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Bell Food Group (BELL) investor relations material

Bell Food Group H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary12 Aug, 2025

Executive summary

  • Organic net revenue grew 4.4% year-over-year to CHF 2,403 million, with EBITDA up 5.4% to CHF 160 million and net profit at CHF 46 million (+0.9%).

  • Bell Switzerland and Hubers/Sütag were main growth drivers, while Eisberg shifted focus to the DACH region after selling Eastern European sites.

  • Major plant expansions and infrastructure projects progressed as planned at Bell Switzerland, Hilcona, and Hubers.

  • Ongoing challenges include raw material availability, rising input costs, and margin pressure, with measures to improve profitability.

  • Strategic divestment of Eisberg's Eastern European units will reduce annual net revenue by CHF 90 million and headcount by 700 FTEs from H2 2025.

Financial highlights

  • Net revenue increased by CHF 87 million (+3.7%) to CHF 2,403 million; organic growth was +4.4%.

  • EBITDA rose by CHF 8 million (+5.3%) to CHF 160 million; EBIT up by CHF 2 million (+3.8%) to CHF 66 million.

  • Earnings after taxes reached CHF 46 million (+0.9%); earnings per share CHF 7.28.

  • Operating investments decreased to CHF 109 million (previous year: CHF 141 million); operating free cash flow improved to CHF 10 million (previous year: CHF -51 million).

  • Gross profit margin slightly declined to 39.3% due to higher raw material costs.

Outlook and guidance

  • Ambition to continue organic growth and EBITDA improvement, with investment levels around CHF 250 million p.a. in the medium term.

  • Start-up costs and higher depreciation from new infrastructure mainly impact 2026-2027; Oensingen start-up costs up to CHF 20 million.

  • Net debt ratio targeted below 2.5x, with stable dividend payout ratio of around 30%.

  • Confident outlook for H2 2025, despite margin pressure, volatile markets, and raw material challenges.

  • Sale of Eisberg's Eastern European companies will reduce annual net revenue and headcount from H2 2025.

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Frequently asked questions

Bell Food Group AG is a Swiss company engaged in the production and distribution of fresh and processed meat, poultry, seafood, and convenience foods. The company’s portfolio includes a range of products such as fresh and cured meats, sausages, salads, sandwiches, and ready-made meals, catering to the needs of retail, foodservice, and industrial clients. Bell Food Group operates several brands and serves markets across Europe, with a particular focus on Switzerland, Germany, France, and Austria. The company is headquartered in Basel, Switzerland, and its shares are listed on the SIX Swiss Exchange.

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