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Ricarda Demarmels, CEO and Urs Riedener, Chairman of the Board of Directors

Dear shareholders

Also last year saw no let-up in global upheaval. Geopolitical tensions, war, the advance of climate change, inflation and the rising cost of living adversely affected all of us as individuals as well as wider society and companies. In this environment, the Emmi Group once again did everything in its power to demonstrate its dependability as a partner. In line with a clear strategy and a sound set of values, our teams applied their extensive expertise in their craft and exercised foresight and flexibility to delight our many customers, not to mention millions of consumers, with outstanding products and innovative concepts – day in and day out.

“In 2023, the Emmi Group achieved growth by showing innovative strength in its priority areas across strategic niches and markets. We have consolidated our strong market positions while generating long-term value for our stakeholder groups through our responsible approach to business.”

Ricarda Demarmels

Robust business model

In 2023, the Emmi Group asserted itself effectively, increasing its annual sales to CHF 4,242.4 million in a demanding market environment that continues to be driven by inflation. The Group achieved solid organic sales growth along its strategic priorities, made important progress and expanded its market positions. Broad-based, price-driven and organic sales growth of 3.5% reflects the consistent implementation of our strategy as well as our clearly differentiated market positions, the strong innovative brand portfolio and the diversified product range and country portfolio that characterises Emmi.

In our home market of Switzerland, we exceeded our expectations by achieving pleasing organic growth of 3.8%, driven in large part by innovative brands, successful partnerships with the retail trade and the post-pandemic recovery in the food service sector. In international business, organic growth for the division Americas was 5.7%, slightly below expectations. While Chile, Mexico, Spain and Brazil performed very strongly, the milk shortage in Tunisia and the subdued development of cheese specialities in the premium segment in the USA, our most important export market, served to slow down growth. The European market environment remains challenging. In the face of subdued consumer sentiment, division Europe reported slightly lower organic sales development of 0.4%, a figure marginally short of expectations. While development for Emmi Caffè Latte and Dutch fresh goat’s cheese was pleasing, export business with cheese from Switzerland hampered sales development in Europe due to exchange rates and prices.

The negative currency effect linked to the stronger Swiss franc and the negative acquisition effect from the divestment of Gläserne Molkerei produced total sales growth of 0.3%. Emmi maintained the consistent development of its company portfolio in 2023, divesting Gläserne Molkerei as well as its minority interest in Ambrosi S.p.A.

Innovative brand and niche businesses

During 2023, the Emmi Group also succeeded in differentiating itself on the market through its innovative brands while building on its leading positions. The strategic niches of ready-to-drink coffee (through the iconic Emmi Caffè Latte brand), speciality cheeses and chilled premium desserts all performed well. By contrast, sales of plant-based milk alternatives have dropped overall in the face of the challenging market conditions.

Positive result in demanding market environment

The year 2023 was defined by further rises in raw material, energy and wage costs. Despite this, Emmi achieved significant improvements compared to the previous year thanks to operational progress − notably in the strategic niche of chilled premium desserts in the USA and in the important growth market of Chile. This progress was supported by the consistent implementation of efficiency and cost cutting programmes as well as responsible sales price increases. On this basis, we were able to absorb another significant increase in overall input costs while achieving a positive result at the upper end of our own forecast.

Adjusted to account for the loss from the sale of Gläserne Molkerei, the operating result at EBIT level stood at CHF 295.4 million (previous year: CHF 266.1 million) and the adjusted EBIT margin was 7.0% (previous year: 6.3%). Net profit, adjusted to account for the loss from the sale of Gläserne Molkerei and the profit from the sale of the minority interest in Ambrosi stood at CHF 212.4 million (previous year: CHF 194.3 million) while the adjusted net profit margin was 5.0% (previous year: 4.6%). Excluding the aforementioned adjustment effects, the operating result at EBIT level stood at CHF 258.2 million (previous year: CHF 253.0 million) and the EBIT margin was 6.1% (previous year: 6.0%). The corresponding net profit was CHF 186.3 million (previous year: CHF 182.5 million) and the net profit margin stood at 4.4% (previous year: 4.3%).

Against the background of a positive result and our strong balance sheet, the Board of Directors proposes increasing the dividend by 6.9% to CHF 15.50 per share (previous year: CHF 14.50) in the interests of a consistent dividend policy.

“Emmi has been a reliable partner for more than 100 years. We take on responsibility within our value chain to achieve sustainable success together with our partners. Our long-standing commitment to sustainability, our continuity of leadership and the steady enhancement of an established business model make this possible.”

Urs Riedener


The Emmi Group expects the generally challenging economic conditions – characterised by a strong Swiss franc, geopolitical tensions, high input costs and subdued consumer sentiment – to continue during 2024. Emmi is responding with strict cost discipline and Group-wide efficiency programmes while consistently working to transform its portfolio. For financial year 2024, Emmi is anticipating organic sales growth of 1% to 2%. Growth in Switzerland is expected to be in the range of 0% to 1%. In international business, sales growth is likely to be between 2% and 4% for the division Americas and between 0% and 1% for the division Europe. At EBIT level, Emmi expects a result of between CHF 295 million and CHF 315 million and a net profit margin in the range of 5.0% to 5.5%.

Acting responsibly

For the Emmi Group, acting responsibly is a top priority and something that is anchored in our business model. Sustainable and profitable growth calls for a long-term perspective. The Emmi Purpose illustrates our conviction that we will continue to create value for all stakeholder groups in the future by workting together with our partners and taking economic, social and environmental aspects into consideration. For this reason, we advanced our sustainability efforts in 2023 and are publishing our first non-financial report.

Together with partners, we compiled a science-based list of criteria for sustainable milk outside Switzerland. During the first year of the “KlimaStaR Milch” industry initiative in Switzerland, we identified the first effective climate protection levers to promote a more sustainable Swiss dairy industry. On our road to netZERO 2050, we are encouraging the use of renewable energies. As a founder member of RecyPac, we are also committed to establishing a circular economy for plastic packaging and drink cartons across Switzerland.

We can only create the best dairy moments in partnership with our employees. With this in mind, the working environment at Emmi promotes teams and offers them a whole range of development opportunities. In the people area, around 60% of all employees have a personal development plan. Our culture of cooperation extends to functions, locations and countries, and covers our collaboration with customers and suppliers. This is what makes the Emmi culture unique and plays such a major part in our success.

Continuity in supervision and leadership

Last April, the Annual General Meeting elected Urs Riedener as the new Chairman of the Board of Directors. Emmi would like to thank the would like to thank Chairman Konrad Graber, who is stepping down, for his tireless efforts to secure a strategically sound set-up of the Emmi Group during his many years of successful collaboration. Appointed from the Group’s own ranks, former CFO Ricarda Demarmels succeeded Urs Riedener as CEO of the Emmi Group at the beginning of the year. Completing the Group Management team, Sacha D. Gerber was appointed the new Chief Financial Officer on 1 June 2023 and Raffael Payer was confirmed as the new Chief Marketing Officer on 1 October 2023.

The Board of Directors and Group Management, backed by a strong management team and over 9,000 dedicated employees, are committed to making sure that Emmi stays on its course for success. We would like to thank each and every one of them for their great commitment.

Urs Riedener

Chairman of the Board of Directors

Ricarda Demarmels