Despite a continuingly unstable world economic environment, characterized by trade tension and significant unfavorable currency effects, EMS was able to increase sales volumes, net operating income (EBIT) and net income again compared to previous year.
The global economy, particularly in key markets, and the consumer mood remained tense in 2025. Consumers and companies, continually confronted with new political announcements, showed consistent uncertainty. Consumer and investment decisions were delayed, and protective measures inhibited the willingness to invest.
In the US, consumers continue to suffer from high prices. In Europe, industry is continuing to undergo a prolonged restructuring process. Although announced, government relief measures are not yet visible. In China, the high-tech sector is growing. Missing exports to the US are being compensated by growth in other markets. Due to the ongoing slump in the real estate market, Chinese customers continue to show restraint. The unstable global economic situation is further strengthening the Swiss Franc.
Despite the weaker global economy, EMS was still able to successfully grow result and margins through innovation, cost discipline and proactive planning. In a challenging global market environment, EMS is focusing even more consistently on growth with innovative specialties. The globally implemented sales offensive as well as expansion of the technical sales and development organization are showing a pleasing effect. Intensive local development partnerships, especially in growth markets such as China, India or Brazil, form important pillars for EMS to realize further cost improvements, energy and weight savings for its customers. Close, globally-based development partnerships and high innovation competency allow EMS to respond quickly and flexibly to customer requirements regarding new applications.
With new developments, EMS was also able to access numerous future growth segments such as robotics. Together with technology leaders, EMS experts are developing high-performance parts, which are particularly lightweight, robust and dimensionally stable. In automotive construction, EMS provided car manufacturers with groundbreaking technology for painting processes with lower curing temperatures, enabling them to achieve significant energy and weight savings.
Already at an early stage, EMS prepared for possible international trade barriers and structured its own supply chains accordingly. There are no direct supply relationships between China and the US. Products sold in the US are either produced locally or, as important specialties, are exempt from customs duties.
Thanks to the strong position with specialties and attractive innovations and despite weak foreign currencies and in a restrained global market environment, EMS was able to increase net operating income (EBIT) to CHF 567 million (539), which is 5.2% above previous year, and raise net operating income before depreciation (EBITDA) by 5.2% to reach CHF 622 million (592). The EBIT margin was 29.1% (26.0%), the EBITDA margin 31.9% (28.6%).