Emmi AG

Latest Results (05.04.2026):

Emmi AG — first half (H1) 2025 (covering Q1–Q2 2025): The Emmi Group reported strong top‑line growth with net sales of CHF 2,272.4 million, up 12.7% year‑on‑year. Growth was driven mainly by acquisitions (11.8%) and produced solid organic growth of 4.4% despite negative currency effects (-3.5%). Profitability improved at gross‑profit level but was weighed down by higher depreciation and net financial expense, leaving H1 net profit after minorities at CHF 97.2 million (net profit margin 4.3%). Emmi confirmed full‑year EBIT guidance and raised its organic sales outlook for 2025.

Top‑line and growth drivers

Sales H1 2025: CHF 2,272.4m (+12.7% YoY). Acquisition contribution ~11.8% (notably Mademoiselle Desserts, plus Hochstrasser, Verde Campo). Currency headwind -3.5% (weaker BRL, MXN, EUR, USD vs CHF). Organic growth 4.4% (broad‑based, volume‑driven); Emmi exceeded its prior full‑year sales guidance in H1.

Division performance

Switzerland: CHF 871.6m (+2.0%; organic +0.9%). Americas: CHF 853.4m (+4.0%; organic +8.3%). Europe: CHF 483.7m (+69.1% from Mademoiselle Desserts; organic +2.2%). Global Trade: CHF 63.7m (+14.2%; organic +11.5%).

Profitability and margins

Gross profit CHF 908.7m (+15.9%), gross margin 40.0% (prev. 38.9%). EBITDA CHF 223.1m (EBITDA margin ~9.8%, broadly maintained). EBIT CHF 145.4m (EBIT margin 6.4%, down from 7.0%) due to higher D&A from acquisitions. H1 net profit after minorities CHF 97.2m (prev. CHF 104.4m); net profit margin 4.3% (prev. 5.2%).

Financial result, cash and balance sheet

Net financial expense CHF 20.7m (prev. CHF 7.4m), driven by higher interest (CHF 7.5m) from bonds issued for acquisitions and worse FX hedging. Net debt ~CHF 1,001.4m; equity ratio 32.8%. Cash flow from operations CHF 168.0m; free cash flow (excl. acquisitions) CHF 93.6m. Capex CHF 73.4m; cash outflow for buyouts/acquisitions CHF 31.6m.

Acquisitions and one‑off impacts

Mademoiselle Desserts acquisition is the dominant acquisition effect (notably lifting Europe sales and gross margin profile). Higher D&A and amortisation relate to purchase price allocation (revaluations and capitalised customer relationships). No non‑recurring adjustments disclosed.

Outlook and guidance

2025 organic sales guidance raised to 2.0–3.0% (from 1.5–2.5%). Division outlook: Switzerland organic 0–1%; Americas organic 4–6%; Europe organic 1–3%. Group earnings guidance maintained: EBIT CHF 330–350m and net profit margin 4.8–5.3% for full year 2025.

Risks and management actions

Key headwinds: strong Swiss franc, US tariff uncertainty, input‑cost volatility and wage pressure. Emmi plans targeted price increases, intensified procurement and efficiency/cost‑saving measures to protect margins and monitor price elasticity closely.