Metall Zug Group

Metall Zug made tangible operational progress in the first half of 2026. All of the operational Business Units reported strong business performance and achieved growth. The group benefited from the continued implementation of measures to improve profitability. Thanks to higher efficiency and an adjusted cost base the trading operating result (EBIT before result from strategic investments) returned to break-even despite negative currency effects, US tariffs, and a continued challenging market environment.

The improvement was particularly evident at Haag-Streit. The Medical Devices Business Unit was able to increase sales and take advantage of rising unit volumes in its core business of slit lamps. Thanks to structural changes and the further reduction in the cost base – particularly in research and development – the Business Unit returned to profitability. Following extensive investments in research and development in recent years, Haag-Streit is significantly modernizing its product portfolio to lay the basis for future growth.

The Tech Cluster Zug generational project also made considerable progress. SHL Medical became the first third-party industrial user to move to the site alongside V-ZUG. The planned ETH Learning Factory Zug is still going through the political process, which is expected to be finalized in January 2027. The aim of this generational project is to create a forward-looking environment on the site that closely intertwines industry, research, education, commerce, and housing.

The reported net sales of the Metall Zug Group rose slightly to CHF 95.6 million (previous year: CHF 94.2 million). This was impacted by negative currency effects, particularly the weaker US dollar. Adjusted for currency effects, this resulted in organic growth of 5.5%. The operating result of the directly controlled Business Units returned to profitability at CHF 2.3 million, substantially above the prior-year figure of CHF –7.4 million. EBIT improved to CHF –3.7 million, compared to CHF –12.6 million in the prior year. This figure includes the proportionate results from the strategic investments of CHF –6.0 million (previous year: CHF –5.1 million).

The net result came to CHF –4.4 million (previous year: CHF –10.3 million), and cash flow from operating activities stood at CHF 7.4 million, significantly exceeding the prior-year level of CHF –5.4 million. As at June 30, 2026, the Metall Zug Group has an equity ratio of 65.0% (December 31, 2025: 67.4%) and therefore maintains a solid financial base. The slight decline is associated with the increase in debt financing used for the ongoing real estate projects at Tech Cluster Zug.

WEMACO Invest AG, as the third-largest shareholder of Metall Zug AG, sold its stake of around 11% (share of capital) in Metall Zug in June 2026 following a generational change. Metall Zug supported the placement of the share package, with a significant portion being acquired by members of the Board of Directors and the Senior Management of Metall Zug AG, as well as by members of the Senior Management of the Business Units.

Medical Devices Business Unit – Haag-Streit Group

HY 1 2026

HY 1 2025

Δ

CHF million

Net sales

78.2

77.1

1.5%

Operating result (EBIT)

2.7

-2.6

202.8%

EBIT margin in %

3.5

-3.4

690bp

Research & Development (R&D)

-9.6

-12.6

-24.1%

Operating result (EBIT) excl. R&D

12.3

10.0

23.0%

EBIT margin excl. R&D in %

15.7

13.0

270bp

The Medical Devices Business Unit (Haag-Streit Group) generated net sales of CHF 78.2 million in the first half of 2026, which was slightly above the prior-year level of CHF 77.1 million despite negative currency effects of 5.0%. Adjusted for currency effects, this resulted in organic growth of 6.5%. This solid growth was driven in particular by the core business of slit lamps, where sales volumes increased by more than 20%. The newly introduced Elara 900 hybrid digital slit lamp saw encouraging demand, but established models also performed well, particularly in the US market. In addition, the high-margin Simulation product area posted rising sales figures, and the METIS 900 surgical microscope is meeting with a good market response. This positive performance was achieved despite a challenging market environment in the medical devices sector. Increased uncertainty in international markets led to cautious investment activity, particularly in Asia. At the same time, the weakening of foreign currencies against the Swiss franc had a negative impact on the competitiveness of products manufactured primarily in Switzerland, as well as on sales growth in Swiss francs.

Haag-Streit returned to profitability in the first half of 2026 with an EBIT of CHF 2.7 million (previous year: CHF –2.6 million). This was largely due to the measures introduced in 2025 to improve efficiency, the optimized organizational structure, and the sustainable reduction in the cost base. Factors contributing to this decrease included lower R&D expenses, a sharper focus on the development portfolio, and structural changes. In addition, US tariff refunds of CHF 1.3 million had a positive net effect on the result.

After several years of investment in research and development, Haag-Streit launched three entirely new products on the market – the METIS 900, Elara 900, and Refractor 900. Additional product launches in the Perimetry product area are planned for the second half of 2026 and 2027. Haag-Streit’s focus is increasingly shifting toward the successful market introduction of new products and intensified market development.

Technologycluster&Infrastructure Business Unit

HY 1 2026

HY 1 2025

Δ

CHF million

Net sales

0.0

0.0

n/a

Other operating income

7.1

6.5

8.1%

Operating result (EBIT)

2.1

0.8

155.4%

The Tech Cluster Zug generational project continued to take shape in the first half of 2026 – under the leadership of the new CEO Silvan Burkhalter since April. In the first half of 2026, the Technologycluster & Infrastructure Business Unit invested CHF 23.0 million (previous year: CHF 14.7 million) in ongoing projects. The Business Unit generated CHF 7.1 million rental income and income from building contractor services, compared with CHF 6.5 million in the previous year. Thanks to higher rental income, EBIT increased to CHF 2.1 million (previous year: CHF 0.8 million).

The arrival of SHL Medical as the first third-party industrial user on the site alongside V-ZUG was a particular highlight. The production area of the SHL-Südtor building has already been handed over and is gradually being put into service, resulting in first rental income from April 2026 onward. The construction project is scheduled to be completed with the full handover of the office space at the end of 2026. The planned ETH Learning Factory Zug on the Tech Cluster site represents another milestone. It is intended to promote exchange and collaboration between education, research, and industrial practice. The project is still going through the political process, which is expected to be finalized in January 2027.

In March, building construction began on the CreaTower I project, the new headquarters of VZ Depository Bank. The innovative Rippmann-Floor-System (RFS) is being used for the first time – a prefabricated vaulted ceiling structure consisting of thin, double-curved concrete shells with vertical reinforcements, which requires much less concrete than conventional construction methods. With regard to the high-rise project Pi, which is intended to create around 70% of affordable housing, the administrative appeal filed against the development plan was rejected by the Zug cantonal government at first instance in July 2026. The complainant has contested the decision with the administrative court of the Canton of Zug. The pyrolysis plant developed by the Association for the Decarbonization of Industry (VZDI) and its partners on the Tech Cluster site passed its final acceptance test in June 2026 and has now begun test operations. V-ZUG’s enameling furnaces are scheduled to be fired with climate-friendly hydrogen for the first time starting from the first quarter of 2027.

Investments & Corporate

The Investments & Corporate reporting segment comprises Metall Zug AG (Corporate), Gehrig Group AG and the strategic investments in V-ZUG (33%), Komax (25%), and SteelcoBelimed (33%). By increasing its stake in V-ZUG Holding AG from 30.3% to 33.3% in June 2026, Metall Zug is underscoring its position as a long-term anchor shareholder and reaffirming its commitment to V-ZUG, as well as to Zug and Switzerland as production locations. This increase was also linked to the aforementioned generational change at WEMACO Invest AG.

HY 1 2026

HY 1 2025

Δ

CHF million

Net sales

17.3

17.1

1.0%

Operating result (EBIT)

-8.5

-10.8

21.4%

In the first half of 2026, the segment generated net sales of CHF 17.3 million (previous year: CHF 17.1 million) and an EBIT of CHF –8.5 million (previous year: CHF –10.8 million). EBIT includes the proportional results from the strategic investments of CHF –6.0 million (previous year: CHF –5.1 million) and can be broken down as follows:

V-ZUG (33%)

Komax (25%)

SteelcoBelimed (33%)

 HY 1

2026

 HY 1

2025

HY 1

2026

 HY 1

2025

HY 1

2026

 HY 1

2025

CHF million

Proportional
net result

2.1

0.5

-1.2

-1.1

-6.9

-4.5

Detailed information on the business performance of V-ZUG and Komax can be found in the half-year reports published by each company. SteelcoBelimed generated net sales of CHF 181.5 million (previous year: CHF 176.5 million) in the first half of the year. Business performance was once again marked by strong seasonality, with a weaker first half of the year. In addition, investments in future growth (service & marketing) as well as extraordinary expenses were incurred in relation to the post-merger integration, which continues to progress. With an EBIT of CHF –22.2 million (previous year: CHF –10.8 million), SteelcoBelimed remained well below the break-even point.

The Gehrig Group posted steady growth in the first half of 2026, generating sales of CHF 17.3 million – slightly higher than the previous year (CHF 17.1 million). Higher sales figures in the thermal appliances and cleaning agents product area had a particularly positive impact. In the service business, the number of long-term maintenance contracts increased, while sales were lower than in the previous year. EBIT remained negative but improved significantly compared with the prior year thanks to structural changes and cost savings in the second half of 2025.

Outlook

The Group has a solid foundation for attractive growth opportunities and is confident about the medium- and long-term prospects of its Business Units and strategic investments. At the same time, the economic environment continues to be characterized by heightened volatility and limited visibility. The multitude of global economic, political, and currency-related factors makes it difficult to predict business performance reliably for the remainder of the year.

Key Figures Metall Zug Group

Balance Sheet

Assets

06.30.26

12.31.25

Liabilities and
shareholders' equity

06.30.26

12.31.25

CHF million

CHF million

Current assets

148.4

135.0

Current liabilities

52.2

46.5

Of which cash and
cash equivalents

16.4

16.1

Non-current liabilities

191.9

171.3

Tangible assets

204.6

192.8

Total liabilities

244.1

217.8

Financial Assets

343.7

337.6

Shareholders' equity

454.1

449.4

Intangible Assets

1.6

1.8

in % of total assets

65.0

67.4

Fixed assets

549.9

532.2

Total assets

698.2

667.2

Total liabilities and
shareholders' equity

698.2

667.2

Income Statement

HY 1 26

HY 1 25

CHF million

Net sales

95.6

94.2

Trading operating result

2.3

-7.4

in % of net sales

2.4

-7.9

Operating result (EBIT)

-3.7

-12.6

Financial result

-0.2

1.4

Result before taxes

-3.9

-11.2

Net result

-4.4

-10.3

in % of net sales

-4.6

-11.0

Employees (FTE)

869

952

Statement of Cash Flows

HY 1 26

HY 1 25

CHF million

Cash flow from
operating activities

7.4

-5.4

Cash flow from
investing activities

-27.8

-27.1

of which investments

(w/o financial assets, M&A)

-24.9

-17.6

Cash flow from
financing activities

21.0

30.6