Swiss dairy group Emmi has achieved volume-driven organic growth of 2.4% in its 2024 financial year, exceeding its guidance range of 1% and 2%, according to a trading update.
Ricarda Demarmels, CEO of the Emmi Group, commented, “Thanks to a broad-based acceleration in the second half of the year, the Emmi Group achieved good organic growth in 2024.
“The completely volume-driven organic growth reflects the consistent strategy implementation and strong market positioning, with innovative brands and concepts in attractive niches, as well as the balanced country and product portfolio – and, above all, the great commitment of our teams, who put our consumers at the centre of everything they do.”
Group sales increased by 2.5% in this period, to a record of CHF 4.3 billion (€4.6 billion) in 2024, with all divisions contributing to its performance, including, in particular, the markets of Brazil, Chile, Mexico and the USA.
Niche products – such as ready-to-drink coffee, with Emmi Caffè Latte, premium desserts and speciality cheese, with Kaltbach, and a goat’s milk powder business in the Netherlands – also contributed to this growth.
In 2024, Emmi made three acquisitions – the Mademoiselle Desserts group, Verde Campo, and Hochstrasser – to strengthen its strategic markets and niches.
Combined with the impact of the disposal of Gläserne Molkerei in the 2023 financial year, acquisitions resulted in an overall positive effect of 2.5%.
Negative net currency effects of 2.4% reflect the strengthening of the Swiss franc, particularly against the Chilean peso, the Brazilian real, the euro, and the US dollar, thereby reducing sales in terms of Swiss francs, the company noted.
Divisional Highlights
In Switzerland, Emmi saw volume-driven organic growth of 0.3%, in line with the group’s expectations, and sales of CHF 1.8 billion (€1.9 billion).
Its sales were impacted by the slightly lower milk price set by the industry organisation Milch (BO Milch) for the year and the negative volume effects for butter.
However, these were offset by the positive sales growth achieved by innovative brand concepts such as Emmi Caffè Latte, Emmi Energy Milk, Aktifit, I’m your Meal, and Luzerner Rahmkäse.
In Europe, the company reported strong organic growth of 5.5%, which was well above group forecasts.
Emmi Caffè Latte, overall – particularly in the UK – Italian speciality desserts and Kaltbach cheese in Germany, the Netherlands and the UK grew in sales, as did sales of goat’s milk powder and fresh cheese in the Netherlands, the company noted.
Overall sales in the division increased by 13.1%, to CHF 747.7 million (€792.3 million) – up from CHF 661.4 million (€700.8 million) in the previous financial year.
Its Americas division exceed guidelines, to achieve organic growth of 3.7%. Sales amounted to CHF 1.7 billion (€1.8 billion).
Elsewhere, its global trade division generated sales of CHF 122.0 million (€129.3 million), down by 3.2% from CHF 120.2 million (€127.4 million) in FY 2023.
Emmi will publish its 2024 annual results, along with the guidance for the current financial year, on 26 February 2025.
