Zehnder Group

What Zehnder Group does

Zehnder Group AG is a Swiss publicly listed indoor climate solutions provider founded in 1895 and headquartered in Gränichen, Switzerland, with shares trading on the SIX Swiss Exchange under ticker ZEHN and the founding family retaining majority control. The company operates across four product lines: comfortable indoor ventilation systems with up to 96% heat recovery (ComfoAir Q, ComfoClime, ComfoConnect gateways), decorative radiators including the Studio Collection premium line, heating and cooling ceiling systems for large spaces, and industrial air cleaning solutions with smart monitoring. Underlying technology combines proprietary heat and moisture recovery, radiant ceiling panel engineering, and cloud connectivity for system monitoring. Zehnder operates 16 production plants and serves customers in 70+ countries through local sales companies, an academy-trained installer network, and a portfolio of 12+ acquired regional brands including Acova, Caladair, CORE, Enervent, Filtech, Greenwood, Siber, Lifebreath, Rittling, Runtal, Fortuneway, and Nather.

Revenue is generated almost entirely through B2B hardware sales of ventilation units, radiators, climate ceilings, and air cleaning systems, with FY2025 group revenue of EUR 760.7 million (ventilation 66%, radiators 34%). Pricing is project-based and quote-driven through regional sales contacts, with the company targeting commercial, residential, and industrial end markets via direct enterprise sales, channel distributors, and installer partners. The company trained 25,000 installer customers in 2025 and employs approximately 3,500 people globally, with FY2025 adjusted EBIT of EUR 65.2M (8.6% margin) and operating cash flow of EUR 80M. Active M&A in ventilation (notably the EUR 86M Siber acquisition in 2024) is accelerating the company's strategic pivot away from its legacy radiator base.

Name

Zehnder Group

Legal name

Zehnder Group AG

Website

https://zehndergroup.com

Company type

Public

Founded year

1895

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Zehnder Group AG is a Swiss-listed indoor climate solutions provider selling ventilation systems, decorative radiators, climate ceilings, and industrial air cleaning across 70+ countries, with ventilation now representing two-thirds of EUR 760.7 million FY2025 sales.

Ownership category

akta.pro rank

Product category

Indoor Climate and HVAC Systems

NAICS

Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (33341), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415), Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing (333413)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Industrial & Commercial Fans & Blowers & Air Purifing Equip (3564), Heating Equipment, Except Electric & Warm Air Furnaces (3433)

akta.pro primary industry

Chillers & Cooling Plant Equipment (IMAHAKAE)

akta.pro secondary industries

Heat Pump & Smart HVAC Controller Integration (HSAOANAD), HVAC System Replacement & Change-Outs (HSAOAGAB), Smart Thermostats & HVAC Controls Retail (CRAIAMAC)

Keywords

• Indoor climate solutions
• Heat recovery ventilation
• Decorative radiators
• Heating cooling ceilings
• Industrial air cleaning

Headquarters

HQ city

Granichen

HQ country

Switzerland

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Product Sales (Ventilation): Zehnder's primary revenue driver with ventilation sales surpassing EUR 500 million milestone in 2025 (EUR 501.7 million, up 18%), representing 66% of total sales. Includes central ventilation systems, decentralized units, heat recovery units, air distribution systems, grilles and valves, controls and sensors.
2. Product Sales (Radiators): Legacy radiator segment with sales of EUR 259 million in 2025 (down 8% due to reduced renovation activity), representing 34% of total sales. Includes decorative radiators, bathroom radiators, central heating radiators, electric radiators, and dual energy radiators.
3. Heating and Cooling Ceilings: Radiant ceiling panels and climate ceilings for commercial and industrial applications, providing energy-efficient heating and cooling from the ceiling
4. Industrial Air Cleaning: Clean air solutions for industrial facilities including dust reduction, air purifiers, and all-inclusive service packages
5. Installation and Training Services: Zehnder trains over 25,000 customers annually in academies; services from planning to installation support

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Zehnder Group designs, manufactures, and sells indoor climate solutions including heat-recovery ventilation systems (central and decentralized), decorative and functional radiators, radiant heating and cooling ceiling panels for large spaces, and industrial air cleaning systems. The company serves residential, commercial, and industrial end markets across Europe, North America, and Asia-Pacific through direct sales companies and a trained installer partner network, supplemented by connectivity and smart monitoring software for its hardware.

Product overview

Zehnder Group is a leading international provider of complete solutions for a healthy indoor climate. The company offers four core product lines: Comfortable Indoor Ventilation (including ComfoAir Q central units, ComfoClime tempering systems, ComfoConnect gateways, and decentralized solutions), Decorative Radiators (featuring the Studio Collection premium line, Charleston classic series, and various designer radiators), Heating & Cooling Ceilings (radiant ceiling panels and climate ceiling systems), and Industrial Air Cleaning (Zehnder Clean Air Solutions with CARA smart monitoring app). The portfolio includes numerous acquired brands across Europe (Acova, Caladair, CORE, Enervent/Exvent, Filtech, Greenwood, Siber), North America (Lifebreath, Rittling, Runtal), and China (Fortuneway, Nather). Products operate with the company's own cloud infrastructure and connectivity solutions for smart building integration.

Differentiator

Problem solved

Functional benefit

Brands

• Acova: Leading company in France in central heating, electric radiators, and bathroom radiators
• Caladair
• CORE
• Enervent
• Filtech
• Greenwood
• Siber
• Lifebreath
• Zehnder Rittling
• Runtal
• Fortuneway
• Nather

Products and services

• Comfortable Indoor Ventilation Central and decentralized residential and commercial ventilation systems with heat recovery, air tempering, and smart connectivity for healthy indoor air and energy efficiency.
• Decorative Radiators Designer and functional radiators for residential and commercial buildings in central heating, electric, and dual energy variants, including the Zehnder Studio Collection premium line and the Charleston classic.
• Heating and Cooling Ceilings Energy-efficient radiant ceiling panels and climate ceiling systems for heating and cooling large spaces including offices, industrial halls, sports halls, and public buildings.
• Industrial Air Cleaning (Zehnder Clean Air Solutions) Air purifiers and cleaning systems for industrial facilities that reduce dust, improve work environments, and reduce cleaning and maintenance costs.
• ComfoAir Q Series Ventilation Units Central ventilation units with heat recovery (ComfoAir Q450 ST, Q350 TR, Q70) that ventilate entire buildings while recovering heat or cold from exhaust air.
• CARA Smart Air Cleaning App Smart app for industrial air cleaners providing real-time monitoring, automatic adjustments, and an all-in-one dashboard for facility air quality management.
• ComfoClime Air Tempering System Intelligent ventilation tempering system providing cooling and dehumidification for pleasant indoor climate on hot days.
• ComfoConnect Gateways Cloud connectivity gateways (ComfoConnect Lan-C, ComfoConnect Pro, ComfoConnect Box) integrating Zehnder ventilation units into smart home systems and enabling remote control via cloud-based dashboard.
• Zehnder Air Distribution System (Rapid Lock) Quick-connect air distribution system for efficient routing of ventilation air to targeted spaces in new construction and renovation projects.
• Industrial Air Cleaning All-Inclusive Service Packages Bundled professional services including planning, installation support, and all-inclusive service packages for industrial air cleaning deployments.
• Zehnder Academy Training Programs Annual training for over 25,000 installer and partner customers covering ventilation, radiator, and indoor climate installation best practices.

Quantifiable outcome

• Up to 96% heat recovery efficiency in ventilation systems
• +6 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Eight partnerships are on record, tiered core.

• SibercoreStrategic or Co-development Partner · 1 January 2024EUR 86 million acquisition of Spain's Siber, a leading company in residential ventilation systems for newly built apartment buildings in Spain and Portugal. Contributed 5% to ventilation sales growth in 2025.
• Airia BrandscoreStrategic or Co-development Partner · 1 January 2022Acquired Airia Brands which develops and manufactures heat recovery ventilation systems for residential buildings, sold under the Lifebreath brand in Canada and USA.
• FiltechcoreStrategic or Co-development Partner · 1 January 2022Filtech has been part of Zehnder Group since 2022. Filtech develops, manufactures, and distributes high-quality air filters for various applications.
• CaladaircoreStrategic or Co-development Partner · 1 January 2021Caladair has been part of Zehnder Group since 2021. The French brand develops, produces, and distributes energy-efficient ventilation and thermodynamic systems, mostly for commercial buildings.
• FortunewaycoreStrategic or Co-development Partner · 1 January 2021Zehnder Group acquired a majority stake in Fortuneway in 2021. Fortuneway is renowned as a supplier of enthalpy heat exchangers and polymer membranes for moisture and heat recovery.
• EnerventcoreStrategic or Co-development Partner · 1 January 2018Enervent and Exvent have been part of Zehnder Group since 2018. Enervent is known in Finland and Denmark for high-quality, energy-efficient products. The company operates under the Exvent brand in Norway.
• NathercoreStrategic or Co-development Partner · 1 January 2010Shanghai Nather has been part of Zehnder Group since 2010. Nather develops, produces, and distributes ventilation components for housing construction in China and is a market leader in the growing market for energy-efficient indoor climate solutions.
• AcovacoreStrategic or Co-development Partner · 1 January 1994Acova has been part of the Zehnder Group portfolio since 1994. Acova is one of the leading companies in France in the fields of central heating, electric radiators, and bathroom radiators.

Scale indicators16 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Trane Technologies plc: Global HVAC and building solutions major (Trane, Thermo King brands). Competes with Zehnder's commercial and industrial HVAC portfolio and has broader scale and channel reach.
• Daikin Industries, Ltd. Global HVAC leader with dominant positions in air conditioning, heat pumps, and refrigeration. Competes broadly with Zehnder across residential and commercial HVAC, especially in heat pumps and ventilation integration.
• Johnson Controls International plc: Diversified building technologies and HVAC incumbent (York, Hitachi HVAC JV). Competes broadly with Zehnder's commercial HVAC and smart-building offerings across global markets including Europe.

Direct peers

• Swegon Group AB: Nordic indoor climate solutions provider focused on energy-efficient ventilation, heating, cooling, and acoustic solutions for commercial buildings. Directly comparable in product portfolio (centralized air handling, climate ceilings, demand-controlled ventilation) and target customer segments (offices, hotels, healthcare).
• Purmo Group Plc: Finland-based indoor climate solutions company offering radiators, underfloor heating, and ventilation. Directly overlaps with Zehnder's radiator segment and competes in European residential heating markets with comparable brand portfolio (e.g., Radson, Vogel & Noot).
• Belimo Holding AG: Swiss-listed global leader in HVAC actuator, valve, and sensor technology. Comparable as a Swiss indoor-climate component specialist serving HVAC OEMs and buildings; while more component-focused, Belimo shares Zehnder's Swiss quality positioning and end-market exposure.
• Volution Group plc: UK-listed ventilation manufacturer with brands including Vent-Axia, Nuaire, and Torin. Directly competes in residential and commercial mechanical ventilation / heat recovery and shares the channel-led GTM model targeting installers and specifiers.
• Systemair AB: Swedish manufacturer of ventilation, air handling units, and fans for residential and commercial buildings. Closest direct peer to Zehnder's European ventilation business with similar product range (HRV units, fans, air distribution) and competing in many of the same European markets.
• Stelrad Group plc: UK-listed radiator manufacturer and one of Europe's leading steel panel radiator producers. Highly comparable to Zehnder's legacy radiator segment; useful for tracking radiator pricing, mix, and renovation-cycle dynamics.

Regional players

• Viessmann Climate Solutions: German heating, industrial, and refrigeration systems provider with strong European residential heating footprint. Overlaps with Zehnder's radiator and heating-cooling ceiling offerings and competes in the same DACH installer channel.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCXjztSLqBc4jQK1Q9GXQv5w
• Facebookfacebook.com/zehndersystems
• LinkedInlinkedin.com/company/zehnder-group
• Instagraminstagram.com/zehndergroup
• Xx.com/zehndergroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Zehnder Group