Urs Riedener, Chairman of the Board of Directors, and Ricarda Demarmels, CEO
Dear Shareholders,
Our roots go back to 1907, and our heritage still shapes our actions today: as Emmi, we stand for quality, innovation and responsibility. Our products provide our consumers with moments of indulgence every day – moments to look forward to, that make you feel good and offer shared delight in something delicious. We are aware of this heritage and take responsibility along the entire value chain with the fundamental attitude of being a strong and reliable partner. With the aim of creating the best dairy moments together – today and for generations to come.
2025 also reminded us all how important economic strength, forward-looking action and team spirit are in shaping our common future, both as a society and as a company. In times when geopolitical power relations and framework conditions are changing at an unprecedented pace, this creates stability. Our guiding principles remain unchanged: focussed execution of strategy, strong cooperation and an entrepreneurial mindset.
The Emmi Group has always focussed its portfolio on the needs of consumers. In 2025, Emmi strengthened its leading position with relevant innovations that provide answers to current nutritional trends and are in line with a consciously sustainable lifestyle.
“Health” and “indulgence” are two of the defining global megatrends. With its premium dairy products and premium desserts, Emmi is uniquely positioned in the sweet spot of the global megatrends for health and indulgence to serve both of these in a targeted manner.
“Emmi focusses consistently on the needs of consumers. With the new strategic niche “nutrition+”, we are strengthening our focus on the consumer megatrend of health and complementing our existing niches in a targeted manner. This means Emmi is now strongly positioned in four strategic niches and well equipped for the future – as reflected in our continuous growth dynamic.”
Ricarda Demarmels
Launch of a new strategic platform nutrition+
The Emmi Group is strengthening its focus on health by launching the strategic platform nutrition+ in the 2026 financial year. Dairy products play a key role in a healthy diet due to their naturalness, high nutrient density, high-quality proteins and frequent fermentation. Based on its innovative strength and expertise in functional nutrition concepts – from high-quality protein solutions and meal replacements to products with functional added benefits or natural, simple recipes and lactose-free options – Emmi is expanding a further growth area. With its four strategic niches – ready-to-drink coffee, specialty cheeses, premium desserts and nutrition+ – the Emmi Group is ideally positioned for sustainable profitable growth and is strengthening the company’s future growth potential. The continuous growth momentum of recent years confirms the strategic positioning of the Group.
Premium desserts: a growth category
Indulgence is a global consumer trend with lasting relevance. At the end of 2024, Emmi created a globally oriented category champion with an innovative portfolio of premium desserts: the Emmi Desserts PowerHouse.
In the 2025 financial year, the newly established management team led by Didier Boudy placed the strategic focus on successful integration – in particular on synergies through complementary distribution channels for our “dessert heroes” in research and development and innovation as well as operational excellence in logistics and purchasing. At the same time, efforts are being made to establish a joint talent management system.
The Emmi Desserts PowerHouse brings together a broadly scalable premium dessert portfolio: from global dessert icons such as tiramisu, lava cakes and cheesecakes to trend-oriented concepts such as mini pistachio beignets and strong local dessert heroes like the new mini Tropézienne. In doing so, Emmi is addressing both timeless classics and current consumer trends, creating a resilient platform for growth across categories, channels and regions.
Broad-based organic growth across all divisions
The Emmi Group continued the steady growth dynamic of previous years and achieved volume-driven organic growth broadly based across the regions of 4.3% in the 2025 financial year. Emmi therefore significantly exceeded the guidance of 2.0% to 3.0%, which had been revised upwards in August 2025. The Group increased annual sales by 9.1% to CHF 4,745.7 million (previous year: CHF 4,348.8 million). This positive sales performance underlines the success of the Group’s focussed strategy implementation. Positive acquisition effects contributed 7.9% to growth. By contrast, the strong Swiss franc led to negative currency effects of 3.1%.
In addition to sustained strong sales growth in the domestic market of Switzerland, the dynamic growth markets of Brazil, Chile and Mexico were the drivers of this encouraging organic growth. The strategic niches of ready-to-drink coffee, premium desserts and speciality cheeses also achieved encouraging growth.
The sustained growth dynamic of recent years reflects the relevance and innovative strength of the brand concepts in attractive niches as well as the entrepreneurial adaptability and resilience of the Emmi Group’s business model.
Division Switzerland achieved good volume-driven organic growth of 3.4%, with sales of CHF 1,845.4 million (previous year: CHF 1,771.4 million). Alongside the iconic Emmi Caffè Latte brand, innovative brands such as Emmi Energy Milk, Emmi good day and Luzerner Rahmkäse were the growth drivers of this encouraging development. With Emmi I’m your meal and Emmi High Protein Water, Emmi launched functional premium dairy products that meet current lifestyle needs and also had a positive impact on sales in the past financial year. In addition, a short-term order had a positive one-off effect in the second half of 2025. Even without this, the division Switzerland achieved strong organic growth of around 1.8%, exceeding its own guidance.
Division Americas achieved organic growth of 6.4% in 2025 with sales of CHF 1,727.2 million (previous year: CHF 1,707.7 million). Above all, the growth markets of Brazil, Chile and Mexico once again had a positive impact on sales. The locally produced feta brand Athenos, the No. 1 in the USA, and Meyenberg, the leading national brand for goat’s milk products, made an important contribution to sales, while speciality cheeses imported from Switzerland were impacted by price increases related to tariffs and exchange rates.
In a challenging market environment, division Europe achieved organic growth of 1.4% and sales of CHF 1,047.2 million (previous year: CHF 747.7 million). The innovative premium desserts portfolio of the newly created Emmi Desserts PowerHouse was one of the main drivers of organic growth, with the performance of Emmi Caffè Latte making a positive contribution.
Good result in a challenging environment
The Emmi Group posted a good result in a highly volatile market environment driven by geopolitical uncertainties and trade policy challenges. The significant negative impact of foreign currency effects and US tariffs was cushioned by the resilient decentralised business model, efficiency programmes and high cost discipline. EBITDA increased to CHF 492.3 million (previous year: CHF 430.6 million) with an EBITDA margin of 10.4% (previous year: 9.9%). EBIT increased to CHF 334.6 million (previous year: CHF 302.7 million) with an EBIT margin of 7.1% (previous year: 7.0%). Net profit amounted to CHF 227.1 million (previous year: CHF 220.3 million). At 4.8%, the net profit margin was, as expected, down on the previous year (5.1%) due to higher financial expenses.
Against the backdrop of the strong balance sheet, with net debt significantly reduced as planned, the good results and the cash flow, the Board of Directors is proposing to increase the dividend by 6.1% to CHF 17.50 per share (previous year: CHF 16.50), in line with our continuous dividend policy.
“Our long-term corporate strategy is successful – because we pay great attention to our resilience and, at the same time, act in a forward-looking, entrepreneurial manner and in a spirit of partnership along the entire value chain. By doing so, we are shaping the future of the Emmi Group reliably and sustainably for all stakeholders.”
Urs Riedener
Our responsibility to communities, people and planet
Shaping the future of the company successfully across generations is our top priority. Sustainability is therefore an integral part of our corporate strategy. As an important player in the dairy industry, we want to work together to shape our industry in a sustainable way and at the same time take responsibility for our influence along the value chain. Emmi made further progress in implementing its sustainability measures once again in 2025.
Flagship project KlimaStaR Milk
As part of the industry initiative KlimaStaR Milk, Emmi is shaping the sustainable future of milk – its most important raw material, and also that of the whole dairy industry in Switzerland. The aim of the project is to reduce the CO₂e footprint of milk while reducing feed-food and land competition. After three years, the project partners have been able to draw up an encouraging interim assessment: competition for food has been reduced by 21%, and competition for land by 13% – so both targets set have been exceeded. The science-based findings also show that CO₂e emissions per kilogram of milk are significantly lower than expected. Compared to other countries, the Swiss dairy industry therefore has a relatively low CO₂e footprint per kilogram of milk. Given the very good starting position, further improvements are challenging. Emissions have fallen by just under 6% over the past three years, meaning the interim target of a 10% reduction has not yet been achieved. However, the trend is positive. The project’s findings also feed into our international sustainability efforts at our subsidiaries in Brazil and Chile.
Sustainability as a driver of innovation
The Mademoiselle Desserts Group, which has been part of the Emmi Group since October 2024, has been pursuing a strategic CSR agenda for over 15 years. In 2025, the company renewed its B Corp certification, awarded for high social and environmental standards. With its customer-centric strategy, the Group sets dessert standards: as part of its Nutri M,Clean M and Pack M programmes, recipes, nutritional profiles and packaging are systematically and sustainably optimised.
Driving forward the circular economy
Treating sustainability as a driver of innovation with relevance to everyday life and implementing this holistically with partners has a measurable impact on people, communities and planet. As a founding member of RecyPac, in 2025 Emmi helped set up Switzerland’s first circular solution for plastic packaging and beverage cartons. The new packaging introduced in Switzerland for Emmi Caffè Latte Mr. Big makes handling easier thanks to the firmly attached cup and lid, while also reducing the amount of materials used. Emmi Dessert Italia also reached an important milestone by switching all packaging to 100% recyclable materials.
Continuity with proven expertise in management
The Board of Directors of Emmi AG will propose to the General Meeting on 9 April 2026 that Alexander Kühnen, CEO of the Bahlsen Group, be elected as a new member. With his international leadership experience, proven expertise in the consumer goods industry and strategic business development, he will be an effective addition to the Board.
At the same time, the Board of Directors acknowledges the long-standing commitment of Monique Bourquin, who will not stand for re-election after 13 years and has made valuable contributions to the strategic development of the Emmi Group during her term of office.
Outlook
The Emmi Group expects the economic conditions – characterised by tensions in geopolitics and trade, volatility on procurement markets, subdued consumer sentiment and a strong Swiss franc – to persist. The Group will continue to act with foresight, maintaining the group-wide efficiency programmes and strict cost discipline in order to continue to impress with its forward-looking approach and a well-diversified innovative portfolio in future.
For the 2026 financial year, Emmi expects organic growth of 1.0% to 3.0% at Group level. Growth of -2.0% to 0.0% in the domestic market of Switzerland, 4.0% to 6.0% in division Americas and 2.0% to 4.0% in division Europe.
At EBIT level, a result of CHF 335 million to CHF 355 million is expected, with a net profit margin of between 4.8% and 5.3%.
Dear shareholders, thank you for your continued trust. We would like to thank our approximately 12,800 employees for their passion, expertise and daily commitment to “heartfelt indulgence”.
