Emmi, Switzerland’s largest dairy processor, reported first-half 2026 revenue of CHF 2.32 billion, a 2.2% increase from the prior-year period, exceeding market expectations. Organic sales, adjusted for acquisitions and currency effects, rose 3.6% compared with 4.4% in the same period of 2025. Acquisitions contributed 0.7 percentage points to growth, while the strong Swiss franc shaved 2.1 percentage points off the result. Emmi attributed the organic increase entirely to volume growth.
Regional performance varied. In its domestic market, Emmi’s revenue grew in line with the group average, driven by fresh dairy products, cheese, and new functional nutrition offerings. The Americas division also matched the group’s organic growth pace, with Chile, Brazil and Mexico outperforming, while the U.S. underperformed due to subdued consumer demand. Europe expanded slightly above the group average, supported by dessert products and goat milk powder in the Netherlands, though Emmi Caffè Latte, including its Matcha Latte launch, lagged expectations in several markets.
Global Trade, Emmi’s export-focused unit, recorded the strongest organic growth at 10.1%, boosted by higher relief exports of butter and skimmed milk powder and rising demand for Swiss-milk yogurts in Asia.
Profitability improved as EBIT increased 4.8% to CHF 152.3 million, lifting the EBIT margin to 6.6% from 6.4%. Cost pressures from packaging, labor and logistics were offset by procurement initiatives, productivity gains and price increases. Net profit rose to CHF 100.9 million from CHF 97.2 million a year earlier, though higher minority interest deductions partially offset the gain.
Emmi exceeded revenue expectations but fell slightly short on earnings. For the full year, the company raised its organic growth forecast to 2–3% from 1–3%, while maintaining its EBIT target of CHF 335–355 million and net margin guidance of 4.8–5.3%. The updated outlook reflects confidence in its innovation pipeline, focus on growth markets and premium segments, and efficiency programs, offset by headwinds including lower Swiss milk prices, the expiry of a temporary large contract, subdued consumer sentiment, a strong franc, volatile input markets and import competition in Switzerland.
