CALIDA GROUP press release
ad hoc announcement pursuant to article 53 LR
Sursee (Switzerland), 26 February 2026
 

• Operational strengthening of the brands through consistent implementation of Operational Excellence – streamlining of the Group structure
• Net sales from continuing operations of CHF 215.9 million, 5% lower year-on-year on a currency-adjusted basis; decline in sales slowed in the second half – CALIDA and AUBADE with positive operational development
• Reported operating result of CHF 9.0 million (previous year: CHF 4.0 million), with EBIT margin reaching 4.2% (previous year: 1.7%) – core brands CALIDA and AUBADE with EBIT margin at 6.7%, close to the mid-term target range
• Operating net profit of CHF 7.6 million (previous year: CHF 0.5 million) – solid balance sheet with net liquidity of CHF 25.1 million and an adjusted equity ratio of 67.9%.
• Further increase in online share at CALIDA and AUBADE – retail and wholesale remain key distribution pillars
• Improved profitability at CALIDA and AUBADE; COSABELLA continues its repositioning and remains under strategic review
• Cash dividend of CHF 0.25 per share – payout ratio of 23% in line with the long-term dividend policy
   

“After a challenging first half of 2025, the CALIDA GROUP developed positively in the second half and achieved operational improvements on sales and profitability. By deliberately and systematically forgoing discount-driven growth and strategically positioning CALIDA and AUBADE in the premium segment, the brands were strengthened in the long-term. Overall, 2025 was another year defined by a persistently challenging market environment. Geopolitical uncertainty, US trade and tariff policies, and muted consumer sentiment in our core markets impacted the entire industry. In this environment, the CALIDA GROUP has demonstrated strategic discipline and, step by step, is evolving in the desired direction. Today, our Group is more agile and efficient. Combined with our financial strength, this positions the CALIDA GROUP to pursue well-considered organic as well as external growth opportunities, allowing us to look to the future with confidence,” comments Thomas Stöcklin, CEO of the CALIDA GROUP, on the 2025 full-year financial statements.
 

Streamlining the Group structure and strengthening brand operations
Delivering on the strategy with its focus on operational excellence, which is about continuously increasing efficiency and effectiveness, with product development and redoubled brand communication being core strategic elements, is advancing as planned. All operational functions were (re)integrated into the brands, which allowed streamlining corporate functions and Group Executive Management. This resizing reduces complexity and costs while also strengthening the brands’ independence. The strategic reinforcement of corporate functions in product management, marketing, operations and sales at CALIDA and AUBADE, undertaken in 2025 and early 2026, supports the brands’ long-term growth. Through a regular sharing of expertise between the brands, it is ensured that experience and know-how are transferred without relying on complex and costly organizational structures.

In this context, the Board of Directors has resolved to transition the accounting standard from IFRS to Swiss GAAP FER as of 30 June 2026.
 

Improved profitability at CALIDA and AUBADE 
The traditional brand CALIDA generated sales of CHF 145.1 million (–3.4%, or –2.4% adjusted for currency effects). While brick-and-mortar sales declined, CALIDA’s e-commerce business performed well, especially in the second half of 2025. The Christmas season again contributed to a positive second half, as in previous years, and saw the brand gain further market share. Moreover, CALIDA entrenched its positioning in the premium segment. The CALIDA brand increased its operating contribution margin by 0.6 percentage points in the reporting year by expanding its gross margin and through further cost optimization.

In its 20th year in the CALIDA GROUP portfolio, AUBADE successfully set the course for a rebranding and for strengthening its positioning in the premium segment, with taking important steps in product development, marketing and sales. Also, further progress was made in establishing additional export markets, notably in the US, and in stepping up strict cost management. AUBADE achieved sales of CHF 58.0 million (–8.6%, or –7.1% adjusted for currency effects) in 2025. Consumer sentiment in France remained weak in the second half of 2025. The decline in sales reflects the anticipated return to more normal levels in the wake of the "COVID bubble" and strategic elimination of unprofitable sales channels. As a direct consequence of the Operational Excellence strategy, AUBADE was able to grow its operating contribution margin by 1.5 percentage points compared to the previous year. At AUBADE, the ambition for the future is to gain market share in the premium segment, by strengthening the brand's positioning and intensifying the communication.

COSABELLA generated sales of CHF 12.8 million, extending the negative growth trend from the previous year (–26.4%, or –21.9% adjusted for currency effects) despite non-US direct sales to consumers having been controlled by the brand since May 2025. COSABELLA’s loss contribution increased further accordingly. The brand remains in an intensive repositioning phase and under strategic review. A turnaround close to operational break-even is targeted for the 2026 financial year.

CALIDA GROUP sales from continuing operations in 2025 were CHF 215.9 million (–6.6%, or –5.0% adjusted for currency effects); without COSABELLA, the change from the previous year was –4.9%, or –3.7% adjusted for currency effects. Sales declined at a slower rate in the second half of 2025. Having systematically implemented organizational measures, the Group is more efficient, more agile and ready for the future. The reported operating result, or EBIT, was CHF 9.0 million (previous year: CHF 4.0 million), improving the EBIT margin to 4.2% (previous year: 1.7%). Excluding the proportional operating loss of COSABELLA, the EBIT margin of CALIDA and AUBADE was 6.7% and as such already approximated the medium-term target bandwidth of 8 to 10%. CALIDA and AUBADE contributed to this encouraging result in equal measure. In targeting a breakeven at COSABELLA by 2027, the Group is on track to again significantly improve the Group operating result. Net operating profit was CHF 7.6 million (previous year: CHF 0.5 million). Thanks to the net proceeds from the disposal of the LAFUMA MOBILIER factory, the Group achieved an operating profit of CHF 11.0 million (previous year: CHF 14.9 million, thanks to the one-off effect of CHF 16.3 million from the disposal of LAFUMA MOBILIER).

The working capital position saw a positive impact from the continued optimization of inventories. Free cash flow reached CHF 9.8 million (previous year: CHF 67.7 million incl. cash flow from the disposal of LAFUMA MOBILIER). Net liquidity stood at CHF 25.1 million as of year-end 2025 (previous year: CHF 17.4 million). This strong result lifted the adjusted equity ratio by 6.6 percentage points to 67.9% (previous year: 61.3%) and strengthens the solid balance sheet without financial debt.
 

Consistent dividend policy and share buyback
The Board of Directors and Executive Management assess the CALIDA GROUP to be on the right track by refocusing on the core values of the powerful brands. The main key figures for the Group are all performing in line with the strategy. Significant operational progress is also expected at COSABELLA in the current year.

Against the backdrop of the current market valuation, the Board of Directors has decided to launch a public share buyback program of up to a maximum of 2% of the issued share capital. The program will commence on 9 March 2026 and will run until no later than the end of September 2026. The Board of Directors intends to cancel the registered shares repurchased under the buyback program by way of a capital reduction within the framework of the capital band. In the Board's view, larger, substantial share buyback programs are untenable and are not an option at this time, given the operational demands, the prevailing uncertainties and with a view to external growth opportunities. The priority of the Board is to present existing and potential investors with a compelling mid- to long-term growth vision for the CALIDA GROUP and to deploy free cash flow systematically to sustain the Group's long-term growth.

The Board of Directors will propose a dividend of CHF 0.25 per share for shareholder approval at the Annual General Meeting on 15 April 2026. In line with the long-term distribution policy, this corresponds to a dividend payout ratio of 23%.
 

Well positioned for the future and moving forward with a cool head and a steady hand
The premium positioning of the brands will be consistently continued. Built on a solid footing, the focus is now clearly on the future. Continuity, stability and patience are key to realizing the long-term growth strategy of the CALIDA GROUP. In the near term, a further increase in the operating contributions of the core brands CALIDA and AUBADE is expected for 2026, along with an operating EBIT margin of the Group of above 6%. While the operational business continues to be fine-tuned, it is equally important to lay the groundwork for the next stage in the Group’s strategic development.

For further information, please contact: 
Calida Holding AG
Dave Müller, CFO
Phone: +41 41 925 43 20
investor.relations@calidagroup.com

Jürg Stähelin, IRF
Phone: +41 43 244 81 51
staehelin@irf-reputation.ch

Financial calendar 2026
Annual General Meeting 2026     15 April 2026
Half-year results 2026                  Summer 2026
 

The CALIDA GROUP is a globally active company for premium underwear with its head office in Switzerland. It consists of the brands CALIDA, AUBADE and COSABELLA in the underwear and lingerie segment. The CALIDA GROUP stands for high-quality products that delight consumers every day. In 2025, the Group generated sales of CHF 216 million with 1,883 employees. The registered shares of Calida Holding AG (CALN) are traded on SIX Swiss Exchange AG.