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The Swatch Group (UHR) investor relations material
The Swatch Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary17 Jul, 2025
Executive summary
Net sales declined 7.1% year-over-year at constant exchange rates to CHF 3,059 million, with a 10.4% drop at current rates due to negative currency effects of CHF -113 million.
Operating profit fell to CHF 68 million from CHF 204 million, with an operating margin of 2.2% versus 5.9% last year.
Net income dropped to CHF 17 million from CHF 147 million, with a net margin of 0.6% compared to 4.3% a year ago.
Sales decline was exclusively attributable to China (including Hong Kong SAR and Macau SAR), while other regions matched record years in local currencies.
Double-digit sales growth achieved in North America, India, Turkey, Middle East, and Australia; strong brand performance in the USA.
Financial highlights
Operating cash flow increased to CHF 180 million from CHF 90 million year-over-year.
Net liquidity stood at CHF 1,091 million, down from CHF 1,376 million at December 2024.
Equity was CHF 11.7 billion (equity ratio 86.2%), compared to CHF 12.2 billion (87.3%) at December 2024.
Basic earnings per registered share was CHF 0.01, and per bearer share CHF 0.06, down sharply from CHF 0.52 and CHF 2.62, respectively, in the prior year.
Investments in non-current assets totaled CHF 229 million, down from CHF 283 million year-over-year.
Outlook and guidance
Signs of improvement in China, especially in e-commerce and inventory reduction at retailers, with expectations for a better market environment in Greater China in H2 2025.
Anticipates further growth in the USA, Japan, and India, and improved production capacity utilization driven by new product launches.
E-commerce in China continues to show positive consumption trends.
Assess impact of China's recovery on production.
Explain the strategy behind maintaining production.
How does AI-DADA personalize Swatch watches?
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Next The Swatch Group earnings date
H2 202519 Mar, 2026
Next The Swatch Group earnings date
H2 202519 Mar, 2026
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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.
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