Foreword by the Chairman of the Remuneration Committee

Dear Shareholders,

The Emmi Group is on track and generated solid financial results in 2025. This was achieved at a time of major geopolitical challenges and unpredictability, reflected in subdued consumer sentiment, volatile exchange rates and distortions in demand caused by tariffs, among other things. It is pleasing that our broad positioning and consistent strategy implementation are reflected in these results. The surge in sales and increase in earnings are primarily due to the acquisition of the Mademoiselle Desserts Group, which puts Emmi in a leading position in Europe and the USA in the premium desserts niche. There have been organic improvements too. In many markets, volumes sold increased compared to the previous year.

The Personnel and Remuneration Committee has taken note of the feedback and comments on the Remuneration Report. The remuneration, which is moderate overall and geared to our culture and environment, is generally well received. Suggestions are incorporated into further development and revision. For 2026 the amount of variable remuneration for Group Executive Management will be supplemented with clearly measurable transformation targets. This is a first element to strengthen long-term strategy implementation. A further adjustment is planned in 2028, which will strengthen the long-term component in a manner customary and appropriate for Emmi. The details will be worked out and agreed with selected stakeholders.

In order to compare the market orientation and competitiveness of the remuneration of Group Executive Management and the Board of Directors, 16 peer companies and their remuneration were used on the basis of the figures available for the financial year 2024. This once again showed that remuneration at Emmi is moderate. The slight need for action is being implemented step by step. The proposed ceiling amount in 2027 for the remuneration of Group Executive Management will increase slightly to KCHF 5,700.

The overall pleasing performance of Emmi is reflected in the proposal for the variable remuneration for the financial year 2025 for Group Executive Management in the amount of KCHF 1,275. However, the lower total amount compared to the previous year (KCHF 1,317) reflects the fact that geopolitical upheavals have not left Emmi entirely unscathed either.

No increase in the ceiling amount for the Board of Directors will be proposed to the General Meeting for 2026. The proposal is for KCHF 1,400.

As is customary at Emmi, you, our shareholders, will be able to vote prospectively on the remuneration framework for the Board of Directors and Group Executive Management and retrospectively on the variable remuneration of Group Executive Management.

In dialogue with you, our valued shareholders, and in coordination with other stakeholders, we want to reward performance in line with the market and at the going rate. The remuneration systems will be further developed taking into account the Emmi culture, which is one of collaboration and sustainable, shared success.

Thank you for the trust you have placed in us and your continued support of the Emmi Group.

Yours sincerely

Urs Riedener

Chairman of the Personnel and Remuneration Committee