Report

Emmi is on track and focussing on strategic acquisitions

2024-08-15 2:00 min Facts & Figures

Emmi AG Lucerne, Switzerland

The Emmi Group posted net sales of CHF 2,017.2 million in the first half of 2024 (previous year: CHF 2,103.4 million), which, as expected, was down on the same period of the previous year due to negative acquisition and currency effects. Positive volume effects and negative price effects, driven primarily by milk prices, netted each other out, resulting in flat organic sales growth (0.0%).

Sales developed positively in the division Europe, in the key markets of Brazil and Chile in the division Americas, in the brand and industrial customer business in Switzerland, and in the strategic niches of ready-to-drink coffee with Emmi Caffè Latte and premium desserts in Italy.

Thanks to a return to broad-based profitable volume growth, ongoing portfolio transformation and operational progress in foreign markets, Emmi achieved a pleasing result at EBIT level of CHF 140.3 million (PY: CHF 138.5 million) and an EBIT margin of 7.0% (PY: 6.6%).

Emmi also made a strategic acquisition in Brazil with Verde Campo and announced further acquisitions in the form of Hochstrasser in Switzerland and Mademoiselle Desserts in France. With the cross-industry initiative “KlimaStaR Milk”, Emmi and its partners have identified effective levers for achieving a more sustainable dairy industry in Switzerland and successfully promoted the circular economy with milk products in recyclable PET bottles.

Emmi confirms the communicated sales and earnings forecasts for full-year 2024, excluding the contemplated acquisition of the Mademoiselle Desserts Group.

Sales -4.1%, organic growth 0.0%, acquisition effect -2.2%, currency effect -1.9%
Organic growth in the divisions Americas and Europe of +0.1% and +2.0% respectively, organic decline in the division Switzerland of -0.2%
EBIT of CHF 140.3 million (PY: CHF 138.5 million), EBIT margin of 7.0% (PY: 6.6%)
Net profit CHF 104.4 million (PY: CHF 97.8 million), net profit margin of 5.2% (PY: 4.6%)
Continuous portfolio transformation: strategic acquisition of Verde Campo in Brazil completed to expand functional premium brand business and the announced acquisition of Hochstrasser AG to strengthen coffee expertise for Emmi Caffè Latte
Contemplated acquisition of the French Mademoiselle Desserts Group to strengthen the strategic niche of premium desserts announced after the balance sheet date
Progress in sustainability: positive interim results for “KlimaStaR Milk”, circular economy with milk in PET bottles, Quillayes Surlat as the first South American company with milk certified with the animal welfare label AENOR
Continuity in Group Management: New CFO Oliver Wasem promoted from within the company’s own ranks as of 1 July 2024
Outlook for 2024 confirmed (excluding possible effects from the acquisition of Mademoiselle Desserts): organic sales growth of 1% to 2%, EBIT of CHF 295 million to 315 million, net profit margin of 5.0% to 5.5%
Unchanged medium-term guidance

“Through the acquisition of Verde Campo and the planned takeover of Hochstrasser, the Emmi Group has consistently driven forward its portfolio transformation in the first half of 2024. We also intend to acquire the French Mademoiselle Desserts Group to further strengthen our strategic niche in premium desserts. This would enable us to offer our customers an innovative and comprehensive range of products in the form of Emmi “Desserts Powerhouse” in the future. Thank you very much to all our teams around the world who have worked so hard and with enormous commitment to ensure that we can offer ’heartfelt indulgence’,” said Ricarda Demarmels, CEO of the Emmi Group.

View full Report including key figures

PETnology's Resource Guide

comPETence center

The comPETence center provides your organisation with a dynamic, cost effective way to promote your products and services.

Find out more

Emmi is on track and focussing on strategic acquisitions

Newsletter Sign up