Swatch Group H1 FY26 operating income drops to CHF 52 million; net sales rise 8.5% to CHF 3.12 billion at constant rates

• Swatch Group posted first-half net sales of CHF 3.12 billion, up 2% at current rates.
• Operating income fell to CHF 52 million, cutting the operating margin to 1.7%.
• Net income attributable to shareholders dropped to CHF 14 million, while operating cash flow rose 68.9% to CHF 304 million.
• Net liquidity stood at CHF 1.13 billion, with equity of CHF 11.5 billion and an equity ratio of 85.3%.
• Management flagged a May-June acceleration, with net sales up 13.1% at constant rates and a net operating margin of 8.6%, supporting a stronger second half.

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