Emmi Ag · SIX:EMMN
Emmi — Swiss Equities Conference 2026
37 slides from Emmi's conference presentation, Jan 14, 2026
Slide 1: Creating Sustainable Value
Creating Sustainable Value Swiss Equities Conference 2026 Oliver Wasem, CFO 1
Slide 2: Slide 2
Slide 3: Agenda
01 The Emmi Equity Story 02 Strategy Execution & Highlights 2025 Agenda 03 Performance H1/2025 04 Outlook 05 Q&A
Slide 4: The Emmi Equity Story
The Emmi Equity Story
Slide 5: An innovative leader capturing the premium dairy and desserts sweet spot
An innovative leader capturing the premium dairy and desserts sweet spot 1 Switzerland’s dairy leader – pioneering the dairy category and beyond. 2 Uniquely positioned to address consumer mega-trends by leveraging the goodness and versatility of dairy. 3 Targeted internationalisation strategy, focus
Slide 6: Switzerland's dairy leader – pioneering the dairy category and beyond
1. Switzerland’s dairy leader – pioneering the dairy category and beyond Leader across all dairy categories, Shaping consumer trends and Leading with responsibility – setting with unrivalled portfolio of brands premiumising the dairy shelf the standard in sustainable dairy RTD Coffee + TOP 3 BEVERAG
Slide 7: Uniquely positioned to address consumer mega-trends
2. Uniquely positioned to address consumer mega- trends by leveraging the goodness and versatility of dairy PROTEIN TRADITION & HERITAGE HEALTHY NUTRITION DIGESTIVE & GUT HEALTH Natural and nutrient dense, Dairy enables a wide range of dairy is well positioned in a product development to meet more h
Slide 8: Uniquely positioned to address consumer mega-trends
2. Uniquely positioned to address consumer mega- trends by leveraging the goodness and versatility of dairy Indulgence & Health Consumers seek for functional The “Goodness of Dairy” are dominant food trends nutrition more than ever is perfectly positioned ? Protein Protein Kefir ? Meal Gut Health Re
Slide 9: Consumer preferences are evolving!
Consumer preferences are evolving! What is a Focus Platform? ▪ Where we want to focus and double-down to accelerate READY TO DRINK SPECIALTY ▪ Defined categories to deliver above average growth & COFFEE CHEESE profitability Why do they exist? ▪ Speed in allocating resources to unlock full growth pot
Slide 10: Therefore, we evolve our Focus Platforms!
Therefore, we evolve our Focus Platforms! READY TO DRINK SPECIALTY PREMIUM PLANT-BASED NUTRITION+ COFFEE CHEESE DESSERTS
Slide 11: Nutrition+ creates a "Roof" for functional growth
Nutrition+ creates a “Roof” for functional growth
Slide 12: Targeted internationalisation strategy, focused on fast growing markets and niches
3. Targeted internationalisation strategy, focused on fast growing markets and value-add niches Driving geographic expansion by growing the portfolio Increasingly focused on faster growing, in attractive international markets and niches higher margin niches 70% Net Sales CHF 2.721 bn 30% 41% Net Sal
Slide 13: Targeted internationalisation strategy: building leadership in niche categories
3. Targeted internationalisation strategy, focused on fast growing markets and value-add niches Building market leadership positions in attractive niche categories, accelerating growth and improving margins Premium desserts 3.6% Expected annual growth Source: Euromonitor forecast, retail price volum
Slide 14: Portfolio of innovative and iconic premium brands
4. Portfolio of innovative and iconic premium brands and scalable concepts – striving for category leadership A selection of our innovative and iconic Scalable concepts: adapting and replicating premium brands proven successes across multiple brands and markets 2 & 3 ingredients Lactose-free product
Slide 15: Agile innovation networks
4. Portfolio of innovative and iconic premium brands and scalable concepts – striving for category leadership Agile innovation networks: Turning local R&D and consumer insights into a powerful pipeline of products and scalable concepts Leading R&D tools and capabilities Innovative, premium products
Slide 16: M&A supporting growth and portfolio transformation
5. M&A supporting growth and portfolio transformation, strengthening presence in attractive markets & niches A disciplined, Clearly defined Successfully programmatic approach objectives accelerating growth 45 acquisitions – all cash/debt funded – Strengthening market positions 10-year M&A related gr
Slide 17: Building a US specialty cheese powerhouse through targeted M&A
5. M&A supporting growth and portfolio transformation, strengthening presence in attractive markets & niches Carefully building a US specialty cheese powerhouse through targeted M&A and organic investment + + + + + 2009 2014 2019 2021 2023 Roth Cheese Acquired: Expansion in Platteville, Expanding ho
Slide 18: Building the global leader for innovative premium desserts and pâtisserie
5. Building the global leader for highly innovative premium desserts and pâtisserie Entering EU desserts Strengthening market Strengthening market in Expanding in food service Expanding presence to USA, Strengthening premium market with A-27 leadership in Italy, Italy, expanding across and retail IS
Slide 19: Long term resilience, accelerating growth and potential for higher margins and returns
6. Long term resilience, accelerating growth and potential for higher margins and returns Portfolio transformation and operational improvements driving accelerating growth, improving margins and strong cash flow Sales EBIT Operating Cash Flow 4500 350 450 2.5% CAGR 5.1% CAGR 400 Sustainable OCF 4000
Slide 20: Disciplined execution will drive growth, margin and ROIC expansion
6. Long term resilience, accelerating growth and potential for higher margins and returns Disciplined execution of strategy will drive further growth, margin and ROIC expansion Confident of 01 02 03 04 05 continued Strategy focused on Geographic and Agile approach & Committed to A focused steering p
Slide 21: Extending the goodness of dairy: people, communities and planet
7. Extending the goodness of dairy: developing people, rural communities and protecting our planet Sustainability We reinforce the positives… Whilst reducing the negatives as an integral part Culture of entrepreneurialism Striving towards netZERO by of the business fosters innovation and agility 205
Slide 22: The Emmi Group: Built for long-term value creation
The Emmi Group: A proven growth model with a resilient track record through economic cycles Built for An innovative and entrepreneurial leader in a long-term structurally growing market value creation Expanding internationally in higher growth, higher value markets and niches Accelerating sales, imp
Slide 23: Strategy Execution & Highlights 2025
Strategy Execution & Highlights 2025
Slide 24: Key messages half-year 2025
Key messages half-year 2025 Good, broad-based organic growth Disciplined strategy execution, a strong with positive volume development innovation pipeline and high agility Guidance 2025 and in line with strategic priorities. reinforce a resilient business model. Good organic growth of +4.4% with pos
Slide 25: Agility and disciplined strategy execution in challenging environment
Agility and disciplined strategy execution in challenging environment Broad-based organic growth with positive underlying volume development e an d Labou in line with strategic priorities eclin ft in rm ar k D shi Operational progress ption et um ons in strategic markets and niches c US tron +4.4% t
Slide 26: Good organic growth across all divisions
Good organic growth across all divisions Top 7 markets Global Trade (2.8% of Group) H1/25: +11.5% | H1/24: -11.0% Switzerland USA Europe (21.3% of Group) H1/25: +2.2% | H1/24: +2.0% France Americas (37.6% of Group) H1/25: +8.4% | H1/24: +0.1% Brazil Chile Switzerland (38.3% of Group) H1/25: +0.9% |
Slide 27: Shaping the future of the dairy category
High-quality protein High-quality protein Snacking and convenience High-protein drinks Skyr & high-protein yogurts Meal replacement Shaping the future of the dairy category: innovations leveraging Digestive and gut health Naturalness Tradition and heritage consumer Kefir Low processing, fewer ingred
Slide 28: Performance H1/2025
H1/2025 fo) Ss) g : ¥ 5 Ra
Slide 29: Solid half-year results in a challenging market environment
2,272.4 223.1 145.4 CHF million CHF million CHF million Net sales EBITDA EBIT PY CHF 2,017.2 million PY CHF 197.8 million PY CHF 140.3 million +4.4% 9.8% 6.4% Solid half-year Organic growth EBITDA margin EBIT margin results in a PY +0.0% PY 9.8% PY 7.0% challenging market 97.2 2.15x1) 7.6% environme
Slide 30: Strong devaluation of foreign currencies
Foreign exchange rate development Strong devaluation of foreign currencies − The announcement of US tariffs in March / April 2025 created MXN BRL CAD CLP USD EUR TND GBP significant market uncertainty and was followed by a sharp -0.6% -0.6% -0.7% appreciation of the CHF, particularly -1.5% against t
Slide 31: Outlook
Outlook
Slide 32: Outlook 2025
Switzerland International Key areas − Continue to lead the way with − Further expand innovative brand − Drive profitable volume growth trend-oriented new products and concepts and sales − Retain innovative strength, boost Outlook 2025 value-creating innovations − Continue to expand our − Profitable
Slide 33: Slightly higher organic sales growth and confirmed earnings guidance
+2.0% to +3.0% Organic sales growth (previously: +1.5% to +2.5%) Slightly higher of which: Switzerland ±0% to +1% organic sales (unchanged) growth and +4% to +6% Americas (previously: +3% to +5%) confirmed Europe +1% to +3% (unchanged) earnings EBIT in CHF million 330 to 350 guidance (unchanged) 4.8
Slide 34: Confirmed mid-term guidance
Confirmed mid-term guidance Organic sales growth +2% to +3% Switzerland ±0% to +1% of which: Americas +4% to +6% 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%
Slide 35: Q&A
amaretto TIRAMISU TAnPONE ALAN wae TO UU ws Q&A
Slide 36: Thank you
Our passion Our roots and craftsmanship Thank you Our contribution Our natural product and responsibility
Slide 37: Disclaimer
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 uncertain