Annual report Executive summary

Welcome

Message from the Chairman

The year 2025 proved to be particularly challenging for the watchmaking sector, as the industry faced a marked downturn. This, coupled with persistent geopolitical uncertainties, the indirect repercussions of US tariffs, and a weaker US dollar, created substantial obstacles. The decline in the watchmaking sector was stronger than initially expected and the Group experienced declines in net sales and a lower operating performance, leading to a streamlined and agile organizational structure, adapted to CMSA’s future.

Despite the negative impact of higher precious metal prices on costs and interest, the precious metal price increase had a large positive impact on the valuation of inventory. These predominantly book value gains increased reported EBITDA and equity to mCHF 51.6 and mCHF 237.0 respectively.

Marking the 140th anniversary and our transition to CMSA, we have remained steadfast in our dedication to our core values and expertise. Our ongoing commitment to future growth is reflected in the CMSA Group’s decision to allocate additional resources toward building a more agile, robust, and sustainable base. This strategy focuses on enhancing our project portfolio, boosting automation and efficiency, and further developing team skills and versatility. These efforts are designed to ensure that we are equipped to seize new opportunities and sustain long-term growth.

The team is fully aware of the challenges ahead and remains highly motivated to address them.