Half-year report
2025
FAVOURITES SUN
CALIDA
Contents
4 Shareholder letter
12 CALIDA GROUP at a glance
16 Consolidated interim financial statements 2025 CALIDA GROUP
21 Notes to the consolidated interim financial statements
30 Organisation and key dates
4
Half-year report 2025 Shareholder letter
CALIDA GROUP focuses on profitable growth - operational optimization
and positioning in the premium segment
Dear Shareholders,
The first half (H1) of 2025 was defined by a persistently challenging market environment, many different geopolitical uncertainties, and ever-evolving customer needs and preferences. In this demanding environment, the CALIDA GROUP again demonstrated its resilience and innovative strength. The measures we initiated to optimize operations and focus on core values are progressing according to plan. The forthcoming collections are fresh and compelling in their current design and development phase but will need time to realize their full potential. The sales performance in H1 2025 reflected the difficult situation in our brands' core markets. At the same time, we are systematically keeping our strategic focus on the premium segment - through strong brand positioning, fewer promotions and a deliberate pursuit of profitable business models, forgoing volume-driven growth.
Focus on core business with new Group management
The profound economic uncertainty surrounding US trade policy and the geopolitical situation have been weighing on our industry and have impacted all our brands, especially COSABELLA, whose products are sold almost exclusively in the US
and Canada. Given this business context, CALIDA and AUBADE had a satisfactory half year. At COSABELLA, the brand's strategic, structural and operational realignment remained front and center in H1 2025, and continued absorbing considerable financial and human resources.
Our well-established and internationally positioned brands CALIDA and AUBADE are achieving steady progress on optimizing their operational structure. The CALIDA collection makeover is advancing according to plan, and will allow us to appeal to new customers. However, any material gradual impact is unlikely to be felt until the spring/summer 2026 collection, as changes of such magnitude require a certain amount of lead
time. At AUBADE, the focus is on repositioning the brand as the leader in the premium lingerie segment in its home market of France. In the meantime, setting up additional export markets, especially in the US, will require more time. At
COSABELLA, the brand's strategic development is gradually having a visible impact: With a distinctive new product strategy and a reconfigured team, we are laying the groundwork for successful business operations. The CALIDA GROUP has recommitted to a strategic focus on its traditional core business of underwear and lingerie.
On 1 June 2025, Thomas Stöcklin became the new CEO of the CALIDA GROUP. In this role, he will
be supporting the general managers of the three brands (business units) in further growing the strong market positions of CALIDA and
AUBADE while unlocking the existing potential of COSABELLA in the USA to optimal effect. Felix Sulzberger, formerly Executive Chairman, will be focusing on his role as Board Chairman.
A further significant contributor to the development of our Group has been Manuela Ottiger, most recently as Chief Human Resources Officer (CHRO). After 22 years with the CALIDA GROUP, Manuela decided to leave the Group effective mid-July 2025. We thank Manuela for her many years of dedication and commitment and her valuable contribution to our Group's successful journey. As part of the strategic realignment,
the Group management has been resized, and Manuela's roles and responsibilities will be reassigned within the organization. No new appointment will be made for the CHRO role.
Sales performance remains under pressure -consumer sentiment still subdued
The CALIDA brand generated sales of CHF 66.0 million (-5.5%, or -4.4% adjusted for currency effects). Despite subdued consumer sentiment, excessive sales promotions were avoided.
5
12.9
million CHF net liquidity
36.5 %
E-commerce share of total sales
101.7
million CHF net sales
This had the welcome effect of increasing the gross margin percentage in the main sales channels. At CALIDA, we are investing especially in growing our direct-to-consumer and e-commerce business, by developing existing and new innovations. Our unrelenting focus on the modernisation of the collection will also have a positive impact on our product portfolio.
AUBADE generated sales of CHF 28.9 million
(-10.2%, or -8.5% adjusted for currency effects). The brand was particularly affected by its weak home market, France. The migration of the AUBADE e-commerce platform was completed in the 2024 fiscal year and has begun delivering on its promise of greater autonomy and flexibility and an enhanced customer experience. This will strengthen support above all for the brand's direct-to-consumer business, going forward.
65.2%
Equity ratio
Repositioning COSABELLA will take more time, as will overhauling the business organization and structure of the brand. Since the end of May 2025, markets outside the US are now being served exclusively via the e-commerce business. Due to a number of factors - delivery delays hobbling production of the first series of new designs, the deliberate decision to forego unprofitable sales, and the aforementioned pervasive uncertainty
over the economy and trade policies - COSABELLA sales were lower again, ending H1 2025 down 23.5% year-on-year, at CHF 6.8 million.
CALIDA GROUP sales from continuing operations in H1 2025 were CHF 101.7 million, down 7.1% on
H1 2024 when adjusted for currency effects. In other words, the negative trend from H2 2024 extended into the reporting period, in line with expectations and also reflecting the prevailing uncertainty around geopolitics and trade policies. The adjusted operating result from continuing CALIDA GROUP operations in H1 2025 was
CHF -1.3 million (H1 2024: CHF 0.0 million).