Group structure - SFS Group AG Annual Report 2025

5 Group structure

This chapter provides an overview of the Group structure. Changes and related detailed information are explained. Transactions with related parties are also disclosed.

5.1 Changes in scope of consolidation

Acquisition of subsidiaries	2025	2024
Cash and cash equivalents	0.0	5.0
Trade receivables	0.8	3.6
Inventories	1.4	3.5
Other current assets	–	0.1
Property, plant and equipment	0.1	1.0
Intangible assets	1.0	8.6
Other non-current assets	0.2	0.1
Current liabilities	–0.9	–3.6
Non-current liabilities	–0.2	–2.7
Acquired net assets	2.4	15.6
Goodwill offset against equity	3.0	7.6
Purchase price incl. acquisition cost	5.4	23.2
Cash and cash equivalents acquired	–0.0	–5.0
Deferred and other non-cash consideration	–	–1.0
Contingent consideration (earnout)	–	–0.1
Consideration in cash flow statement	5.4	17.1

2025

As of August 1, 2025, the assets of DB Building Fasteners were acquired in an asset deal. The company, which has locations in Ontario and Sacramento, California (USA) specializes in the distribution of fastening solutions and accessories for the construction industry. In organizational terms, DB Building Fasteners was incorporated into Triangle Fastener Corporation (TFC) in the Fastening Systems segment. In 2025, DB Building Fasteners generated net sales of CHF 10.0 million, of which CHF 3.9 million were included in the consolidated income statement. Contract clauses do not include any contingent consideration (earnout).

As of November 26, 2025, the SFS Group signed a contract to acquire 51% of the shares of Jellypipe AG, an established and rapidly expanding platform for 3D-printing services. Jellypipe will be allocated to the Distribution & Logistics segment. The closing of the transaction is expected to occur in the first quarter of 2026. Contract clauses do not include any contingent consideration (earnout).

As of December 1, 2025, the SFS Group acquired Construcplan AB. In 2025, the company generated no net sales. Construcplan AB is part of the Fastening Systems segment. Contract clauses do not include any contingent consideration (earnout).

In December 2025, the SFS Group entered into an agreement to acquire 100% of the shares in Gödde GmbH, Oltrogge Werkzeuge GmbH and Hch. Perschmann GmbH, all based in Germany, as well as Perschmann sp. z o.o. in Poland and Gödde SRL in Belgium. The closing of the transaction is expected to occur in the first half of 2026 and is subject to the usual closing conditions. The acquired entities will be integrated into the Distribution & Logistics segment. In the financial year 2025, the three distribution partners of the Hoffmann Group generated third-party sales of approximately EUR 270 million and employed around 450 employees. As the companies already purchase their products from the Hoffmann Group, this represents an expected increase in sales of approximately EUR 130 million for the SFS Group.

2024

As of May 1, 2024, the SFS Group acquired Etanco S.A.U., a Spanish distributor of fasteners, fixings and accessories to the building envelope. The acquisition of Etanco, domiciled in Madrid (ES), strengthens the market position of the Fastening Systems segment of SFS in Spain and Portugal. In 2024, Etanco generated net sales of CHF 2.9 million, of which CHF 1.6 million were included in the consolidated income statement. Contract clauses do not include any contingent consideration (earnout).

As of October 1, 2024, the SFS Group acquired 100% of EPRO D.O.O., a leading, longtime distribution partner for high-end applications to the building envelope in Slovenia. EPRO is part of the Fastening Systems segment. In 2024, the company, domiciled in Ljubljana (SI), generated net sales of CHF 3.6 million, of which CHF 0.9 million were included in the consolidated income statement. Contract clauses do include a contingent consideration (earnout) depending on the EBIT achieved in 2025.

As of November 1, 2024, the SFS Group acquired Pro Fastening Systems Inc. (PFS). The company is an established specialist distributor of fasteners and sealants for the commercial and industrial construction industries. PFS is part of the Fastening Systems segment. In 2024, the company domiciled in Arlington Heights (US) generated net sales of CHF 24.1 million, of which CHF 3.0 million were included in the consolidated income statement. Contract clauses do not include any contingent consideration (earnout).

Disposal of subsidiaries	2025	2024
Cash and cash equivalents	–3.9	–
Trade receivables	–2.6	–
Other current assets	–0.1	–
Property, plant and equipment	–0.2	–
Other non-current assets	1.0	–
Current liabilities	3.3	–
Non-current liabilities	0.1	–
Net assets disposed	2.4	–
Selling price less acquisition cost	2.1	–
Cash and cash equivalents disposed	–3.9	–
Consideration in cash flow statement	–1.8	–

2025

On October 31, 2025, the SFS Group sold its 100% interest in the Swiss subsidiary Allchemet AG. Up to the date of disposal, Allchemet AG generated net sales of CHF 29.9 million (PY January to December CHF 36.7 million), which were included in the consolidated income statement. The disposal resulted in a loss of CHF 5.3 million, including a loss of CHF 5.0 million arising from the recycling of goodwill previously offset against equity to the income statement. The loss on disposal was recognized in other operating expenses.

5.2 Group companies

Subsidiaries

			Participation in %			Share capital in local currency 1,000
Country	Registered office	Name of the company	2025	2024	Currency	Share capital in local currency 1,000	Activities
Belgium	Borne (NL)	Hoffmann Quality Tools B.V.	100.0	100.0	EUR	n/a	V
	Kapellen	SFS Group Belgium B.V.	100.0	100.0	EUR	20	V
China	Nantong	Unisteel Technology (China) Co., Ltd.	100.0	100.0	CNY	916,777	V, P
	Shanghai	SFS Group (Shanghai) Co., Ltd.	100.0	100.0	CNY	708	DL
	Shanghai	Hoffmann Quality Tools Trading Co., Ltd.	100.0	100.0	CNY	77,069	V
Costa Rica	La Aurora Heredia	Tegra Medical Costa Rica S.A.	100.0	100.0	CRC	1	V, P
Germany	Achim	Hoffmann GmbH	100.0	100.0	EUR	512	V
	Essen	Hoffmann Essen Qualitätswerkzeuge GmbH	100.0	100.0	EUR	100	V
	Frankfurt	Hoffmann Tools & Solutions SE (former Atrium 296. Europäische VV SE)	100.0	100.0	EUR	120	V
	Göppingen	Hoffmann Göppingen Qualitätswerkzeuge GmbH	100.0	100.0	EUR	30	V
	Munich	Hoffmann Auslands-Beteiligungs GmbH	100.0	100.0	EUR	25	H
		Hoffmann Engineering Services GmbH	100.0	100.0	EUR	25	DL
		Hoffmann Group Immobilien GmbH	100.0	100.0	EUR	25	DL
		Hoffmann GmbH Qualitätswerkzeuge	100.0	100.0	EUR	512	V
		Hoffmann SE	100.0	100.0	EUR	2,550	H, DL
		Hoffmann IT & General Services GmbH	100.0	100.0	EUR	25	DL
		Hoffmann Group System GmbH	100.0	100.0	EUR	100	DL
		Proserve Vertriebs- und Beratungs GmbH	100.0	100.0	EUR	26	H
		Simple System GmbH	100.0	100.0	EUR	26	V
	Nuremberg	Hoffmann Nürnberg GmbH Qualitätswerkzeuge	100.0	100.0	EUR	625	V
		Hoffmann Supply Chain GmbH & Co. KG	100.0	100.0	EUR	150	DL
		Supply Chain Verwaltungs GmbH	100.0	100.0	EUR	25	DL
	Oberursel	SFS Group Germany GmbH	100.0	100.0	EUR	5,000	V, P
	Reutlingen	Garant Productions GmbH	100.0	100.0	EUR	25	P
	Schramberg	Ludwig Hettich Holding GmbH & Co. KG	51.0	51.0	EUR	2,500	H
		Ludwig Hettich Verwaltungs-GmbH	51.0	51.0	EUR	26	H
		HECO Schrauben GmbH & Co. KG	51.0	51.0	EUR	1,230	V, P
Denmark	Copenhagen	Hoffmann Danmark ApS	100.0	100.0	DKK	125	V
	Roskilde	Jevith A/S	100.0	100.0	DKK	500	V
Estonia	Tallinn	SFS Group Finland Oy Eesti Filiaal	100.0	100.0	EUR	n/a	V
Finland	Nummela	SFS Group Finland Oy	100.0	100.0	EUR	84	V
France	Drusenheim	Hoffmann France SAS	100.0	100.0	EUR	500	V
	Saint-Projet	HECO France Sarl	51.0	51.0	EUR	8	V
	Valence	SFS Group SAS	100.0	100.0	EUR	3,078	V, P
United Kingdom	Leeds	SFS Group Fastening Technology Ltd.	100.0	100.0	GBP	2,000	V, P
	London	Hoffmann UK Quality Tools Ltd.	100.0	100.0	GBP	5,973	V
India	Pune	Hoffmann Quality Tools India Pvt. Ltd.	100.0	100.0	INR	528,750	V
	Pune	SFS Group India Pvt. Ltd.	99.7	99.7	INR	46,654	V, P
Italy	Pordenone	SFS Group Italy S.r.l. unipersonale	100.0	100.0	EUR	10,000	V, P
	Vigonza	Hoffmann Italia S.p.A.	100.0	100.0	EUR	500	V
Canada	Dundas	SFS Group Canada Inc.	100.0	100.0	CAD	4,000	V, P
Malaysia	Johor Bahru	Unisteel Technology (M) Sdn Bhd	100.0	100.0	USD	1,372	V, P
	Subang Jaya	Hoffmann Quality Tools (Malaysia) Sdn Bhd	100.0	100.0	MYR	16,024	V
Mexico	Puebla	Hoffmann Quality Tools Mexico S. de R.L. de C.V.	100.0	100.0	MXN	9,150	V
	Querétaro	SFS Group Fastening Technology Mexico S.A.	100.0	100.0	MXN	50	V
Netherlands	Borne	Hoffmann Quality Tools B.V.	100.0	100.0	EUR	37	V
	Helmond	SFS Group the Netherlands B.V.	100.0	100.0	EUR	18	V, P
Norway	Frogner	SFS Group Norway AS	100.0	100.0	NOK	2,030	V
Austria	Brunn am Gebirge	SFS Group Germany GmbH, Brunn am Gebirge Branch	100.0	100.0	EUR	n/a	V
	Korneuburg	SFS Group Austria GmbH	100.0	100.0	EUR	146	V, P
	Zell am Moos	Hoffmann Austria Qualitätswerkzeuge GmbH	100.0	100.0	EUR	35	V
Poland	Poznan	SFS Group Sp. z o.o.	100.0	100.0	PLN	11,937	V
Portugal	Lisbon	Hoffmann Iberia Quality Tools S.L.	100.0	100.0	EUR	n/a	V
	Malveira	SFS Group Fastening Technology (Iberica), S.A.U. Sucursal em Portugal	100.0	100.0	EUR	n/a	V
Romania	Bucharest	Hoffmann Industrial Tools S.R.L.	100.0	100.0	RON	10	V
	Campia Turzii	HECO Schrauben S.r.l.	51.0	51.0	RON	37,582	P
Sweden	Strängnäs	SFS Group Sweden AB	100.0	100.0	SEK	200	V, P
	Strängnäs	Construcplan AB	100.0	–	SEK	25	DL
Switzerland	Emmenbrücke municipality of Emmen	Allchemet AG	–	100.0	CHF	340	V
	Hallau	Stamm AG	100.0	100.0	CHF	500	V, P
	Heerbrugg municipality of Widnau	SFS Group International AG	100.0	100.0	CHF	5,400	H
	Heerbrugg municipality of Widnau	SFS Group Schweiz AG	100.0	100.0	CHF	12,550	V, P, DL
Singapore	Singapore	Hoffmann Quality Tools Asia Pacific Pte. Ltd.	100.0	100.0	SGD	12,865	V
	Singapore	Unisteel Technology Limited	100.0	100.0	USD	340,443	V
Slovakia	Bratislava	Hoffmann Qualitätswerkzeuge SK s.r.o.	100.0	100.0	EUR	7	V
Slovenia	Ljubljana	EPRO D.O.O.	100.0	100.0	EUR	18	V
	Ljubljana	Hoffmann kvalitetna orodja D.O.O.	100.0	100.0	EUR	500	V
Spain	Madrid	Etanco S.A.U.	100.0	100.0	EUR	301	V
	Madrid	Hoffmann Iberia Quality Tools S.L.	100.0	100.0	EUR	50	V
	Sondika-Bizkaia	SFS Group Fastening Technology (Iberica), S.A.U.	100.0	100.0	EUR	975	V
Taiwan	Kaohsiung	Unisteel Technology Limited Taiwan Branch	100.0	100.0	NTD	n/a	DL
Czechia	Ejpovice	Hoffmann Qualitätswerkzeuge CZ s.r.o.	100.0	100.0	CZK	100	V
	Prague	SFS Group Fastening Technology s.r.o.	100.0	–	CZK	10	V
	Turnov	SFS Group CZ s.r.o.	100.0	100.0	CZK	205,000	V, P
Türkiye	Torbali-Izmir	SFS Group TR San. ve Tic. A.Ş.	95.1	95.1	TRY	23,109	V, P
	Torbali-Izmir	SFS Group Pazarlama A.Ş.	95.1	95.1	TRY	100	V
Hungary	Budapest	Hoffmann Hungary Quality Tools Kft.	100.0	100.0	HUF	3,000	V
	Janossomorja	SFS Group Hungary Kft.	100.0	100.0	HUF	412,500	V, P
USA	Arlington Heights, IL	Pro Fastening Systems Inc.	–	100.0	USD	5	V
	Franklin, MA	Tegra Medical, LLC	100.0	100.0	USD	137,839	V, P
	Franklin, MA	Tegra Medical CR, LLC	100.0	100.0	USD	–	H
	Knoxville, TN	Hoffmann Quality Tools USA, Inc.	100.0	100.0	USD	6,000	V
	Pittsburgh, PA	Triangle Fastener Corporation	100.0	100.0	USD	1	V
	Watertown, CT	Truelove & Maclean, Inc.	100.0	100.0	USD	1	V, P
	Wyomissing, PA	SFS Group USA, Inc.	100.0	100.0	USD	37,750	V, P

DL = Services, P = Production, V = Sales, H = Holding, L = in Liquidation

The closing date of all companies, except Hoffmann Quality Tools India Pvt. Ltd., is December 31.

2025

Pro Fastening Systems Inc. was merged into Triangle Fastener Corporation.

Atrium 296. Europäische VV SE was renamed Hoffmann Tools & Solutions SE.

SFS Group Fastening Technology s.r.o. was established with a share capital of CZK 0.01 million.

2024

SFS Group Belgium B.V. was established with a share capital of EUR 0.02 million. The Brunn am Gebirge branch of SFS Group Germany GmbH was set up. Atrium 296. Europäische VV SE was established with a share capital of EUR 0.12 million.

Hoffmann Supply Chain GmbH was merged into Hoffmann Supply Chain GmbH & Co. KG.

Joint ventures

			Shareholding in %			Share capital in 1,000
Country	Registered office	Name of the company	2025	2024	Currency	Share capital in 1,000	Activities
China	Tianjin	Sunil SFS intec Automotive Parts (Tianjin) Co., Ltd.	50.0	50.0	CNY	212,483	V, P

5.3 Transactions with related parties

Transactions with related parties are generally conducted based on usual market conditions.

Business relationships with related parties

Business transactions with members of the Board of Directors and of the Group Executive Board as well as related companies are summarized in the table below:

	2025	2024
Sales of goods and services	2.8	2.9
Purchases of goods and services	1.5	1.1
Receivables	0.0	0.2
Payables	0.1	0.1

The sales of goods and services mainly include IT, HR and finance services to companies owned by the founding families.

Business relationship with pension funds

The SFS Group charges CHF 0.6 million (PY CHF 0.6 million) in connection with the administration of the SFS pension fund and the patronage fund. Further business relationships with the pension fund include expenses of CHF 0.8 million (PY CHF 0.5 million).

Business relationships with associates and joint ventures

	2025	2024
Sales of goods and services	2.2	2.0
Receivables	0.7	0.3
Bank guarantees	7.4	8.4