EMS-CHEMIE (EMSN) Q2 2025 earnings summary

Executive summary

• Net sales reached CHF 1,020 million in H1 2025, down from CHF 1,087 million year-over-year, amid a challenging global environment and currency headwinds.

• Net operating income (EBIT) rose 1.6% to CHF 296 million, with the EBIT margin improving to 29.1%.

• Profitability increased due to a focus on high-margin specialties, innovation, and efficiency programs.

• Expansion of technical sales and development in Asia, America, and Europe contributed to new, profitable business.

• The company maintained strong performance despite global economic weakening, trade barriers, and a stronger Swiss Franc.

Financial highlights

• EBITDA increased 1.5% to CHF 324 million; EBITDA margin rose to 31.7% from 29.4% year-over-year.

• Net income was CHF 253 million, up 0.2% from CHF 252 million in H1 2024.

• Equity attributable to shareholders rose to CHF 2,072 million, with an equity ratio of 83.7%.

• Cash flow from operating activities was CHF 199 million; cash and cash equivalents at period end were CHF 613 million.

• High Performance Polymers segment: net sales CHF 914 million (down from CHF 982 million); EBIT CHF 280 million (up from CHF 276 million).

Outlook and guidance

• Net sales for full-year 2025 expected to remain below prior year due to currency effects.

• Net operating income (EBIT) for 2025 anticipated to be slightly above previous year.

• Continued focus on innovation, specialties, and efficiency to drive above-average results.

• Maintains high equity ratio and no debt, supporting above-average results.