Financial Report
Transition to accounting and reporting standard SWISS GAAP FER
As part of its effort to strengthen financial governance, CMSA has decided to adopt Swiss GAAP FER as its accounting framework. This recognized Swiss standard aims to improve the transparency, comparability and reliability of financial reporting, thereby providing partners with a clear and consistent basis for assessing the Group’s performance and financial position.
Financial Report
Consolidated Income Statement
| kCHF | 2025 | 2024 |
|---|---|---|
| Net sales from goods and services | 232 109 | 224 885 |
| Gross Margin | 143 481 | 119 137 |
| In % of net sales | 62% | 53% |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | 51 553 | 22 265 |
| In % of net sales | 22% | 10% |
| Earnings before interest and taxes (EBIT) | 36 175 | 6 491 |
| In % of net sales | 16% | 3% |
| Ordinary result | 31 664 | 1 225 |
| In % of net sales | 14% | 1% |
| Net profit/loss | 22 026 | 809 |
| In % of net sales | 9% | 0% |
Comments
In 2025, net sales from goods and services amounted to mCHF 232.1, compared with mCHF 224.9 in the prior year. The increase was mainly attributable to higher precious metal transactions, while industrial activities were impacted by the downturn in the watch industry.
Gross margin increased to mCHF 143.5, corresponding to 62% of net sales, compared with mCHF 119.1 or 53% in the previous year. This development reflects the contribution from precious metal activities as well as the solid margin level achieved in the industrial business.
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to mCHF 51.6 (22% of net sales) compared with mCHF 22.3 (10% of net sales) in the prior year. Earnings before interest and taxes (EBIT) improved to mCHF 36.2 (16% of net sales), compared with mCHF 6.5 (3% of net sales) in the previous year. Both EBITDA and EBIT were positively impacted by precious metal activities but also negatively by the one-time effects of discontinued activities in France and Spain.
Financial Report
Consolidated Balance Sheet
| kCHF | 31.12.2025 | in % | 31.12.2024 | in % |
|---|---|---|---|---|
| Assets | ||||
| Current assets | 238 713 | 68% | 247 732 | 68% |
| Non-current assets | 113 014 | 32% | 117 695 | 32% |
| Total assets | 351 727 | 100% | 365 428 | 100% |
| Liabilities and equity | ||||
| Current liabilities | 68 641 | 20% | 89 447 | 24% |
| Non-current liabilities | 46 065 | 13% | 58 952 | 16% |
| Total liabilities | 114 706 | 33% | 148 399 | 41% |
| Equity | 237 021 | 67% | 217 028 | 59% |
| Total liabilities and equity | 351 727 | 100% | 365 428 | 100% |
Comments
As at 31 December 2025, total assets amounted to mCHF 351.7, compared with mCHF 365.4 at the end of the previous year. The decrease is primarily attributable to a reduction in inventories, reflecting increasing activities in precious metal transactions. The overall asset structure remained stable year on year, with current assets accounting for 68% of total assets and non‑current assets representing 32%.
Total liabilities decreased significantly to mCHF 114.7 as at 31 December 2025, compared with mCHF 148.4 in the prior year. This development reflects the deliberate strengthening of the balance sheet through the repayment of both short‑term and long‑term obligations. Current liabilities amounted to mCHF 68.6, while non‑current liabilities were reduced to mCHF 46.1.
Equity increased to mCHF 237.0 as at the reporting date, compared with mCHF 217.0 at the end of the previous year. As a result, the equity ratio improved from 59% to 67%, demonstrating the Company’s solid capitalization and sound financial structure.
Overall, the balance sheet as at 31 December 2025 reflects a strong financial position. The reduction in inventories, combined with lower liabilities and higher equity, further strengthens the Company’s financial stability and provides a robust basis for the sustainable development of its activities.
Financial Report
CMSA Group result analysis
| kCHF | (A) Industrial | (B) Discontinued activities | (C=A+B) Industrial incl. discontinued activities | (D) Precious metal transactions | (E=C+D) Operational | (F) Precious metal inventory | (G=E+F) Group reported |
|---|---|---|---|---|---|---|---|
| Net sales | 123 300 | 2 573 | 125 873 | 106 236 | 232 109 | 232 109 | |
| Gross margin | 99 857 | -423 | 99 434 | 14 175 | 113 610 | 29 871 | 143 481 |
| % | 81% | -16% | 79% | 13% | 49% | k. A. | 62% |
| Personnel expenses | -65 983 | -1 770 | -67 753 | -67 753 | -67 753 | ||
| Other operating expenses | -23 086 | -1 088 | -24 174 | -24 174 | -24 174 | ||
| EBITDA | 10 788 | -3 281 | 7 507 | 14 175 | 21 682 | 29 871 | 51 553 |
| % | 9% | k. A. | 6% | 13% | 9% | k. A. | 22% |
Comments
The Group’s operating performance can be viewed separately between the industrial business and precious metal–related activities. Industrial net sales suffered from downturn in watch industry while precious metal activities benefited from precious metals prices increases. The presentation of the industrial results, excluding the effects of discontinued activities, provides a clearer view of the Group’s underlying operational performance. The adjustment for discontinued activities, are mainly relating to the wind down of all our non-core activities in France and Spain.
In 2025, industrial net sales reached mCHF 123.3, net sales from discontinued activities mCHF 2.6 and the precious metal transactions contributed mCHF 106.2 in net sales. Group’s operational net sales reached mCHF 232.1.
The industrial EBITDA is mCHF 10.8 (9% of net sales), EBITDA impact from discontinued activities is mCHF -3.3 and the precious metal transactions contributed an EBITDA of mCHF 14.2, fully reflecting the realized gains between book value and market value on precious metal transactions. Including both components, the Group’s operational EBITDA reached mCHF 21.7. After incorporating the variation and price adjustments in precious metal inventories amounting to mCHF 29.9, the Group reported an EBITDA of mCHF 51.6.
This performance highlights the robustness of the Group’s business model and the complementarity between its industrial and precious metal activities.
Financial Report
Key financial performance
2025 Annual Report
Downloadable documents
Access the key documents related to the 2025 exercise here
Net Sales Growth
+3.2%
Net Sales vs 2024
mainly driven by precious metal activities