Half-Year Report 2026
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Bell Food Group Half-Year Report 2026
Best half-year result in the company’s history – the strategy proves its worth
Important events in the first half of 2026
Four strategic pillars are proving successful The Bell Food Group has based its strategy on four clearly defined strategic pillars: strengthening its core business in Switzerland, expanding its European air-dried ham business, further developing its sustain-able poultry business in the DACH region and pursu-ing targeted expansion in the convenience segment.
In this way, the Bell Food Group is strengthening its market position in attractive categories and laying the foundations for long-term success.
Investment programme on course Bell Switzerland’s investment projects in Oensingen are nearing completion.
The new logistics centre began its operations in June.
Over the course of the late summer, the new slicer centre will come online in stages.
At Hubers/Sütag, the expansion of the factory in Pfaffstätt (AT) is proceeding according to plan.
With the integration of the new high-bay ware-house into production and the commissioning of the new «Pick by Light» order-picking platform, the third phase of the comprehensive facility development project is now underway at Hilcona in Schaan (FL).
EBITDA and EBIT increased significantly The Bell Food Group can look back on a very suc-cessful first half of 2026: net revenue adjusted for foreign exchange and acquisition effects increased by CHF 46.7 million to CHF 2 413 million (+1.9 %), while sales volume contracted slightly by 0.1 percent to 284.5 million kilograms.
EBITDA rose by 8.4 per-cent to CHF 173.2 million.
EBIT increased by 15.4 percent to CHF 76.4 million.
At CHF 55.4 million, the half-year profit improved by 21.3 percent year-on-year.
The new focus on the successful further devel-opment of existing business segments is proving successful and boosting profitability.
Best half-year resultAll business areas made sustainable progress.
Bell Switzerland grew in all channels and product groups.
Bell International continued to perform to a high standard, partly as a result of the successful integra-tion of Hermann Wein’s operations into Bell Ger-many.
Hubers/Sütag’s performance was very strong in the first half, driven by volume growth in the turkey business in particular as well as continued high demand for organic poultry.
Thanks to its suc-cessful growth in the retail sales channel, Hilcona was once again able to surpass the good result of the prior-year period.
Eisberg is seeing the first results of its focus on the DACH region and the optimisation measures initiated at the Austrian facility.
Business area Hügli is in the process of repositioning its sites, and, as expected, the current financial year is a transitional one.
The first operational improvements have been implemented.
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Bell Food Group Half-Year Report 2026
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Key figures First half-year 2026
We shape the future
15 % 15 %
8 % 6 %
8 % 7 %
11 % 12 %
10 % 11 %
48 % 49 %
Breakdown of net revenue by product group
Poultry, seafood
Convenience
Fresh meat, charcuterie
2025 2026
42 % 43 %
30 % 32 %
28 % 25 %
Breakdown of net revenue by business area Bell International Hubers/Sütag Eisberg Hilcona Hügli
Bell Switzerland 2025 2026
Organic growth +1.9 %
Organic Inorganic FX
+47 –16 –20
2025 2026
Net revenue in CHF million
2 4132 403
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2025
Equityin CHF million and in % of total assets
2025
49.8 % 50.4 % 2026 Operating investments in CHF million 121.8 12.7 11.7 % Employees Number of FTEs as of 30.06.2026 (Change from 30.06.2025) 13 259 147 FTEs 1.1 %
EBITDA in CHF million and in % of net revenue 2025 2026
7.2 %
6.6 %
EBIT in CHF million and in % of net revenue
2025 2026 3.2 %
2.8 %
Half-year resultin CHF million and in % of net revenue
2025 2026 2.3 %
1.9 %
944
Gross operating income in CHF million and in % of net revenue
2025
39.3 % 39.4 % 2026 Free cash flow in CHF million 41 2026
•24
951
160 173
1 592 1 619
66 46 76 55
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Bell Food Group Half-Year Report 2026
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Dear Shareholders,The Bell Food Group can look back on the best half-year result in its company history.
The success is based on the consistent strengthening of the Group’s four strategic pillars: the strengthening of its core business in Switzerland, the expansion of its European air-dried ham business, the further development of its sustainable poultry business in the DACH region and the targeted expansion in the convenience segment.
The Group is expanding its position in these four attractive growth markets and laying the foundations for continued sustainable success.
This puts us in a very good position for the future.
Profitable growth in the first half of 2026 In the first half of 2026, net revenue adjusted for foreign exchange and acquisition effects increased by CHF 46.7 million to CHF 2 413 million (+1.9 %).
All business areas are focused on high-value-added products, with the aim of achieving not only quantitative but also qualitative growth.
As a result, all business areas were able to increase their gross profit margins.
Overall, the gross profit margin rose by 0.1 percentage points to 39.4 percent, with the gross profit increasing by CHF 7.3 million to CHF 951.4 million.
At CHF 498.3 million, personnel costs adjusted for currency effects were on a par with the prior-year period (CHF 499.0 million).
Overhead costs of CHF 279.9 million are slightly higher than in the previ-ous year on an operational basis and are in line with sales trends.
Driven by profitable sales growth and stable personnel and overhead costs, EBITDA amounted to CHF 173.2 million, representing an increase of 8.4 percent or CHF 13.5 million.
Taking into account depreciation of CHF 96.8 million (previous year: CHF 93.5 million), EBIT amounted to CHF 76.4 million.
EBIT growth stood at 15.4 per-cent or CHF 10.2 million, leading to an improvement in the EBIT margin of 0.4 percentage points to 3.2 percent.
The encouragingly strong growth in operating profit confirms that the strategic and op-erational focus on attractive business segments with strong market positions, clear differentiation and sustainable growth potential is proving effective and underpins a sustainably improved earnings base.
As the financial result (CHF –8.2 million) and net income from associated companies (CHF 0.1 million) changed only marginally from the previous year, earnings before taxes rose by CHF 10.2 million to CHF 68.3 million.
Less tax expenses of CHF 12.9 million, the result is a record performance for the first half of 2026 of CHF 55.4 million, outstripping the prior year (CHF 45.7 million) by CHF 9.7 million and leading to an increase in the profit margin of 0.4 percentage points to 2.3 percent.
The balance sheet as at 30 June 2026 reports an equity ratio of 50.4 percent and net financial liabilities of CHF 873.0 million.
Investments totalling CHF 121.8 million were financed from business operations.
This resulted in free cash flow of CHF 40.5 million.
Profitable growth – improved operating result
Report by the Chair of the Board of Directors and the CEO of the Bell Food Group
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Business area Bell Switzerland The business area Bell Switzerland reported a good result for the first half of 2026.
The Easter business was good, and the barbecue season started on a very promising note.
Net revenue and volumes im-proved for all channels and product groups.
At CHF 1 202.9 million (+CHF 26.1 million), net revenue was 2.2 percent higher than in the previous year.
Sales volume grew by 1.5 million kilograms to 69.8 million kilograms (+2.1 %).
While supplies of cattle, cows and poultry were tight on the domestic procurement markets, there was a marked surplus of pigs.
The resulting losses were offset by increases in other product categories, such as beef and poultry.
In June, work began on the phased commissioning of the new logistics centre in Oensingen.
The new slicer centre will come online in stages from late summer.
Business area Bell International Bell International continued the solid performance of the past years.
Net revenue (+CHF 27.9 million, +11.4 %) and sales volume (+3.9 million kilograms, +15.0 %) both increased, primarily driven by the integration of Hermann Wein in Freudenstadt (DE) on 1 February 2026.
The progress made by all four country units is encouraging.
Bell Germany has successfully integrated Hermann Wein’s site.
The roll-out of the new Abraham brand concept – featuring regional sourcing of raw materials, higher animal welfare standards and shorter lists of ingredients – was also a success.
Thanks to its strong position in the Ibérico and Serrano ham segments in its home market of Spain, Bell Spain was able to boost its value added.
The same applies to Bell Poland, which, through the Bell brand, has established a distinctive market position in the air-dried ham and salami segments in its home market of Poland.
Bell France was once again able to improve its results by placing greater emphasis on high-margin products.
Net revenue in CHF million 1 202.9 26.1
Net revenue in CHF million 273.5 27.9
49 %
11 %
Share of net revenue of Bell Food Group
Share of net revenue of Bell Food Group
Organic growth +2.2 %
Organic growth +0.5 %
Operating investmentsin CHF million 48.8 10.3 17.4 %
Operating investmentsin CHF million 13.5 7.6 127.5 %
EmployeesNumber of FTEs as at 30.06.2026 (Change from 30.06.2025) 4 125 376 FTEs 10.0 %
EmployeesNumber of FTEs as at 30.06.2026 (Change from 30.06.2025) 2 130 265 FTEs 14.2 %
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Business area Hubers/Sütag In the first half of 2026, the business area Hubers/Sütag continued to build on its steady growth over the years and once again achieved a very strong result.
Currency-adjusted net revenue increased sub-stantially (+CHF 30.0 million, +8.3 %).
At 88.4 million kilograms, sales volume was up 0.7 % on the prior-year period.
The key drivers behind this successful development were the turkey and organic product categories, as well as the food retail channel.
This positive result is all the more remarkable given that several outbreaks of Newcastle disease (ND) have been recorded in Bavaria since February 2026.
These challenges were successfully overcome.
In product ranges with higher animal welfare standards, Hubers/Sütag was able to further consolidate its position as market leader.
Hubers/Sütag is producing at capacity and has begun a major plant expansion in Pfaffstätt (AT).
The work is on schedule and within budget, and is expected to be completed in 2028.
Business area Eisberg Following last year’s sale of the three Eastern European sites and the subsequent focus on the DACH region, the organisation was restructured in line with the new strategic direction.
As a result of this sale, net revenue fell by CHF 49.2 million.
In addition, portfolio adjustments in Marchtrenk (AT) led to a further reduction of CHF 8.4 million, resulting in an improvement in earning capacity.
Eisberg has a strong market position in the DACH region thanks to its unique product range comprising salad, fruit and vegetables as well as its extensive expertise in sourcing and across the rest of the value chain.
While focusing on the DACH region, Eisberg also continued to expand its range of to-go con-venience products in the segment of salad meals and sliced fruit, and introduced a new product cate-gory in the vegetable convenience range featuring roast vegetables.
These product range developments are strengthening Eisberg’s market position in the trendy to-go convenience segment.
The operating concept for the Marchtrenk (AT) convenience facility has been completely overhauled.
The first measures to improve efficiency and profitability have been introduced and implemented.
This location will in future focus on a more cost-efficient core range that is optimally geared to the needs of the Austrian and German markets.
With these measures, Eisberg is laying the foundations for a sustain-able improvement in the location’s profitability.
In Switzerland, business is in line with the previous year.
The retail sales channel performed particularly well, in line with the company’s own expectations.
Net revenue in CHF million 381.4 21.0
Net revenue in CHF million 138.0 58.6
15 %
6 %
Share of net revenue of Bell Food Group
Share of net revenue of Bell Food Group
Organic growth +8.3 %
Organic growth –4.3 %
Operating investments in CHF million 29.7 11.5 63.1 % Operating investments in CHF million 1.7 0.2 12.7 %
Employees Number of FTEs as at 30.06.2026 (Change from 30.06.2025) 2 088 7 FTEs 0.4 % Employees Number of FTEs as at 30.06.2026 (Change from 30.06.2025) 1 375 811 FTEs 37.1 %
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Business area Hilcona The business area Hilcona posted a good performance in a still-demanding market environment in the first half of 2026.
Currency-adjusted net revenue increased substantially (+CHF 11.4 million, +4.1 %).
At market level, the environment remained mixed: while the retail business in Switzerland proved to be a stable driver of growth, requirements remained stringent in international markets and in the Ger-man retail sector.
All in all, however, the convenience sector continues to prove itself a strong growth segment.
At product range level, sandwiches, salads, ready meals and vegetarian products performed particularly well.
Demand for tofu and natural vegetarian products such as hummus and falafel also continued to trend positively.
With the second tofu production line installed in June, we are doubling our capacity, strengthening our position in the attractive Swiss tofu market and will in future account for more than half of the market volume.
In the meat alternatives sector, momentum has picked up again following a period of consolidation.
Despite challenging framework conditions, The Green Moun-tain brand has outperformed the market, demonstrating the appeal of clearly positioned premium concepts.
In the food service segment, too, the strategic focus on distinctive premium concepts is proving its worth.
Business area Hügli The business area Hügli is in the process of repositioning its sites and product ranges, and, as expected, the current financial year is a transition year.
Currency-adjusted net revenue declined by 6.2 percent to CHF 180.5 million (–CHF 12.1 million).
The first operational improvements have been implemented.
Business performance in the first half of the year varied depending on the region and sales division.
In the food service and food industry sales channels, demand fluctuated from month to month.
Following a subdued start to the year, individual country units and sales divisions managed to improve their re-sults during the course of the first half, partly thanks to strong Easter sales.
In the retail sector, the private label business posted an encouraging performance.
Hügli’s own brands and customer brands continue to face challenging market and customer dynamics.
The roll-out of SAP in the Czech Republic and Slovakia is proceeding on schedule and will be completed by November 2026.
Further optimisation of production structures, in particular the focus on specialised plants, is also proceeding according to plan.
The relocation of Hügli’s production activities from Redditch (UK) to the existing facilities in Radolfzell (DE) and Zásmuky (CZ) has been started successfully.
Net revenue in CHF million 289.6 11.4
Net revenue in CHF million 180.5 15.8
12 %
7 %
Share of net revenue of Bell Food Group
Share of net revenue of Bell Food Group
Organic growth +4.1 %
Organic growth –6.2 %
Operating investments in CHF million 22.4 5.3 30.8 % Operating investments in CHF million 5.6 1.1 16.1 %
Employees Number of FTEs as at 30.06.2026 (Change from 30.06.2025) 2 047 61 FTEs 3.0 % Employees Number of FTEs as at 30.06.2026 (Change from 30.06.2025) 1 494 30 FTEs 1.9 %
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InvestmentsIn June, work began on the phased commissioning of Bell Switzerland’s new logistics centre in Oensin-gen.
The new slicer centre will come online in stages from late summer.
At Hubers/Sütag, the plant ex-pansion in Pfaffstätt (AT) is on track, with completion scheduled for the first quarter of 2028.
At Hilcona in Schaan (FL), the third phase of the facility development plan is progressing according to schedule.
SustainabilityWe report on various levels about our sustainability engagement.
In the interests of providing a holistic perspective and ensuring harmonisation, the Bell Food Group has reported for the third time on its progress in sustainability in the report of its majority shareholder Coop Group Cooperative, which was published at the end of May 2026.
Further information on the objectives, results and developments is published on the website of the Bell Food Group.
Clearly defined strategic priorities for profitable growthThe Bell Food Group has based its strategy on four clearly defined strategic pillars: strengthening its core business in Switzerland, expanding its European air-dried ham business, further developing its sustainable poultry business in the DACH region and pursuing targeted expansion in the convenience segment.
1 Market leader in Switzerland in meat, poultry, charcuterie and seafoodThe Swiss core business forms the stable, profitable backbone of the Bell Food Group, combining mar-ket leadership with scope for growth, potential for efficiency gains and reliable value creation.
The Bell Food Group is the number one in Switzerland, offers a comprehensive product range and is either the market leader or holds a leading position in most product categories.
2 The number one in European air-dried ham marketAir-dried ham is the focused European specialisation field of the Bell Food Group: a diversified, high-value-added business in which Bell is achieving above-average profitable growth thanks to its own production facilities and clear areas of expertise.
In its international operations, the Bell Food Group is focusing on strengthening its market position and profitability in the air-dried ham and other char-cuterie specialities sectors.
3 Leading the way in poultry in the DACH regionSustainable poultry in the DACH region is a key growth driver for the Bell Food Group within an attrac-tive protein category, where integrated value creation, expertise in sustainability and targeted capacity expansion create competitive advantages.
As a full-range supplier in its core market, the Bell Food Group operates a successfully growing integrated poultry production business in Germany and Austria.
Live animal production and the necessary production capacity are being developed in a targeted man-ner at the company’s sites in order to tap into further market growth.
Added to this is the long-estab-lished poultry business in Switzerland.
4 Trendsetter in convenience marketConvenience is the Bell Food Group’s value-added and innovation platform: a fast-growing business offering attractive product range and assortment solutions, which benefits from consumer trends, cu-linary expertise and strong market access.
In Switzerland, we are continuing to strengthen our position as the leading manufacturer; outside Switzerland, we are focusing on profitable niche markets.
Thanks to our customer-focused sales team, we have a strong international presence in the food service seg-ment, spanning 13 countries and tapping into further growth opportunities with targeted product and solution concepts.
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Marco TschanzCEOJoos SutterChair of the Board of Directors
OutlookThe encouragingly strong growth in operating profit confirms that the strategic and operational focus is proving effective.
For the full year, we expect EBIT of between CHF 180 million and CHF 195 million, depending on the extent to which various factors come into play.
As regards investments, we do not expect the guidance amount of CHF 340 million to be required this year.
Thanks to cost savings and rigorous investment management, we currently expect the investment volume to be around CHF 300 million.
We will be able to finance this amount from our own cash flow.
In this way, the Bell Food Group is sustainably improving its results, thereby laying the foundations for future dividend increases.
Our consistent focus on our four strategic pillars, combined with our high level of operational efficiency, has led to a very encouraging half-year result.
Overall, we are very confident about the 2026 financial year and expect the operational progress made in the first half of the year to be reflected in a solid busi-ness performance.
We will steadfastly continue along the path we have chosen and maintain our focus on our strengths and areas of growth.
This will enable us to make further progress both in Switzerland and across Europe.
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Bell Food Group Half-Year Report 2026
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Consolidated balance sheet
in CHF million Note 30.06.2026 Share 31.12.2025 Share 30.06.2025 Share
Cash and cash equivalents 103.1 126.1 113.9
Trade accounts receivable 319.8 362.0 333.8
Other current receivables 70.7 66.6 68.8
Inventories 586.8 534.3 568.9
Accrued income and prepaid expenses 45.7 38.0 39.3
Current assets 1 126.1 35.1 % 1 127.0 35.3 % 1 124.7 35.1 %
Financial assets 91.0 88.9 84.7
Intangible assets 106.0 119.1 132.0
Tangible assets 1 886.4 1 853.7 1 858.5
Non-current assets 2 083.4 64.9 % 2 061.6 64.7 % 2 075.3 64.9 %
Assets 3 209.5 100.0 % 3 188.6 100.0 % 3 200.0 100.0 %
Current financial liabilities 144.2 164.2 99.2
Trade accounts payable 219.2 243.0 198.0
Other current liabilities 33.0 26.9 35.5
Current provisions 15.4 12.7 10.3
Accrued expenses and deferred income 246.5 197.2 235.1
Current liabilities 658.2 20.5 % 644.1 20.2 % 578.2 18.1 %
Non-current financial liabilities 831.9 831.9 941.9
Non-current provisions 100.5 98.0 87.5
Non-current liabilities 932.4 29.1 % 929.9 29.2 % 1 029.4 32.2 %
Liabilities 1 590.6 49.6 % 1 574.0 49.4 % 1 607.6 50.2 %
Share capital 3.1 3.1 3.1
Capital reserves 65.0 87.2 87.7
Retained earnings 1 756.2 1 722.8 1 698.8
Translation differences –201.3 –193.1 –193.7
Treasury shares 3 –4.8 –5.7 –3.7
Equity excl. minority interests 1 618.3 50.4 % 1 614.4 50.6 % 1 592.3 49.8 %
Minority interests 0.6 0.2 0.2
Equity 1 618.9 50.4 % 1 614.6 50.6 % 1 592.4 49.8 %
Liabilities and equity 3 209.5 100.0 % 3 188.6 100.0 % 3 200.0 100.0 %
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Consolidated income statement
in CHF million Note 1 HY 2026 Share 1 HY 2025 Share
Net revenue 1/2 2 413.3 100.0 % 2 402.6 100.0 %
Cost of goods sold 1 461.9 60.6 % 1 458.5 60.7 %
Gross operating income 951.4 39.4 % 944.1 39.3 %
Personnel expenses 498.3 499.0
Rents 24.4 24.6
Energy, auxiliary materials 52.2 51.5
Repair and maintenance 69.9 64.0
Transport 72.0 80.2
Advertising 18.4 17.0
Other operating expenses 43.0 48.2
Total operating expenses 778.2 32.2 % 784.4 32.6 %
Earnings before interest, taxes, depreciation and amortisation (EBITDA) 173.2 7.2 % 159.7 6.6 %
Amortisation of intangible assets 6.0 6.5
Amortisation of goodwill 10.5 10.7
Depreciation of tangible assets 80.3 76.3
Earnings before interest and taxes (EBIT) 76.4 3.2 % 66.2 2.8 %
Financial result –8.2 –8.2
Net income from associated companies 0.1 0.1
Earnings before taxes (EBT) 68.3 2.8 % 58.0 2.4%
Taxes 12.9 12.4
Half-year result 55.4 2.3 % 45.7 1.9 %
thereof minorities 0.1 –0.0
thereof shareholders of Bell Food Group Ltd 55.3 45.7
Earnings per share (in CHF, diluted and undiluted) 4 8.83 7.28
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Consolidated cash flow statement
in CHF million 1 HY 2026 1 HY 2025
Half-year result 55.4 45.7
Depreciation of tangible assets 80.3 76.3
Amortisation of intangible assets 16.5 17.2
Other non-cash income (–)/expenses (+) –3.4 5.1
Income (–)/loss (+) from sale of tangible assets –0.5 –0.5
Dividends from associated companies 0.2 0.2
Net income from associated companies –0.1 –0.1
Increase (+)/decrease (–) in provisions 5.1 0.1
Increase (–)/decrease (+) in receivables 35.9 –5.0
Increase (–)/decrease (+) in inventory –50.2 –46.2
Increase (–)/decrease (+) in accrued income and prepaid expenses –7.7 –6.4
Increase (+)/decrease (–) in liabilities 11.2 –15.0
Increase (+)/decrease (–) in accrued expenses and deferred income 49.8 38.5
Operating cash flow 192.6 109.8
Investment in other companies and financial assets –3.3 –
Acquisition (+)/sale (–) of cash and cash equivalents 0.2 –
Divestment of other companies and financial assets 0.4 –0.2
Investment in intangible assets –3.9 –4.6
Divestment of intangible assets – 0.1
Investment in tangible assets –146.9 –130.5
Divestment of tangible assets 1.5 1.1
Cash flow from investing activities –152.0 –134.0
Proceeds from (+)/repayment of (–) current financial liabilities –20.0 93.0
Proceeds from (+) bonds – 220.0
Repayment of (–) bonds – –300.0
Investment in (–)/divestment of (+) treasury shares 0.6 –1.8
Dividend –43.8 –43.9
Cash flow from financing activities –63.3 –32.6
Cash flow balance –22.8 –56.9
Cash and cash equivalents as of 01.01. 126.1 170.8
Effect of currency translation on cash and cash equivalents –0.1 –0.1
Changes in cash and cash equivalents –22.8 –56.9
Cash and cash equivalents as of 30.06. 103.1 113.9
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Consolidated statement of changes in equity
in CHF million Share capital Capital reserves Retained earnings Translation differences Treasury shares Equity excl. mi- nority interests Minority interests Equity
Equity as of 01.01.2026 3.1 87.2 1 722.8 –193.1 –5.7 1 614.4 0.2 1 614.6
Changes in scope of consolidation – – – – – – 0.3 0.3
Acquisition/sale of minorities – – – – – – – –
Dividend – –21.9 –21.9 – – –43.8 – –43.8
Additions/disposals of treasury shares – –0.3 – – 0.9 0.6 – 0.6
Half-year result – – 55.3 – – 55.3 0.1 55.4
Currency translation differences – – – –8.2 – –8.2 –0.0 –8.2
Equity as of 30.06.2026 3.1 65.0 1 756.2 –201.3 –4.8 1 618.3 0.6 1 618.9
Equity as of 01.01.2025 3.1 109.9 1 675.1 –188.6 –2.1 1 597.4 0.2 1 597.5
Changes in scope of consolidation – – – – – – – –
Acquisition/sale of minorities – – – – – – – –
Dividend – –21.9 –21.9 – – –43.9 – –43.9
Additions/disposals of treasury shares – –0.2 – – –1.6 –1.8 – –1.8
Half-year result – – 45.7 – – 45.7 –0.0 45.7
Currency translation differences – – – –5.1 – –5.1 –0.0 –5.1
Equity as of 30.06.2025 3.1 87.7 1 698.8 –193.7 –3.7 1 592.3 0.2 1 592.4
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Bell Food Group Half-Year Report 2026
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Notes to the consolidated financial statements
Basis of accounting The principles governing consolidation, valuation, structure and presentation comply in entirety with the entire Accounting and Reporting Recom-mendations (Swiss GAAP ARR).
They apply to all companies included in the scope of consolidation.
With the exception of the changes listed below, the consolidation and valuation principles are the same as for the consolidated financial statements 2025 as set out in pages 89–92 of the 2025 Annual Report.
The half-year financial statements were prepared in compliance with the guidelines on interim financial reporting according to Swiss GAAP ARR 31.
Scope of consolidationThere are no material changes in the scope of consolidation compared with the 2024 Annual Report.
Please refer to pages 18 and 19 of the half-year report for an overview of the significant shareholdings of the Bell Food Group.
Foreign currency translationAll company balance sheets in foreign currency are translated into Swiss francs at the closing exchange rate, while the income statements of these companies are translated at the average exchange rate.
Translation differences between the opening and closing balance sheets and the differences arising from the use of different exchange rates in the balance sheet and the income statement are recognised without affecting profit and loss.
On the disposal of foreign subsidiaries or associated companies, the proportionate cumulative currency differences are transferred from the equity to the financial result.
Exchange rates
1 HY 2026 1 HY 2025
Balance sheet EUR 1 = CHF 0.9222 = CHF 0.9359
CZK 1 = CHF 0.0380 = CHF 0.0378
HUF 100 = CHF 0.2603 = CHF 0.2347
PLN 1 = CHF 0.2151 = CHF 0.2208
USD 1 = CHF 0.8085 = CHF 0.7996
GBP 1 = CHF 1.0697 = CHF 1.0973
RON 1 = CHF 0.1759 = CHF 0.1842
Income statement EUR 1 = CHF 0.9180 = CHF 0.9416
CZK 1 = CHF 0.0378 = CHF 0.0377
HUF 100 = CHF 0.2464 = CHF 0.2327
PLN 1 = CHF 0.2164 = CHF 0.2225
USD 1 = CHF 0.7867 = CHF 0.8630
GBP 1 = CHF 1.0584 = CHF 1.1183
RON 1 = CHF 0.1785 = CHF 0.1882
Events occurring after the balance sheet date There were no events after the balance sheet date requiring disclosures.
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Notes to the consolidated financial statements
1.
Net revenue
in CHF million 1 HY 2026 Share 1 HY 2025 Share
Net revenue by countrySwitzerland, Liechtenstein 1 547.0 64 % 1 509.9 63 %
Germany 485.7 20 % 462.2 19 %
Austria 148.7 6 % 149.0 6 %
France 67.5 3 % 69.3 3 %
Poland 49.7 2 % 69.8 3 %
Benelux 26.7 1 % 27.8 1 %
Spain 25.1 1 % 22.4 1 %
Great Britain 12.9 1 % 13.1 1 %
Czechia 9.7 0 % 11.3 0 %
Hungary 7.7 0 % 23.9 1 %
Italy 6.0 0 % 4.1 0 %
Romania 4.1 0 % 15.4 1 %
Other countries 22.4 1 % 24.4 1 %
Net revenue by country 2 413.3 100 % 2 402.6 100 %
Net revenue by product groupFresh meat 530.4 22 % 517.8 22 %
Charcuterie 513.6 21 % 483.6 20 %
Poultry 635.8 26 % 603.6 25 %
Seafood 128.5 5 % 121.0 5 %
Convenience 595.7 25 % 666.7 28 %
Other sales 9.3 0 % 9.9 0 %
Net revenue by product group 2 413.3 100 % 2 402.6 100 %
Seasonality The activities of the group are not subject to regular, half-yearly seasonal influences.
However, major changes in raw material prices and exchange rates can have a certain impact on sales of a half-year.
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Bell Food Group Half-Year Report 2026
16
Notwithstanding the complementary recommendations for listed companies (Swiss GAAP ARR 31), the Board of Directors of Bell Food Group Ltd will not publish any detailed segment results in the interest of the company.
The reasons are explained on page 102 of the 2025 annual report (note 16 Segment reporting).
Volume Net revenue Operating investments Headcount
1 half-year 2026 in million kg in CHF million in CHF million FTE
Bell Switzerland 69.8 1 202.9 48.8 4 125
Bell International 29.9 273.5 13.5 2 130
Hubers/Sütag 88.4 381.4 29.7 2 088
Eisberg 19.3 138.0 1.7 1 375
Hilcona 47.0 289.6 22.4 2 047
Hügli 36.3 180.5 5.6 1 494
Consolidation –6.3 –52.6 – –
Bell Food Group 284.5 2 413.3 121.8 13 259
1 half-year 2025Bell Switzerland 68.4 1 176.8 59.1 3 749
Bell International 26.0 245.6 5.9 1 865
Hubers/Sütag 87.8 360.4 18.2 2 096
Eisberg 33.5 196.6 1.9 2 186
Hilcona 46.3 278.3 17.1 1 986
Hügli 38.2 196.3 6.7 1 524
Consolidation –6.6 –51.4 – –
Bell Food Group 293.6 2 402.6 109.1 13 406
1 Investments in tangible assets/software.
2.
Segment reportingNotes to the consolidated financial statements
3.
Treasury shares
in CHF million 2026 2025
Number in pieces Value Number in pieces Value
Balance as of 01.01. 22 157 5.7 8 210 2.1
Acquisitions – – 9 500 2.5
Disposals –3 330 –0.9 –3 456 –0.9
Balance as of 30.06. 18 827 4.8 14 254 3.7
There were no purchases of treasury shares in the first half of 2026.
In the previous year, the purchases of treasury shares were settled at an average transaction price of CHF 260.53.
The average transaction price of the disposals amounted to CHF 255.58 (previous year: CHF 260.47).
4.
Earnings per share
2026 2025
Number of shares as of 30.06. 6 285 712 6 285 712
Average time-weighted number of outstanding shares 6 264 739 6 269 852
Half-year result in CHF thousands 55 311 45 666
Earnings per share in CHF, diluted and undiluted 8.83 7.28
For the calculation of the earnings per share, the treasury shares are not considered.
No options, convertible bonds or similar are outstanding.
Therefore, there is no difference between the diluted and the undiluted earnings per share.
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Bell Food Group Half-Year Report 2026
17
Notes to the consolidated financial statements
5.
Acquisition/disposal of companies and parts of companies
2026
Acquisition of Brüterei Böcker as of 1 January 2026 (share deal)
As of 1 January 2026, Bell Food Group has acquired a 51 percent stake in Brüterei Böcker.
The parties have agreed not to disclose the purchase price.
The net assets acquired, as well as the net revenue are immaterial to the Bell Food Groupʼs consolidated financial statements and are therefore not disclosed in detail.
Acquisition of Hermann Wein production facility for air-dried ham as of 1 February 2026 (asset deal)On 1 February 2026, the production facility of Hermann Wein GmbH & Co.
KG in Freudenstadt (Germany) was acquired as part of an asset deal.
The acquired assets are immaterial to the Bell Food Groupʼs consolidated financial statements.
The parties have agreed not to disclose the purchase price.
2025
Sale of Eisberg Eastern EuropeIn the second half of 2025, the following companies were sold by the Eisberg division:
Company Domicile Date of sale
Eisberg Hungary Kft.
Gyál (HU) 05.08.2025
Eisberg srl Pantelimon (RO) 05.08.2025
Eisberg Spolka z o.o.
Legnica (PL) 01.10.2025
The companies sold are not material to the Bell Food Groupʼs balance sheet and performance figures.
For further information, please refer to the 2025 Annual Report (page 100).
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Bell Food Group Half-Year Report 2026
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Notes to the consolidated financial statements
6.
Significant shareholdings of the Bell Food GroupBelow, all significant shareholdings of the Bell Food Group are listed.
Inactive companies or certain companies with insignificant impact on the consolidated balance sheet (share of the assets smaller than 2 %) or consolidated income statement (share of the annual result smaller than 2 %) are not listed.
in million Group share as of 30.06.
Company Domicile Sphere of activity Capital stock as of 30.06.2026 2026 2025
Bell SwitzerlandBell Schweiz AG Basel (CH) Fresh meat, charcuterie, poultry, seafood ■ CHF 20.0 100.0 % 100.0 %
Geiser AG Schlieren (CH) Fresh meat, charcuterie ■ CHF 0.5 100.0 % 100.0 %
Bell InternationalBell Deutschland Holding GmbH Seevetal (DE) Management ■ EUR 0.0 100.0 % 100.0 %
Bell Deutschland GmbH & Co. KG Seevetal (DE) Charcuterie ■ EUR 1.0 100.0 % 100.0 %
Bell Schwarzwälder Schinken GmbH Schiltach (DE) Charcuterie ■ EUR 0.0 100.0 % 100.0 %
Bell España Alimentación SL Casarrubios del Monte (ES) Charcuterie ■ EUR 0.6 100.0 % 100.0 %
Bell Verwaltungs GmbH Seevetal (DE) Management ■ EUR 0.0 100.0 % 100.0 %
Interfresh Food GmbH Seevetal (DE) Management ■ EUR 0.1 100.0 % 100.0 %
Bell France Holding SAS Teilhède (FR) Management ■ EUR 20.0 100.0 % 100.0 %
Bell France SAS Teilhède (FR) Charcuterie ■ EUR 1.2 100.0 % 100.0 %
Bell Polska Sp. z o.o. Niepołomice (PL) Charcuterie ■ PLN 10.0 100.0 % 100.0 %
Hubers/SütagH.L. Verwaltungs-GmbH Pfaffstätt (AT) Management ■ EUR 0.3 100.0 % 100.0 %
Hubers Landhendl GmbH Pfaffstätt (AT) Poultry ■ EUR 0.1 100.0 % 100.0 %
Süddeutsche Truthahn AG Ampfing (DE) Poultry ■ EUR 6.2 100.0 % 100.0 %
Brüterei Schlierbach GmbH Pettenbach (AT) Poultry ■ EUR 0.6 95.0 % 95.0 %
Frisch Express GmbH Pfaffstätt (AT) Logistics ■ EUR 0.0 100.0 % 100.0 %
VTE-Beteiligungs GmbH & Co. KG Ampfing (DE) Management ■ EUR 3.3 100.0 % 100.0 %
Gebrüder Böcker Putenbrüterei GmbH Wallhausen (DE) Poultry ■ EUR 0.1 51.0 % –
EisbergEISBERG Holding AG Dänikon (CH) Management ■ CHF 0.7 100.0 % 100.0 %
Eisberg AG Dällikon (CH) Convenience ■ CHF 0.1 100.0 % 100.0 %
Eisberg Österreich GmbH Marchtrenk (AT) Convenience ■ EUR 0.1 100.0 % 100.0 %
Eisberg Hungary Kft. Gyál (HU) Convenience ■ HUF – 100.0 %
Eisberg Spolka z o.o. Legnica (PL) Convenience ■ PLN – 100.0 %
Eisberg srl Pantelimon (RO) Convenience ■ RON – 100.0 %
E.S.S.P. España 2000 SL Águilas (ES) Convenience ■ EUR 0.0 100.0 % 100.0 %
1 Acquisition of Gebrüder Böcker Putenbrüterei GmbH as of 1 January 2026.2 Sale of Eisberg Hungary Kft. and Eisberg srl as of 5 August 2025.3 Sale of Eisberg Spolka z o.o. as of 1 October 2025. ■ Fully consolidated ❍ Consolidation at equity
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Bell Food Group Half-Year Report 2026
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6.
Significant shareholdings of the Bell Food Group (continuation)
in million Group share as of 30.06.
Company Domicile Sphere of activity Capital stock as of 30.06.2026 2026 2025
HilconaHilcona Aktiengesellschaft Schaan (FL) Convenience ■ CHF 1.0 100.0 % 100.0 %
Hilcona Gourmet S.A. Orbe (CH) Convenience ■ CHF 0.6 100.0 % 100.0 %
Hilcona Feinkost GmbH Leinfelden-Echterdingen (DE) Convenience ■ EUR 0.0 100.0 % 100.0 %
HügliHügli Nährmittel AG Steinach (CH) Convenience ■ CHF 1.1 100.0 % 100.0 %
Hügli Nährmittel Erzeugung Ges.m.b.H. Hard (AT) Convenience ■ EUR 0.8 100.0 % 100.0 %
Hügli Nahrungsmittel GmbH Radolfzell (DE) Convenience ■ EUR 25.5 100.0 % 100.0 %
Granovita S.A. La Vall dʼUixó (ES) Convenience ■ EUR 0.5 100.0 % 100.0 %
Huegli UK Ltd. Redditch (UK) Convenience ■ GBP 0.0 100.0 % 100.0 %
Bresc B.V. Werkendam (NL) Convenience ■ EUR 0.0 100.0 % 100.0 %
Huegli Italia s.r.l. Brivio (IT) Convenience ■ EUR 0.1 100.0 % 100.0 %
Hügli Food s.r.o. Zásmuky u Kolína (CZ) Convenience ■ CZK 80.0 100.0 % 100.0 %
Hügli Food Élelmiszeripari Kft. Budapest (HU) Convenience ■ HUF 3.0 100.0 % 100.0 %
Hügli Food Polska sp. z o.o. Łódź (PL) Convenience ■ PLN 0.1 100.0 % 100.0 %
Hügli Food Slovakia s.r.o. Trnava (SK) Convenience ■ EUR 0.0 100.0 % 100.0 %
Investments in associated companiesCentravo Holding AG Zürich (CH) By-products ❍ CHF 2.0 29.3 % 29.3 %
GVFI AG Basel (CH) Meat trade ❍ CHF 3.0 26.6 % 26.6 %
Baltic Vianco OÜ Sänna, Rõuge vald (EE) Livestock trading ❍ EUR 0.8 33.3 % 33.3 %
Notes to the consolidated financial statements
■ Fully consolidated❍ Consolidation at equity
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Bell Food Group Half-Year Report 2026
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Alternative performance measures First half-year 2026
In its annual reports, interim reports and notices to investors and analysts, the Bell Food Group uses alterna-tive performance measures that are not defined by the Accounting and Reporting Recommendations (Swiss GAAP ARR).
It is the opinion of the Board of Directors and of the Group Executive Board that these indicators provide useful and relevant information about the Groupʼs operating and financial performance.
The alterna-tive performance measures used by the Bell Food Group may not be comparable to similar indicators utilised by other companies.
In this section, the alternative performance measures used by the Bell Food Group are explained and reconciled with the Swiss GAAP ARR key figures.
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Bell Food Group Half-Year Report 2026
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Development of volumes and income statementThe Bell Food Group compares the development of sales volume and selected income statement items to the previous year with regard to:
Exchange rate effectsThe Bell Food Group calculates the exchange rate effects by translating the prior-year figures into CHF using the current average rates.
The difference to the prior yearʼs CHF values expresses the exchange rate effect.
Inorganic effects
Acquisitions and disposals of companies or parts of companies are summarised as inorganic effects.
The effects of acquisitions on the current period are reported separately.
The prior-year figures are adjusted for disposals.
This adjustment is done on a pro rata basis from the date of acquisition or disposal.
The following inorganic effects are taken into account:
1 HY 2026: The inorganic effects comprise, on the one hand, the sale of Eisberg Eastern in the second half of 2025 and, on the other hand, the acquisition of the Hermann Wein production facility as of 1 February 2026.
The inorganic effect of Brüterei Böcker is im- material and is not reported separately.
1 HY 2025: No company acquisitions or sales took place in the first half-year 2025.
Organic development
Organic development refers to the change from the previous year after adjustment to account for exchange rate effects and inorganic effects.
As exchange rate developments do not have any effect on sales volumes, organic development is only adjusted for inorganic effects.
Organic development expressed as a percentage is calculated on the basis of the reported prior-year figures.
Performance
Bell Food Group of which:
in CHF million/kg 1 HY 2026 1 HY 2025 ∆ % Exchange rate effect Inorganic Organic %
Net revenue 2 413.3 2 402.6 10.7 0.4 % –19.6 –16.3 46.7 1.9 %
Sales volume 284.5 293.6 –9.1 –3.1 % – –8.8 –0.3 –0.1 %
Business areas
Bell SwitzerlandNet revenue 1 202.9 1 176.8 26.1 2.2 % – – 26.1 2.2 %
Sales volume 69.8 68.4 1.5 2.1 % – – 1.5 2.1 %
Bell InternationalNet revenue 273.5 245.6 27.9 11.4 % –6.3 32.8 1.3 0.5 %
Sales volume 29.9 26.0 3.9 15.0 % – 4.2 –0.3 –1.2 %
Hubers/SütagNet revenue 381.4 360.4 21.0 5.8 % –9.0 – 30.0 8.3 %
Sales volume 88.4 87.8 0.6 0.7 % – – 0.6 0.7 %
EisbergNet revenue 138.0 196.6 –58.6 –29.8 % –1.0 –49.2 –8.4 –4.3 %
Sales volume 19.3 33.5 –14.2 –42.4 % – –13.1 –1.1 –3.3 %
HilconaNet revenue 289.6 278.3 11.4 4.1 % – – 11.4 4.1 %
Sales volume 47.0 46.3 0.7 1.4 % – – 0.7 1.4 %
HügliNet revenue 180.5 196.3 –15.8 –8.1 % –3.7 – –12.1 –6.2 %
Sales volume 36.3 38.2 –1.8 –4.8 % – – –1.8 –4.8 %
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Bell Food Group Half-Year Report 2026
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Sales volumeSales volume is reported in kilogrammes and equals the volumes that were sold.
Sales revenueSales revenue equals the gross revenue from sale of goods, excluding other revenue and sales deductions.
in CHF million 1 HY 2026 1 HY 2025
Sales revenue 2 457.5 2 441.3
Other revenue 25.2 25.5
Sales deductions –69.4 –64.3
Net revenue 2 413.3 2 402.6
Subtotals in the income statement Various subtotals used in the income statement are not prescribed by the Accounting and Reporting Recommendations (Swiss GAAP ARR) for an income statement prepared in accordance with the nature of expense method and are therefore defined as follows:
Gross operating incomeGross operating income is calculated as net revenue minus the cost of goods sold, including changes in inventory.
EBITDAEBITDA is earnings before interest, taxes, depreciation and amortisation.
EBITEBIT is earnings before interest and taxes and is one of the Bell Food Groupʼs core management ratios.
EBTEBT is earnings before taxes.
Margins Margins are calculated as a percentage of net revenue.
1 HY 2026 1 HY 2025
in CHF million in % in CHF million in %
Net revenue 2 413.3 100.0 % 2 402.6 100.0 %
Gross operating income 951.4 39.4 % 944.1 39.3 %
EBITDA 173.2 7.2 % 159.7 6.6 %
EBIT 76.4 3.2 % 66.2 2.8 %
EBT 68.3 2.8 % 58.0 2.4 %
Half-year result 55.4 2.3 % 45.7 1.9 %
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Bell Food Group Half-Year Report 2026
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Adjusted key performance indicators: EBITDA, EBIT, half-year result To improve comparability with other periods, the reported EBITDA, EBIT and half-year result are adjusted for once-off effects in periods in which once-off effects occurred.
Once-off effectsThe Bell Food Group defines once-off effects as expenses or income that are part of the operating result but only occur rarely.
To improve com-parability with other companies and periods, these indicators are adjusted for once-off effects.
The tax consequences of once-off effects are not adjusted.
In the first half of 2026 and 2025, there were no once-off effects to be adjusted for.
The reported key figures therefore correspond to the adjusted key figures.
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Bell Food Group Half-Year Report 2026
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Net financial liabilities Interest-bearing liabilities are defined as debts or financial liabilities and can be current and non-current in nature.
Cash and cash equivalents and securities held for trading (current) are deducted from the financial liabilities to obtain the net financial liabilities (net debt).
Equity ratioThe ratio between total equity and total assets equals the equity ratio.
In its financial reporting, the Bell Food Group also uses the term «self-financing» for equity.
The equity ratio is also called the self-financing ratio.
Capital structure
in CHF million 1 HY 2026 1 HY 2025
+ Current financial liabilities 144.2 99.2
+ Non-current financial liabilities 831.9 941.9
Financial liabilities 976.1 1 041.1
• Cash and cash equivalents –103.1 –113.9
Net financial liabilities 873.0 927.3
in CHF million 1 HY 2026 1 HY 2025
Equity excl. minority interests 1 618.3 1 592.3
Minority interests 0.6 0.2
Equity 1 618.9 1 592.4
Total assets 3 209.5 3 200.0
Equity ratio 50.4 % 49.8 %
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Bell Food Group Half-Year Report 2026
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Under Swiss GAAP ARR, companies can choose how to treat goodwill on acquisitions:
Capitalisation of goodwill and annual amortisation through profit and loss
Offsetting of goodwill against equity
The Bell Food Group capitalises goodwill and amortises it over a maximum of 20 years.
Various companies offset goodwill against equity.
To improve comparability with these companies, the Bell Food Group reports the following key indicators as if goodwill had been offset against equity.
For this purpose, the remaining goodwill at the respective balance sheet date is deducted from total equity or total assets.
EBIT and EBIT margin
Result and result margin
Equity and equity ratio
in CHF million 1 HY 2026 1 HY 2025
EBIT 76.4 66.2
+ Goodwill amortisation 10.5 10.7
EBIT before goodwill amortisation 86.8 76.9
• Financial result –8.2 –8.2
+ Net income from associated companies 0.1 0.1
• Taxes –12.9 –12.4
Net profit before goodwill amortisation 65.9 56.4
Equity 1 618.9 1 592.4
• Goodwill offsetting –56.9 –78.3
Equity after goodwill offsetting 1 562.0 1 514.1
Total assets 3 209.5 3 200.0
• Goodwill offsetting –56.9 –78.3
Total assets after goodwill offsetting 3 152.6 3 121.7
Key indicators with goodwill offsettingEBIT margin 3.6 % 3.2 %
Result margin 2.7 % 2.3 %
Equity ratio 49.5 % 48.5 %
Goodwill offsetting
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Bell Food Group Half-Year Report 2026
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The Bell Food Group uses the term «operating investments» in its reporting.
While investments in parts of the intangible assets (e.g. brands) are strategic or not directly operational in nature, the operating investments show the amount invested in the production capacities of the Bell Food Group.
Operating investments therefore include investments in tangible assets and software.
Investments can be presented gross or net.
Net investments are calculated by deducting the respective divestments from the investments in the various categories of non-current assets.
The Bell Food Group uses a gross presentation in its reporting on operating investments.
The term «investments» is defined as additions to fixed assets in the balance sheet.
However, a distinction must be made between investments in the balance sheet and investments in the cash flow statement of the Bell Food Group.
While the investments in the balance sheet describe the addition to the corresponding category of non-current assets, the investments in the cash flow statement show the amount spent on investments in the form of cash and cash equivalents.
Consequently, the investments from a balance sheet perspective usually differ from the investments in the cash flow statement because, for example, part of the investments of the current financial year will only be paid in the following year or in-vestments of the previous year were paid in the current financial year.
As a result, the Bell Food Group distinguishes between operating investments from a balance sheet and a cash flow statement perspective.
The terms «operating investments on the balance sheet» and «cash-effective operating investments» are also used as a proxy.
The guidance on investments published by the Bell Food Group refers to operating investments on the balance sheet.
in CHF million 1 HY 2026 1 HY 2025
Investments Investments
a) Software 1.7 0.9
b) Prepayments and accumulated costs 2.1 3.7
Other intangible assets 0.0 0.0
Intangible assets (balance sheet) 3.9 4.6
Intangible assets (cash flow statement) 3.9 4.6
Land and buildings 5.1 1.1
Installations 1.7 1.4
Machinery and equipment 8.7 8.4
Prepayments/assets under construction 89.1 88.4
Other tangible assets 13.4 5.2
Tangible assets (balance sheet) 117.9 104.5
Tangible assets (cash flow statement) 146.9 130.5
a) Software 1.7 0.9
b) Prepayments and accumulated costs 2.1 3.7
Tangible assets 117.9 104.5
Operating investments (balance sheet) 121.8 109.1
Operating investments (cash flow statement) 150.8 135.1
Operating investments
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Bell Food Group Half-Year Report 2026
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in CHF million 1 HY 2026 1 HY 2025
Increase (–)/decrease (+) in receivables 35.9 –5.0
Increase (–)/decrease (+) in inventory –50.2 –46.2
Increase (–)/decrease (+) in accrued income and prepaid expenses –7.7 –6.4
Increase (+)/decrease (–) in liabilities 11.2 –15.0
Increase (+)/decrease (–) in accrued expenses and deferred income 49.8 38.5
Change in net current assets 39.1 –34.1
in CHF million 1 HY 2026 1 HY 2025
Operating cash flow 192.6 109.8
+ Change in net current assets –39.1 34.1
Operating cash flow before change in net current assets 153.4 143.9
• Operating investments –150.8 –135.1
+ Divestment of tangible assets 1.5 1.1
+ Divestment of intangible assets – 0.1
Operating free cash flow 4.1 10.0
in CHF million 1 HY 2026 1 HY 2025
+ Operating cash flow 192.6 109.8
• Cash flow from investing activities –152.0 –134.0
Free cash flow 40.5 –24.2
Operating free cash flow is operating cash flow before change in net current assets less operating investments plus divestments of tangible and intangible assets.
A positive operating free cash flow means that the operating investments were financed by the companyʼs business activities and that the remaining amount is available for other investment and financing activities.
Free cash flowFree cash flow represents the cash flow available for the settlement of obligations to providers of debt and equity.
It is calculated from the oper-ating cash flow less the cash flow from investing activities (no limitation to operating investments).
Liquidity
Change in net current assetsThe change in net current assets is composed of the following items:
Operating cash flow before change in net current assets and operating free cash flowThe operating cash flow can be influenced by fluctuations of the net current assets and is therefore adjusted for this impact.
For example, these fluctuations can be put down to pure reporting-date effects.
Market-driven decisions – in particular regarding inventories – can also affect the multi-year comparison.
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in CHF / Number 2022 2023 2024 2025 2026
Capital structure as of 30.06.
Share capital 3 142 856 3 142 856 3 142 856 3 142 856 3 142 856
Registered shares issued 6 285 712 6 285 712 6 285 712 6 285 712 6 285 712
Nominal value per registered share 0.50 0.50 0.50 0.50 0.50
Share ratio as of 30.06.
Earnings per share 6.40 7.42 7.22 7.28 8.83
Equity per share 219.90 233.96 244.72 253.31 257.45
Share detailsTrade SIX Swiss Exchange
Securities number 31 596 632
ISIN CH0315966322
Symbol SIX BELL; Bell N; Bell.SW
Legal entity identifier (LEI) 50670090YSFJ2732TD58
Product type Mid & Small Caps Swiss Shares
Index classification Swiss All Share Index TR, SPI® TR, SPI EXTRA® TR,
SPI ex SLI® TR, SPI ESG Wgt. TR, SPI ESG TRCurrent share price www.bellfoodgroup.com/en/investors/share-information/
Information about the shares of Bell Food Group Ltd
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Multi-year overview of key figures
1 half-year in CHF million / in % 2022 2023 2024 2025 2026
Sales revenue 2 133.3 2 248.6 2 351.7 2 441.3 2 457.5
Net revenueBell Switzerland 1 054.2 1 075.6 1 118.5 1 176.8 1 202.9
Bell International 209.9 233.2 249.8 245.6 273.5
Hubers/Sütag 291.0 319.4 327.6 360.4 381.4
Eisberg 163.6 172.5 185.4 196.6 138.0
Hilcona 251.3 267.6 273.4 278.3 289.6
Hügli 185.2 203.9 206.6 196.3 180.5
Consolidation –44.1 –45.4 –45.3 –51.4 –52.6
Net revenue 2 111.2 2 226.8 2 316.0 2 402.6 2 413.3
Organic growth of net revenue 6.2 % 7.0 % 5.1 % 4.4 % 1.9 %
Gross operating income 812.2 865.5 921.1 944.1 951.4
∆ (YoY) 3.0 % 6.6 % 6.4 % 2.5 % 0.8 %
Gross profit margin 38.5 % 38.9 % 39.8 % 39.3 % 39.4 %
EBITDA 143.7 147.9 151.6 159.7 173.2
∆ (YoY) –1.4 % 3.0 % 2.4 % 5.4 % 8.4 %
EBITDA margin 6.8 % 6.6 % 6.5 % 6.6 % 7.2 %
EBIT 63.0 63.6 63.8 66.2 76.4
∆ (YoY) –2.5 % 1.0 % 0.3 % 3.6 % 15.4 %
EBIT margin 3.0 % 2.9 % 2.8 % 2.8 % 3.2 %
Half-year result 40.2 46.6 45.3 45.7 55.4
∆ (YoY) –19.8 % 16.0 % –2.6 % 0.7 % 21.3 %
Result margin 1.9 % 2.1 % 2.0 % 1.9 % 2.3 %
Equity 1 382.4 1 470.8 1 538.4 1 592.4 1 618.9
Equity ratio 48.3 % 48.9 % 49.0 % 49.8 % 50.4 %
Net financial liabilities 739.2 849.1 900.1 927.3 873.0
Operating investments 106.2 133.6 140.9 109.1 121.8
Operating cash flow 124.0 140.8 128.2 143.9 153.4
Operating free cash flow 1.6 –35.5 –51.3 10.0 4.1
Free cash flow –12.1 –60.6 –52.8 –24.2 40.5
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Latest news
Up-to-date information about Bell Food Group Ltd can be found online at www.bellfoodgroup.com.
Contacts Publishing details General information All amounts have been rounded individually.
Editorial deadline: 6 August 2026 Forward-looking statements The half-year report includes certain forward- looking statements.
These statements are based on assumptions and estimates as well as information available to the Bell Food Group at the editorial deadline, which means that actual results and events could deviate substantially from the expectations included or implied in the forward-looking statements.
Our half-year report is published in electronic form only, in German and in English.
The German version shall prevail at all times.
The annual report can be downloaded at www.bellfoodgroup.com/report-en.
Published by Bell Food Group Ltd Elsässerstrasse 174 4056 Basel Switzerland Realisation Davide Elia, Bell Food Group Ltd, Head of Corporate Marketing/Communication Jan Kirchhofer, Bell Food Group Ltd, Project Manager Corporate Communication Design/layout Phorbis Communications AG
Online www.bellfoodgroup.com/report-en
Contacts and publishing details
Bell Food Group Bell Food Group L
• asse 174 40
• witzerlandTel. +41 58 326 2000info@bellfoodgroup.comwww.bellfoodgroup.com
Share register Bell Food Group L
• asse 174 40
• witzerlandTel. +41 58 326 2020 share.registry@bellfoodgroup.com
Compliance
• Bell Food Group L
• asse 174 40
• witzerlandTel. +41 58 326 2754michael.gloor@bellfoodgroup.com
Corporate Communication Bell Food Group L
• asse 174 40
• witzerlandTel. +41 58 326 3030media@bellfoodgroup.com
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