Slides
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26 February 2026 Emmi Group Annual results 2025 Good result and continued growth dynamic
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A warm welcome by Ricarda Demarmels Chief Executive Officer Oliver Wasem Chief Financial Officer Gisela Heel Head Corporate Communications Simone Burgener Spokesperson & Senior Communications Manager
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Erstellt durch Vorlagenbauer.ch CEO Opening our strategy is working and translating into volume-led growth RICARDA DEMARMELS What we said last time − Expand into faster-growing categories and geographies − Build on health and indulgence − Innovate quickly and meaningfully − Amplify the power of most iconic brands and concepts − Empower our people and deliver superior, award- winning products …while building a place to which everyone is proud to belong. Where we are today ❑ Sustained growth momentum We delivered broad-based organic growth of 4.3%, driven by strong volumes (2.6%). Demand remains robust across the portfolio, supported by growth geographies and high-value categories (now 36% of sales). ❑ Strength in our chosen categories – expanding growth profile further with nutrition+ RTD coffee, specialty cheese and premium desserts remain strong growth engines with structural tailwinds. With nutrition+, we further expand our growth profile and exposure to the health megatrend. ❑ Innovation that moves the needle We are accelerating incremental, meaningful innovation. Our innovation pipeline is sharper, more insight-driven and scalable, enabling us to roll out winning concepts across markets (see RTD, protein, convenience, gut health). ❑ Execution strength is a key driver of our momentum Our “local-for-local” model and strong, entrepreneurial teams give us speed & adaptability to changing markets and consumer needs. ❑ Resilient financial delivery Despite FX headwinds, we delivered good EBITDA and EBIT growth (+14.3% / +10.5%), margin expansion, strong cash conversion, deleverage (1.8x), and higher dividend (+6.1%). This underlines the resilience of our model. ❑ Outlook With a clear strategy, attractive category footprint and focussed investments, we expect continued momentum into 2026. We have updated our mid-term guidance.
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Agenda 02 Strategy Execution & Highlights 2025 Ricarda Demarmels, CEO 03 Financial Performance 2025 Oliver Wasem, CFO Q&A Ricarda Demarmels, CEO Oliver Wasem, CFO 05 04 Outlook Ricarda Demarmels, CEO 01 Strategy & Mid-term Guidance Update Ricarda Demarmels, CEO Oliver Wasem, CFO
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Strategy & Mid-term Guidance Update Ricarda Demarmels | CEO Oliver Wasem | CFO
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Technological innovation – GLP-1 – New production and processing technologies (e.g. precision fermentation) Changing consumer preferences – Protein intake is increasing – Functional benefits without compromising taste or indulgence – Ongoing shift toward less processed foods, with comfort and enjoyment gaining importance Stricter regulatory frameworks – Regulatory tightening raises food safety, labelling and claim requirements – Nutrition rules drive reformulation toward less sugar, fewer additives and lower processing – Sustainability mandates require recyclable packaging The way people eat is changing – structurally. Sources: The Food Revolution Picard Angst / Innova Market Insights
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These trends play to dairy’s advantage Indulgence & Health are dominant food trends Consumers seek functional nutrition more than ever Protein Gut Health Convenience The “Goodness of Dairy” – natural, nutrient-dense, protein golden standard – is perfectly positioned Value Growth 2025 vs PY Source: Nielson MAT Q3 2025 3.8% 4.9% F M C G D a i ry GLOBAL Kefir Skyr Meal Replacer Functional Shots ? Cheese ? Desserts Protein Annual results 2025 – 26 February 2026 Dairy is back! And outperforms overall FMCG
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Dairy is a key component of a healthy diet Sources: Smith NW, Fletcher AJ, Hill JP and McNabb WC (2022) Modeling the Contribution of Milk to Global Nutrition. Front. Nutr. 8:716100 / Cimmino F, Catapano A, Petrella L, Villano I, Tudisco R and Cavaliere G (2023) Role of Milk Micronutrients in Human Health. Front. Biosci. 28 (2): 41 / Everett D (2025) Dairy Foods: A Matrix for Human Health and Precision Nutrition. J. Dairy Sci. 108:3070-3087 / Garcia- Burgos M, Moreno-Fernandez J, Alferez M, Diaz-Castro J, Lopez-Aliaga I (2020) New Perspectives in fermented dairy products and their health relevance. J. Funct. Foods 72:104059 / Drewnowski A (2025) Milk and Dairy Provide Affordable High-Quality Protein and Merit Inclusion in the Protein Foods Group. Curr. Dev. In Nutr. 9:104539 Complete natural food – No fortification required – Few ingredients, full nutrition Nutrient-dense food – More nutrition per calorie than most other foods – High-quality protein & micronutrients such as vitamins (D, B2, B12) and minerals (calcium, phosphorus) to maintain vital body functions Dairy protein as golden standard – Complete protein with all 9 essential amino acids, high digestibility and bio availability – Supports muscle, metabolism and satiety across all ages Fermented dairy products (e.g. yogurt, kefir…) may be associated with… – Beneficial modulation of gut microbiota by supporting a balanced intestinal microbiome – Better nutrient bioavailability Dairy matrix – nutrient quality is more than the sum of its individual components – Digestibility and absorption of nutrients is largely dictated by matrix components and interactions – Results in different health benefits that go beyond the benefit of the individual nutrient – Focus area in nutrition science: there is more to come…
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Erstellt durch Vorlagenbauer.ch Emmi is uniquely positioned: Capturing the sweet spot of premium dairy and desserts. Premium dairy Natural, high protein quality, nutrient- dense, often fermented. Premium desserts with B Corp certified propositions with better ingredients and sustainable packaging. 83% 17% Consumer megatrend Indulgence Consumer megatrend Health * *
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New growth platform nutrition+ further expands growth profile through greater health focus Annual results 2025 – 26 February 2026 Emmi strategy Focus areas ❑ Structural changes in how people eat are accelerating ❑ Dairy is uniquely advantaged ❑ Emmi is positioned at the premium end of that advantage ❑ nutrition+ sharpens our exposure to the fastest-growing part of the category Switzerland USA Brazil Chile Ready-to- drink coffee Specialty cheese Premium desserts nutrition+ Winning teams Generating profitable growth Funding the journey Business steering Value drivers Strategic markets Strategic niches Expected annual growth; Source: Euromonitor forecast, retail price volume 2024−2029 in markets relevant to Emmi Building a desserts PowerHouse Leveraging our strength in specialty cheese 3.6% 5.5% Playing to win in RTD coffee 7.2% New growth platform nutrition+ New growth platform
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nutrition+: becoming a lighthouse in functional dairy High Protein Meal Replacer Enriched Wellbeing Natural Wellbeing Lactose Free
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.. ❑ Proven leadership in functional dairy and premium desserts ❑ Agile innovation networks with strong external partnerships ❑ Entrepreneurial Emmi culture: we move fast and scale what works Innovation as competitive advantage Agileinnovation networks LeadingR&D approach,local consumerinsightsandcapabilities Powerful,scalableinnovationpipeline Scalableconceptsscaledacrossgeographies, formatsandconsumertrends Entrepreneurial Emmi culture Leading R&D tools and capabilities Innovative, premium concepts scaled across geographies Consumer- focussed growth fields Long-term food trend monitoring In-house roastery with 165 years of coffee expertise Research networks Continuous concept screening In-house sensory panel Balanced indulgence Small bites Snacking and convenience Meal replacement Natural energy Ready-to-drink coffee Specialty nutrition Lactose-free and specialties Annual results 2025 – 26 February 2026
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Annual results 2025 – 26 February 2026 Delivering growth through innovations High-quality protein High-protein drinks, yogurts & Skyr Snacking and convenience Meal replacement Digestive and gut health Kefir Naturalness Low processing, fewer and better ingredients Tradition and heritage Local production Natural energy Ready-to-drink coffee Balanced indulgence Small bites Staying focussed on areas where we can win through taste, functionality & brand strength
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New Emmi Matcha Latte – Healthy & natural energy boost – Best Swiss milk meets high- quality matcha – Bringing new consumers into the RTD category Matcha trend meets RTD coffee pioneer: Emmi Caffè Latte Emmi Matcha Latte
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Update mid- term guidance – Mid-term ROIC target: 10% – Annual dividend increase in CHF with unchanged payout ratio of 35% to 45%
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Emmi Steering Model drives sustainable value creation and agility Annual results 2025 – 26 February 2026 Organic growth EBIT margin ROIC Growth Profitability Capital Efficiency North Star Target System Growth, margin and ROIC are our North Stars and guide execution at every level of the organisation. North Star Target System – Commercial Excellence – Capital Management – Finance Academy – Emmi Operational Excellence – Procurement 3.0 + + + + + Strengthening capabilities and improving execution
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1.60 2.60 2.60 2.60 2.60 3.00 3.40 3.40 3.60 3.80 3.80 4.90 5.90 7.00 9.00 12.00 13.00 14.00 14.50 15.50 16.50 17.50 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017* 2018 2019 2020 2021 2022 2023 2024 2025 Annual dividend increase in CHF with unchanged payout ratio of 35% to 45% − Dividend payment steadily increased from CHF 1.60 in 2004 to CHF 17.50 in 2025 (proposal to the General Meeting). − There were no years with decreasing dividends. − Emmi’s revised mid-term guidance: payout ratio 35% to 45% with annual dividend increase in CHF. Dividend in CHF 12.1% CAGR since IPO * without anniversary dividend (additional CHF 3.00)
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Updated mid-term guidance Organic sales growth +2% to +3% of which: Switzerland ±0% to +1% Americas +4% to +6% Europe +1% to +3% Net profit margin 5.5% to 6.0% Return on invested capital (ROIC) 10% Dividend payout ratio 35% to 45% with annual dividend increase in CHF
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Strategy Execution & Highlights 2025 Ricarda Demarmels | CEO
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Key messages full year 2025 Accelerating momentum Winning through focus and execution Strategic transformation gaining traction Outlook Continued momentum Strong, broad-based momentum − 4.3% organic growth driven by strong volumes (2.6%) in all divisions − Growth led by priority markets and high-value categories incl. SUI, Brazil, Chile, Mexico and strategic niches incl. RTD coffee, premium desserts and specialty cheese − Execution at pace delivers resilience in a volatile market – strong customer engagement and operational excellence Resilient financial delivery: EBITDA & EBIT growth with margin expansion despite FX headwinds, strong cash conversation and deleverage − EBITDA +14.3% (+47bps); EBIT +10.5% (+9 bps) − Net debt / EBITDA ratio 1.8x (vs. 2.1x PY) − Strong cash conversion supports ability to invest, innovate and return value (dividend +6.1%) New growth platform nutrition+; innovation that matters − nutrition+ focussing on health and functionality − Incremental innovation in premium dairy and desserts, scaled more effectively across markets Emmi Desserts PwH integration on track, at pace − Premium desserts delivered strong growth in 2025 − Integration process on track with early synergy wins Progress on sustainability goals − Sustainable dairy: KlimaStaR Milk w/ transfer to Chile / Brazil − Circular economy: PET, RecyPac, new lid concept Emmi Caffè Latte, 100% sustainable packaging at EDITA − 74% of employees w/ development goals 2026: Continued growth and increased earnings guidance − Organic sales +1.0% to +3.0% − EBIT CHF 335 to 355 million − Net profit margin 4.8% to 5.3% Updated mid-term guidance − ROIC 10% − Annual dividend increase in CHF Challenging markets, shifting consumption creating opportunity for Emmi Group
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Results adjusted in each case for non-recurring effects (years 2018, 2020, 2022 and 2023). Previous-year figures for 2015 to 2019 restated due to change in the consolidation and accounting principles for goodwill in 202 0. Accelerating momentum on a proven track record Margins & ROIC with upside potential in CHF million 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 10y 3y Net sales 4,746 4,349 4,242 4,230 3,912 3,706 3,494 3,457 3,364 3,259 3,214 4.0% 3.9% Organic growth in % +4.3 +2.4 +3.5 +7.0 +3.6 +1.9 +2.2 +2.3 +0.5 -1.0 -3.0 2.8% 3.3% EBITDA 492.3 430.6 413.0 379.3 394.7 390.9 352.9 352.8 340.7 328.2 314.9 4.6% 9.1% as % of net sales 10.4 9.9 9.7 9.0 10.1 10.5 10.1 10.2 10.1 10.1 9.8 EBIT 334.6 302.7 295.4 266.1 284.1 271.2 243.2 240.7 228.3 218.0 202.9 5.1% 7.9% as % of net sales 7.1 7.0 7.0 6.3 7.3 7.3 7.0 7.0 6.8 6.7 6.3 Net profit 227.1 220.3 212.4 194.3 216.7 202.6 195.0 204.2 187.2 156.8 135.4 5.3% 5.3% as % of net sales 4.8 5.1 5.0 4.6 5.5 5.5 5.6 5.9 5.6 4.8 4.2 Employees (full-time equivalents at 31.12.) 12,779 12,232 9,346 9,368 9,230 8,664 7,826 6,151 6,147 5,779 5,405 ROIC (in %) 7.6 8.6 8.8 7.6 9.9 10.5 10.4 10.5 10.1 10.5 10.0 Accelerating momentum
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Created by Vorlagenbauer.ch Top 7 markets by salesGeographical footprint – provides resilience and growth opportunities Increasing share of business in above-average growth niches Growing presence in attractive international markets and niches – and bringing SUI back to growth Making progressSet up to drive opportunities 01 Strong position in growing categories: premium dairy and desserts. 02 Disciplined growth strategy focussed on fast growing geographies and value-add niches. 03 Innovation strength, iconic premium brands and scalable concepts striving for category leadership. 04 Local-for-local model drives resilience and speed. 05 Entrepreneurial culture powering execution. Net Sales CHF 4.7 bn Shifting consumption creates opportunity Shifting consumption creating opportunity Technological innovation Changing consumer behaviour Stricter regulatory frameworks Net Sales CHF 3.2 bn 2015 2025 Switzerland International 56% 44% 39% 61% 39% Switzerland 26% Europe without CH 16% North America 14% Latin America 3% Africa 2% Asia / Pacific Switzerland 01 USA02 France03 Brazil04 Spain05 United Kingdom06 Chile07 RTD coffee Specialty cheese Premium desserts nutrition+ 20252015 As of 2026 Plant- based < 20% 36% + nutrition+ Geopolitical situation Persistent inflationand recession Input costsremain highand volatile Highly competitive market environment StrongCHF and UStariffs LabourmarketDecline and change in consumption Unstable supplychains Leading categories. Focused growth. Scalable innovation. Local agility. Entrepreneurial drive. Annual results 2025 – 26 February 2026 Challenging markets
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Europe (22.1% of Group) 2025: +1.4% | 2024: +5.5% Americas (36.4% of Group) 2025: +6.4% | 2024: +3.7% Switzerland (38.9% of Group) 2025: +3.4% | 2024: +0.3% Global Trade (2.6% of Group) 2025: +5.6% | 2024: -3.2% Emmi Group 2025: +4.3% | 2024: +2.4% Accelerating growth momentum – positive volumes > 2% over last two years Organic sales growth Volume/mix effects All divisions contribute to sustained, volume-led organic growth 2023 2024 2025 Organic growth +3.5% +2.4% +4.3% Volume / mix effect -2.6% +2.6% +2.6% 6.5% 0.8% 0.0% 4.7% 4.4% 4.3% -4.0% -2.3% 1.4% 3.6% 2.0% 3.3% H1/23 H2/23 H1/24 H2/24 H1/25 H2/25 Continued broad-based, volume-led organic growth underlines strong execution and set-up
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Increasing share of fresh products Diversified product portfolio provides stability Fresh products 34.4% (PY 29.6%) CHF 1,631.7 million (org. 5.0%) Fresh cheese 5.5% (PY 5.9%) CHF 261.0 million (org. 4.8%) Cheese 27.4% (PY 29.0%) CHF 1,299.1 million (org. 6.3%) Powder/concentrates 4.1% (PY 4.4%) CHF 192.9 million (org. 3.1%) Other products/services 5.0% (PY 5.5%) CHF 240.6 million (org. -0.4%) Dairy products 23.6% (PY 25.6%) CHF 1,120.4 million (org. 2.4%)
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Emmi Group highlightsEmmi Group Net sales in CHF million Organic growth 4.3% – ahead of expectations − One-off impacts group +0.6% and SUI +1.6% − Net of one-off, Group at 3.7% (2.0% Volume/Mix) and Switzerland 1.8% – both ahead of expectations Broad-based organic growth, driven by strategic priorities − Home market Switzerland returning to sustainable growth − Growth markets Brazil, Chile and Mexico − Strategic niches ready-to-drink coffee with Emmi Caffè Latte, premium desserts, specialty cheese Strong, broad-based, volume-led organic growth – driven by strategic priorities Sales 2024 Volume / Mix Price Acq. effect FX effect Sales 2025 +2.6% +1.7% Organic growth +4.3% +7.9% -3.1% Total +9.1% 4,348.8 4,745.7
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All divisions contribute to sustained, volume-led growth Division Switzerland Net sales in CHF million − Continued strong growth momentum, driven by positive volumes and innovative concepts − Strong performance of iconic brands & innovations: Emmi Caffè Latte, Emmi Energy Milk, Luzerner Rahmkäse , Emmi good day, Emmi High Protein Water and Emmi I’m your meal − One-off effect in H2; net of one-off effect, strong performance ahead of expectations at 1.8% Division Americas Net sales in CHF million − Continued strong growth from Brazil, Chile and Mexico − Slightly positive contribution from the US market driven by local production and iconic brands like Athenos and Meyenberg; imported Swiss cheese negatively impacted by tariffs and FX − Positive development of Emmi Caffè Latte and functional dairy concepts Division Europe Net sales in CHF million − Strong organic growth of premium desserts − Emmi Caffè Latte with continued growth momentum in most European markets − Good development of Swiss specialty cheese, particularly in Germany and the Netherlands − Negative growth with goat fresh cheese and curd from the Netherlands − Acquisition effect reflects acquisition of Mademoiselle Desserts in October 2024 2024 Org M&A FX Total 2025 1,707.7 1,727.2 2024 Org M&A FX Total 2025 1,047.2 747.7 2024 Org M&A Total 2025 +6.4% +1.4% -6.7% +1.1% +1.4% +41.2% -2.5% +40.1% 1,845.4 +3.4% +0.8% +4.2% 1,771.4
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Emmi Desserts PowerHouse: Update Integration
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Created by Vorlagenbauer.ch Global leader for premium desserts and pâtisserie Our ambition: FOCUS ON OUR Dessert Heroes 01 Tiramisu 02 Tres Leches 03 Mini Beignet 04 Lava Cake 05 Cheesecake 06 Millefeuille Food service - gastronomy Retail and in- store bakery 50% 50% Employees 3,500 Production sites 20 Premium desserts heroes along global consumer trends Well-balanced, strong customer portfolio across all channels
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Created by Vorlagenbauer.ch Integration roadmap on track and at pace Annual results 2025 – 26 February 2026 One company identity Creation of one identity fosters shared culture and ambition. Harmonisation of IT systems enables better collaboration and performance management. Launch: March 2026 Operational efficiency gains Early wins through coordinated procurement. + Customer-centric model in roll-out Organisational redesign delivering a better and faster customer experience. +Commercial synergies realised Early results driven by hero products in the US and Europe. + Strong leadership team in place Strong core team, built from within. +
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Created by Vorlagenbauer.ch Realisedtopline synergies ips Produced in France Produced in Belgium Produced in Italy Dessert Heroes Top 3 growth platforms Distribution in 35 countries with strong footprint in Europe. Expansion to the US with successful launch at the biggest retailer. Scalability with bespoke innovations on global flavour trends such as pistachio. 01 Mini Beignet Sold in 50 countries. Scalability via formats, flavours, retail and food service packaging. No. 1 lava cake – Superior Taste Award by International Taste Institute. 02 Lava Cake Scalability via formats – single-serve and family-sized, innovations with trend flavours such as pistachio, limoncello and high-protein variants. 03 Tiramisu Building synergies across hero platforms
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M&A and Portfolio Development
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Created by Vorlagenbauer.ch 2024 20252024 Acquisition Mademoiselle Desserts (FR) Closing 3.10.2024 Programmatic M&A with focus and discipline − 46 acquisitions and 14 divestments since IPO in 2004 − Strengthening existing market positions in strategic markets and niches − 10-year M&A related growth CAGR of 2% while maintaining conservative balance sheet Disciplined M&A supporting growth and portfolio transformation 2024 Acquisition Hochstrasser Kaffee (CH) Closing 1.10.2024 − Strengthening coffee expertise − Boosting innovative development of Emmi Caffè Latte − Strengthening premium desserts position − Perfectly complementing desserts portfolio (category, channel, geography) Acquisition Verde Campo (BR) Closing 31.05.2024 − Strengthening existing market position in Brazil − Functional dairy products MAY JUL JUN Acquisition English Cheesecake Company (GB) Closing 25.11.2025 − Small bolt-on acquisition to strengthen premium desserts position with branded cheesecake − Scalable proposition beyond the UK NOV
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Created by Vorlagenbauer.ch Our sustainability model Reinforce the positive Reduce the negative Developing employees Sustainable dairy Reducing water use Reducing waste Reducing emissions Sustainability is an integral part of our business model and the Group’s strategy
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Targets up to 2027 − Reduce greenhouse gas (GHG) emissions by 20% − Reduce competition for feed-food and land by 20% 222 milk producers in Switzerland are thinking ahead Switzerland is a grassland-based production system Together with Nestlé, ZMP and aaremilch, we contribute to even more climate and resource-friendly milk production in CH. Findings after the third year of the project: − GHGs in CH are significantly lower than assumed, reduced by -6% − Feed-food competition reduced by -21% − Land competition reduced by -13% Levers identified for reducing GHGs − Optimised feeding (grassland-based, high-quality feed) − Herd management − Farmyard manure storage Levers identified for feed-food competition Use of by-products from food production such as sugar beet, oil and cereals + + + + + + KlimaStaR Milk: pioneering and even more sustainable milk production in Switzerland and beyond → Pilot projects in Brazil and Chile initiated Collection of baseline data and site-specific measures are planned.
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Launch of Switzerland’s first fully recyclable PET bottles for dairy products. Differentiation through sustainable packaging Launch of the first nation-wide system for recycling of plastic packaging and beverage cartons in Switzerland. Mademoiselle Desserts reduces and eliminates non-recyclable packaging with its PACK M Programme. New lid concept of Emmi Caffè Latte Mr. Big reduces material and prevents littering. 100% recyclable packaging milestone reached at Emmi Dessert Italia.*
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Performance 2025 Oliver Wasem | CFO
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Good results and continued growth dynamic Net sales PY CHF 4,348.8 million 492.3 CHF million EBITDA PY CHF 430.6 million 227.1 CHF million Net profit PY CHF 220.3 million +4.3% Organic growth PY +2.4% 10.4% EBITDA margin PY 9.9% 4.8% Net profit margin PY 5.1% 7.6% ROIC PY 8.6% 1.79x Net debt ratio PY 2.13x 4,745.7 CHF million 80.7% Operating cash conversion 334.6 CHF million EBIT PY CHF 302.7 million 7.1% EBIT margin PY 7.0% PY 94.5% 6.1% Dividend growth PY 6.5% Dividend CHF 17.50 PY CHF 16.50
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Created by Vorlagenbauer.ch EBIT growing ahead of accelerating sales Portfolio transformation, innovations and operational improvements are driving growth, improving margins and generating strong cash flow. Organic sales growth 2.8% 3.3% 10-year CAGR 3-year CAGR EBIT growth rate 5.1% 7.9% 10-year CAGR 3-year CAGR Average operating cash conversion 80% 88% 10-year CAGR 3-year CAGR EBIT figures for 2015 restated due to change in the consolidation and accounting principles for goodwill in 2020.
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in CHF million 2025 2024 Δ in %/bps Net sales 4,475.7 4,348.8 +9.1% Gross profit 1,878.1 1,664.9 +12.8% as % of net sales 39.6 38.3 +129 bps Total operating expenses and income -1,385.8 -1,234.3 +12.3% as % of net sales 29.2 28.4 +82 bps EBITDA 492.3 430.6 +14.3% as % of net sales 10.4 9.9 +47 bps Depreciation -126.7 -111.3 +13.9% Amortisation -30.9 -16.7 +85.7% EBIT 334.6 302.7 +10.5% as % of net sales 7.1 7.0 +9 bps Income statement − excerpt Substantial increase in EBITDA and EBIT − Successful integration of Mademoiselle Desserts impacting P&L structure of the Group with positive effects on gross profit margin and negative effects on operating expenses, mainly personnel and logistic expenses − Continued productivity and procurement measures to mitigate negative FX effects and high input costs − PPA-related amortisations from acquisitions account for CHF 22.0 million of total amortisation expenses − Slight increase of EBIT margin despite negative impacts from FX and US tariffs
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US tariffs impact EBIT by around CHF 6 million Locally produced Net sales CHF ~600 million Imported Net sales CHF ~100 million -20% in volume vs prior year US Net sales CHF ~700 million − Decentralised local-for-local business models provide resilience; approximately 90% of Group sales are produced locally − In the US, approximately 85% of net sales are produced locally − Necessary price increases as a consequence of the tariffs led to volume losses on products imported into the US − Overall, US tariffs impacted EBIT by around CHF 6 million
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334.6 353.4 -11.2 -7.6 EBIT without FX Transaction impact Translation impact EBIT Strong operating performance partly offset by FX Foreign exchange rate development FX effects impacted EBIT with CHF -18.8m vs. PY: − Transaction impact of CHF -11.2m − Translation impact of CHF -7.6 m At net profit level, the FX impact was comparable to the impact on EBIT level (additional FX loss in the financial result and lower transaction and translation effects) -5.7% -10.6% -9.5% -7.6% -6.5% -2.8% -2.0% -1.7% -12.6% +1% -1.4% -8.3% -3.6% -6.1% -4.6% -0.9% USD MXN BRL CAD CLP GBP TND EUR Average rates (2025 vs 2024) Closing rates (31.12.2025 vs 31.12.2024) Total -18.8m − Decentralised, local-for-local operating model − 90% of products manufactured locally − Swiss exports account for only 7% of Group net sales − Net CHF transaction exposure after natural hedging limited to 3% of Group net sales − Strong track record of offsetting FX headwinds through operational performance Key facts on CHF transaction risk exposure
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Overview of operating expenses in CHF million 2025 2024 Δ in %/bps Personnel expenses 742.5 625.6 +18.7% as % of net sales 15.6 14.4 +126 bps Marketing and sales expenses 144.2 149.7 -3.7% as % of net sales 3.0 3.4 -40 bps Occupancy expense, maintenance and repair, leasing 112.6 105.3 +6.8% as % of net sales 2.4 2.4 -5 bps Energy, operating material and supplies 129.3 125.1 +3.4% as % of net sales 2.7 2.9 -15 bps Logistics expenses 167.6 144.1 +16.3% as % of net sales 3.5 3.3 +22 bps Other operating expenses 101.3 92.0 +10.1% as % of net sales 2.1 2.1 +2 bps Total operating expenses 1,397.5 1,241.9 +12.5% as % of net sales 29.4 28.6 +89 bps Acquisition effects impact cost structure − Increase in personnel expenses and logistics expenses (in absolute terms as well as in % of net sales) largely attributable to the acquisition effect of Mademoiselle Desserts − Decline of marketing and sales expenses in % of net sales is mainly driven by a significantly lower share of costs of Mademoiselle Desserts
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FX losses also weighed on financial result Income statement − Financial result Significantly higher financial result (net financial expenses): − Higher interest expense due to bonds issued in Q4/24 to finance the acquisition of Mademoiselle Desserts − Lower interest income based on low-interest environment − Higher FX losses of CHF 9.3 million (2024: CHF 2.2 million) due to the extraordinary appreciation of the CHF and higher hedging costs Financial result 2024 Higher interest expense Lower interest income Higher FX loss Other financial income / expense Financial result 2025 in CHF million 21.4 +7.5 +2.6 +7.0 -0.3 38.3 Interest result FX result Other financial income / expense
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Income statement − EBIT to net profit in CHF million 2025 2024 Δ in %/bps EBIT 334.6 302.7 +10.5% Result for associates & JVs -0.2 -0.6 Financial result -38.3 -21.4 Earnings before taxes (EBT) 296.1 280.7 +5.5% Income taxes -48.6 -42.6 Tax rate (as % of EBT) 16.4 15.2 Profit incl. minority interests 247.5 238.1 +3.9% as % of net sales 5.2 5.5 -26 bps Minority interests -20.4 -17.8 Net profit 227.1 220.3 +3.1% as % of net sales 4.8 5.1 -28 bps Net profit margin in line with own expectations − Slightly higher tax rate based on the higher share of the international business − Higher share of minority interests resulting from the increased profitability of companies with minority shareholders − Net profit margin of 4.8% in line with own expectations, slightly below the previous year due to higher financial result, income taxes and minority interests
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259.9 208.3 370.1 406.9 397.0 65.8 54.9 98.5 94.5 80.7 0 20 40 60 80 100 120 140 0 50 100 150 200 250 300 350 400 450 2021 2022 2023 2024 2025 Continued strong cash conversion Cash flow Cash flow from operating activities Operating cash conversion (cash flow from operating activities in relation to EBITDA) − Slight decline in cash flow from operating activities and operating cash conversion primarily driven by the NWC development as well as higher taxes and interest paid. − Normalisation of operating cash conversion compared to exceptionally high conversion rates in the previous years – above own expectations in CHF million as % of EBITDA
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389 473 298 1,004 883 0.99 1.25 0.79 2.13 1.79 0.0 0.5 1.0 1.5 2.0 2.5 3.0 0 200 400 600 800 1,000 1,200 2021 2022 2023 2024 2025 Successful deleveraging Balance sheet Net debt Net debt ratio (net debt to EBITDA; considering annualised EBITDA for Mademoiselle Desserts for 2024) − Decrease of net debt ratio to 1.79 compared to 2.13 at year-end 2024 according to plan − Further deleverage in 2026 in CHF million in relation to EBITDA
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2,326 2,725 2,744 2,885 3,5949.9% 7.6% 8.8% 8.6% 7.6% 0% 2% 4% 6% 8% 10% 12% 1,500 2,000 2,500 3,000 3,500 4,000 2021 2022 2023 2024 2025 Acquisitions impact ROIC in the short term Return on invested capital Average invested capital ROIC − ROIC decline to 7.6% due to the expected short-term dilution from acquisitions. − Recovery in 2026 − Mid-term ROIC target 10% in CHF million ROIC in %
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14.00 14.50 15.50 16.50 17.50 35% 40% 39% 40% 41% 30% 32% 34% 36% 38% 40% 42% 12 13 14 15 16 17 18 19 20 2021 2022 2023 2024 2025* Proposal to increase dividend by 6.1 % Dividend policy Dividend Adjusted payout ratio in % − Consistent performance, strong cash conversion and balance sheet enable a continuous dividend policy − Proposal to the General Meeting to increase the dividend by 6.1% to CHF 17.50 (previous year: CHF 16.50) − Payout ratio of 41.2% within the medium-term target range of 35% to 45% Dividend in CHF Adjusted payout ratio in % * Proposal to the General Meeting
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Outlook Ricarda Demarmels | CEO
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2026 organic growth temporarily impacted by lower milk prices and one-offs in Switzerland Outlook − At Group level, organic growth 2026 reflects a -1% temporary headwind driven by Switzerland − In Switzerland, lower milk prices (as of February 2026) and non-recurring 2025 effects reduce organic growth for 2026 by approx. -2.3% − Excluding these factors, Switzerland’s organic growth would range from +0.5% to +2.5%, with a mid-point of +1.5%, above mid-term guidance reflecting the accelerating momentum of the last two years − On the same basis, Group organic growth would range from +2% to +4%, slightly above the mid-term guidance of +2% to +3% Guidance 2026 Emmi Group +3.0% +1.0% Milk price ~0.6% One-off 2025 ~0.3% pro forma Growth 2026 Emmi Group excl. milk price and one-off +4.0% +2.0% Group Guidance 2026 Switzerland ±0.0% -2.0% Milk price ~1.6% One-off 2025 ~0.7% pro forma Growth 2026 Switzerland excl. milk price and one-off +2.5% +0.5% Switzerland
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Sustained organic growth momentum, higher earnings outlook Organic sales growth +1.0% to +3.0% of which: Switzerland -2% to ±0% Americas +4% to +6% Europe +2% to +4% EBIT in CHF million 335 to 355 Net profit margin 4.8% to 5.3% The guidance is based on raw milk prices, foreign exchange rates and trade tariffs that are known at the time of the results publication.
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Organic sales growth +2% to +3% of which: Switzerland ±0% to +1% Americas +4% to +6% Europe +1% to +3% Net profit margin 5.5% to 6.0% Return on invested capital (ROIC) 10% Dividend payout ratio 35% to 45% with annual dividend increase in CHF Updated mid-term guidance
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Q&A Ricarda Demarmels | CEO Oliver Wasem | CFO
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Financial Calendar 2026 Emmi General Meeting Thursday, 9 April 2026 Emmi Half-year Report 2026 Wednesday, 19 August 2026
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Our passion and craftsmanship Our contribution and responsibilityOur natural product Our roots Heartfelt indulgence
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Disclaimer This presentation contains forward-looking statements that reflect current assumptions and the guidance. These involve certain risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Potential risks and uncertainties include factors such as general economic conditions, foreign exchange and commodity price fluctuations, competitive products and pricing pressures, and regulatory developments. Emmi provides the information in this presentation as of the date stated and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise. This presentation is not intended to be a recommendation to buy, sell or hold any securities and does not constitute an offerto sell or purchase any securities in Switzerland, the United States or any other jurisdiction.