Bell Food Group
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Bell Food Group (BELL) investor relations material

Bell Food Group H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved strong growth across all key performance indicators, with net revenue up 4.5% year-over-year to CHF 4.9 billion and adjusted net profit rising 2.6% to CHF 127 million.

  • All key financial indicators improved, with organic growth in a highly competitive environment.

  • Growth momentum continued, driven by Bell Switzerland and Hubers/Sütag, and supported by strategic acquisitions and divestitures.

  • Consistent expansion in all product groups and channels, with retail accounting for 70% and food service/industry 30% of net revenue.

  • Strategic focus sharpened through divestitures and targeted acquisitions, enhancing market leadership.

Financial highlights

  • Adjusted EBITDA reached CHF 360 million (+2.8%), and adjusted EBIT was CHF 172 million (+2.8%) compared to the previous year.

  • Free cash flow improved to CHF 36 million from CHF -10 million last year.

  • Equity ratio increased to 50.6%, and debt ratio improved to 2.3x.

  • Operating investments totaled CHF 290 million, all financed from operating activities.

  • Proposed dividend of CHF 7 per share.

Outlook and guidance

  • Positive outlook with continued organic growth and EBITDA development targeted.

  • Planned investment peak in 2026 at CHF 350 million, then stabilizing at CHF 250–300 million annually.

  • Net debt ratio expected to remain below 2.5x, with stable dividend payout ratio around 30%.

  • Volatility in markets and procurement expected due to economic and political factors.

  • Confident in strategic and operational positioning to address upcoming challenges.

What specific actions for Eisberg's DACH growth?
How to address Hügli retail sales lagging?
Detail Hubers/Sütag future growth measures
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Frequently asked questions

Bell Food Group AG is a Swiss company engaged in the production and distribution of fresh and processed meat, poultry, seafood, and convenience foods. The company’s portfolio includes a range of products such as fresh and cured meats, sausages, salads, sandwiches, and ready-made meals, catering to the needs of retail, foodservice, and industrial clients. Bell Food Group operates several brands and serves markets across Europe, with a particular focus on Switzerland, Germany, France, and Austria. The company is headquartered in Basel, Switzerland, and its shares are listed on the SIX Swiss Exchange.

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