ORIOR Group
1 Full Year Results 2025 | 25 March 2026
FULL YEAR RESULTS 2025
Agenda− | Statement | Monika Friedli-Walser, Delegate of the Board of Directors |
− | Facts | |
− | Significant debt reduction | |
− | Realignment of Refinement segment | |
− | Acquisition of pasta manufacturer Gaetarelli | |
− | ORIOR segments | |
− | ORIOR - Strategic realignment | |
− − − | Key figures for FY 2025 ESG/sustainability at ORIOR Outlook for FY 2026 | CFO Sacha D. Gerber |
This is no coincidence. Focus, operational discipline and clear priorities have brought us this far.
We want to regain your trust - and we are convinced: ORIOR is worth it!
Facts− Organic growth exceeds communicated guidance (-4% to -6%) > achieved: -1.5%
− EBITDA margin at the upper end of the guided range (5.8% to 6.2%) > achieved: 6.3%
− Significant reduction in net debt by €29 million without the sale of a business unit
− Strengthening of the balance sheet
Significant reduction of net debt and stronger balance sheetThe measures strengthen capital and earnings power, market position and resilience - in the long term.
− Sale of non-operational property in Churwalden successfully completed.
− Sale and leaseback of operational property in Zuzwil carried out.
− Renegotiation of leases and long-term securing of favourable terms for properties important to operations.
− Measures taken:
sharpening our focus;
realigning the Refinement segment;
simplifying the Group structure.
− An agreement to extend the credit facility agreement until 30.09.2029 has been reached with the bank syndicate.
Acquisition of pasta manufacturer Pastificio Gaetarelli− Gaetarelli is an Italian pasta manufacturer with around 30 employees and a long-standing partner of our Pastinella business unit. The acquisition strengthens our position in the premium fresh pasta segment and boosts our innovative capacity, for both retail and food service.
− As of 25 February 2026, we have fully acquired Pastificio Gaetarelli: 81% for a mid-single-digit million euro sum, having held a 19% stake since 2022.
− Gaetarelli will remain independent, based in Italy and retaining its corporate identity - managed by Pastinella.
Realignment of Refinement segment
Albert Spiess is undergoing a strategic realignment - returning to profitability, with a focus on its core products and its brand.
− The production of Albert Spiess products with no direct link to Graubünden, as well as slicing and order picking, will be gradually transferred to Rapelli in Stabio by mid-2026. The Schiers site will be scaled back to goods reception, salting and parts of the administration.
− The Ganda Direct Shop in Landquart has been closed.
− What remains: Europe's highest-altitude drying facility in Davos Frauenkirch!
− Rapelli is being expanded with an investment in the mid-single-digit millions to handle the additional volume. The investments have started - the transfer is proceeding according to plan.
Simplification of Group structureORIOR is simplifying its group structure - both legally and organisationally. The aim: lean processes, less administrative burden, more efficiency.
− Merger of various subsidiaries into ORIOR Food AG (Rapelli, Albert Spiess, Fredag, Pastinella and Le Patron). The aim is to reduce costs and expenses and streamline processes in the medium term.
− Further streamlining steps for the Group structure are being considered.
ORIOR Convenience segmentFood service channel performs positively once again, retail sales not at last year′s level
Net salesDecline of -4.5% to CHF 200.1 million (PY: -4.7%)
The Convenience segment generated 31.9% of Group sales.
Main positive drivers:
Food service channel with positive growth once again
Newly secured volume orders
Additional new customers
Challenges:
Declining sales in traditional retail
Growth of plant-based exports remains unsatisfactory
Tenders
Product mix shifts
ORIOR Refinement segmentRealignment of Refinement segment is proceeding according to plan
Net salesReduction of -0.3% to CHF 248.1 million (PY: +1.3%)
Organic: +2.2%
Acquisition-related: -2.5%
The Refinement segment generated 36.7% of Group sales.
Main positive drivers:
Transfer of production volumes from Albert Spiess to Rapelli is proceeding according to plan
Price increases were passed on in some cases
Möfag with another strong performance; clear positioning in the discounter segment
Challenges:
Restructuring
Divestment of Albert Spiess gastronomy platforms
Volatile commodity prices and availability
ORIOR International segmentGesa performed very well; the termination of the large Dutch contract has negatively impacted turnover
Net salesDecline of -2.9% to CHF 197.9 million (PY: +2.5%)
Organic: -1.3% (PY: +4.5%)
The International segment generated 31.4% of Group sales.
Main positive drivers:
Strong growth of core business in Belgium
Gesa with excellent performance
Successful implementation of price increases caused by higher commodity prices
Opening of new outlets at Casualfood
Unprofitable train station locations were able to be handed back
New contracts with Jumbo and IKEA International
Challenges:
Cancellation of major order from a Dutch customer
Closure of a smaller production facility in Olen (Belgium)
Strategic realignment for sustainable growth
The Board of Directors has defined the strategic realignment. The aim is to achieve sustainable and profitable growth through clear positioning and a systematic focus on demographic and social shifts as well as the growing demand for dietary solutions in the well-being and care sectors.
− Target groups: "healthy ageing", millennials and GenZ >> cross-generational market potential
− Market trends: food quality, functional ingredients, personal care, well-being, mindful enjoyment
− Positioning: as an integrated solutions provider for retail and food service,and to-go food services at airports
− Strengths: brands, industrial expertise, market knowledge, local presence, scalable platforms
− Core categories (goal: category captain): fresh meals and meal components, fresh pasta, organic juices, terrines and pâtés, convenience foods, Ticino charcuterie (including salami)
− Growth drivers: holistic food solutions (e.g. lunch menus for canteens and schools, catering for the elderly, product
ranges and concepts offering specific nutritional benefits)
− Structure: current make-up (including Culinor) is considered to be the right one
Agenda− | Statement | Monika Friedli-Walser, Delegate of the Board of Directors |
− | Facts | |
− | Significant debt reduction | |
− | Realignment of Refinement segment | |
− | Acquisition of pasta manufacturer Gaetarelli | |
− | ORIOR segments | |
− | ORIOR - Strategic realignment | |
− − − | Key figures for FY 2025 ESG/sustainability at ORIOR Outlook for FY 2026 | CFO Sacha D. Gerber |
One-off effects and exceptional items affect topline
Net sales Group
CHF 636.7 million
Organic
growth
+2.1%
FX effect
−1.1%
Net sales Group
CHF 643.1 million
2023
Organic growth
+0.5%
FX effect
−0.7%
Net sales
Group
CHF 642.1 million
2024
Organic growth
-1.5% FX effect
−0.5%
Acquisition-related1
−1.0%
Net sales
Group
CHF 622.9 million
2022
International
Organic: +22.2%
FX effect: −8.6%
Convenience
Organic: −1.2%
Adjusted: +2.5% 2, 3
Refinement
Organic: +0.9%
Adjusted: 0.0% 2, 4
+1.0%
Volume growth
<
Price growth
International
Organic: +8.5%
FX effect: −3.7%
Convenience
Organic: −0.2%
Adjusted: +0.6% 2
Refinement
Organic: −1.4%
Adjusted: -1.9% 2, 4
−0.2%
Volume growth
<
Price growth
International
Organic: +4.5%
FX effect: −2.1%
Convenience
Organic: -4.7%
Refinement
Organic: +1.3%
−3.0%
Volume growth
<
Price growth
2025
International
Organic: -1.3%
FX effect: −1.6%
Convenience
Organic: -4.5%
Refinement Organic: +2.2% Acquisition-related -2.5% 1
1 Sale of two gastronomy depots belonging to Albert Spiess AG to Mérat AG.
2 Site development: volume transfer of the Convenience segment to the Refinement segment.
3 Reclassification of sales (intermediary sales) in the Convenience segment of CHF 4.1 million
Consolidated income statement | Net sales - EBITin CHF million | Jan-Dec 2025 | Jan-Dec 2024 | ∆ in % |
Net sales Cost of materials/change in inventory | 622.9 -341.5 | 642.1 -345.5 | -3.0% |
Gross profit as % of net sales | 281.4 45.2% | 296.6 46.2% | -5.1% -101 bps |
EBITDA as % of net sales | 42.9 6.9% | 22.5 3.5% | +90.7% +338 bps |
Adjusted EBITDA | 39.0 | 39.8 | -1.9% |
as % of net sales | 6.3% | 6.2% | +7 bps |
Depreciation and amortisation | -28.8 | -54.4 | |
EBIT | 14.1 | -31.9 | |
as % of net sales | 2.3% | -5.0% | +723 bps |
− Net sales: affected by a decline in retail sales and the sale of two gastronomy depots
− Gross margin: decline due to a negative mix effect resulting from a shift towards lower-margin products following product delistings; higher meat prices put pressure on the Swiss market
− EBITDA: boosted in the reporting year by one-off effects and adjustments amounting to CHF 3.9 million (versus negative impact of CHF 27.6 million in the previous year; see slide 16)
− Adjusted EBITDA: adjusted upwards by CHF 3.9 million due to the partial release of restructuring costs, liabilities and legal costs
− EBIT: in the previous year impairment losses totalling CHF 26.9 million (discontinuation of the site development project and impairment at Albert Spiess AG)
Overview of non-recurring effects and adjustments to EBITDA2025 | 2024 | |||
Discontinuation of site development project Inventory valuation difference at Albert Spiess Restructuring Albert Spiess | CHF 0.0 million CHF 0.0 million CHF -1.5 million | CHF -4.7 million CHF -5.7 million CHF 0.0 million | ||
Obligations of Casualfood | CHF 2.5 million | CHF -4.5 million | ||
Cancellation of Culinor volume order | CHF 4.5 million | CHF -10.1 million | ||
Restructuring and legal costs | CHF -1.1 million | CHF -2.7 million | ||
M&A | CHF -0.5 million | CHF 0.0 million | ||
Total | CHF 3.9 million | CHF -27.6 million | ||
of which adjusted EBITDA | CHF 3.9 million | CHF -17.3 million | ||
in CHF million | 2025 | 2024 ∆ in % |
EBIT as % of net sales | 14.1 2.3% | -31.9 −5.0% +723 bps |
Associated companies | 0.2 | 0.6 |
Net financial result | -5.6 | -4.4 |
Profit before taxes | 8.6 | -35.7 |
as % of net sales | 1.4% | −5.6% |
Income taxes | 0.7 | 0.5 |
Net profit for the period | ||
attributable to shareholders | 9.4 | -35.2 |
as % of net sales | 1.5% | −5.5% |
− Associated companies: Smartseller
− Financial result: including interest expenses, foreign currency effect, bank fees/commissions, and profit/loss from interest rate and currency hedging instruments
− Financial expenses: higher costs due to the amendment of the syndicated credit facility agreement, as well as lower gains on the valuation of financial assets
− Tax result: release of deferred income taxes greater than ongoing tax expenses
Consolidated income statement | H1 and H2 25 vs 24Restated Restated
in CHF million | Jan-Jun 2025 | Jan-Jun 2024 | ∆ in % | Jul-Dec 2025 | Jul-Dec 2024 | ∆ in % |
Net sales Cost of materials/change in inventory | 304.9 -166.8 | 314.0 -164.7 | -2.9% | 318.1 -174.7 | 328.1 -180.8 | -3.1% |
Gross profit | 138.0 | 149.3 | -7.5% | 143.4 | 147.3 | -2.6% |
as % of net sales | 45.3% | 47.6% | -227 bps | 45.1% | 44.9% | +20 bps |
EBITDA | 16.3 | 22.9 | -28.7% | 26.6 | -0.4 | |
as % of net sales | 5.4% | 7.3% | -193 bps | 8.4% | -0.1% | +847 bps |
Adjusted EBITDA | 16.3 | 22.9 | -28.7% | 22.7 | 16.9 | +34.4% |
as % of net sales | 5.4% | 7.3% | -193 bps | 7.1% | 5.1% | +199 bps |
Net profit for the period attributable to shareholders as % of net sales | 1.3 0.4% | 6.3 2.0% | -78.9% | 8.0 2.5% | -41.5 -12.7% | |
in CHF million | Jan-Dec 2025 | Jan-Dec 2024 |
EBITDA | 42.9 | 22.5 |
Cash flow from operating activities from change to net working capital | 10.7 | −39.3 |
Taxes paid | −6.6 | −5.1 |
Changes to and use of provisions | −10.0 | 14.9 |
Others | −0.1 | +1.3 |
Cash flow from operating activities | 36.8 | -5.6 |
Cash flow from investing activities | -2.5 | -37.2 |
Dividends | 0.0 | −16.4 |
Repayment/increase of financial liabilities | −33.2 | 61.2 |
Interest and financing costs paid | −4.9 | −5.3 |
Cash flow from financing activities | -38.1 | 39.5 |
Net decrease in cash and cash equivalents | −3.8 | −3.4 |
Cash and cash equivalents as at 31.12 | 8.8 | 12.6 |
− Cash flow from operating activities positively impacted by net working-capital measures, but offset by cash outflows resulting from the use of provisions
− Cash flow from investing activities: larger investments in tangible fixed assets in the previous year, as well as proceeds from the sale of tangible fixed and financial assets amounting to CHF 11.3 million in the current year
− Cash flow from financing activities: repayment of financial liabilities thanks to positive free cash flow and suspension of dividend payments
Consolidated Balance Sheetin CHF million | 31.12.2025 | 31.12.2024 | ||
Current assets | 178.6 | 55.8% | 189.1 | 54.2% |
Tangible fixed assets | 102.0 | 114.1 | ||
Intangible assets | 34.4 | 40.5 | ||
Financial assets | 5.1 | 5.4 | ||
Total assets | 320.0 | 100.0% | 349.1 | 100.0% |
− Current assets: lower receivables and cash and cash equivalents, as well as a reduction in inventories
− Tangible fixed assets: Sale of the Möfag commercial property and lower investments in property, plant and equipment
− Intangible assets: ordinary amortisation
in CHF million | 31.12.2025 | 31.12.2024 | ||
Liabilities | 280.4 | 87.6% | 318.3 | 91.2% |
Equity | 39.7 | 12.4% | 30.8 | 8.8% |
Total liabilities and equity | 320.0 | 100.0% | 349.1 | 100.0% |
− Equity ratio excluding goodwill 12.4%: consolidated net profit 2025 and suspension of dividend payments
− Equity ratio (shadow accounting ) including goodwill: 28.8%
− Net debt/adj. EBITDA ratio 3.90x (PY: 4.56x)
Full Year Results 2025 | 25 March 2026