1. Principles

1.1 General aspects

These financial statements were prepared according to the provisions of the Swiss Law on Accounting and Financial Reporting (32nd title of the Swiss Code Obligations).

Where not prescribed by law, the significant accounting and valuation principles applied are described below.

1.2 Securities listed on a stock exchange

Securities with a short-term holding period are valued at their quoted market price as at the balance sheet date. A valuation adjustment reserve has not been accounted for.

1.3 Financial assets

Financial assets include long-term loans and investments. Loans granted in foreign currencies are translated at the rate at the balance sheet date, whereby unrealised losses are recorded but unrealised profits are not recognised (imparity principle).

1.4 Current and non-current interest-bearing debts

Interest-bearing debts are recognised in the balance sheet at nominal value.

1.5 Foregoing a cash flow statement and additional disclosures in the Notes

As Emmi AG has prepared its consolidated financial statements in accordance with a recognised accounting standard (Swiss GAAP FER), it was decided not to present additional information on interest-bearing liabilities and audit fees in the Notes as well as a cash flow statement, in accordance with the law.

2. Information on balance sheet and income statement items

2.1 Income from investments

This position includes dividend income from investments.

2.2 Other financial income

Other financial income mainly comprises foreign currency gains and interest income on loans granted to companies in which the entity holds an investment.

2.3 Financial expenses

Financial expenses mainly comprise foreign currency losses and interest expenses.

2.4 Investments

The above-mentioned investments are directly held by Emmi AG. Investments that are indirectly held by Emmi AG are mentioned in note 32 of the consolidated financial statements.

2.5 Share capital and significant shareholders

As at 31 December 2025, the share capital of CHF 53,498 thousand consists of 5,349,810 registered shares with a nominal value of CHF 10 (unchanged from previous year).

993,057 shares or 18.6% were not registered as of 31 December 2025 (previous year: 1,038,846 shares were not registered or 19.4%).

ZMP Invest AG, Lucerne, Zentralschweizer Käsermeister Genossenschaft, Sursee, and MIBA Genossenschaft, Aesch (canton of Basel-Landschaft), formed a group in the sense of Art. 121 of the Swiss Financial Markets Infrastructure Act (FinMIA) (hereinafter the “shareholder group”) and owned 60.4% of the voting rights of Emmi AG as of 31 December 2024. The shareholder group announced its dissolution on 7 November 2025. Furthermore, ZMP Invest AG, Lucerne, reported a holding of 2,854,361 registered shares or 53.4% (31 December 2024: 2,848,861 shares or 53.3%). Zentralschweizer Käsermeister Genossenschaft, Sursee, reported a holding of 215,000 registered shares or 4.0% on 7 November 2025 (holding unchanged as at 31 December 2024). As a result of the dissolution of the shareholder group, MIBA Genossenschaft, Aesch (canton of Basel-Landschaft), fell under a total holding of 3% and is therefore no longer a significant shareholder of Emmi AG (31 December 2024: 16,656 shares or 3.1%).

As at 7 June 2016 Capital Group Companies Inc., Los Angeles, USA, reported a holding of 268,500 registered shares of Emmi AG (5.0%). On 13 January 2025, Capital Group Companies, Inc. reported a holding of 162,882 registered shares (3.0%). On 5 August 2025, a further notification was made by this company about the sale of shares, bringing its total stake in Emmi AG below 3%. Capital Group Companies, Inc. is therefore no longer a significant shareholder of Emmi AG.

In a notification dated 4 May 2024, UBS Fund Management (Switzerland) AG, Basel, reported a holding of 177,731 registered shares (3.3%).

No further disclosures have been received.

As at 31 December 2025, Emmi Wohlfahrtsfonds (welfare fund) owned a total of 6,000 shares of (unchanged from previous year).

2.6 Capital contribution reserve

The capital contribution reserve results from capital contribution payments above the nominal amount over past years.

3. Other disclosures

3.1 Full-time equivalents

In the reporting year and in the previous year, Emmi AG employed fewer than 10 employees on average.

3.2 Collateral provided for liabilities of third parties

3.3 Contingent liabilities

Emmi AG is jointly and severally liable for the VAT liabilities of the other Swiss-domiciled Emmi companies (Hochstrasser as of January 2025) and of the Central Switzerland Milk Producers Cooperative (ZMP) and ZMP Invest AG.

3.4 Net release of hidden reserves

No hidden reserves were released in the reporting year or in the previous year.

3.5 Significant events after the balance sheet date

From the balance sheet date until the financial statements were approved by the Board of Directors on 25 February 2026, no other major events occurred that could have adversely affected the validity of the financial statements for 2025 or which would have to be disclosed.