As expected, consumers and businesses remained unsettled about further development of the global economy. The inconsistent US trade policy and escalation of the war in the Middle East further suppressed the consumer mood. The Swiss Franc strengthened significantly. Shortages in the oil and gas supply from the Middle East caused an immediate rise in energy prices.
Thanks to its consistent growth strategy, focusing on high-margin specialties and innovation, and despite the challenging geopolitical environment, EMS was able to realize extremely pleasing results. Already at the beginning of 2026, EMS prepared for a challenging economic environment. New energy, cost and weight-saving solutions were realized in the markets globally. EMS showed a pleasing course of business with higher sales volumes.
Already at an early stage, EMS prepared for possible international trade barriers and structured its own supply chains accordingly. Products sold in the US are produced nearly all locally or, as important specialties, are exempt from US customs duties. EMS has no business relations in the Middle East. Global delivery reliability of all EMS companies is ensured.
Thanks to its strong position with specialties, cost discipline and proactive planning, EMS was able to successfully grow both, sales volumes and operating income despite the unsettled market environment and weaker foreign currencies. Net operating income (EBIT) reached CHF 309 million (296) and net operating income before depreciation (EBITDA) CHF 335 million (324). EBIT was therefore 4.4% above previous year, while EBITDA was 3.6% higher. The EBIT margin was a high 30.6% (29.1%). The EBITDA margin was 33.2% (31.7%).
Net financial income amounted to CHF +1 million (-7). Net income for the first half of 2026 reached CHF 259 million (253), an increase of 2.5% compared to prior year. Equity attributable to the shareholders of the EMS-CHEMIE HOLDING AG increased to CHF 2,098 million (31.12.2025: CHF 1,855 million). The equity ratio was 81.1% (31.12.2025: 83.3%).