Bell Food Group Ltd

Latest Results (17.01.2026):

Bell Food Group Ltd — first half (H1) 2025 (Q1–Q2 2025): the company reported organic net revenue growth of 4.4% to CHF 2,402.6 million, sales volumes up 2.8% to 293.6 million kg, EBITDA up 5.4% to CHF 159.7 million and EBIT of CHF 66.2 million (EBIT margin 2.8%, broadly stable). Half‑year profit was CHF 45.7 million (+0.7%). Gross profit rose to CHF 944.1 million (gross margin slightly down to 39.3%); operational investments were CHF 109.1 million. The balance sheet shows an equity ratio of 49.8% and net financial liabilities of CHF 927.3 million. Management announced the planned sale of Eisberg operations in Poland, Hungary and Romania (to be deconsolidated in H2 2025), which management estimates will reduce full‑year net revenue by about CHF 90 million and ~700 FTEs.

Top-line and volumes

Net revenue CHF 2,402.6m (+4.4% organic). Sales volume increased 2.8% to 293.6 million kg, with broad-based growth led by Hubers/Sütag and Bell Switzerland.

Profitability

EBITDA CHF 159.7m (+5.4%), EBIT CHF 66.2m (up modestly year‑on‑year) and half‑year profit CHF 45.7m (+0.7%). EBITDA margin improved slightly to 6.6% while EBIT margin remained ~2.8%.

Margins and cost drivers

Gross profit rose to CHF 944.1m but gross margin eased to 39.3% (from 39.8%) mainly due to higher raw‑material costs for meat. Personnel costs increased to CHF 499.0m (salary adjustments, higher headcount and start‑up costs).

Segment performance (selected)

Bell Switzerland: CHF 1,176.8m (+5.2%). Hubers/Sütag: CHF 360.4m (+12.1%, +6.7% volume). Bell International: CHF 245.6m (stable). Hilcona: CHF 278.3m (+1.8%). Eisberg: CHF 196.6m (+7.3%). Hügli: CHF 196.3m (‑3.4%).

Investments and operational projects

Operational investments CHF 109.1m (H1 2025). Key projects: Oensingen (slicing centre, logistics, cattle slaughterhouse) entering final interior phase with commissioning in H2; Hilcona automatic high‑bay warehouse started; further start‑up costs and higher depreciation expected as new facilities come online.

Balance sheet and financing

Equity ratio 49.8%; net financial liabilities CHF 927.3m. A CHF 300m bond was repaid in March 2025 and a new CHF 220m bond issued; financial result weakened to CHF –8.2m, reflecting lower interest income and higher financing costs.

Eisberg divestment and expected impact

Management decided to sell Eisberg subsidiaries in Poland, Hungary and Romania to Green Factory; national approvals were obtained in July/August 2025 and deconsolidation occurs in H2 (Romania & Hungary 1 Aug; Poland expected end of Sept). Management estimates a full‑year net revenue reduction of ~CHF 90m and ~700 fewer FTEs after the transactions; targeted profitability measures for Eisberg Austria will be implemented from H2.

Outlook

Company expects further start‑up costs and higher depreciation from new facilities (mostly in 2026/2027). Markets remain volatile with pressure on margins from competitive pricing and subdued consumer sentiment, but management expresses confidence in H2 2025 given the group's diversified portfolio and investment progress.