Income statement

Sales

The Emmi Group was able to continue the steady growth dynamic of previous years and, despite a challenging market environment, achieved strong, regionally broad-based organic growth of 4.3% in financial year 2025. This exceeded the guidance of 2% to 3%, which had already been raised in August 2025. The good, volume-driven organic growth was generated once again from a strong domestic market in Switzerland, as well as the important growth markets of Brazil, Chile and Mexico. The strategic and innovative niches of ready-to-drink coffee with Emmi Caffè Latte, premium desserts and specialty cheeses achieved very pleasing growth rates.

Overall, the Emmi Group increased its sales by 9.1% to CHF 4,745.7 million (previous year: CHF 4,348.8 million). In addition to the very good organic growth, positive acquisition effects contributed an additional 7.9% to growth. This was partly offset by negative currency effects of 3.1%. This positive sales performance underlines the success of the Emmi Group’s consistently implemented growth strategy and its high level of innovation. The focus is on a balanced geographical presence in dynamic growth markets and strong positioning in attractive niches with innovative concepts geared to relevant customer and consumer needs.

Organic growth in the Swiss domestic market amounted to a high 3.4%, above the Group’s own expectations (0% to 1%). This predominantly volume-driven growth continues the growth momentum that has been steadily accelerating over the past two years. In addition to the encouraging performance of established brand concepts such as Emmi Caffè Latte, Emmi Energy Milk and Luzerner Rahmkäse, innovations such as Emmi I’m your meal and Emmi High Protein Water set positive trends. The higher milk price over the year as a whole also supported the sales performance. In addition, a short-term order had a positive one-off effect in the second half of 2025. Even without this, division Switzerland achieved strong organic growth of around 1.8%, thus exceeding its own guidance.

Division Americas achieved organic growth of 6.4%, also exceeding the Group’s own expectations (4% to 6%), driven in particular by the dynamic growth markets of Brazil, Chile and Mexico. The cheese trading business in Canada, the business with locally produced cheese specialties in the USA and the normalisation of milk supply in Tunisia also made significant contributions to the division’s growth.

At 1.4%, organic growth in division Europe was in line with expectations (1% to 3%). Sales of premium desserts from Italy and France and sales of Emmi Caffè Latte deserve positive mention.

Acquisition effects are attributable to the following factors:

• Acquisition of Laticínios Verde Campo S.A. (Brazil, 31 May 2024)
• Acquisition of Hochstrasser Group (Switzerland, 1 October 2024)
• Acquisition of Mademoiselle Desserts Group (France, 3 October 2024)
• Acquisition of The English Cheesecake Company Ltd. (United Kingdom, 25 November 2025)

Internal shifts in the distribution channels of certain customers also resulted in acquisition or divestment effects in the divisions Global Trade and Europe. However, these shifts between individual divisions have no impact on the Group.

Sales developments in the divisions Switzerland, Americas, Europe and Global Trade are explained below.

Sales development Switzerland

Division Switzerland generated sales of CHF 1,845.4 million in financial year 2025 (previous year: CHF 1,771.4 million), equivalent to growth of 4.2% in total. Taking into account the acquisition effect of Hochstrasser, this resulted in mainly volume-driven organic growth of 3.4%, which was above our own expectations (0% to 1%). In addition to the encouraging performance of established brand concepts such as Emmi Caffè Latte, Emmi Energy Milk and Luzerner Rahmkäse, growth was driven by a positive one-off effect. Even without this effect, the division achieved strong organic growth of around 1.8%, exceeding its own guidance. Division Switzerland accounted for 38.9% of Group sales (previous year: 40.7%).

Sales in the largest segment, dairy products (milk, cream, butter), increased by 1.1%. The main growth drivers were higher sales of butter in the industrial customer business and the higher milk price over the year as a whole. Sales of lactose-free milk under the innovative Emmi good day brand also increased strongly again in this segment.

The cheese segment recorded the strongest growth, up 8.3%. The increase is primarily attributable to the previously mentioned one-off effect in the second half of the year. However, even without this one-off effect and despite persistently challenging conditions with rising cheese imports, the cheese segment was able to achieve growth. This was supported by established brand concepts such as Kaltbach, Luzerner Rahmkäse and Scharfer Maxx.

The fresh products segment also recorded significant growth of 5.6%. Established brand concepts such as Emmi Caffè Latte and Emmi Energy Milk performed particularly well. The meal replacement drink Emmi I’m your meal, launched in the previous year, as well as the innovative new product Emmi High Protein Water, also contributed to the strong growth in this segment.

Sales in the fresh cheese segment increased by 5.0%, with mozzarella and protein-rich cottage cheese contributing to this growth. The 4.4% decline in sales in the powder/concentrates segment reflects lower sales of milk powder in the industrial customer business. Sales in other products/services increased by a total of 10.7% thanks to the contribution from the acquisition of the Hochstrasser coffee business. In organic terms, however, sales declined by 5.6%, primarily due to the discontinuation of certain activities outside the core business – in particular juice bottling.

Sales development Americas

Division Americas includes the Emmi Group companies in the USA, Brazil, Spain, Chile, Tunisia, Mexico and Canada.

Sales in division Americas increased 1.1% in financial year 2025, from CHF 1,707.7 million to CHF 1,727.2 million. While the positive acquisition effect from the acquisition of Verde Campo in the previous year supported the sales performance, the strongly negative currency effects reduced sales. Taking these effects into account, this resulted in good organic growth of 6.4%, which was above the guidance of 4% to 6%. The dynamic growth markets of Brazil, Chile and Mexico once again proved to be the main growth drivers. The share of Group sales accounted for by division Americas was 36.4% (previous year: 39.3%).

The largest segment in terms of sales, cheese, generated good organic growth of 5.7%. Strong growth was delivered by Chile and Brazil with locally produced cheese and the trading business in Mexico and Canada. Sales in the USA also grew, supported in part by the No.1 feta brand Athenos and other locally produced cheese specialties. As expected, the business with cheese specialties imported from Switzerland recorded declining volumes as a result of price increases necessitated by tariffs and exchange rates, hampering growth in this segment.

The dairy products segment recorded organic growth of 3.6%. The main growth drivers were Chile, with volume growth for Surlat brand milk, and Tunisia, where milk supply normalised. In addition, the Californian Darey Brands recorded growth with goat’s milk from the nationally leading brand Meyenberg. By contrast, lower sales of UHT milk in Brazil held back performance in this segment.

Organic growth of 4.8% was achieved in the fresh products segment. The strongest growth came from Brazil and Chile with yogurt and yogurt drinks, as well as from Spain, where Emmi Caffè Latte and kefir products in particular recorded pleasing growth.

Although the other segments are of less importance to the division in terms of sales, they all generated organic sales growth. The fresh cheese segment achieved high organic growth of 20.9%, primarily attributable to higher sales of mozzarella in Brazil. However, Mexideli’s trading business also contributed to organic growth in this segment. Strong organic growth of 31.1% was achieved in the powder/concentrates segment, driven by the development of the milk powder business in Brazil. The organic growth of 5.0% in the other products/services segment is attributable among other things to the pleasing performance of Mexideli’s trading business.

Sales development Europe

Division Europe comprises the Emmi Group companies in France, Italy, the United Kingdom, the Netherlands, Germany, Austria and Belgium.

Division Europe generated sales of CHF 1,047.2 million in the year under review, equivalent to total growth of 40.1% compared to the previous year (CHF 747.7 million), largely due to the Mademoiselle Desserts Group acquired in October 2024. Adjusted for further acquisition effects and negative currency effects, this resulted in organic growth of 1.4%, which is in line with the Group’s own expectations (1% to 3%). The main drivers of organic growth are premium desserts from Italy and France as well as Emmi Caffè Latte, which is reflected in strong organic growth in the fresh products segment. Division Europe accounted for 22.1% of Group sales (previous year: 17.2%).

The largest segment, fresh products, recorded strong organic growth of 5.0%. Once again, the innovative desserts specialities from Italy proved to be an important growth driver. From the fourth quarter of the year under review, the dessert specialities of the Mademoiselle Desserts Group acquired the previous year also contributed to organic growth in this segment. In addition, Emmi Caffè Latte was able to successfully continue its growth trajectory despite the challenging economic environment. Particularly in the Netherlands and the UK, pleasing growth was recorded.

The cheese segment also recorded a pleasing performance, with organic growth of 5.2%. The main driver was higher sales in the Netherlands, especially with cheese specialities imported from Switzerland such as Kaltbach. Sales also performed positively in Germany, likewise supported by Swiss cheese specialities such as Scharfer Maxx, raclette and fondue.

The fresh cheese segment saw an organic decline in sales of 26.6%. The main reason for this was the decline in international sales of goat’s milk fresh cheese and goat’s cheese curd from the Netherlands, which was negatively impacted by US tariff policy, among other things.

Sales of powder/concentrates decreased by 1.4% in organic terms and mainly reflect lower sales of goat’s milk powder from the Netherlands due to supply chain delays in the Asian market. The dairy products segment recorded an organic decline in sales of 29.0% due to lower sales of goat’s milk in the Netherlands. The organic decline in sales of 10.1% in the other products/services segment primarily reflects lower sales as a result of the portfolio streamlining of non-strategic services in Austria.

Sales development Global Trade

Division Global Trade primarily comprises direct sales from Switzerland to customers in countries where Emmi has no subsidiaries. These include the Asian and Eastern European markets, most South American countries and the Arabian Peninsula. Division Global Trade accounted for 2.6% of Group sales (previous year: 2.8%).

Sales of division Global Trade amounted to CHF 125.9 million. Compared to CHF 122.0 million the previous year, this equates to sales growth of 3.2%. Adjusted for the acquisition effect from the shift of distribution channels from and to division Europe, the result was an organic increase in sales of 5.6%. This largely concerns exports of surpluses of skimmed milk powder, cheese, butter and cream from Switzerland.

Organic sales growth of 2.5% in the cheese segment reflects higher exports of industrial cheese, which more than compensated for the slight decline in traditional cheese. The fresh products segment saw a slight organic decline in sales of 0.1%, which is primarily attributable to the declining performance of yogurts in Asia. The 19.6% decline in the powder/concentrates segment reflects lower exports of surpluses of skimmed milk powder from Switzerland. The increase in the dairy products segment can be attributed to higher surplus exports, particularly of butter and cream.

Gross profit

Gross profit increased by CHF 213.2 million or 12.8% to CHF 1,878.1 million in the year under review (previous year: CHF 1,664.9 million). The increase is primarily acquisition-driven and mainly stems from the Mademoiselle Desserts Group acquired the previous year. Gross profit also recorded an encouraging increase from an organic point of view, although this was partially offset by the extraordinarily high negative currency effects in the reporting year. At 39.6%, the gross profit margin is well above the previous year’s figure of 38.3%, which is largely attributable to the higher gross profit margin of the Mademoiselle Desserts Group, which has been taken into account for a full financial year for the first time. In addition to positive acquisition effects, the pleasing increase in the gross profit margin particularly reflects the ongoing portfolio transformation along strategic niches. Measures to increase productivity and efficiency, as well as in procurement, also contributed positively.

Non-recurring effects in the consolidated financial statements

No significant non-recurring effects were recorded in the current or previous year. For this reason, Emmi does not disclose adjusted results.

Operating result

Total operating expenses amounted to CHF 1,397.5 million in the year under review, an increase of CHF 155.6 million compared to the previous year (CHF 1,241.9 million). The absolute increase is mainly due to the acquisitions made during the previous year. Compared to the development of net sales, operating expenses rose disproportionately by 12.6%, which dampened the pleasing margin growth at gross profit level.

Personnel expenses rose from CHF 625.6 million in the previous year to CHF 742.5 million in the year under review. The increase of CHF 116.9 million is largely attributable to the acquisitions made in the previous year. These not only increased personnel expenses in absolute terms but also made up an above-average portion relative to sales from a Group perspective. Accordingly, personnel expenses as a percentage of sales rose from 14.4% in the previous year to 15.6% in the year under review. In addition, overall pressure on wage costs remained high. Secondary effects of the high inflation rates of recent years led to higher wage costs in many places as real wages were adjusted in line with inflation. However, this was largely offset by efficiency measures in human resources.

Other operating expenses amounted to CHF 655.0 million in the year under review (previous year: CHF 616.3 million), equivalent to an increase of CHF 38.7 million. The absolute increase is again mainly attributable to acquisition-related effects. Relative to sales, however, other operating expenses fell from 14.2% the previous year to 13.8% in the year under review. In particular, this was due to lower marketing and sales expenses – firstly because of the lower relative share of costs for the Mademoiselle Desserts Group and secondly because of higher expenses in the previous year; for example, for the 2024 Emmi Caffè Latte anniversary campaign. Additionally, the cost of energy and operating materials, occupancy expenses, maintenance and repairs also declined in relation to sales. On the other hand, logistics costs and administrative expenses increased, again driven by the acquisitions made during the previous year.

Other operating income amounted to CHF 11.6 million in the year under review (previous year: CHF 7.6 million). The increase relates to various items of operating income, including insurance benefits received or promised on claims.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to CHF 492.3 million in the year under review. Compared to the previous year (CHF 430.6 million), this represents an increase of CHF 61.7 million. The EBITDA margin increased from 9.9% in the previous year to 10.4% in the year under review.

As expected, the significant increase in depreciation and amortisation from CHF 127.9 million in the previous year to CHF 157.6 million is the result of the acquisitions made during the previous year and particularly relates to the depreciation of revalued property, plant and equipment, as well as the amortisation of customer relationships from the acquisition of Mademoiselle Desserts in the fourth quarter of the previous year.

Earnings before interest and taxes (EBIT) amounted to CHF 334.6 million in the year under review, which was in line with the Group’s guidance of CHF 330 million to 350 million. Compared to the previous year’s figure of CHF 302.7 million, the increase of CHF 31.9 million was attributable to both organic improvements and the acquisitions made during the previous year. Excluding the substantial negative currency effects based on the appreciation of the Swiss franc and the negative impact of the additional US tariffs, the result at EBIT level would have been significantly higher and above the upper end of the Group’s guidance. The resulting EBIT margin of 7.1% is slightly above the EBIT margin seen in the previous year (7.0%).

Income from associates, financial results and income taxes

Income from associates and joint ventures was a loss of CHF 0.2 million, compared with a loss of CHF 0.6 million the previous year.

The financial result (net financial expenses) was CHF 38.3 million, compared to CHF 21.4 million the previous year. The CHF 7.5 million increase in interest expenses was mainly due to the financing of the acquisition of Mademoiselle Desserts in the previous year. Combined with lower interest income, net interest expense increased by CHF 10.1 million to CHF 26.8 million in the year under review (previous year: CHF 16.7 million). At CHF 9.3 million, the foreign currency result was CHF 7.1 million worse than the previous year (CHF 2.2 million) due to the extraordinary turmoil seen in the year under review.

Income taxes amounted to CHF 48.6 million in the year under review, compared to CHF 42.6 million the previous year. The tax rate increased to 16.4% (previous year: 15.2%) and relates to the higher share of earnings at foreign companies with higher local tax rates.

Net profit

Profit including minority interests was CHF 247.5 million. Compared to CHF 238.1 million the previous year, this represents an increase of CHF 9.4 million.

The increase in minority interests in profit from CHF 17.8 million the previous year to CHF 20.5 million in the year under review is a positive sign, even though it reduces net profit. It shows that the companies with minority interests were able to increase their profitability overall in the year under review.

The resulting net profit of CHF 227.1 million was CHF 6.8 million or 3.1% up on the previous year (CHF 220.3 million). The net profit margin amounted to 4.8% compared with 5.1% in the previous year, which was also in line with the Group’s guidance of 4.8% to 5.3%.