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. Raw material and producer prices followed with a corresponding increase. Subsequently, inflation rates, particularly in the USA and Europe, increased, followed by a weakened industry development.
In the USA, consumers and businesses are postponing investments in expectation of higher inflation. In Europe, industry is continuing to undergo a prolonged restructuring process, diminished growth forecasts are hampering the strategic willingness to invest. In China, the high-tech sector will grow further. The generally unstable global situation is further strengthening the Swiss Franc in its role as a "safe haven".
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 globally. EMS showed a pleasing course of business with increasing sales volumes.
Supported by the globally implemented sales offensive and expansion of local development partnerships, EMS was able to grow in all regions. Focus on specialties with challenging applications and total cost savings for customers were substantially responsible for the increase in operative profitability. In the currently challenging market environment, cost-saving metal-replacement and energy-efficient applications are particularly of high demand.
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. Rising inflation, particularly effective on energy and raw material prices, made corresponding sales price increases for customers unavoidable.
Consolidated net sales amounted to CHF 1,012 million (1,020) and, due to currency effects remained -0.8% below previous year. In local currencies, net sales showed growth of 4.5% compared to previous year. Net operating income (EBIT) reached CHF 310 million (296), which is 4.7% higher than previous year. Net operating income before depreciation (EBITDA) increased to CHF 336 million (324) which is 3.9% higher than previous year. The EBIT margin was a high 30.6% (29.1%). The EBITDA margin was 33.2% (31.7%). The already outstanding profitability could be further increased.