Course of business

As expected, the global economy cooled down further in the first half-year of 2025. Trade tensions and geopolitical conflicts subdued consumers and restrained their purchasing mood and willingness to invest. In the US, consumers and companies are delaying investments with the expectation of higher inflation rates. In Europe, the industry is undergoing restructuring. Higher state expenditure is generating some confidence, however. The local healthcare segment is developing remarkably well. In China, in particular the high-tech sector is growing, especially business with electric vehicles. Government stimulus packages are improving the consumer mood. The generally unstable global situation is further strengthening the Swiss Franc in its role as a "safe haven".

Despite the expected weaker global economy, EMS was able to successfully grow result and margins with innovation, cost discipline and proactive planning. In the currently dampened and unsettled market environment, EMS focuses even more consistently on growth with innovative specialties. Against the general trend, EMS decided to significantly expand the technical sales and development organizations in the main regions Asia, America and Europe. Meanwhile, the expansion programs are already generating pleasing and highly profitable new business. EMS' intensive local development partnerships, strong sales and global delivery capabilities are important pillars for the realization of cost improvements as well as energy and weight savings with customers. Along with an enhanced product mix, EMS is also pursuing efficiency improvements. Successfully implemented efficiency programs strengthened operative profitability.

EMS has already prepared in advance for international trade barriers and structured its own supply chains accordingly. At EMS, there are no direct trade relationships between China and the US. Products sold in the US are either produced locally or, being relevant specialties, exempt from duties.

Thanks to the strong position with specialties and improved efficiency, EMS was able, in a challenging market environment with weaker foreign currencies, to achieve a net operating income (EBIT) of CHF 296 million (291) and a net operating income before depreciation (EBITDA) of CHF 323 million (319). In this way, the EBIT was 1.4% above previous year, the EBITDA 1.3%. The EBIT margin closed at a high 29.0% (26.8), the EBITDA margin at 31.7% (29.4).