Notes to the half-year results

Principles of consolidation

Accounting principles

These consolidated interim financial statements comprise the unaudited half-year results of Emmi AG and its subsidiaries for the period ending 30 June 2026. The interim consolidated financial statements for 2026 have been prepared in compliance with Swiss GAAP FER 31 “Complementary recommendation for listed companies” and the consolidation and accounting principles described in the 2025 consolidated financial statements, with the exception of the adjustments described below.

Income taxes are calculated based on an estimate of the expected income tax rate for the full year 2026. The consolidated half-year results should be read in conjunction with the consolidated financial statements compiled for the financial year ended 31 December 2025, as they represent an update of the last complete financial statements and therefore do not contain all information and disclosures required in the year-end consolidated financial statements. The consolidated half-year results are presented in Swiss francs (CHF). Except where stated otherwise, all amounts are presented in thousands of Swiss francs.

The consolidated interim financial statements were approved by the Board of Directors of Emmi AG on 18 August 2026.

Changes to the scope of consolidation or capital share

Regio Molkerei beider Basel AG, Switzerland

On 5 February 2026, Emmi increased its stake in Regio Molkerei beider Basel AG from 80% to 100%.

Madriz Km0, S.L., Spain

Kaiku Km0, S.L., in which Emmi holds 73% of the shares, founded Madriz Km0, S.L. on 6 April 2026.

Changes in financial year 2025

We refer to the consolidated financial statements for 2025 for changes to the scope of consolidation in financial year 2025.

Contingent liabilities

Emmi is involved in legal disputes as part of normal business activities. Although the outcome of the lawsuits currently cannot be predicted with certainty, Emmi believes that none of the disputes will have any significant negative impact on the Group’s operating activities or on its financial situation. Expected outgoing payments are provided for accordingly.

Subsequent events

From the balance sheet date until the consolidated financial statements were approved by the Board of Directors of Emmi AG on 18 August 2026, no other major events occurred which could adversely affect the validity of the interim financial statements for 2026.

Currency exchange rates in CHF