Belimo Achieves Rapid Growth and Breakthrough Performance in 2024

Looking back at 2024, it was a year marked by growth, resilience, and outstanding achievements for Belimo. The company successfully accomplished its long-term strategic objectives, demonstrating its unwavering commitment to excellence and innovation. Although the year brought political and economic uncertainties affecting several countries, it also highlighted Belimo’s ability to adapt, evolve, and thrive.

In a joint message from Patrick Burkhalter, Chairman of the Board of Directors of Belimo Holding AG, and CEO Lars van der Haegen, the two leaders presented the Group’s impressive business performance in 2024, along with plans to continue executing its growth strategy and capitalize on opportunities in data centers and building retrofitting throughout 2025.

I. Belimo Achieved Strong and Rapid Growth in 2024

In the EMEA region (Europe, Middle East, and Africa), key markets such as Germany faced significant challenges, while the construction environment in China created a difficult landscape for the Asia Pacific region. Nevertheless, Belimo successfully overcame these obstacles through fast and reliable delivery performance, as well as close partnerships with customers and suppliers, achieving growth across all market regions and delivering double-digit Group net sales growth.

A particularly strong contribution came from the Americas market region, which maintained an impressive growth trajectory. Now the largest contributor to Belimo’s absolute revenue, the Americas played a pivotal role in driving the company’s remarkable overall performance.

Furthermore, Belimo’s close alignment with major long-term growth trends continued to serve as the foundation of its success. These trends include energy efficiency, urbanization, and digitalization — especially data centers and the rapid expansion of Artificial Intelligence (AI) applications. To further strengthen this alignment, Belimo officially added Data Centers as a new strategic initiative effective January 1, 2025.

In addition, the urgent need to accelerate building retrofits and improve indoor air quality standards significantly contributed to Belimo’s achievements in 2024.

In 2024, Belimo achieved net sales growth of 13.1% in local currencies and 9.9% in Swiss francs, reaching a new record of CHF 943.9 million (~USD 1.04 billion). Earnings before interest and taxes (EBIT) reached CHF 181.1 million (~USD 199.2 million), with the EBIT margin increasing to 19.2%.

Net income rose by 7.2% to CHF 146.7 million (~USD 161.4 million), while free cash flow (excluding term deposits) amounted to CHF 132.8 million (~USD 146.1 million).

Executing long-term investments aligned with the Group’s strategy remained a top priority. During the year, Belimo hired 356 new employees, invested CHF 72.9 million (~USD 80.19 million, equal to 7.7% of net sales) into research and development, and allocated CHF 58.7 million (~USD 64.57 million, equal to 6.2% of net sales) toward capacity expansion projects.

Key product launches in 2024 included the expansion of Belimo’s Control Valve portfolio with the JR butterfly control valve and the Belimo Assistant 2 App. This application provides a seamless and consistent user experience, enabling Belimo customers to configure, commission, and operate systems paperlessly with improved efficiency.

Moreover, several R&D projects are currently in their final stages, ensuring the launch of multiple new products throughout 2025.

Belimo’s corporate culture, dedicated workforce, and relentless focus on customer value remain the cornerstone of the company’s success. In 2024, Belimo launched company-wide initiatives to strengthen its unique culture, including a series of workshops focused on the company’s core values: credibility culture, customer value, solution leadership, and operational excellence.

Belimo also remained firmly committed to creating healthier and more sustainable indoor environments. In 2024, the company made significant progress by joining the Science Based Targets initiative (SBTi) and launching projects under the Belimo Climate Foundation to further strengthen its environmental commitments.

Additionally, Belimo continued its dedication to the United Nations Global Compact and its associated initiatives. For the first time, Belimo also achieved the industry-leading AAA ESG rating from MSCI in the latest assessment released in November 2024.

The Board of Directors proposed Mr. Tom Hallam for election at the 2025 Annual General Meeting. Furthermore, the Board proposed a dividend of CHF 9.50 (~USD 10.45) per share at the Annual General Meeting scheduled for March 24, 2025, representing an increase of CHF 1.00 (~USD 1.1) compared to the previous year.

II. Revenue Development

Overall, Belimo generated total net sales of CHF 943.9 million (~USD 1.04 billion) in 2024, representing growth of 13.1% in local currencies and 9.9% in Swiss francs.

This double-digit growth was driven by volume recovery, strong product and customer portfolio contributions, and positive pricing effects, offsetting negative foreign exchange impacts.

1. Regional Performance Analysis

Americas

Supported by a positive overall market environment, the Americas market region achieved revenue growth of 19.8% in local currencies.

This success was built upon several extraordinary years during which Belimo gained significant market share and strengthened its reputation as a critical partner for premium and highly demanding applications — not only in traditional business sectors but also among leading chip designers.

By contributing to the design and commercialization of next-generation data center cooling solutions featuring mission-critical innovative components, Belimo further strengthened its market position.

The Americas region has now become Belimo’s largest absolute revenue contributor, reaffirming its strategic importance as a key growth engine for the Group.

EMEA (Europe, Middle East, and Africa)

The EMEA region achieved solid growth of 5.9% in local currencies despite a subdued business environment, particularly within the commercial construction sector and the German market.

Asia Pacific

The Asia Pacific region delivered strong performance, with accelerating revenue momentum during the second half of the year, achieving growth of 14.6% in local currencies.

Particularly strong performance came from India and China, with China significantly outperforming the still-challenging construction market conditions in the country.

2. Business Line Analysis

Continuing its strong multi-year growth trend, the Control Valves product line once again achieved substantial market share gains, delivering impressive growth of 15.4% in local currencies and reinforcing Belimo’s position as an innovation leader.

Similarly, Sensors and Meters continued attracting strong market attention, recording impressive growth of 25.0% in local currencies.

While Damper Actuators experienced more moderate growth of 9.7% in local currencies, the inventory liquidation phase among OEM customers has now concluded. Belimo has begun benefiting from volume recovery within its OEM channel, outperforming the broader construction market slowdown in EMEA.

III. Belimo’s 2025 Outlook

Belimo expects continued demand growth in the HVAC field devices market, with a stronger shift toward building retrofits. Net sales are projected to grow above the five-year average, while the EBIT margin is expected to remain between 18% and 20%.

EMEA Market Region

In EMEA, Belimo anticipates that the mixed market environment in non-residential new construction — including the weak German market seen in 2024 — may worsen before improving toward the end of the year and will continue negatively affecting the industry throughout much of 2025.

Despite this, Belimo expects to outperform its markets, supported by strategic initiatives such as RetroFIT+ and Data Centers.

The RetroFIT+ project pipeline generated strong momentum throughout 2024, giving the company confidence in achieving its 2025 objectives for the EMEA region.

Americas Market Region

In the Americas region, growth momentum in the data center market is expected to continue accelerating, albeit gradually. Meanwhile, broader demand from Belimo’s traditional HVAC sectors is likely to remain strong.

To support sustainable long-term growth, Belimo is once again expanding its Americas headquarters in Danbury, Connecticut. The expanded U.S. presence will help reduce freight costs and greenhouse gas (GHG) emissions while improving flexibility amid geopolitical changes such as tariffs.

The project, beginning this year and scheduled for completion in early 2027, will automate storage, logistics, customization, and manufacturing processes.

In 2025, Belimo will also launch and manufacture the new QR and YR butterfly valve actuators for high-performance applications such as data centers, further strengthening its position as the largest HVAC field device manufacturer in the United States.

Asia Pacific Market Region

The Asia Pacific region is expected to experience the strongest data center market growth among all market regions over the coming years, including 2025.

Additionally, China’s economic stimulus measures are likely to boost the market beginning in the second half of 2025.

Business operations in India are thriving and show strong potential for 2025. In Southeast Asia, the Group anticipates robust HVAC market growth aligned with higher GDP growth expectations.

As the market leader in energy-efficient HVAC field devices, Belimo is strongly positioned to capitalize on these evolving market trends.

Ongoing trends in digitalization, urbanization, and climate change continue driving demand for more efficient cooling solutions, improved indoor air quality, and greater building energy efficiency — providing growth opportunities well above overall GDP trends.

The Group remains committed to its long-term growth strategy, continuing investments in strategic initiatives and capacity expansion, primarily in logistics. As a result, elevated capital expenditures are expected to continue throughout 2025 and 2026 before stabilizing closer to historical levels by 2027.

Conclusion

PGTECH is proud to serve as the official distributor and representative of Belimo — the global market leader in the development, manufacturing, and distribution of energy-efficient control devices for heating, ventilation, and air conditioning (HVAC) systems.

We are also delighted to congratulate Belimo on achieving revenue of CHF 944 million (~USD 1.04 billion) in 2024, supported by more than 2,300 employees worldwide.

Looking ahead, 2025 will mark the 50th anniversary of Belimo — a significant milestone in the company’s history. Throughout the year, Belimo will celebrate its remarkable journey through a series of local and global activities and events, reflecting its transformation from humble beginnings into a global leader in HVAC field devices and building automation solutions.

Belimo’s story is one of innovation, resilience, and continuous growth. As the company approaches its 50-year anniversary, it continues building a stronger, healthier, and more energy-efficient future.

PGTECH GROUP LIMITED – Authorized Distributor of HVAC System Products in Vietnam and Regional Markets

Copyright © – This article is the property of PGTECH Vietnam

News Editorial Board: PGTECH

Editor: Mai Phuong

PGTECH GROUP LIMITED

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