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Edge20 Sep 2024
Timeless Timepieces: The Rolex Story
A comprehensive overview of how Rolex went from a small upstart to one of the most famous and respected brands in the world.
The Swatch Group
The Swatch Group (UHR) investor relations material
The Swatch Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary21 Jul, 2026
Executive summary
Net sales increased by 8.5% at constant exchange rates and 2.0% at current rates, with strong momentum across all price segments and continents.
Operating profit reached CHF 52 million (1.7% margin), impacted by negative currency effects and production segment results.
Net income was CHF 16 million, with a net margin of 0.5%.
Operating cash flow rose 68.9% to CHF 304 million, supported by rigorous working capital management.
Equity stood at CHF 11.5 billion, with an equity ratio of 85.3%.
Financial highlights
Net sales: CHF 3,121 million, up from CHF 3,059 million year-over-year.
Operating result: CHF 52 million (1.7% of net sales), down from CHF 68 million (2.2%) year-over-year.
Net result: CHF 16 million (0.5% of net sales), compared to CHF 17 million (0.6%) year-over-year.
Basic earnings per registered share: CHF 0.04; per bearer share: CHF 0.18.
Market capitalization increased to CHF 10,307 million from CHF 6,855 million year-over-year.
Outlook and guidance
Strong sales acceleration in May and June, confirmed in July, points to continued growth and improved profitability in the second half of 2026.
Verticalized production capabilities and maintained workforce enable rapid response to demand across all price segments.
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Latest events from The Swatch Group
- Net profit fell sharply to CHF 25 million on lower sales and high tax, but outlook for 2026 is positive.UHR
H2 2025 - Sales and profits fell due to China weakness, but global retail and e-commerce showed resilience.UHRH1 2025
- Sales and profits declined, but Swatch brand sales in China grew 10% amid global challenges.UHRH1 2024
- Sales and profits fell sharply, but strong equity and innovation position the Group for 2025 recovery.UHRH2 2024
Next The Swatch Group earnings date
H2 202617 Mar, 2027
The Swatch Group
Next The Swatch Group earnings date
H2 202617 Mar, 2027
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Frequently asked questions
Swiss Made
Swatch Group is a Swiss conglomerate in the watch industry. The company owns a number of watchmakers, including its namesake Swatch, as well as several other well-known Swiss brands. The company’s portfolio of brands is diverse and covers a range of timepieces from luxury to mass market offerings. It is headquartered in Biel/Bienne, Switzerland, and its shares are listed on the SIX.
The Quartz Crisis and the Swatch
During the 70s and 80s period, inexpensive quartz watches from Asia, particularly Japan, were flooding the market, severely impacting the Swiss watch industry. In response, two large Swiss watch companies, ASUAG and SSIH, were merged to compete against the influx of cheap and precise watches.
The name "Swatch" is a contraction of "Second Watch" – conceived as a more casual, affordable, and fashionable alternative to traditional watches. The Swatch watch was innovative in its design and manufacturing - it was made with fewer parts, used plastic in a novel way, and was produced with a fully automated assembly process.
The success of Swatch watches helped revive the Swiss watch industry. The profits and success of the Swatch enabled the company to acquire several high-end Swiss watch companies that were struggling financially.
The Group’s Brands
Swatch Group's business encompasses a spectrum of watch brands, each targeting different market segments. High-end brands within the group, such as Breguet, Omega, and Blancpain, are recognized for their intricate craftsmanship and long-standing heritage. The middle range of the Swatch Group's portfolio includes brands like Longines, Rado, and Tissot. These brands strike a balance between quality and price, making them accessible to a wider audience. At the more affordable end, the Swatch brand itself is still going strong and offers watches characterized by modern designs and approachable price points.
Integrating Vertically
The Swatch Group's approach to manufacturing is marked by a significant degree of vertical integration. The company not only designs and assembles its watches but also produces many of the components required to manufacture watch movements, an incredibly complicated and expensive endeavor. This level of control over the supply chain and production process is a key aspect of its operations, and Swatch Group also sells its movements to smaller, independent watchmakers. The company’s watches are sold at authorized dealers, or through the company’s stores. Some other publicly traded companies operating partially in the same sector are LVMH and Richemont. However, these companies are diversified while Swatch has a focus more or less solely on watches.