In the first half of 2026, the Emmi Group continued the positive growth momentum of recent years and achieved organic growth of 3.6%. This was once again broadly based and supported by strong volume growth. Overall, Emmi Group sales rose 2.2% to CHF 2,323.5 million (H1 2025: CHF 2,272.4 million).
A one-off effect in division Switzerland that was already known at the beginning of the year supported the Group’s organic growth by 0.8%. At the same time, the lower milk price in Switzerland since February 2026 had a negative 0.4% impact on the Group’s organic growth. Excluding these two effects, organic Group growth in the first half of the year would have amounted to 3.2%. Although the absence of the one-off effect will weigh on growth in the second half of the year, the underlying growth momentum remains intact. The Emmi Group therefore expects further pleasing organic growth.
The English Cheesecake Company Ltd., acquired the previous year, contributed 0.7% to sales growth. On the other hand, net negative currency effects of 2.1% had a negative impact on sales performance.
Internal shifts in the distribution channels of certain customers also resulted in acquisition or divestment effects in divisions Global Trade and Europe. However, these shifts between individual divisions have no impact on the Group.
Sales performance in divisions Switzerland, Americas, Europe and Global Trade are explained below.
|
in CHF million |
Sales 1HY 2026 |
Sales 1HY 2025 |
Difference 2026/2025 |
Acquisition effect |
Currency effect |
Organic growth |
|
Dairy products |
338.2 |
338.4 |
-0.1% |
– |
– |
-0.1% |
|
Fresh products |
209.8 |
200.1 |
4.8% |
– |
– |
4.8% |
|
Cheese |
202.4 |
184.9 |
9.4% |
– |
– |
9.4% |
|
Fresh cheese |
69.3 |
59.5 |
16.5% |
– |
– |
16.5% |
|
Powder/concentrates |
39.4 |
43.1 |
-8.7% |
– |
– |
-8.7% |
|
Other products/services |
44.2 |
45.6 |
-3.0% |
– |
– |
-3.0% |
|
Total |
903.3 |
871.6 |
3.6% |
– |
– |
3.6% |
Division Switzerland generated net sales of CHF 903.3 million, an organic increase of 3.6% from CHF 871.6 million in the same period in the previous year. In addition to the pleasing performance of proven brand concepts such as Emmi Caffè Latte, Emmi Energy Milk and Kaltbach specialty cheeses, innovations such as Emmi Matcha Latte, Emmi Kefir and Emmi I’m your meal as well as a positive one-off effect also contributed to growth. This one-off effect, resulting from a fixed-term contract, already had a positive impact in the second half of 2025 and will cease in the second half of 2026. Even without this one-off effect (+2.0%) and the impact of the lower milk price (–1.1%), division Switzerland would have achieved strong organic growth of 2.7% in the first half of the year. Division Switzerland accounts for 38.9% of Group sales (H1 2025: 38.3%).
Sales in the largest segment, dairy products (milk, cream, butter), declined slightly by 0.1% in the first half of 2026. The lower milk price set at the start of February on the recommendation of the Milk industry organisation (BO Milch) had a negative impact on sales performance in this segment. By contrast, sales volumes overall developed positively. In addition, the innovative Emmi good day brand with its lactose-free dairy products once again recorded strong growth.
Fresh products experienced strong sales growth of 4.8%. Key growth drivers were proven brand concepts such as Emmi Caffè Latte and Emmi Energy Milk, as well as innovations and functional products such as Emmi Kefir, Emmi Matcha Latte, Emmi I’m your meal and Emmi High Protein Water.
The significant increase in sales of 9.4% in the cheese segment is primarily attributable to the one-off effect mentioned above. Without this, sales would have been roughly at the previous year’s level. The Luzerner Cheese, Kaltbach and Scharfer Maxx brand concepts continued to grow, but persistently challenging market conditions with rising cheese imports weighed on the development of the AOP cheese business.
Sales in the fresh cheese segment increased significantly by 16.5%. Growth was driven in particular by mozzarella and high-protein products such as cottage cheese and skyr. The 8.7% decline in sales in the powder/concentrates segment reflects lower sales of milk powder in the industrial customer business. Sales of other products/services declined by 3.0%. In addition to lower sales of plant-based products, this is also due to the discontinuation of certain activities outside the core business, in particular juice bottling.
|
in CHF million |
Sales 1HY 2026 |
Sales 1HY 2025 |
Difference 2026/2025 |
Acquisition effect |
Currency effect |
Organic growth |
|
Cheese |
304.4 |
320.1 |
-4.9% |
– |
-5.8% |
0.9% |
|
Dairy products |
212.9 |
210.9 |
0.9% |
– |
-2.4% |
3.3% |
|
Fresh products |
197.6 |
189.7 |
4.2% |
– |
-4.9% |
9.1% |
|
Fresh cheese |
57.3 |
48.4 |
18.4% |
– |
1.9% |
16.5% |
|
Powder/concentrates |
27.7 |
28.8 |
-3.7% |
– |
1.1% |
-4.8% |
|
Other products/services |
52.9 |
55.5 |
-4.8% |
– |
0.7% |
-5.5% |
|
Total |
852.8 |
853.4 |
-0.1% |
– |
-3.7% |
3.6% |
Division Americas includes the Emmi Group companies in the USA, Brazil, Chile, Spain, Mexico, Tunisia and Canada.
Division Americas achieved primarily volume-driven organic growth of 3.6% in the first half of the year. Growth was again driven by the dynamic markets of Chile, Brazil and Mexico, with Verde Campo’s functional premium dairy products in particular contributing to the positive development in Brazil. Spain and Tunisia also provided positive growth momentum. However, due to the subdued sales performance in the USA, organic growth was slightly below our own guidance for the year as a whole (4% to 6%). Overall, after taking into account negative foreign currency effects of 3.7%, sales declined slightly by 0.1% to CHF 852.8 million (H1 2025: CHF 853.4 million). Division Americas accounts for 36.7% of Group sales (H1 2025: 37.6%).
The largest segment in terms of sales, cheese, achieved organic growth of 0.9%. Chile and Brazil in particular recorded a positive performance with locally produced cheese. Cheeses produced in the USA also performed positively in volume terms, although lower milk prices slowed sales performance. On the other hand, the price increases required for cheese specialties imported from Switzerland due to tariffs and exchange rates led to declining sales volumes and had a dampening effect on the performance of the segment.
Sales of dairy products increased organically by 3.3%. The main driver was Chile, which witnessed primarily volume-driven growth in Surlat brand milk. Additional growth momentum came from Spain with milk and cream, and Tunisia with cream and butter. However, lower milk prices in Brazil hampered sales performance in this segment.
The fresh products segment recorded strong organic growth of 9.1%. The main growth drivers were Spain with Kaiku Caffè Latte and kefir products, and Brazil with functional premium dairy products under the Verde Campo brand, in particular high-protein yogurts and drinks. Positive momentum also came from Tunisia with yogurts and desserts, Chile with yogurts and high-protein products, and Meyenberg in the USA with yogurts and kefir.
The organic growth of 16.5% in the fresh cheese segment is mainly attributable to higher sales of mozzarella in Brazil. The powder/concentrates segment saw an organic decline in sales of 4.8% due to the negative trend in milk prices in the milk powder business in Brazil. In the other products/services segment, the organic decline of 5.5% is primarily attributable to lower sales of plant-based products in the USA, whereas Mexideli’s trading business recorded significant growth.
|
in CHF million |
Sales 1HY 2026 |
Sales 1HY 2025 |
Difference 2026/2025 |
Acquisition effect |
Currency effect |
Organic growth |
|
Fresh products |
389.0 |
376.3 |
3.4% |
4.2% |
-3.2% |
2.4% |
|
Cheese |
52.5 |
51.1 |
2.8% |
1.7% |
-2.7% |
3.8% |
|
Powder/concentrates |
26.6 |
16.8 |
58.7% |
– |
-4.0% |
62.7% |
|
Fresh cheese |
13.5 |
20.4 |
-34.0% |
– |
-1.7% |
-32.3% |
|
Dairy products |
2.0 |
4.1 |
-51.4% |
– |
-1.2% |
-50.2% |
|
Other products/services |
14.7 |
15.0 |
-1.8% |
– |
-2.4% |
0.6% |
|
Total |
498.3 |
483.7 |
3.0% |
3.4% |
-3.1% |
2.7% |
Division Europe comprises the Emmi Group companies in France, Italy, the United Kingdom, the Netherlands, Germany, Austria and Belgium.
Division Europe increased its sales in the first half of the year from CHF 483.7 million to CHF 498.3 million, equivalent to organic growth of 2.7%, in line with expectations for the year as a whole (2% to 4%). The main drivers of the mainly volume-driven organic growth were the dessert business, the goat’s milk powder business in the Netherlands and the Kaltbach cheese specialties. Division Europe accounts for 21.4% of Group sales (H1 2025: 21.3%).
Sales in the largest segment, fresh products, increased 3.4% in the first half of 2026. After taking into account the acquisition effect from The English Cheesecake Company Ltd., acquired in November 2025, as well as negative currency effects, this resulted in organic growth of 2.4%. The main driver of this positive development was the dessert business. Most of the growth came from the exports to markets outside Europe, which increased significantly thanks to the new global distribution network and synergy effects from the integration of the Mademoiselle Desserts Group. By contrast, sales in the respective domestic markets were more subdued in view of the restrained consumer sentiment in Europe as a result of the economic uncertainties. The performance of Emmi Caffè Latte also remained muted overall in large parts of Europe in view of the difficult market environment. However, very positive momentum came from Belgium, with significant growth, as well as from the launch of the innovation Emmi Matcha Latte.
The cheese segment achieved organic sales growth of 3.8%. A significant part of the increase in sales is attributable to the Kaltbach brand, which made gains above all in Germany, the Netherlands and the United Kingdom. Germany also recorded positive development with traditional cheeses. In contrast, sales of traditional cheeses and other cheese specialties declined in France and Italy.
The powder/concentrates segment increased sales organically by a high 62.7% in the first half of 2026, which is attributable to the significantly higher sales of goat’s milk powder from the Netherlands, as expected.
In the fresh cheese segment, the organic decline in sales of 32.3% is attributable to lower international sales of goat’s cheese curd from the Netherlands. In the dairy products segment, which is insignificant overall, lower sales of goat’s milk in the Netherlands led to an organic decline of 50.2%. The other products/services segment grew slightly by 0.6% year on year. While sales of plant-based dairy alternatives in particular continued to fall in a highly competitive market, other business activities were able to compensate for this decline.
|
in CHF million |
Sales 1HY 2026 |
Sales 1HY 2025 |
Difference 2026/2025 |
Acquisition effect |
Currency effect |
Organic growth |
|
Cheese |
25.7 |
27.7 |
-7.2% |
-3.2% |
– |
-4.0% |
|
Fresh products |
21.3 |
19.9 |
6.9% |
– |
-0.7% |
7.6% |
|
Dairy products |
10.0 |
6.2 |
62.6% |
– |
– |
62.6% |
|
Powder/concentrates |
9.5 |
7.7 |
24.2% |
– |
– |
24.2% |
|
Fresh cheese |
0.9 |
0.6 |
42.7% |
– |
– |
42.7% |
|
Other products/services |
1.7 |
1.6 |
2.5% |
– |
-1.0% |
3.5% |
|
Total |
69.1 |
63.7 |
8.5% |
-1.4% |
-0.2% |
10.1% |
Division Global Trade primarily comprises direct sales and exports 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 accounts for 3.0% of Group sales (H1 2025: 2.8%).
Division Global Trade increased sales in the first half of 2026 by 8.5% to CHF 69.1 million (H1 2025: CHF 63.7 million). Adjusted for the acquisition effect from the shift of distribution channels to division Europe, organic sales growth amounted to 10.1%.
The organic decline in sales of 4.0% in the cheese segment is attributable to lower surplus exports of industrial cheese. By contrast, organic sales growth of 7.6% was recorded in the fresh products segment, primarily due to rising demand in Asia for Emmi yogurts made with Swiss milk. Higher exports of skimmed milk powder and butter also contributed to a positive development in the powder/concentrates and dairy products segments.
Gross profit increased to CHF 948.9 million in the first half of 2026, up CHF 40.2 million or 4.4% on the previous year’s figure of CHF 908.7 million. As gross profit grew more strongly than sales, the gross profit margin rose from 40.0% to 40.8%. This positive development reflects, in particular, the ongoing portfolio transformation along strategic niches as well as further operational progress at various foreign companies. Negative foreign currency effects weighed on gross profit, while the sharp increase in packaging material costs as a result of the Middle East conflict put additional pressure on the gross profit margin. However, procurement initiatives, productivity increases along the value chain and responsible price increases were able to counteract these effects successfully.
No non-recurring effects were recorded in the reporting period or in the same period in the previous year. For this reason, Emmi does not disclose adjusted results.
Operating expenses totalled CHF 724.2 million in the reporting period, up CHF 33.9 million or 4.9% on the previous year’s figure of CHF 690.3 million. Relative to sales, operating expenses increased to 31.2% (H1 2025: 30.4%), which offset a significant part of the improvement at the level of the gross profit margin. Both the absolute increase and the higher share of sales are mainly attributable to higher personnel and logistics costs.
Personnel expenses increased from CHF 372.1 million in the same period in the previous year to CHF 385.4 million in the first half of 2026, a rise of 3.6%. As a percentage of sales, personnel expenses therefore rose from 16.4% to 16.6%. Sustained pressure on wage and social costs as well as targeted investments in organisation and skills to support future growth led to higher personnel costs. However, improvements in productivity and efficiency helped to limit the increase in the personnel cost ratio.
Other operating expenses amounted to CHF 338.8 million in the reporting period, up CHF 20.6 million on the previous year’s figure of CHF 318.2 million. As a percentage of sales, other operating expenses increased from 14.0% to 14.6%. This was due in particular to the increase in logistics costs as a result of the geopolitical situation in the Middle East, as well as higher costs for maintenance and repairs. Marketing and sales expenses remained largely stable, as did the costs of energy and operating materials.
Other operating income amounted to CHF 6.1 million compared with CHF 4.7 million in the same period in the previous year. 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) increased by CHF 7.6 million to CHF 230.7 million in the reporting period (H1 2025: CHF 223.1 million). The EBITDA margin improved slightly from 9.8% to 9.9%. This was due to the higher gross profit margin, which more than offset the increase in operating expenses.
Depreciation and amortisation amounted to CHF 78.5 million, slightly up on the CHF 77.7 million seen in the same period in the previous year.
Earnings before interest and taxes (EBIT) amounted to CHF 152.3 million, up CHF 6.9 million from the same period in the previous year (from CHF 145.4 million). The resulting EBIT margin of 6.6% is also higher than the EBIT margin in the same period in the previous year (6.4%).
Result from associates and joint ventures recorded a gain of CHF 1.6 million in the first half of 2026, compared with a loss of CHF 0.2 million during the same period in the previous year.
The financial result (net financial expense) improved by CHF 4.1 million year on year to CHF 16.6 million (H1 2025: CHF 20.7 million). This was due to the CHF 4.2 million improvement in the foreign currency result after the significant appreciation of the Swiss franc had an extraordinarily strong impact on the previous year.
Income taxes amounted to CHF 24.1 million in the reporting period, compared with CHF 20.5 million in the same period in the previous year. This results in an expected tax rate of 17.5% for the year as a whole (H1 2025: 16.5%). The higher tax rate is primarily attributable to the increased earnings contribution from foreign subsidiaries in countries with higher local tax rates.
Profit including minority interests amounted to CHF 113.2 million compared with CHF 103.9 million in the same period in the previous year, a significant increase of CHF 9.3 million.
Profit attributable to minority interests amounted to CHF 12.3 million, compared with CHF 6.7 million in the same period in the previous year. The increase of CHF 5.6 million is due in particular to the higher profitability at companies with minority interests in Brazil, Mexico and Chile.
After deducting minority interests, the Emmi Group achieved a net profit of CHF 100.9 million (H1 2025: CHF 97.2 million). In addition to the improved operating result, the improved financial result in particular contributed to the increase in net profit. Higher income taxes and minority interests partly offset this effect. At 4.3%, the net profit margin remained unchanged from the same period in the previous year.
Total assets as at 30 June 2026 increased by CHF 41.9 million or 1.2% compared with 31 December 2025 to CHF 3,523.1 million. Operating net working capital (consisting of inventories and trade receivables and payables) amounted to CHF 765.8 million, an increase of CHF 43.6 million or 6.0% compared with 31 December 2025. Non-current assets recorded a slight decrease of CHF 2.4 million, which is primarily attributable to intangible assets falling by CHF 14.2 million as a result of ordinary amortisation. By contrast, property, plant and equipment increased slightly by CHF 6.7 million. In addition to positive foreign currency effects due to higher exchange rates on the reporting date, this is also attributable to investments, which were slightly higher than depreciation. On the liabilities side, current and non-current financial liabilities declined overall due to repayments. Combined with the slightly higher level of cash and cash equivalents, this resulted in net debt of CHF 862.4 million as at 30 June 2026 compared with CHF 882.6 million as at 31 December 2025. The ratio of net debt to annualised EBITDA decreased from 1.79 at the end of the previous year to 1.73 as at 30 June 2026. The equity ratio after deducting goodwill from acquisitions was 35.6% as at 30 June 2026, compared with 35.2% as at 31 December 2025.
The return on invested capital (ROIC) increased to 7.9% as at 30 June 2026, compared with 7.6% in the 2025 financial year. This improvement is attributable to the higher profitability combined with slightly lower average invested capital.
Cash inflow from operating activities amounted to a high CHF 202.6 million, up CHF 34.6 million on the CHF 168.0 million seen in the same period in the previous year. While the increase of CHF 8.5 million in cash flow before changes in net working capital, interest and taxes reflects the operating improvement at EBITDA level, the significantly higher cash flow from operating activities is primarily due to the positive trend in net working capital. This had a positive impact of CHF 17.7 million on cash flow in the first half of 2026, following a negative impact of CHF 31.2 million in the same period in the previous year, underscoring the continued strong focus on strict management of net working capital. In particular, the lower increase in inventories compared with the previous year made a significant contribution, despite the persistently high butter stocks in Switzerland. However, taxes paid increased significantly and weighed on cash flow from operating activities accordingly.
Cash outflow from investing activities amounted to CHF 83.9 million, compared with CHF 106.1 million in the same period in the previous year. Investments in property, plant and equipment increased by CHF 6.0 million to CHF 79.4 million. Acquisition activity generated a cash inflow of CHF 0.4 million in the first half of 2026, following a cash outflow of CHF 31.6 million in the same period in the previous year. Excluding cash flow from acquisition activities, free cash flow amounted to CHF 118.4 million, compared with CHF 93.6 million in the same period in the previous year.
Cash outflow from financing activities amounted to CHF 112.6 million, compared with CHF 99.3 million in the same period in the previous year. The higher cash outflow is mainly due to increased dividend payments to shareholders and minority interests totalling CHF 95.2 million (H1 2025: CHF 89.2 million) and higher repayments of financial liabilities of CHF 17.4 million (H1 2025: CHF 10.1 million). As a result of the cash flows described, cash and cash equivalents increased by CHF 7.6 million compared with 31 December 2025, from CHF 376.5 million to CHF 384.1 million.
The challenging economic conditions are likely to persist in the second half of 2026. Geopolitical and trade tensions, high volatility on the procurement markets, continued subdued consumer sentiment in many markets and the strong Swiss franc continue to cause uncertainty. Heightened import pressure is also to be expected in the Swiss domestic market.
However, thanks to its consistent focus on attractive growth markets and strategic niches as well as its broadly diversified brand and product portfolio, the Emmi Group considers itself well positioned to achieve sustainable profitable growth, even in this challenging environment. Emmi will continue to act with foresight and discipline and systematically pursue its Group-wide efficiency and cost-saving programmes. At the same time, the Group is continuing its portfolio transformation in line with strategic priorities and consumer trends.
Ongoing geopolitical tensions in the Middle East are driving further cost increases in various input costs, particularly in packaging, logistics and energy. Emmi will counter these developments with targeted and responsible price increases to protect the Group.
The performance in the first half of 2026 underscores the effectiveness of the consistent strategy implementation and the focus on growth that generates value. Organic growth after six months exceeded the full-year guidance issued and was broad-based across all divisions. As anticipated in the full-year guidance, organic growth in the second half of the year will be negatively impacted by the lower Swiss milk price and the absence of a one-off effect from the previous year. Both effects will have an overall negative impact of around –0.8% (–2.1% in division Switzerland) on the Emmi Group’s sales growth for the year as a whole. While these two effects bolstered net sales performance in the first half of the year by around 0.4% (0.9% in division Switzerland), the impact in the second half is expected to be around –1.9% (–4.7% in division Switzerland). Excluding these temporary effects, the Emmi Group expects the underlying growth momentum to remain pleasing.
Based on current conditions, the Emmi Group is raising its guidance for organic growth at Group level slightly to 2.0% to 3.0% (previously: 1.0% to 3.0%). The EBIT guidance of CHF 335 to CHF 355 million and a net profit margin of 4.8% to 5.3% remain unchanged.
On the basis of the strong growth momentum in the first half of the year, Emmi is raising its guidance for division Switzerland to –1% to 1% (previously: –2% to 0%). However, the expectations for division Americas (4% to 6%) and division Europe (2% to 4%) remain unchanged.
Emmi also confirms its medium-term guidance on organic sales growth (Group 2% to 3%, Switzerland 0% to 1%, Americas 4% to 6%, Europe 1% to 3%), net profit margin (5.5% to 6.0%), ROIC (10%) and the dividend policy (payout ratio of 35% to 45% with an annual dividend increase in Swiss francs).