1. Group structure and shareholders

1.1 Group structure

The organisational structure of the Emmi Group is shown below.

The Emmi Group is listed on SIX Swiss Exchange through the holding company Emmi AG (headquartered in Lucerne, hereinafter referred to as “Emmi”). The group of consolidated companies contains only non-listed companies.

For market capitalisation, securities number and ISIN number, see the section Share information of Emmi AG (Emmi Annual Report 2025).

For consolidated subsidiaries, see Summary of consolidated companies, associates and joint ventures in note 32 to the consolidated financial statements.

1.2 Significant shareholder

For significant shareholders, see section 2.5 Share capital and significant shareholders in the Notes to the financial statements of Emmi AG.

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 on 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 (53.4%). Zentralschweizer Käsermeister Genossenschaft, Sursee, reported a holding of 215,000 registered shares (4.0%). 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. 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 disclosure notifications have been received.

1.3 Cross-shareholdings

There are no cross-shareholdings with other companies that exceed 5% of capital or votes on both sides.