• Strong sales with broad-based, entirely volume-driven organic growth of 2.4%; positive acquisition effect 2.5%; negative currency effect 2.4%
• All divisions with good organic growth: Switzerland 0.3%, Americas 3.7%, Europe, 5.5%
• EBIT of CHF 302.7 million (previous year: CHF 258.2 million or, adjusted for the loss on the divestment of Gläserne Molkerei, CHF 295.4 million) and an EBIT margin of 7.0% (previous year: 6.1% or adjusted 7.0%)
• Net profit of CHF 220.3 million (previous year: CHF 186.3 million or adjusted CHF 212.4 million) and net profit margin of 5.1% (previous year: 4.4% or adjusted 5.0%)
• As expected, negative effects from the purchase price allocation more than offset the pleasing operating results of Mademoiselle Desserts
• Excluding Mademoiselle Desserts: EBIT of CHF 308.8 million and net profit margin of 5.4% at the upper end of the guidance
• Strengthening of strategic markets and niches, and ongoing portfolio transformation through the acquisition of Mademoiselle Desserts, Verde Campo and Hochstrasser
• Sustainability: progress in employee development, the sustainable dairy industry with “KlimaStaR Milk” and circular economy packaging
• Proposal to increase the dividend by 6.5% to CHF 16.50 per share (previous year: CHF 15.50) with a payout ratio of 40% (previous year adjusted: 39%)
• 2025 forecast: organic sales growth of 1.5% to 2.5%, EBIT of CHF 330 million to CHF 350 million, net profit margin of 4.8% to 5.3%

“We achieved this good annual result thanks to the consistent implementation of our proven strategy, robust business model and high level of innovation. I would like to thank our Emmi teams, customers and partners for their great commitment to working together to create innovative, high-quality and delightful dairy moments for our consumers,” says Ricarda Demarmels, CEO of the Emmi Group.

Emmi Group key figures

*Previous year adjusted for non-recurring effects of CHF 37.2 million on EBIT and CHF 26.1 million on net profit resulting from the divestment of Gläserne Molkerei and the sale of the minority stake in Ambrosi S.p.A.

Strong annual result within a persistently dynamic market environment

In a market environment that remained challenging, the Emmi Group increased its annual sales in the financial year 2024 to CHF 4,348.8 million (previous year: CHF 4,242.4 million). Growth of 2.5% resulted from organic growth of 2.4%, an overall positive acquisition effect of 2.5% and a negative currency effect of 2.4%. Broad-based, entirely volume-driven organic growth exceeded the communicated guidance of 1% to 2%, and was driven in particular by the pleasing acceleration in growth during the second half of the year. See also information on sales development in the  media release dated 24 January 2025. 

The good annual result for 2024 reflects the strategy geared towards sustainable profitable growth, the strong market positioning through innovative brands and concepts in attractive niches. It also demonstrates the agility of the Emmi Group, which is due to its decentralised business model. Gross profit increased to CHF 1,665.0 million (previous year: CHF 1,555.2 million) and the gross profit margin rose to 38.3% (previous year: 36.7%). Alongside acquisition effects and organic growth, this growth reflects the ongoing transformation of the portfolio and operational progress in markets outside Switzerland. The consistent continuation of efficiency programmes, as well as the Group’s high level of cost discipline, once again had a positive effect this year. However, one-off and non-cash effects from the purchase price allocation of Mademoiselle Desserts weighed down the gross profit margin. These were caused by the revaluation of inventories by around CHF 15 million in Mademoiselle Desserts’ opening balance sheet, which resulted in a lower margin when these inventories were sold off in the fourth quarter of 2024.

Personnel expenses increased to CHF 625.6 million (previous year: CHF 566.1 million) due to inflation-driven increases in wage costs and acquisition effects. Other operating expenses of CHF 616.3 million increased, essentially driven by acquisitions, compared to the previous year’s adjusted figures of CHF 582.8 million (previous year unadjusted: CHF 620.0 million). These included higher expenses for marketing and sales to strengthen established brand concepts, in addition to higher costs for maintenance and repairs as well as for energy and operating materials. Earnings before interest, taxes, depreciation and amortisation (EBITDA) improved to CHF 430.6 million (previous year: CHF 375.8 million or adjusted CHF 413.0 million). The EBITDA margin increased to 9.9% (previous year: 8.9% or adjusted 9.7%).

As a result of the completed acquisitions, in particular due to the revaluation of property, plant and equipment and intangible assets as part of the purchase price allocation of Mademoiselle Desserts, depreciation and amortisation increased to CHF 127.9 million (previous year: CHF 117.6 million). At CHF 302.7 million (previous year: CHF 258.2 million or adjusted CHF 295.4 million), earnings before interest and taxes (EBIT) surpassed the CHF 300 million mark for the first time. The EBIT margin reached 7.0% (previous year: 6.1% or adjusted 7.0%). Excluding Mademoiselle Desserts where, as expected, negative effects from the purchase price allocation more than offset the pleasing operating results, EBIT amounted to CHF 308.8 million and the EBIT margin was 7.3%.

Net profit increased to CHF 220.3 million (previous year: CHF 186.3 million or adjusted CHF 212.4 million) and the net profit margin rose to 5.1% (previous year: 4.4% or adjusted 5.0%). Excluding Mademoiselle Desserts, net profit came to CHF 227.6 million and the net profit margin to 5.4%.

In view of the strong balance sheet and good results, the Board of Directors proposes, as part of a consistent dividend policy, to increase the dividend by 6.5% to CHF 16.50 per share (previous year: CHF 15.50).

Strengthening of strategic markets and niches with three acquisitions

The Emmi Group consistently implements its strategy and further developed its portfolio quality in a targeted fashion during the reporting year. It made three acquisitions to strengthen its existing market positions in strategic markets and niches and further drive profitable growth.

In May 2024, Laticínios Porto Alegre, Emmi’s Brazilian subsidiary, acquired a majority stake in the Verde Campo dairy in the state of Minas Gerais. In doing so, Emmi is strengthening its existing market position in the key market of Brazil with functional premium dairy products made from high-quality protein under the innovative Verde Campo brand. In addition, on 1 October 2024, Emmi acquired the renowned coffee roasting company Hochstrasser from Lucerne in order to strengthen its coffee expertise and boost further innovative development of its iconic Emmi Caffè Latte brand.

The acquisition of the leading French Mademoiselle Desserts Group on 3 October 2024, which specialises in premium patisserie, enables Emmi to offer its customers a full range of innovative dessert creations as a "category captain". Thanks to the newly created dessert organisation, consisting of the Group’s four dessert companies, Emmi doubles its sales in the strategic niche of premium desserts, which it has built up over more than 10 years. As a result, it occupies a leading position in this growing market.

Responsible business model

Responsible action has been an integral part of the Emmi Group’s business model since 1907. In 2024, Emmi made further progress in implementing its sustainability strategy underpinned by three pillars: People, Communities and Planet. More detailed information on this can be found in the Emmi Group’s Sustainability Report 2024, which is incorporated into the Annual Report. In the year under review, Emmi made progress in employee development: 68% of all employees worldwide have an individual development plan.

In terms of the Communities pillar, Emmi has been working with partners for many years to promote a sustainable dairy industry with the aim of making overall sustainable milk production the norm through industry standards and initiatives. As a pioneer of the “Sustainable Swiss Milk” industry standard, Emmi contributed to the introduction of this standard in 2019, which has been mandatory for 100% of milk suppliers since 2024. The “KlimaStaR Milk” initiative launched by Emmi together with its partners is also having an impact: major progress has been made in achieving the objectives of reducing the carbon footprint of the dairy industry while also lowering competition for food and land. Initial evaluations to determine the starting position showed that GHG emissions at the 230 pilot farms are significantly lower than previously assumed. In addition, the most important levers for a further reduction have been identified. Sustainability efforts have also been stepped up on an international level. In the key market of Chile, 90% of the milk volume sourced by Quillayes Surlat is certified with the “Bienestar Animal” animal welfare label. By being the first company to implement this, Quillayes Surlat is pioneering change in South America’s dairy industry.

In terms of environmental impact, our own greenhouse gas emissions increased slightly, which is attributable in particular to the integration of Emmi Desserts USA into the dataset. On a positive note, Quillayes Surlat in Chile switched from non-renewable primary energy to renewable biomass, while further reductions were achieved through energy efficiency measures in the Netherlands and Tunisia. Finally, together with its trading partner Coop, Emmi launched the first environmentally friendly PET bottle for milk and dairy products. This packaging innovation resulted in the launch of Switzerland’s first fully recyclable PET bottle for dairy products.

Continuity in supervision and leadership

The nine-member Emmi Board of Directors will see changes at the helm at the General Meeting 2025. At the General Meeting to be held on 10 April 2025, the Board of Directors of Emmi AG will propose that Rebekka Iten and Christian Troxler replace Diana Strebel and Werner Weiss, who will not stand for re-election at the upcoming General Meeting. See also the information in the  media release dated 24 January 2025.  It was with great sadness that the Board of Directors announced the death of Board member Christina Johansson. Her successor will be appointed in due course and proposed to the General Meeting on 10 April 2025. Board member Dominik Bürgy will chair the Audit Committee of the Emmi Group on an interim basis. Oliver Wasem took over the role of CFO within the eight-member Group Executive Management on 1 July 2024.

Positive outlook in a volatile environment

The Emmi Group expects challenging economic conditions, such as geopolitical uncertainties, a strong Swiss franc and persistently volatile procurement markets to remain in the financial year 2025. The Group will continue to act with foresight and prudence, pursue its ongoing portfolio transformation in line with strategic priorities and maintain its high cost discipline and Group-wide efficiency programmes. Above all, Emmi will maintain its strong position with its well-diversified product portfolio and innovative brand concepts.

For the financial year 2025, Emmi expects organic sales growth of 1.5% to 2.5% at Group level. Within division Switzerland, Emmi expects growth of between 0% and 1% despite a challenging environment characterised by cost and import pressure. Within division Americas, Emmi expects further positive growth momentum in the important markets of Brazil, Chile, Mexico and the USA. There are uncertainties in Tunisia. Overall, organic growth of between 3% and 5% is anticipated for division Americas. Within division Europe, growth will be driven by Emmi Caffè Latte, Italian and French speciality desserts and milk powder in the Netherlands. By contrast, the strong Swiss franc will remain a challenge for the export business, particularly in the cheese segment. Nevertheless, Emmi expects organic sales growth within division Europe of between 1% and 3%. At EBIT level, thanks to a positive contribution from Mademoiselle Desserts and further operational improvements, Emmi expects a result of between CHF 330 million and CHF 350 million and a net profit margin of between 4.8% and 5.3%. Emmi also confirms the medium-term targets for organic growth, net profit margin, ROIC and the payout ratio.

2025 guidance

• Organic sales growth for the Group: 1.5% to 2.5%
• Organic sales growth division Switzerland: 0% to 1%
• Organic sales growth division Americas: 3% to 5%
• Organic sales growth division Europe: 1% to 3%
• EBIT: CHF 330 million to CHF 350 million
• Net profit margin: 4.8% to 5.3%

Medium-term guidance

• Organic sales growth for the Group: 2% to 3%
• Organic sales growth division Switzerland: 0% to 1%
• Organic sales growth division Americas: 4% to 6%
• Organic sales growth division Europe: 1% to 3%
• Net profit margin: 5.5% to 6.0%
• Return on invested capital (ROIC): trend towards improvement
• Payout ratio: 35% to 45%

Emmi will publish its half-year results for 2025 at 7.00 a.m. on 20 August 2025.