Key figures EMS Group: Annual Results 2024

1. Summary

The EMS Group, with its companies combined in the EMS-CHEMIE HOLDING AG and globally active in the business areas High Performance Polymers and Specialty Chemicals, achieved in 2024 net sales amounting to CHF 2,071 million (2,189) and a net operating income (EBIT) of CHF 539 million (493). While the significantly stronger Swiss Franc hampered development of net sales in Swiss Francs, the global sales offensive launched in 2023 has already generated excellent results with profitable new business. Sales volumes, net operating income and net income increased pleasingly compared to the previous year.

As expected, development of the global economy remained restrained, especially in the major consumer markets, and the consumer mood continued to be subdued. Geopolitical developments are causing uncertainty among consumers and companies. The consequences of the economic policy measures announced by US President Trump are unpredictable and will have a destabilizing effect, particularly on global supply chains. Germany, Europe's leading industrial nation, is in a recession and the German manufacturing industry remains on a lower level. The Chinese real estate market has stabilized and Chinese companies and consumers are noticeably gaining confidence again. The global automotive market is undergoing fundamental changes. In the Chinese automotive market, the largest in the world, local manufacturers are gaining strength at the expense of foreign ones. In Europe, the electric car market showed a decline in 2024. Both the USA and the EU enacted punitive tariffs against Chinese car imports in 2024. The unstable geopolitical situation further strengthened the Swiss Franc, which hampered development of net sales in Swiss Francs.

In preparation for possible international trade barriers, EMS has adapted trade routes for raw materials and sales products and will remain unaffected by the announced punitive tariffs. In the currently uncertain market environment, EMS is focusing even more intensively on increasing growth with innovative specialties. Already in 2023, and contrary to the general trend, EMS decided on a continuous and massive expansion of technical sales and development in all three regions Asia, America and Europe. By the end of 2025, available personnel resources will be 75% higher. New business generated in this way, has developed very successfully and contributed to the pleasing increase in sales volumes, net operating income (EBIT) and net income.

The international markets are showing particularly high demand for innovative EMS solutions providing total cost and energy savings, CO₂ reductions as well as for new technologies in electric cars or the prospering healthcare sector. Numerous other suppliers have in the meantime reduced their development capacity, allowing EMS to profit from an even more intensive development partnership with customers worldwide. This broad-based cooperation work will ensure further growth even in the case of geographic, technical or manufacturer-related market changes.

Thanks to its strong position with specialties as well as attractive innovations, EMS was able to increase net operating income (EBIT) to CHF 539 million (493) and net operating income before depreciation (EBITDA) to 592 million (542). Despite weaker foreign currencies and a subdued market environment, EBIT could be increased by 9.5% and EBITDA by 9.1% compared to previous year.

Net income rose to CHF 466 million (461). Earnings per share climbed to CHF 19.70 (19.56). Tax rates were exceptionally low in 2023.

For the business year 2024, the Board of Directors intends to propose to the Annual General Meeting distribution of an ordinary dividend of CHF 13.95 (12.75) per share and an additional extraordinary dividend of CHF 3.30 (3.25) per share. A total dividend of CHF 17.25 (16.00) per share would then be distributed.

For 2025, EMS again expects net sales below previous year due to currency effects and net operating income (EBIT) slightly above previous year.