The Swatch Group Ltd

Latest Results (31.08.2026):

The Swatch Group Ltd — Fourth quarter (Q4) 2025 and full‑year 2025 results show a resilient finish to the year: full‑year net sales of CHF 6,280 million (‑1.3% at constant exchange rates) with strong acceleration in H2 and Q4 (Q4 sales +7.2% worldwide), while group profitability was hit by a large negative result in the Production segment, leaving 2025 net profit at CHF 25 million.

Sales

Full‑year net sales: CHF 6,280 million (‑1.3% at constant exchange rates; ‑5.9% at current rates). Negative currency impact of CHF 308 million. Second half sales +4.7% at constant rates; Q4 sales up 7.2% across all price segments.

Operating profit and margins

Group operating profit: CHF 135 million (previous year CHF 304 million). Group operating margin: 2.1% (previous year 4.5%). Watches & Jewelry (excl. Production) operating profit: CHF 549 million with a 9.5% operating margin.

Production segment

Production posted a strongly negative operating result due to the Group’s deliberate decision to maintain production capacity and jobs without temporary working‑time compensations, materially weighing on consolidated profitability.

Net profit and cash flow

Net profit: CHF 25 million (previous year CHF 219 million), net margin 0.4% (previous year 3.3%). Operating cash flow improved to CHF 507 million (+52.3% year‑on‑year).

Balance sheet and liquidity

Net liquidity: CHF 1,195 million (previous year CHF 1,376 million). Equity: CHF 11.7 billion; equity ratio 87.1%.

Dividend

Board proposes unchanged dividends: CHF 0.90 per registered share and CHF 4.50 per bearer share (same as prior year).

Outlook for 2026

Momentum that accelerated in Q4 2025 continued into January 2026. The Group expects substantial sales and volume growth across all price segments in 2026, which should significantly improve capacity utilization and substantially reduce—or potentially reverse—the Production segment’s losses, improving overall profitability.