Shareholder letter

Urs Riedener, Chair of the Board of Directors, and Ricarda Demarmels, CEO

Dear Shareholders,

The way people eat is structurally changing. More and more consumers are looking for foods that are natural, healthy and nutritious. Products they can trust. At the same time, they do not want to sacrifice taste, quality and indulgence.

Health and indulgence are evolving into shared expectations. This is precisely where we see a great opportunity for Emmi.

Since our origins in 1907, we have consistently developed our portfolio in line with the needs of our consumers. With high-quality dairy products and innovative dessert concepts, we combine the natural strength of milk with deliberate indulgence. This puts us at an attractive intersection that will continue to gain in importance worldwide.

Our strategy follows exactly this logic: we systematically strengthen those product categories, markets and capabilities that help us remain relevant in the long term and create lasting value. We do this together with our employees, customers, trading partners, milk producers and partners along the entire value chain.

The first half of 2026 shows we are making progress along this path.

Health and indulgence as growth drivers

In the first half of 2026, the Emmi Group continued the positive growth momentum of recent years and achieved organic growth of 3.6%. The strong, regionally broad-based volume growth underlying this performance was particularly pleasing. Sales increased by a total of 2.2% to CHF 2,323.5 million.

Positive acquisition effects from The English Cheesecake Company Ltd., acquired the previous year, contributed 0.7% to growth. On the other hand, negative currency effects of 2.1% resulted in a headwind.

“For consumers, health and indulgence are no longer mutually exclusive. They expect both. It is precisely at this interface that we see the future of Emmi. With nutrition+, ready-to-drink coffee, premium desserts and specialty cheese, we systematically develop our portfolio where consumer needs are changing and new growth opportunities arising.”

Ricarda Demarmels

Attractive markets and strong platforms

Growth in the first half of the year was broadly based. Switzerland continued the positive volume-driven development of recent years. In the international business, the growth markets of Chile, Brazil and Mexico, as well as Spain, performed particularly well. Premium desserts and the goat’s milk powder business in the Netherlands also made important contributions to growth.

The development of our strategic niches nutrition+, ready-to-drink coffee, premium desserts and specialty cheese remains particularly relevant. These niches now account for around 40% of Group sales and once again achieved above-average growth in the first half of the year.

In early 2026, we created a new growth platform: nutrition+. Here we bring together our expertise in high-quality proteins, meal replacement drinks, products with functional added benefits, natural, simple recipes and lactose-free options. By doing so, we are addressing specific consumer needs that are gaining in importance around the world. With innovations such as Emmi Kefir, Emmi Energy Milk High Protein, Emmi I’m your meal and Emmi good day, we are meeting the growing demand for functional, natural nutrition and scaling it globally. In the key market of Brazil, our Verde Campo brand is strengthening its portfolio as a pioneer in the protein sector with functional, high-quality products that combine health and deliberate indulgence.

In the dessert business, we laid the foundations for an international premium dessert platform by acquiring the B Corp-certified Mademoiselle Desserts Group in 2024. An important milestone was reached with the launch of Emmi Desserts in 2026: for the first time, all our dessert companies are operating under a shared identity and pursuing a shared growth agenda. The commercial synergies already realised confirm the platform’s strategic logic.

At the same time, we have further sharpened our focus. With Emmi Desserts, we aim to actively shape the future of premium desserts and to play a leading role in “better for you” desserts in particular. The focus is on deliberate indulgence, innovative recipes, improved nutritional profiles and products that meet changing consumer needs.

With the establishment of Emmi Desserts, the integration phase is largely complete. The strategic focus is shifting to increasing value creation, scaling successful dessert concepts and international sales synergies.

We made further progress in the ready-to-drink segment, Emmi Caffè Latte. With Emmi Matcha Latte, we successfully launched a global trend product that appeals to new consumers and creates additional consumer moments. At the same time, the iconic brand introduced a new packaging concept. Emmi Caffè Latte is available in fully recyclable packaging with a new minimalist design. In this way, the brand combines indulgence and easier handling with recyclable packaging while also strengthening brand recognition.

In the specialty cheese business as well, we held our own by achieving volume-driven growth in a challenging market environment. Kaltbach’s premium cheese specialties performed particularly well in both Switzerland and Europe, confirming our differentiation in terms of origin, quality and craftsmanship.

Good result in a challenging environment

The economic market environment remained challenging in the first half of the year. Geopolitical uncertainties, trade tensions, volatile procurement markets, subdued consumer sentiment in parts of Europe and North America and a strong Swiss franc affected our business.

Despite these conditions, Emmi achieved a good result. Gross profit increased to CHF 948.9 million (H1 2025: CHF 908.7 million). The gross profit margin improved from 40.0% to 40.8%.

EBITDA rose to CHF 230.7 million (H1 2025: CHF 223.1 million), the EBITDA margin to 9.9% (H1 2025: 9.8%). EBIT increased to CHF 152.3 million (H1 2025: CHF 145.4 million), the EBIT margin improved to 6.6% (H1 2025: 6.4%). Net profit increased to CHF 100.9 million (H1 2025: CHF 97.2 million), with a net profit margin of 4.3% (H1 2025: 4.3%).

Return on invested capital (ROIC) also did well, increasing from 7.6% in the 2025 financial year to 7.9% in the first half of 2026.

This performance in the first half of the year illustrates that our portfolio transformation, our innovative strength and our systematic focus on efficiency and cost discipline are having an impact. At the same time, we continue to challenge ourselves. Sustained profitable growth, margin quality and return on invested capital remain our key priorities.

Responsibility across generations

Long-term success does not come from good figures alone. It comes from trust, partnerships and responsibility. Our responsibility begins with our collaboration with milk producers. It encompasses our employees, our customers, our trading partners and all partners along the value chain. Relationships you can rely on are an important part of our strength, especially in a world that is becoming increasingly volatile.

Together with the Swiss dairy industry, we are continuously developing the industry standard “Sustainable Swiss Milk”. With projects such as KlimaStaR Milk, we are making a tangible contribution to the future of our most important raw material and further developing a sustainable dairy industry. The insights gained from this are increasingly being incorporated into our international activities.

At the same time, we see sustainability as part of innovation. Emmi Matcha Latte is an exemplary combination of consumer relevance, indulgence and a new, 100% recyclable packaging solution. For us, this is crucial because sustainability is most effective when it becomes tangible for consumers.

“Our strategy is geared towards long-term value creation. We think in generations. Responsibility, partnership and entrepreneurship have always been part of Emmi’s DNA and remain the foundation of what we do.”

Urs Riedener

Sales guidance slightly higher, earnings guidance for 2026 confirmed

Economic conditions look set to remain challenging in the second half of the year. Geopolitical and trade tensions, volatile procurement markets, subdued consumer sentiment in various markets and the strong Swiss franc will continue to be with us. Continued import pressure is also to be expected in Switzerland.

Nevertheless, we firmly believe that Emmi is well positioned strategically. Our diversified portfolio, our strong position in attractive premium niches, our growth markets and our innovative strength form a good basis for sustainable profitable growth, even in this environment. At the same time, we will systematically pursue our efficiency programmes and cost discipline.

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.

Thank you very much!

Our special thanks go to our approximately 13,000 employees. Through their great commitment, expertise and entrepreneurial spirit, they lay the foundations for the sustainable success of the Emmi Group every single day.

We would also like to thank our customers and trading partners for their long-standing and trusting collaboration.

Special thanks go to our milk producers. Their daily work, diligence and high quality lay the foundations for much of what defines Emmi. Together, we are shaping the future of the dairy industry and creating value for generations yet to come.