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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.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.
- Net profit fell sharply to CHF 25 million on lower sales and high tax, but outlook for 2026 is positive.UHR
H2 202518 Mar 2026 - Sales and profits fell sharply, but strong equity and innovation position the Group for 2025 recovery.UHR
H2 20244 Nov 2025 - Sales and profits fell due to China weakness, but global retail and e-commerce showed resilience.UHR
H1 202518 Jul 2025 - Sales and profits declined, but Swatch brand sales in China grew 10% amid global challenges.UHR
H1 202413 Jun 2025
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