The Swatch Group (UHR) H1 2026 earnings summary

Executive summary

• Net sales increased by 8.5% at constant exchange rates and 2.0% at current rates, with strong momentum across all price segments and continents.

• Operating profit reached CHF 52 million (1.7% margin), impacted by negative currency effects and production segment results.

• Net income was CHF 16 million, with a net margin of 0.5%.

• Operating cash flow rose 68.9% to CHF 304 million, supported by rigorous working capital management.

• Equity stood at CHF 11.5 billion, with an equity ratio of 85.3%.

Financial highlights

• Net sales: CHF 3,121 million, up from CHF 3,059 million year-over-year.

• Operating result: CHF 52 million (1.7% of net sales), down from CHF 68 million (2.2%) year-over-year.

• Net result: CHF 16 million (0.5% of net sales), compared to CHF 17 million (0.6%) year-over-year.

• Basic earnings per registered share: CHF 0.04; per bearer share: CHF 0.18.

• Market capitalization increased to CHF 10,307 million from CHF 6,855 million year-over-year.

Outlook and guidance

• Strong sales acceleration in May and June, confirmed in July, points to continued growth and improved profitability in the second half of 2026.

• Verticalized production capabilities and maintained workforce enable rapid response to demand across all price segments.