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Swiss HVAC field-device manufacturer Belimo Holding (SIX: BEAN) reported strong first-half 2026 results, with booming demand for AI-driven data center cooling solutions fueling more than half of its sales growth.
Net sales climbed 29.6% in local currencies to CHF 676.4 million, up from CHF 561.5 million a year earlier. The company said expanding investment in AI infrastructure and advanced cooling technologies continued to drive demand, particularly for its liquid cooling solutions used in high-performance data centers.
Belimo's earnings before interest and taxes (EBIT) increased 19.1% to CHF 152.5 million, while the EBIT margin edged down slightly to 22.5% from 22.8% due to foreign exchange headwinds. The impact was partly offset by operating leverage, pricing actions, and a favorable product mix. Net income rose 23.3% to CHF 124.9 million, with earnings per share improving to CHF 10.15 from CHF 8.23.
The Americas remained Belimo's largest growth market, generating CHF 341.3 million in sales, up 35.1% in local currencies, supported by robust demand from data centers. The company said demand for direct-to-chip liquid coolingcontinued to accelerate as next-generation AI processors generate higher heat densities. Belimo added that its control valve technology has become a preferred solution among major chip manufacturers and hyperscale data center operators.
Asia Pacific posted the fastest regional growth, with sales rising 58.0% in local currencies to CHF 94.8 million, while Europe, the Middle East, and Africa recorded 14.1% growth to CHF 240.3 million, also benefiting from data center investments.
By product segment, Control Valves delivered the strongest performance, with sales increasing 48.3% in local currencies to CHF 389.3 million, driven by demand for Belimo Energy Valves and pressure-independent control valves. Damper Actuators grew 7.6% to CHF 253.8 million, while Sensors and Meters advanced 39.2% to CHF 33.3 million as customers consolidated suppliers.
Operating cash flow declined to CHF 83.8 million from CHF 93.5 million, while free cash flow fell to CHF 38.7 million due to higher working capital and CHF 45.4 million in capital expenditures tied to capacity expansion. Belimo ended June with CHF 27.7 million in net debt and an equity ratio of 61.2%.
Looking ahead, Belimo expects year-over-year sales growth to moderate in the second half as pricing benefits normalize and comparisons become more challenging. However, the company maintained its outlook for a full-year 2026 EBIT margin above 20%. Its workforce expanded to 2,881 employees at the end of June, compared with 2,512 a year earlier.
