Bell Food Group (BELL) H2 2025 earnings summary

Executive summary

• Achieved strong growth across all key performance indicators, with net revenue up 4.5% year-over-year to CHF 4.9 billion and adjusted net profit rising 2.6% to CHF 127 million.

• All key financial indicators improved, with organic growth in a highly competitive environment.

• Growth momentum continued, driven by Bell Switzerland and Hubers/Sütag, and supported by strategic acquisitions and divestitures.

• Consistent expansion in all product groups and channels, with retail accounting for 70% and food service/industry 30% of net revenue.

• Strategic focus sharpened through divestitures and targeted acquisitions, enhancing market leadership.

Financial highlights

• Adjusted EBITDA reached CHF 360 million (+2.8%), and adjusted EBIT was CHF 172 million (+2.8%) compared to the previous year.

• Free cash flow improved to CHF 36 million from CHF -10 million last year.

• Equity ratio increased to 50.6%, and debt ratio improved to 2.3x.

• Operating investments totaled CHF 290 million, all financed from operating activities.

• Proposed dividend of CHF 7 per share.

Outlook and guidance

• Positive outlook with continued organic growth and EBITDA development targeted.

• Planned investment peak in 2026 at CHF 350 million, then stabilizing at CHF 250–300 million annually.

• Net debt ratio expected to remain below 2.5x, with stable dividend payout ratio around 30%.

• Volatility in markets and procurement expected due to economic and political factors.

• Confident in strategic and operational positioning to address upcoming challenges.