Emmi (EMMN) H1 2026 earnings summary

Executive summary

• Achieved 3.6% organic growth in H1 2026, fully volume-driven, with total sales up 2.2% to CHF 2,323.5 million, led by premium niches like nutrition+, RTD coffee, premium desserts, and specialty cheeses, now representing 40% of group sales.

• Profitability improved: gross profit up 4.4% to CHF 948.9 million, EBITDA up 3.4% to CHF 230.7 million, EBIT up 4.8% to CHF 152.3 million, and ROIC at 7.9% (up from 7.6% FY25).

• Cash conversion rose to 88% (from 75% in H1 2025), supporting deleveraging and dividend growth.

• Strategic focus on health, functionality, and premium indulgence, with innovation and sustainability as key growth drivers.

• Integration of Emmi Desserts and Mademoiselle Desserts completed, with focus on synergies and scaling the global premium dessert platform.

Financial highlights

• Net sales reached CHF 2,323.5 million (+2.2% total, +3.6% organic year-over-year).

• EBITDA CHF 230.7 million (margin 9.9%), EBIT CHF 152.3 million (margin 6.6%), net profit CHF 100.9 million (margin 4.3%).

• Gross profit margin improved by 85 bps to 40.8%.

• Free cash flow before acquisitions was CHF 118.4 million (H1 2025: CHF 93.6 million).

• Net debt ratio improved to 1.73 (from 1.79 at Dec 2025), with ROIC at 7.9%.

Outlook and guidance

• 2026 organic sales growth guidance raised to 2–3% (from 1–3%), with Switzerland guidance at -1% to +1%, Americas at 4–6%, and Europe at 2–4%.

• EBIT guidance unchanged at CHF 335–355 million; net profit margin guidance 4.8–5.3%.

• Mid-term guidance: organic growth 2–3%, ROIC 10%, net profit margin 5.5–6.0%, dividend payout ratio 35–45%.

• Second half expected to be impacted by lower Swiss milk prices and absence of prior year one-off effects, with a combined negative impact of -0.8% on group sales growth.