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.

Philippe Milliet

Chairman of the Board

Philippe Milliet

Year in review

Recycling & sustainability

Business performance

Continued slowdown in the watchmaking sector, particularly in higher price segments, combined with geopolitical uncertainty and currency effects.

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Organisation of the group

Organizational streamlining and increased agility through structural adjustments, enhanced collaboration across sites, and continued rollout of Group-wide initiatives.

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Shares and dividends

The operational 2025 result is below prior year, but we are positive future performance.

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CMSA Holding SA

Key Figures 2025

Net Sales

mCHF 232.1

+3.2% vs. 2024

Net Sales excl. precious metal

mCHF 125.9

-15.2% vs. 2024

EBITDA (reported)

mCHF 51.6

+132.0% vs. 2024

EBITDA (operational)

mCHF 21.7

-2.5% vs. 2024

Personnel Cost

mCHF 67.8

-6.4% vs. 2024

Headcounts

665

-7.8% vs. 2024

Net profit

mCHF 22.0

+2623% vs.2024

Dividend

CHF 125 / share

-10.7% vs. 2024

Equity

mCHF 237.0

+9.2% vs. 2024

Equity / share

CHF 16 930

+9.2% vs. 2024

Debt / Equity

28%

-22.7% vs. 2024

Equity / Assets

67%

+13.5% vs. 2024

Key Events 2025

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Financial highlights

Key Financial Performance in 2025

Net Sales Growth

+3.2%

Net Sales vs 2024

mainly driven by precious metal activities

Governance and Structure

Board of Directors

On 31 December 2025, the Board of Directors (Board) of the ­Company consisted of the following persons

Board of Directors First Election Current terms ends
Philippe Milliet, President 2020 2026
Carole Hübscher Clements, Vice President 2014 2027
Philippe Douchet, Member 2014 2027
Olivier Costa de Beauregard, Member 2015 2028
Pierre-François Chauvy, Member 2022 2028
Hélène Béguin, Member 2025 2028

Philippe Milliet

Chairman of the Board of Directors

Carole Hübscher Clements

Vice-Chairwoman of the Board

Philippe Douchet

Member of the Board of Directors

Olivier Costa de Beauregard

Member of the Board of Directors

Pierre-François Chauvy

Member of the Board of Directors

Hélène Béguin

Member of the Board of Directors

Management of the CMSA Group

Philipp von Büren

Chief Executive Officer

Philipp von Büren

Chief Executive Officer

Marcel Gerber

Chief Financial Officer

Marcel Gerber

Chief Financial Officer

Baanuja Rajakulendran

Chief People & Culture Officer

Baanuja Rajakulendran

Chief People & Culture Officer

Matthias Walther

Chief Quality Officer

Matthias Walther

Chief Quality Officer

Alexandre Gannac

Chief Sales Officer

Alexandre Gannac

Chief Sales Officer