Contents
Share Performance 1
Key Figures 2021 - 2025 2
Consolidated Income Statement and
Consolidated Statement of Comprehensive Income 3
Consolidated Balance Sheet 4
Consolidated Statement of Changes in Equity 5
Consolidated Statement of Cash Flows 6
Notes to the Consolidated Financial Statements 7
Report on the Audit of the Consolidated Financial Statements 34
Share Performance2025 | 2024 | 2023 | 2022 | 2021 | ||||
Number of registered shares | 23'389'028 | 23'389'028 | 23'389'028 | 23'389'028 | 23'389'028 | |||
Shares entitled to dividend | 23'389'028 | 23'389'028 | 23'389'028 | 23'389'028 | 23'389'028 | |||
Treasury shares | 0 | 0 | 0 | 0 | 0 | |||
Information per share (in CHF): Dividend per share | 18.40 | 1) | 17.25 | 16.00 | 20.00 | 21.00 | ||
Of which ordinary dividend | 14.65 | 13.95 | 12.75 | 15.75 | 16.50 | |||
Of which extraordinary dividend | 3.75 | 3.30 | 3.25 | 4.25 | 4.50 | |||
Earnings per share | 19.95 | 19.70 | 19.56 | 22.75 | 23.53 | |||
Cash flow per share 2) | 22.85 | 20.54 | 24.65 | 15.64 | 22.16 | |||
Equity per share 3) | 79.31 | 78.45 | 74.47 | 77.63 | 76.91 | |||
Stock prices 4) | ||||||||
High | 685.50 | 785.00 | 801.00 | 1'046.00 | 1'035.00 | |||
Low | 530.00 | 599.00 | 599.50 | 591.50 | 793.50 | |||
At 31.12. | 549.50 | 611.50 | 681.00 | 626.00 | 1'021.00 | |||
Market capitalization at 31.12. (CHF million) | 12'852.3 | 14'302.4 | 15'927.9 | 14'641.5 | 23'880.2 | |||
Registered shares are listed at the SIX Swiss Exchange: EMS-CHEMIE HOLDING AG
Valor symbol EMSN
Valor number 1644035
ISIN CH0016440353
1)Proposal of the Board of Directors.
2)Cash flow = Cash flow from operating activities.
3)Excluding non-controlling interests.
4)Source: SIX Swiss Exchange AG.
Key Figures 2021 - 2025CHF million | 2025 | 2024 | 2023 | 2022 | 2021 | ||
Net sales | 1'949.7 | 2'070.8 | 2'189.0 | 2'441.9 | 2'253.8 | ||
Change in % against previous year | -5.8% | -5.4% | -10.4% | +8.3% | +25.1% | ||
Change in local currencies | -2.4% | -1.6% | -4.6% | +12.6% | +24.6% | ||
Of which in Switzerland | 3.8% | 3.5% | 2.9% | 4.0% | 3.8% | ||
Net operating income (EBIT) | 567.0 | 539.1 | 492.6 | 611.1 | 640.3 | ||
Change in % against previous year | +5.2% | +9.5% | -19.4% | -4.6% | +24.3% | ||
In % of net sales | 29.1% | 26.0% | 22.5% | 25.0% | 28.4% | ||
Net financial income | (3.2) | 9.9 | (0.6) | (4.5) | 1.0 | ||
Income taxes | 93.0 | 82.9 | 30.7 | 71.7 | 88.5 | ||
Net income | 470.8 | 466.1 | 461.2 | 534.9 | 552.9 | ||
Change in % against previous year | +1.0% | +1.1% | -13.8% | -3.3% | +25.8% | ||
In % of net sales | 24.1% | 22.5% | 21.1% | 21.9% | 24.5% | ||
Cash flow 1) | 534.3 | 480.4 | 576.5 | 365.9 | 518.3 | ||
Change in % against previous year | +11.2% | -16.7% | +57.6% | -29.4% | +9.9% | ||
In % of net sales | 27.4% | 23.2% | 26.3% | 15.0% | 23.0% | ||
Investments | 28.4 | 32.9 | 49.4 | 94.0 | 79.9 | ||
In % of cash flow | 5.3% | 6.8% | 8.6% | 25.7% | 15.4% | ||
Total assets | 2'226.5 | 2'227.2 | 2'167.2 | 2'316.0 | 2'324.7 | ||
Assets | |||||||
Current assets | 1'515.8 | 1'459.1 | 1'375.4 | 1'570.6 | 1'622.8 | ||
Non-current assets | 710.7 | 768.1 | 791.7 | 745.4 | 701.9 | ||
Equity and liabilities | |||||||
Current liabilities | 253.4 | 240.9 | 293.2 | 373.8 | 380.2 | ||
Non-current liabilities | 114.6 | 121.7 | 105.3 | 97.8 | 116.1 | ||
Equity 2) | 1'854.9 | 1'834.9 | 1'741.8 | 1'815.8 | 1'798.9 | ||
Equity ratio | 83.3% | 82.4% | 80.4% | 78.4% | 77.4% | ||
Return on equity | 25.1% | 25.1% | 26.3% | 29.3% | 30.6% | ||
Number of employees at 31.12. 3) | 2'657 | 2'824 | 2'736 | 2'693 | 2'646 | ||
1)Cash flow = Cash flow from operating activities.
2)Excluding non-controlling interests.
3)Excluding apprentices (2025: 142; 2024: 131; 2023: 134; 2022: 136; 2021: 134).
Consolidated Income Statement
Notes | 2025 (CHF '000) | 2024 (CHF '000) | ||
Net sales | 1'949'656 | 2'070'768 | ||
Inventory changes, semi-finished and finished goods | 14'261 | 37'673 | ||
Capitalized costs and other operating income | 1 | 19'514 | 19'877 | |
Material expenses | (999'653) | (1'145'149) | ||
Personnel expenses | 2 | (248'353) | (255'162) | |
Other operating expenses | 3 | (113'130) | (136'330) | |
Earnings before interest, tax, depreciation and amortization (EBITDA) | 622'295 | 591'677 | ||
Depreciation and amortization | 8 | (55'278) | (52'580) | |
Net operating income (EBIT) | 567'017 | 539'097 | ||
Financial income | 5 | 2'852 | 11'847 | |
Financial expenses | 6 | (6'010) | (1'908) | |
Net income before taxes | 563'859 | 549'036 | ||
Income taxes | 7 | (93'038) | (82'908) | |
Net income | 470'821 | 466'128 | ||
Of which attributable to: Shareholders of EMS-CHEMIE HOLDING AG | 466'505 | 460'788 | ||
Non-controlling interests | 20 | 4'316 | 5'340 | |
Earnings per share in CHF: Basic | 18 | 19.95 | 19.70 | |
Diluted | 18 | 19.95 | 19.70 | |
Consolidated Statement of Comprehensive Income
Net income | 470'821 | 466'128 | ||
Remeasurements of defined benefit plans, net of tax | (433) | (1'645) | ||
Items that will not be reclassified to the income statement | (433) | (1'645) | ||
Net changes from cash flow hedges, net of tax 15 | 6'325 | (3'151) | ||
Translation differences, net of tax | (43'822) | 11'878 | ||
Items that are or may be reclassified to the income statement | (37'497) | 8'727 | ||
Other comprehensive income | (37'930) | 7'082 | ||
Comprehensive income | 432'891 | 473'210 | ||
of which attributable to: Shareholders of EMS-CHEMIE HOLDING AG | 431'800 | 467'346 | ||
Non-controlling interests 20 | 1'091 | 5'864 | ||
Reference numbers indicate corresponding notes to the consolidated financial statements.