant growth potential in specialised door business with higher margins – leveraging Arbonia project sales team serving clients for big projects on a European basis Gaining constant market shares in volume driven European DIY business – leading DIY chains acknowledge Arbonia's performance and European wide presence Best-in-class production footprint with completed investment programme/cycle and Arbonia Excellence programme to ensure high delivery performance Modern integrated system landscape enabling further procurement and manufacturing synergies and future data-driven leverage of AI Cost discipline by conducting strict "Performance Plus" program with significant reduction of costs and management layers – completion of Arbonia's transformation enables management to fully focus on its core business Why Arbonia Key takeaways HIT - Hamburger Investorentage | August 2026 26 SAP implementation only with temporary downsides – mid-term goals remain unchanged
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Appendix
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Issues Action Plan Complex, fully integrated go-live – SAP, MES (machinery control) and Motis (warehouse management) launched in parallel Group-wide task force with strict KPI governanceand direct executive oversight; additional SAP expertise mobilised across the Group Number of door variance too high to be fully tested – in 2025, Garant produced ca. 800'000 doors, of which ca. 100'000 were produced only once Cross-functional task forces implemented to tackle issues immediately on the shop-floor Organisational readiness and planning proved insufficient for end-to-end scope; external contingencies (material shortages, machine failures) underestimated Intensified change management in manufacturing, with organisational and personnel measures taken where required Master data quality inadequate, reflecting a portfolio with billions of configuration variants Master data remediation completed, critical interface and integration issues eliminated Delivery backlogs, as faulty master data prevented production of certain products Delivery performance recovered– customer backlogs largely eliminated via workarounds now migrated into standard SAP processes Limited inventory transparency from incorrect bills of materials and booking practices; ~10% of processes required rework after go-live Inventory transparency re-established, enabling lower safety stocks and a release of working capital going forward HIT - Hamburger Investorentage | August 2026 28 SAP/ERP introduction Garant Action plan and issues Decisive actions with improvements visible this summer and a clear goals to bring Garant back on -track for 2027
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Revenue breakdown Arbonia Including FX effects, continuing operations 45% 18% 7% 7% 3% 4% DE CH 12% ES CEE1 FR 2% NL/BE 2% AT Others PT 1 CEE: Poland, Czech Republic, Hungary, Slovakia | 2 incl. revenue of Cicomol/RZB in 2025 (pro-forma) H1 2025 (pro-forma) 2 H1 2026 49% 17% 12% 6% 6% 3% 2% 3% DE CH ES CEE1 FR NL/BE 1% AT Others PT 29HIT - Hamburger Investorentage | August 2026
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Germany: Current market developments Residential building permits 1 Figures include only residential units in newly constructed residential buildings (BTK-GEB-NEU); source: Federal Statistical Office of Germany (Destatis) Single-family homesMulti-family homes 1 Two-family homesResidential construction Number of approved residential units in newly constructed residential buildings Jan-Jun 2025 Jan-Jun 2026 57,342 67,017 +16.9% Jan-Jun 2025 Jan-Jun 2026 21,282 23,990 +12.7% Number of approved residential units Number of approved residential unitsNumber of approved residential units Share in new residential construction 70% 30% Jan-Jun 2025 Jan-Jun 2026 84,670 98,703 +16.6% Jan-Jun 2025 Jan-Jun 2026 6,046 7,696 +27.3% Building permits in Germany continue to rise – recovery is now being led by important multi-family markets 30HIT - Hamburger Investorentage | August 2026
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Development of residential construction markets Arbonia's main markets 311 220 177 198 208 222 236 -2% 19.6% 12.2% 5.2% 6.6% 6.4% 264 263 221 176 169 178 190 -14% -16.1% -20.3% -3.9% 5.2% 6.6% 2022 2023 2024 2025 2026f 2027f 2028f 55 55 56 57 58 58 59 +1% 3.9% 2.0% 1.4% 0.9% 0.9% 47 47 46 46 47 48 49 0% -1.5% -1.1% 2.6% 1.9% 1.9% 2022 2023 2024 2025 2026f 2027f 2028f 109 109 128 139 145 150 155 0% 16.7% 8.1% 5.1% 3.5% 3.3% 89 88 98 95 110 125 135 0% 11.6% -2.9% 15.8% 13.6% 8.0% 2022 2023 2024 2025 2026f 2027f 2028f 08.2026 Forecast 01.2026 Forecast HIT - Hamburger Investorentage | August 2026 31 1 according to B+L 01/2026 und 08/2026 | 2 according to Euroconstruct 11/2025 and 06/2026 | 3 construction starts instead of permits for Spain – permits are not tracked Germany 1 Switzerland 2 Spain 2 Permits 3Completions
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HIT - Hamburger Investorentage | August 2026 32 Interest rate development 1 Arbonia's main markets 2023 2024 2026 202720252016 0 1 2017 2 -1 3 2018 4 2019 2020 2021 5 20282022 In % 117 bps 199 bps ECB rate ECB forecast SNB rate SNB forecast DE mortgage rate (15 yrs.) CH mortgage rate (10 yrs.) ES mortgage rate (avg. rate: ~25 yrs.) Main market developments • ECB and SNB interest rates have decreased in 2025, with one upwards revision (ECB) in 2026 • DE: mortgages rates have not reacted in line with ECB interest reduction and have risen significantly since • CH: mortgage rates back on a 2% level supporting construction activity, level broadly stable at this level • ES: mortgage rates have decreased, to the lower end of EU level, leading to a continued growth of construction activities As central bank rates are not expected to adjust their key interest rates, further stimulus must come from mortgage rate cuts by banks, especially in Germany 1 source: ECB (deposit facility), SNB (policy rate), Eikon polls, Interhyp, INE – Instituto Nacional Estadisitca
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HIT - Hamburger Investorentage | August 2026 33 Germany: Market developments through 2028 Interior doors market The German interior door market has contracted for four consecutive years 2026 is expected to mark the first return to growth However, in 2026 the market volume will still be approximately 20% below the levels seen in 2020–2022 B+L Germany 8.9 9.0 8.8 7.9 7.2 7.17.1 7.2 7.4 7.8 2.0 -2.1 -10.7 -9.2 -1.3 1.3 3.3 4.8 2020 2021 2022 2023 2025 2026f 2027f 2028f2024 • Due to war in Ukraine, inflation, high construction costs and rising interest rates, Germany experienced a significant decline since mid-2022, especially in residential construction • After a sharp drop of -10.7% in 2023 and -9.2% in 2024, only a slightly decline of -1.3% in 2026, due to robust renovation markets and overhang of open permits • A return to growth for 2026 is anticipated, threatened by Middle East escalation Development of total interior door potential in Germany until 2027 D – total interior doors (in M doors) Year-on-year change ( in %) source: B+L Outlook Innentüren 2026
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34 Overview of European interior doors market Financial performance vs. Jeld-Wen in H1 Net revenues in Madj. EBITDA in M 307.2 318.2 CHF 409.9 1 CHF 451.2 1 513.5 558.7 +9% +4% H1 2025 H1 2026 27.7 20.3 26.1 23.8 5.4% 4.3% 2 3.6% 2.6% 2 8.5% 7.5% -27% -9% source: Interconnection Consulting Market Overview Doors in Europe 2024 | note: market share is a blend of studies and management estimates 1 converted into CHF (USD/CHF 0.7983 for H1'25 & USD/CHF 0.8076 for H1'26) | 2 allocation of Jeld-Wen's "corporate and unallocated costs" according to revenue share of the European business (H1 '25: 32.1%; H1 '25: 36.3%) EBITDA margin (adj.) Jeld-Wen Europe Arbonia Group Org. growth of 2.0% Org. growth of 2.3% in USD in CHF HIT - Hamburger Investorentage | August 2026 Goal: Achieving clear market leadership ~20% Jeld-Wen ~10% Arbonia ~70% Others 28 M interior doors EUR 5.2 B total market Long-tail of national door producers Market share 2024
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Arbonia AG Amriswilerstrasse 50, CH-9320 Arbon www.arbonia.com Thank you! Investor Relations Contact: +41 71 447 45 55 ir@arbonia.com