Bell Food Group (BELL) H1 2026 earnings summary

Executive summary

• Achieved the best half-year result in company history, driven by improved operating results, strategic focus on profitable growth, and execution of four strategic pillars: core Swiss business, European air-dried ham, sustainable poultry in DACH, and convenience expansion.

• All business areas made sustainable progress, with notable performances in Switzerland, International, Hubers/Sütag, and Hilcona, and increased gross profit margins.

• Integration of Hermann Wein's air-dried ham business and successful innovation launches supported growth.

Financial highlights

• Net revenue reached CHF 2,413 million, up 0.4% year-over-year, with organic growth of 1.9%.

• EBITDA rose 8.4% to CHF 173 million; EBIT increased 15.4% to CHF 76 million.

• Net profit grew 21.3% to CHF 55 million, with gross profit margin at 39.4%.

• Free cash flow improved to CHF 40.5 million from CHF -24 million in the prior year.

• Operating investments totaled CHF 121.8 million, up 11.7% year-over-year.

Outlook and guidance

• Full-year EBIT expected between CHF 180 million and CHF 195 million, with investment volume for 2026 forecasted at around CHF 300 million, below previous guidance, and to be financed from operating cash flow.

• Positive free cash flow and net debt ratio within target range anticipated for the year.

• Confident outlook for the remainder of 2026, with expectations of continued solid business performance and potential for future dividend increases.

• Medium-term guidance to be introduced in 2027.