Alternative Performance Measures Full Year 2025
Alternative Performance Measures
ORIOR uses financial performance measures in its Annual Reports, Half Year Reports and additional communication with investors that are not defined by Swiss GAAP FER (Alternative Performance Measures). According to the management they provide useful and relevant information regarding the operative and financial performance of the group.
Below the most important performance measures are explained and reconciled to Swiss GAAP FER figures. The Alternative Performance Measures in use may not correspond to performance measures with similarly titled measures of other companies. Every Alternative Performance Measure shown in the financial report is related to the performance of the current and the previous year.
Performance Net sales developmentDue to its international profile and frequent acquisitions the ORIOR Group classifies net sales developments to the previous year in three effects:
Organic growth
Currency translation effect
Acquisition, divestment and consolidation effect
Organic growth is defined as the net sales developments after removal of acquisition/divestment effects as well as changes in the scope of consolidation and currency effects. This allows for a year-on-year comparison based on a constant scope of consolidation and constant exchange rates. The calculated organic growth corresponds to the residual value after calculating the effects of exchange rates, acquisition, divestment, and changes in scope of consolidation.
Currency effectThe currency effect shows the impact of exchange rate fluctuations on net sales. It is calculated as difference between net sales of the current year and net sales translated at constant exchange rates (i.e. using the prior-year average exchange rate to convert the net sales of foreign subsidiaries).
Acquisition, divestment and consolidation effectThe acquisition, divestment and consolidation effect represents the net sales gained or lost through acquisitions, divestments, and changes in the scope of consolidation. As long as the prior-year comparative period of an acquired business is not yet included in the consolidated income statement, its net sales are reported under acquisition, divestment and consolidation effect. Accordingly, the net sales from acquisitions and the change in the scope of consolidation changes are included in this effect for the first 12 months following the transaction/change. In the event of a divestment, the related net sales are also reported under this effect for the prior-year comparative period.
The resulting effects are then shown in relation to the net sales of the previous year.
Net sales development 2025 | Jan-Dec 25 | Org | FX | Akq/Cons | Jan-Dec 24 | |
Net sales from goods and services in TCHF | 622 940 | -9 831 | -3 067 | -6 242 | 642 080 | |
Net sales development by effect | -3.0% | -1.5% | -0.5% | -1.0% | ||
Ø exchange rate CHF/EUR | 0.9378 | |||||
Net sales development 2024 | Jan-Dec 24 | Org | FX | Akq/Cons | Jan-Dec 23 | |
Net sales from goods and services in TCHF | 642 080 | 3 073 | -4 088 | 0 | 643 094 | |
Net sales development by effect | -0.2% | 0.5% | -0.6% | 0.0% | ||
Ø exchange rate CHF/EUR | 0.9525 |
Gross profit and gross margin are not defined in the income statement presentation by nature of expense under Swiss GAAP FER. ORIOR uses gross profit and gross margin to provide greater transparency regarding development of raw materials/goods purchased. Gross profit consists of the net sales reduced by raw materials, goods and services purchased adjusted by changes in inventories of finished and unfinished goods. Gross margin is calculated as gross profit divided by net sales.
in TCHF | Jan-Dec 25 | Jan-Dec 24 | |
Net sales from goods and services | 622 940 | 642 080 | |
Raw materials/goods and services purchased | -342 045 | -351 154 | |
Changes in inventories of finished and unfinished goods | 535 | 5 636 | |
Gross profit | 281 431 | 296 562 | |
Gross margin | 45.2% | 46.2% |
EBITDA (Earnings before Interest, Taxes, Depreciation and Amortisation) corresponds to the operating profit before the deduction of interest, tax, depreciation and amortisation. EBITDA margin is calculated as EBITDA divided by net sales.
in TCHF | Jan-Dec 25 | Jan-Dec 24 | |
Earnings before interest and taxes (EBIT) | 14 091 | -31 878 | |
+ Depreciation - property, plant and equipment | 15 695 | 18 963 | |
+ Amortisation - intangible assets | 8 931 | 8 455 | |
+ Impairment property, plant and equipment | 3 989 | 25 243 | |
+ Impairment intangible assets | 189 | 1 323 | |
+ Impairment financial assets | 0 | 384 | |
EBITDA | 42 895 | 22 488 | |
Net sales from goods and services | 622 940 | 642 080 | |
EBITDA | 42 895 | 22 488 | |
EBITDA margin | 6.9% | 3.5% |
ORIOR uses an adjusted EBITDA in order to disclose the development of operative performance excluding expenses from corporate transactions - mainly transaction and integration costs - and non-recurring expenses (restructuring measures and non-operational legal obligations/consulting costs).
This ensures comparability, as these are one-off effects. EBITDA adjusted for these effects is reported as adjusted EBITDA.
in TCHF | Jan-Dec 25 | Jan-Dec 24 | |
EBITDA | 42 895 | 22 488 | |
+ One-otf extraordinary adjustments | |||
Reorganisation/restructuring | -3 012 | 11 596 | |
Obligations of Casualfood | -2 506 | 4 453 | |
Reorganisation and legal costs | 1 151 | 1 223 | |
M&A | 484 | ||
Adjusted EBITDA | 39 011 | 39 760 | |
Net sales from goods and services | 622 940 | 642 080 | |
Adjusted EBITDA | 39 011 | 39 760 | |
Adjusted EBITDA margin | 6.3% | 6.2% |
Equity ratio is the ratio of total equity, including non-controlling interests, to total assets or total liabilities.
in TCHF | 31.12.2025 | 31.12.2024 | |
Total assets | 320 032 | 349 129 | |
Shareholders' equity ORIOR AG | 39 659 | 30 785 | |
Total equity | 39 659 | 30 785 | |
Equity ratio | 12.4% | 8.8% |
in TCHF | 31.12.2025 | 31.12.2024 | |
Theoretical total assets incl. Goodwill | 393 585 | 431 440 | |
Theoretical total equity incl. Goodwill | 113 212 | 113 096 | |
Total theoretical equity incl. Goodwill | 113 212 | 113 096 | |
Equity ratio incl. goodwill | 28.8% | 26.2% |
ORIOR defines core cash conversion as the ratio of cash flow from operating activities before change in net working capital (NWC) to adjusted EBITDA. This metric indicates how much of the operating result before depreciation and amortisation (adjusted EBITDA) was converted into cash flow from operating activities before changes in net working capital.
in TCHF | Jan-Dec 25 | Jan-Dec 24 | |
Cash flow from operating activities before change in NWC | 26 134 | 33 661 | |
Adjusted EBITDA | 39 011 | 39 760 | |
Core cash conversion | 67.0% | 84.7% |
The ORIOR Group uses this key figure to illustrate the relationship between indebtedness and profitability. To calculate it, net debt (as derived below) is divided by adjusted EBITDA.
in TCHF | Jan-Dec 25 | Jan-Dec 24 |
Adjusted EBITDA | 39 011 | 39 760 |
+ Current financial liabilities | 63 482 | 91 706 |
+ Non-Current financial liabilities | 97 600 | 102 600 |
- Cash and cash equivalents | -8 794 | -12 641 |
- Derivate financial instruments | -6 | -294 |
Net debt | 152 283 | 181 371 |
Net debt/adjusted EBITDA ratio | 3.90 | 4.56 |
Return on Capital Employed (ROCE) shows the profitability of the capital employed. It is calculated by relating the operating result, adjusted for special items and impairments over the past 12 months, to the capital employed as at the reporting date.
in TCHF | Jan-Dec 25 | Jan-Dec 24 |
+ Current assets | 178 572 | 189 093 |
- Current liabilities | -162 358 | -192 419 |
- Cash and cash equivalents | -8 794 | -12 641 |
- Securities | -163 | -712 |
+ Current financial liabilities | 63 482 | 91 706 |
+ Property, plant and equipment | 101 984 | 114 130 |
+ Intangible assets | 34 421 | 40 530 |
+ Financial assets | 5 054 | 5 376 |
Capital employed | 212 199 | 235 063 |
EBIT-LTM1 | 14 091 | -31 878 |
Impairments | 4 179 | 26 950 |
Special items from reconciliation to adjusted EBITDA | -3 883 | 17 272 |
EBIT-LTM1 adjusted | 14 386 | 12 344 |
ROCE | 6.8% | 5.3% |
1 LTM = Last Twelve Months |