HOCHDORF Holding Ltd.

Latest Results (06.11.2025):

HOCHDORF Holding Ltd.'s latest financial results for the fourth quarter of 2023 highlight a mixed performance with notable operational progress. The 2023 business year saw solid net sales growth and improved gross margins driven by the robust performance of the Infant Nutrition segment, a return to positive EBITDA, and significantly enhanced operating cash flow. At the same time, challenges remain with a negative EBIT and net profit, as the company grapples with high financing costs and legacy burdens.

Net Sales Performance

In 2023, net sales increased by 5.4% to CHF 307.8 million. The Food Solutions segment generated about 66.5% of these sales, despite a slight decline, while the Infant Nutrition segment—registering a 29.7% increase—demonstrated strong growth with more than 100 new articles added for market expansion.

Improved Profitability and Margins

Gross operating profit rose to CHF 93.0 million, lifting the gross operating margin from 25.3% to 30.8%. The Infant Nutrition segment, in particular, benefited from higher margins, with its gross margin increasing from 41.0% to 45.0%, underpinned by improved pricing strategies and product mix.

EBITDA Turnaround vs. EBIT and Net Result

The company achieved a positive EBITDA of CHF 7.8 million (2.6% of production revenue) after a negative result in the previous year, though EBIT remained negative at CHF –3.9 million. Overall, the net result at Group level was CHF –10.2 million, reflecting ongoing challenges from higher financial expenses.

Cost Control and Cash Flow Strength

Cost efficiencies were evident with material costs down by 6.3% compared to the previous year, and personnel expenses also saw a marginal decrease. These efforts contributed to a positive operating cash flow of CHF 13.8 million, reinforcing the company's stable cash position despite prevailing cost pressures.

Refinancing and Strategic Initiatives

With the refinancing process accelerated following the extension of the syndicated loan for two additional years, HOCHDORF Holding Ltd. has secured its medium-term solvency. Concurrently, the Board of Directors is exploring various strategic options—including a potential sale or partial sale—to address legacy financing challenges while keeping the core operating business intact.