Emmi AG

Latest Results (16.05.2026):

Emmi AG — first half (Q1–Q2) 2025: the Group reported sales of CHF 2,272.4 million, up 12.7% year‑on‑year (organic growth 4.4%). The headline increase was driven mainly by acquisition effects (11.8%, notably Mademoiselle Desserts) while currency headwinds (-3.5%) partly offset performance. EBITDA rose to CHF 223.1 million and EBIT to CHF 145.4 million, while net profit after minority interests was CHF 97.2 million (net profit margin 4.3%). Emmi confirmed its full‑year EBIT guidance (CHF 330–350 million) and lifted expected organic growth for 2025 to 2.0–3.0%.

Sales and growth

Group sales CHF 2,272.4m (+12.7% YoY). Organic growth 4.4% (broad‑based, volume driven). Acquisition contribution 11.8% (mainly Mademoiselle Desserts); negative FX effect -3.5% (notably BRL, MXN, EUR, USD). Emmi exceeded its H1 internal guidance range.

Acquisitions and currency impact

Acquisitions (Mademoiselle Desserts, Hochstrasser, Verde Campo) were the main growth engine in H1 and also raised gross margin mix; currency translation materially reduced reported sales and profitability versus a stronger CHF.

Divisional performance

Switzerland: CHF 871.6m (+2.0%; organic +0.9%), helped by Emmi Caffè Latte and higher milk prices. Americas: CHF 853.4m (+4.0%; organic +8.3%), driven by Brazil, Chile, Mexico and US specialty cheese. Europe: CHF 483.7m (+69.1% mainly from Mademoiselle Desserts; organic +2.2%). Global Trade: CHF 63.7m (+14.2%; organic +11.5%).

Profitability and margins

Gross profit CHF 908.7m (margin 40.0% vs 38.9% prior) benefited from acquisition mix and pricing; operating expenses rose to CHF 690.3m (30.4% of sales) largely due to acquisitions. EBITDA CHF 223.1m (EBITDA margin ~9.8%, broadly maintained). EBIT fell in margin terms to 6.4% (CHF 145.4m) due to higher depreciation and amortisation from purchase price allocations.

Net result and finance costs

Net profit after minority interests CHF 97.2m (vs CHF 104.4m prior), net profit margin 4.3% (vs 5.2%). Net financial expense increased to CHF 20.7m, driven by higher interest costs (bond financing for acquisitions) and weaker FX/hedging results.

Cash flow and balance sheet

Operating cash inflow CHF 168.0m (down vs prior), free cash flow excluding acquisitions CHF 93.6m. Investing cash outflow higher (capex CHF 73.4m; buyouts). Net debt ~CHF 1,001.4m; equity ratio 32.8%. Cash and equivalents fell to CHF 258.2m.

Outlook and guidance

Emmi maintains 2025 EBIT guidance CHF 330–350m and net profit margin 4.8–5.3%, and raised full‑year organic growth guidance to 2.0–3.0%. Management flags slower H2 momentum vs H1 and reiterates focus on price measures, efficiency and cost savings.

Key risks and management actions

Main near‑term risks: Swiss franc appreciation, US tariff volatility, commodity and wage pressure. Management actions: targeted price increases (esp. export business), intensified procurement and productivity measures, portfolio transformation and disciplined cost control to protect margins.