Emmi (EMMN) H2 2025 earnings summary

Executive summary

• Achieved 4.3% organic growth in 2025, driven by strong volumes, strategic acquisitions, and innovation in high-value categories like RTD coffee, specialty cheese, and premium desserts.

• Total sales rose 9.1% to CHF 4,746 million, with robust demand across all divisions and strategic markets.

• EBITDA rose 14.3% to CHF 492.3 million (10.4% margin), and EBIT increased 10.5% to CHF 334.6 million (7.1% margin), with margin expansion despite FX headwinds and US tariffs.

• Net profit reached CHF 227.1 million, up 3.1% from the prior year, with a net profit margin of 4.8%.

• Sustainability initiatives advanced, including climate-friendly milk production, recyclable packaging milestones, and B Corp recertification.

Financial highlights

• Net sales grew to CHF 4,745.7 million (+4.3% organic growth), with all regions contributing positively.

• EBITDA reached CHF 492.3 million (10.4% margin), EBIT CHF 334.6 million (7.1% margin).

• Net debt/EBITDA improved to 1.79x from 2.13x, reflecting strong cash flow and successful deleveraging.

• Dividend proposed at CHF 17.50 (+6.1%), payout ratio at 41.2%.

• ROIC declined to 7.6% due to short-term acquisition effects, with a mid-term target of 10%.

Outlook and guidance

• 2026 organic sales growth expected at +1.0% to +3.0%, with EBIT guidance of CHF 335–355 million and net profit margin of 4.8% to 5.3%.

• Mid-term guidance: organic sales growth +2% to +3%, ROIC 10%, net profit margin 5.5% to 6.0%, and annual dividend increases in CHF.

• Americas division organic growth forecast at 4.0%–6.0%, Europe at 2.0%–4.0%.

• Temporary headwinds in Switzerland from lower milk prices and one-off effects expected to impact 2026 growth.