{"id":8039,"date":"2026-04-08T13:16:27","date_gmt":"2026-04-08T13:16:27","guid":{"rendered":"https:\/\/www.cmsa.ch\/?page_id=8039"},"modified":"2026-04-09T08:13:04","modified_gmt":"2026-04-09T08:13:04","slug":"rapport-annuel","status":"publish","type":"page","link":"https:\/\/www.cmsa.ch\/fr\/rapport-annuel\/","title":{"rendered":"R\u00e9sum\u00e9 op\u00e9rationnel"},"content":{"rendered":"<style>.gsbp-87d3b9a{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-right:0;padding-left:0;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0;margin-bottom:0;position:relative;overflow:clip}.gsbp-481e73c{max-width:100%;width:var(--wp--style--global--wide-size);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);display:flex;flex-direction:row;column-gap:var(--variable-small-section-spacing);row-gap:var(--variable-small-section-spacing);align-items:flex-end;flex-wrap:wrap}.gsbp-481e73c>:not(style):nth-of-type(2n+1){width:calc(50% - (var(--variable-small-section-spacing)*(2 - 1)\/2))}@media (max-width:1139.98px){.gsbp-481e73c>:not(style):nth-of-type(2n+1){width:100%}}@media (max-width:575.98px){.gsbp-481e73c>:not(style):nth-of-type(2n+1){width:100%}}.gsbp-481e73c>:not(style):nth-of-type(2n+2){width:calc(50% - (var(--variable-small-section-spacing)*(2 - 1)\/2))}@media (max-width:1139.98px){.gsbp-481e73c>:not(style):nth-of-type(2n+2){width:100%}}@media (max-width:575.98px){.gsbp-481e73c>:not(style):nth-of-type(2n+2){width:100%}}.intro-section .intro__pre-head{color:var(--wp--preset--color--primary,#e3001a);font-family:EuclidCircularAMedium;font-size:var(--wp--preset--font-size--custom-8,16px);line-height:normal;margin-bottom:1rem}.intro-section .intro__heading{font-size:var(--wp--preset--font-size--custom-7,16px);line-height:normal;margin-bottom:var(--spacing-l)}.intro-section .intro__lede{font-size:var(--wp--preset--font-size--custom-1,16px);line-height:132%}.gsbp-9da96e1{padding-top:var(--small-section-spacing);padding-bottom:var(--small-section-spacing)}.member-content{display:flex;flex-direction:row;justify-content:space-between;align-items:flex-end}.member-content .member-content__signature-content{padding:3rem 1.5rem;display:flex;flex-direction:column;align-items:center;text-align:center;flex-grow:1;min-width:14rem}.member-content .member-content__signature{margin-top:0;margin-bottom:1rem;max-width:14rem}.member-content .member-content__name{font-family:EuclidCircularABold}.member-content .member-content__name,.member-content .member-content__position{font-size:var(--wp--preset--font-size--custom-2,16px)}.member-content .member-content__member-image{max-width:calc(100% - 14rem)}.gsbp-a62daeb{vertical-align:bottom}<\/style><style>.gsbp-87d3b9a{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-right:0;padding-left:0;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0;margin-bottom:0;position:relative;overflow:clip}.gsbp-481e73c{max-width:100%;width:var(--wp--style--global--wide-size);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);display:flex;flex-direction:row;column-gap:var(--variable-small-section-spacing);row-gap:var(--variable-small-section-spacing);align-items:flex-end;flex-wrap:wrap}.gsbp-481e73c>:not(style):nth-of-type(2n+1){width:calc(50% - (var(--variable-small-section-spacing)*(2 - 1)\/2))}@media (max-width:1139.98px){.gsbp-481e73c>:not(style):nth-of-type(2n+1){width:100%}}@media (max-width:575.98px){.gsbp-481e73c>:not(style):nth-of-type(2n+1){width:100%}}.gsbp-481e73c>:not(style):nth-of-type(2n+2){width:calc(50% - (var(--variable-small-section-spacing)*(2 - 1)\/2))}@media (max-width:1139.98px){.gsbp-481e73c>:not(style):nth-of-type(2n+2){width:100%}}@media (max-width:575.98px){.gsbp-481e73c>:not(style):nth-of-type(2n+2){width:100%}}.intro-section .intro__pre-head{color:var(--wp--preset--color--primary,#e3001a);font-family:EuclidCircularAMedium;font-size:var(--wp--preset--font-size--custom-8,16px);line-height:normal;margin-bottom:1rem}.intro-section .intro__heading{font-size:var(--wp--preset--font-size--custom-7,16px);line-height:normal;margin-bottom:var(--spacing-l)}.intro-section .intro__lede{font-size:var(--wp--preset--font-size--custom-1,16px);line-height:132%}.gsbp-9da96e1{padding-top:var(--small-section-spacing);padding-bottom:var(--small-section-spacing)}.member-content{display:flex;flex-direction:row;justify-content:space-between;align-items:flex-end}.member-content .member-content__signature-content{padding:3rem 1.5rem;display:flex;flex-direction:column;align-items:center;text-align:center;flex-grow:1;min-width:14rem}.member-content .member-content__signature{margin-top:0;margin-bottom:1rem;max-width:14rem}.member-content .member-content__name{font-family:EuclidCircularABold}.member-content .member-content__name,.member-content .member-content__position{font-size:var(--wp--preset--font-size--custom-2,16px)}.member-content .member-content__member-image{max-width:calc(100% - 14rem)}.gsbp-a62daeb{vertical-align:bottom}<\/style>\n<section class=\"gsbp-87d3b9a alignfull\" data-type=\"section-component\">\n<div class=\"greybg-rad-tr gsbp-481e73c\" data-type=\"content-area-component\">\n<div class=\"intro-section gsbp-9da96e1\">\n<p class=\"intro__pre-head\">Bienvenue<\/p>\n\n\n\n<h2 class=\"wp-block-heading intro__heading\" id=\"message-from-the-chairman\">Le mot du pr\u00e9sident<\/h2>\n\n\n\n<p class=\"intro__lede\">L\u2019ann\u00e9e 2025 s\u2019est r\u00e9v\u00e9l\u00e9e particuli\u00e8rement difficile pour le secteur horloger, confront\u00e9 \u00e0 un net ralentissement. Celui-ci, conjugu\u00e9 \u00e0 des incertitudes g\u00e9opolitiques persistantes, aux r\u00e9percussions indirectes des droits de douane am\u00e9ricains ainsi qu\u2019\u00e0 l\u2019affaiblissement du dollar am\u00e9ricain, a engendr\u00e9 des d\u00e9fis importants. Le recul du secteur horloger a \u00e9t\u00e9 plus marqu\u00e9 qu\u2019anticip\u00e9 et le Groupe a enregistr\u00e9 une baisse de son chiffre d\u2019affaires ainsi qu\u2019une diminution de sa performance op\u00e9rationnelle, conduisant \u00e0 la mise en place d\u2019une organisation plus agile et rationalis\u00e9e, adapt\u00e9e \u00e0 l\u2019avenir de CMSA.<br><br>Malgr\u00e9 les impacts n\u00e9gatifs sur les co\u00fbts et les charges d\u2019int\u00e9r\u00eats li\u00e9s \u00e0 la hausse des prix des m\u00e9taux pr\u00e9cieux, cette augmentation a eu un effet tr\u00e8s positif sur la valorisation des stocks. Ces gains, principalement comptables, ont permis d\u2019accro\u00eetre l\u2019EBITDA et les fonds propres publi\u00e9s, qui s\u2019\u00e9l\u00e8vent respectivement \u00e0 51,6 mCHF et 237,0 mCHF.<br><br>\u00c0 l\u2019occasion de notre 140e anniversaire et de notre transition vers CMSA, nous sommes rest\u00e9s pleinement engag\u00e9s envers nos valeurs fondamentales et notre savoir-faire. Notre volont\u00e9 de croissance future se refl\u00e8te dans la d\u00e9cision du Groupe CMSA d\u2019allouer des ressources suppl\u00e9mentaires \u00e0 la mise en place d\u2019une base plus agile, robuste et durable. Cette strat\u00e9gie vise \u00e0 renforcer notre portefeuille de projets, \u00e0 am\u00e9liorer l\u2019automatisation et l\u2019efficacit\u00e9, ainsi qu\u2019\u00e0 d\u00e9velopper davantage les comp\u00e9tences et la polyvalence de nos \u00e9quipes. Ces efforts doivent nous permettre de saisir de nouvelles opportunit\u00e9s et d\u2019assurer une croissance \u00e0 long terme.<br><br>Les collaboratrices et collaborateurs sont pleinement conscients des d\u00e9fis \u00e0 venir et font preuve d\u2019une grande motivation pour les relever.<\/p>\n<\/div>\n\n\n\n<div class=\"member-content\">\n<div class=\"member-content__signature-content\">\n<img decoding=\"async\" class=\"member-content__signature\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/03\/fdea34d9d40bb6db633ecc3b0c9e1e90d2df7e51.webp\" alt=\"\" width=\"662\" height=\"502\" loading=\"lazy\"\/>\n\n\n\n<p class=\"member-content__name\">Philippe Milliet<\/p>\n\n\n\n<p class=\"member-content__position\">Pr\u00e9sident du conseil d&#039;administration<\/p>\n<\/div>\n\n\n\n<img decoding=\"async\" class=\"member-content__member-image gsbp-a62daeb\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/03\/7b61627827c1921e86119d5943fc6ad829f8c1ff-1.webp\" alt=\"Philippe Milliet\" width=\"748\" height=\"826\" loading=\"lazy\"\/>\n<\/div>\n<\/div>\n<\/section>\n\n\n<style>:root{--swiper-theme-color:#007aff}.swiper,swiper-container{margin-left:auto;margin-right:auto;position:relative;overflow:hidden;list-style:none;padding:0;z-index:1;display:block}.swiper-vertical>.swiper-wrapper{flex-direction:column}.swiper-wrapper{position:relative;width:100%;height:100%;z-index:1;display:flex;transition-property:transform;box-sizing:content-box}.swiper-android .swiper-slide,.swiper-wrapper{transform:translate3d(0,0,0)}.swiper-horizontal{touch-action:pan-y}.swiper-vertical{touch-action:pan-x}.swiper .swiper-slide,swiper-slide{flex-shrink:0;width:100%;height:100%;position:relative;transition-property:transform;display:block}.swiper-slide-invisible-blank{visibility:hidden}.swiper-autoheight,.swiper-autoheight .swiper-slide{height:auto}.swiper-autoheight .swiper-wrapper{align-items:flex-start;transition-property:transform,height}.swiper-backface-hidden 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data-slidesperview=\"2.7\" data-slidesperviewmd=\"1.7\" data-slidesperviewsm=\"1.1\" data-slidesperviewxs=\"1.1\" data-spacebetween=\"40\" data-spacebetweenmd=\"40\" data-spacebetweensm=\"40\" data-spacebetweenxs=\"40\" data-speed=\"400\" data-loop=\"false\" data-vertical=\"false\" data-verticalheight=\"500px\" data-autoheight=\"false\" data-grabcursor=\"true\" data-freemode=\"false\" data-centered=\"false\" data-autoplay=\"false\" data-autodelay=\"4000\" data-effect=\"\" data-coverflowshadow=\"false\" data-watchoverflow=\"true\"><div class=\"swiper\">\n<div class=\"swiper-wrapper \">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"swiper-slide gsbp-050670f\"><div class=\"gspb_id-gsbp-3ade34d gspb-dynamic-post-image  wp-block-greenshift-blocks-dynamic-post-image\"><img decoding=\"async\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2025\/09\/ae49e17f19acd903ce25e83ef9155dcd5c395b7f-300x200.webp\" loading=\"lazy\" alt=\"Recycling &#038; sustainability\" class=\"\"><\/div>\n\n\n<div class=\"gsbp-4ecc94d\"><div class=\"gspb_id-gsbp-261dae1 gspb-dynamic-post-title wp-block-greenshift-blocks-dynamic-post-title\"><h3 class=\"gspb-dynamic-title-element\">Performance de l\u2019activit\u00e9<\/h3><\/div>\n\n\n<p class=\"gsbp-cb52ad3\">Poursuite du ralentissement dans le secteur horloger, en particulier sur les segments \u00e0 forte valeur, combin\u00e9e aux incertitudes g\u00e9opolitiques et aux effets de change.<\/p>\n\n\n\n<a class=\"primary-btn wp-element-button small-btn\" href=\"https:\/\/www.cmsa.ch\/fr\/?page_id=8045#performance-operationnelle\">Explorer<\/a>\n<\/div>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"swiper-slide gsbp-050670f\"><div class=\"gspb_id-gsbp-3ade34d gspb-dynamic-post-image  wp-block-greenshift-blocks-dynamic-post-image\"><img decoding=\"async\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2025\/09\/77c21c3f7e3f1148a5e89907350bc0f950fc8093-300x223.webp\" loading=\"lazy\" alt=\"\" class=\"\"><\/div>\n\n\n<div class=\"gsbp-4ecc94d\"><div class=\"gspb_id-gsbp-261dae1 gspb-dynamic-post-title wp-block-greenshift-blocks-dynamic-post-title\"><h3 class=\"gspb-dynamic-title-element\">Organisation du Groupe<\/h3><\/div>\n\n\n<p class=\"gsbp-cb52ad3\">Rationalisation de l\u2019organisation et renforcement de l\u2019agilit\u00e9 gr\u00e2ce \u00e0 des ajustements structurels, une collaboration accrue entre les sites et la poursuite du d\u00e9ploiement d\u2019initiatives \u00e0 l\u2019\u00e9chelle du Groupe.<\/p>\n\n\n\n<a class=\"primary-btn wp-element-button small-btn\" href=\"https:\/\/www.cmsa.ch\/fr\/?page_id=8045#organisation-du-groupe\">Explorer<\/a>\n<\/div>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"swiper-slide gsbp-050670f\"><div class=\"gspb_id-gsbp-3ade34d gspb-dynamic-post-image  wp-block-greenshift-blocks-dynamic-post-image\"><img decoding=\"async\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/01\/close-up-woman-looking-chip-300x178.webp\" loading=\"lazy\" alt=\"\" class=\"\"><\/div>\n\n\n<div class=\"gsbp-4ecc94d\"><div class=\"gspb_id-gsbp-261dae1 gspb-dynamic-post-title wp-block-greenshift-blocks-dynamic-post-title\"><h3 class=\"gspb-dynamic-title-element\">Actions et dividendes<\/h3><\/div>\n\n\n<p class=\"gsbp-cb52ad3\">Le r\u00e9sultat op\u00e9rationnel 2025 est inf\u00e9rieur \u00e0 celui de l\u2019exercice pr\u00e9c\u00e9dent, mais nous restons confiants quant aux performances futures.<\/p>\n\n\n\n<a class=\"primary-btn wp-element-button small-btn\" href=\"https:\/\/www.cmsa.ch\/fr\/?page_id=8045#actions-et-dividendes\">Explorer<\/a>\n<\/div>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n<\/div><div class=\"swiper-pagination\"><\/div><div class=\"swiper-button-prev\"><\/div><div class=\"swiper-button-next\"><\/div><div class=\"swiper-scrollbar\"><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-solid\"><a rel=\"\" target=\"\" class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.cmsa.ch\/annual-report\/highlights\/\"><span class=\"btn-text\">Voir tous les points cl\u00e9s<\/span><\/a><\/div>\n<\/div>\n\n\n<style>.gsbp-392d2b6{margin-right:var(--small-section-spacing);}<\/style>\n<div class=\"editor-notice gsbp-392d2b6\"><strong>Editor notice: <\/strong> In the sidebar of this page (Page tab) you can add more Higlights!<\/div>\n<\/div>\n<\/section>\n\n\n<style>.gsbp-0cb1a63,.gsbp-eb4e330{display:flex;align-items:center}.gsbp-0cb1a63{justify-content:center;flex-direction:column;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0;margin-bottom:0;position:relative}.gsbp-eb4e330{max-width:100%;width:var(--wp--style--global--wide-size,1440px);flex-direction:row;column-gap:var(--variable-big-section-spacing);row-gap:var(--variable-small-section-spacing);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-top:var(--small-section-spacing);padding-bottom:var(--small-section-spacing);flex-wrap:wrap}.gsbp-eb4e330>:nth-child(2n+1 of :not(style)){width:calc(50% - (var(--variable-big-section-spacing)*(2 - 1)\/2))}@media (max-width:1139.98px){.gsbp-eb4e330>:nth-child(2n+1 of :not(style)){width:100%}}@media (max-width:575.98px){.gsbp-eb4e330>:nth-child(2n+1 of 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img{mask-image:url(https:\/\/www.cmsa.ch\/wp-content\/uploads\/2025\/08\/value-pattern.svg)!important;mask-repeat:no-repeat!important;mask-size:contain!important;width:100%!important;aspect-ratio:3\/4!important;object-fit:cover!important;margin-bottom:calc(var(--small-section-spacing)*-1)!important}body .our-values-image-wrapper svg{position:absolute!important;top:-14.5%!important;left:-5%!important;width:100%!important;aspect-ratio:3\/4!important;object-fit:contain!important;fill:var(--wp--preset--color--primary,#e3001a)!important}.gsbp-cfbd6ec{top:var(--big-section-spacing)!important}.figures-wrapper{display:grid;grid-template-columns:repeat(2,minmax(0,1fr));column-gap:var(--small-section-spacing);row-gap:var(--spacing-l)}@media (max-width:575.98px){.figures-wrapper{grid-template-columns:repeat(1,minmax(0,1fr))}}.figures-wrapper .figures-wrapper__figure-item{display:flex;flex-direction:column;column-gap:.25rem;row-gap:.25rem;position:relative}@media (min-width:552px){.figures-wrapper .figures-wrapper__figure-item:nth-child(odd):not(:last-child)::after{content:\"\";height:100%;width:1px;background-color:var(--wp--preset--color--tagcolor,#BFBFC2);position:absolute;top:0;bottom:0;right:calc(var(--spacing-l)*-1)}}.figures-wrapper .figures-wrapper__figure-title{font-size:var(--wp--preset--font-size--custom-8,16px);font-family:EuclidCircularAMedium}.figures-wrapper .figures-wrapper__figure-value{font-size:var(--wp--preset--font-size--custom-5,16px)}.figures-wrapper .figures-wrapper__figure-difference{font-size:var(--wp--preset--font-size--custom-1,16px);line-height:132%}.figures-wrapper .figures-wrapper__figure-difference.positive{color:#37a16a}.figures-wrapper .figures-wrapper__figure-difference.negative{color:var(--wp--preset--color--primary,#e3001a)}.gsbp-c936605{margin-bottom:var(--spacing-l)}<\/style><style>.gsbp-0cb1a63,.gsbp-eb4e330{display:flex;align-items:center}.gsbp-0cb1a63{justify-content:center;flex-direction:column;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0;margin-bottom:0;position:relative}.gsbp-eb4e330{max-width:100%;width:var(--wp--style--global--wide-size,1440px);flex-direction:row;column-gap:var(--variable-big-section-spacing);row-gap:var(--variable-small-section-spacing);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-top:var(--small-section-spacing);padding-bottom:var(--small-section-spacing);flex-wrap:wrap}.gsbp-eb4e330>:nth-child(2n+1 of :not(style)){width:calc(50% - (var(--variable-big-section-spacing)*(2 - 1)\/2))}@media (max-width:1139.98px){.gsbp-eb4e330>:nth-child(2n+1 of :not(style)){width:100%}}@media (max-width:575.98px){.gsbp-eb4e330>:nth-child(2n+1 of :not(style)){width:100%}}.gsbp-eb4e330>:nth-child(2n+2 of :not(style)){width:calc(50% - (var(--variable-big-section-spacing)*(2 - 1)\/2))}@media (max-width:1139.98px){.gsbp-eb4e330>:nth-child(2n+2 of :not(style)){width:100%}}@media (max-width:575.98px){.gsbp-eb4e330>:nth-child(2n+2 of :not(style)){width:100%}}body .our-values-image-wrapper{overflow:hidden!important;position:sticky!important;top:var(--big-section-spacing)!important}@media (max-width:1139.98px){body .our-values-image-wrapper{padding-top:var(--spacing-l)!important;position:relative!important;top:0!important}}@media (max-width:767.98px){body .our-values-image-wrapper{position:relative!important}}body .our-values-image-wrapper .main-value-image img{mask-image:url(https:\/\/www.cmsa.ch\/wp-content\/uploads\/2025\/08\/value-pattern.svg)!important;mask-repeat:no-repeat!important;mask-size:contain!important;width:100%!important;aspect-ratio:3\/4!important;object-fit:cover!important;margin-bottom:calc(var(--small-section-spacing)*-1)!important}body .our-values-image-wrapper svg{position:absolute!important;top:-14.5%!important;left:-5%!important;width:100%!important;aspect-ratio:3\/4!important;object-fit:contain!important;fill:var(--wp--preset--color--primary,#e3001a)!important}.gsbp-cfbd6ec{top:var(--big-section-spacing)!important}.figures-wrapper{display:grid;grid-template-columns:repeat(2,minmax(0,1fr));column-gap:var(--small-section-spacing);row-gap:var(--spacing-l)}@media (max-width:575.98px){.figures-wrapper{grid-template-columns:repeat(1,minmax(0,1fr))}}.figures-wrapper .figures-wrapper__figure-item{display:flex;flex-direction:column;column-gap:.25rem;row-gap:.25rem;position:relative}@media (min-width:552px){.figures-wrapper .figures-wrapper__figure-item:nth-child(odd):not(:last-child)::after{content:\"\";height:100%;width:1px;background-color:var(--wp--preset--color--tagcolor,#BFBFC2);position:absolute;top:0;bottom:0;right:calc(var(--spacing-l)*-1)}}.figures-wrapper .figures-wrapper__figure-title{font-size:var(--wp--preset--font-size--custom-8,16px);font-family:EuclidCircularAMedium}.figures-wrapper .figures-wrapper__figure-value{font-size:var(--wp--preset--font-size--custom-5,16px)}.figures-wrapper .figures-wrapper__figure-difference{font-size:var(--wp--preset--font-size--custom-1,16px);line-height:132%}.figures-wrapper .figures-wrapper__figure-difference.positive{color:#37a16a}.figures-wrapper .figures-wrapper__figure-difference.negative{color:var(--wp--preset--color--primary,#e3001a)}.gsbp-c936605{margin-bottom:var(--spacing-l)}<\/style>\n<section class=\"gsbp-0cb1a63 alignfull\" data-type=\"section-component\">\n<div class=\"greybg-rad-tr gsbp-eb4e330\" data-type=\"content-area-component\">\n<div class=\"our-values-image-wrapper gsbp-cfbd6ec\">\n<figure class=\"wp-block-image size-full is-style-no-margin main-value-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1440\" height=\"959\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2025\/10\/CMSA-Holding-SA.webp\" alt=\"CMSA Holding SA\" class=\"wp-image-5849\" srcset=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2025\/10\/CMSA-Holding-SA.webp 1440w, https:\/\/www.cmsa.ch\/wp-content\/uploads\/2025\/10\/CMSA-Holding-SA-300x200.webp 300w, https:\/\/www.cmsa.ch\/wp-content\/uploads\/2025\/10\/CMSA-Holding-SA-1024x682.webp 1024w, https:\/\/www.cmsa.ch\/wp-content\/uploads\/2025\/10\/CMSA-Holding-SA-768x511.webp 768w\" sizes=\"auto, (max-width: 1440px) 100vw, 1440px\" \/><\/figure>\n\n\n\n<svg viewBox=\"0 0 638 851\" class=\"gsbp-73f711b\">\n  <path xmlns=\"http:\/\/www.w3.org\/2000\/svg\" d=\"M322.797 334.411H237.588V469.695C237.588 516.486 275.513 554.411 322.304 554.411H457.588V469.202H322.797V334.411Z\"\/>\n<\/svg>\n<\/div>\n\n\n\n<div>\n<div class=\"intro intro-left gsbp-c936605\">\n<p class=\"intro__pre-heading has-primary-color has-text-color has-link-color wp-elements-4d19eea4978fdf18250bf1badbd25583\">Rapport Annuel<\/p>\n\n\n\n<h2 class=\"wp-block-heading intro__title\" id=\"precision-across-industries\"><strong>Chiffres cl\u00e9s 2025<\/strong><\/h2>\n<\/div>\n\n\n\n<div class=\"figures-wrapper\">\n<div class=\"figures-wrapper__figure-item\">\n<p class=\"figures-wrapper__figure-title\">Chiffre d\u2019affaires<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-value\">mCHF 232.1<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-difference gsbp-54eb381\">+3.2% vs. 2024<\/p>\n<\/div>\n\n\n\n<div class=\"figures-wrapper__figure-item\">\n<p class=\"figures-wrapper__figure-title\">Chiffre d\u2019affaires hors m\u00e9taux pr\u00e9cieux<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-value\">mCHF 125.9<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-difference\">-15.2% vs. 2024<\/p>\n<\/div>\n\n\n\n<div class=\"figures-wrapper__figure-item\">\n<p class=\"figures-wrapper__figure-title\">EBITDA (publi\u00e9)<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-value\">mCHF 51.6<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-difference\">+132.0% vs. 2024<\/p>\n<\/div>\n\n\n\n<div class=\"figures-wrapper__figure-item\">\n<p class=\"figures-wrapper__figure-title\">EBITDA (op\u00e9rationnel)<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-value\">mCHF 21.7<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-difference\">-2.5% vs. 2024<\/p>\n<\/div>\n\n\n\n<div class=\"figures-wrapper__figure-item\">\n<p class=\"figures-wrapper__figure-title\">Charges de personnel<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-value\">mCHF 67.8<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-difference\">-6.4% vs. 2024<\/p>\n<\/div>\n\n\n\n<div class=\"figures-wrapper__figure-item\">\n<p class=\"figures-wrapper__figure-title\">Effectif<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-value\">665<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-difference\">-7.8% vs. 2024<\/p>\n<\/div>\n\n\n\n<div class=\"figures-wrapper__figure-item\">\n<p class=\"figures-wrapper__figure-title\">R\u00e9sultat net<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-value\">mCHF 22.0<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-difference\">+2623% vs.2024<\/p>\n<\/div>\n\n\n\n<div class=\"figures-wrapper__figure-item\">\n<p class=\"figures-wrapper__figure-title\">Dividende<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-value\">CHF 125 \/ action<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-difference\">-10.7% vs. 2024<\/p>\n<\/div>\n\n\n\n<div class=\"figures-wrapper__figure-item\">\n<p class=\"figures-wrapper__figure-title\">Fonds propres<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-value\">mCHF 237.0<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-difference\">+9.2% vs. 2024<\/p>\n<\/div>\n\n\n\n<div class=\"figures-wrapper__figure-item\">\n<p class=\"figures-wrapper__figure-title\">Fonds propres \/ action<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-value\">CHF 16 930<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-difference\">+9.2% vs. 2024<\/p>\n<\/div>\n\n\n\n<div class=\"figures-wrapper__figure-item\">\n<p class=\"figures-wrapper__figure-title\">Endettement \/ fonds propres<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-value\">28%<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-difference\">-22.7% vs. 2024<\/p>\n<\/div>\n\n\n\n<div class=\"figures-wrapper__figure-item\">\n<p class=\"figures-wrapper__figure-title\">Fonds propres \/ total du bilan<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-value\">67%<\/p>\n\n\n\n<p class=\"figures-wrapper__figure-difference\">+13.5% vs. 2024<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n<style>.gsbp-c936605{margin-bottom:var(--spacing-l)!important}.gsbp-a71ff56{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-right:0;padding-left:0;padding-top:var(--small-section-spacing);padding-bottom:var(--small-section-spacing);margin-top:0;margin-bottom:0;position:relative}.gsbp-417d035{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing)}.key-events{display:grid!important;grid-template-columns:repeat(3,minmax(0,1fr))!important;column-gap:var(--spacing-l)!important;row-gap:var(--spacing-l)!important}@media (max-width:1139.98px){.key-events{grid-template-columns:repeat(2,minmax(0,1fr))!important}}@media (max-width:767.98px){.key-events{grid-template-columns:repeat(1,minmax(0,1fr))!important}}body .key-events .key-events__event-box{display:flex!important;flex-direction:column!important;column-gap:1rem!important;row-gap:1rem!important}body .key-events .key-events__icon img{width:5.75rem!important;aspect-ratio:1\/1!important;object-fit:contain!important}body .key-events .key-events__title{font-size:var(--wp--preset--font-size--custom-4,16px)!important;line-height:162%!important;font-family:EuclidCircularASemiBold!important}body .key-events .key-events__description{font-size:var(--wp--preset--font-size--custom-1,16px)!important;line-height:132%!important}.gspb_id-gsbp-ba0da8d img{vertical-align:top}@media (max-width:1139.98px){.gspb_id-gsbp-ba0da8d img{vertical-align:top}}@media (max-width:767.98px){.gspb_id-gsbp-ba0da8d img{vertical-align:top}}@media (max-width:575.98px){.gspb_id-gsbp-ba0da8d img{vertical-align:top}}.gspb_id-gsbp-ba0da8d img,.gspb_id-gsbp-ba0da8d svg.gspb_svg_placeholder{max-width:100%}<\/style><style>.gsbp-c936605{margin-bottom:var(--spacing-l)!important}.gsbp-a71ff56{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-right:0;padding-left:0;padding-top:var(--small-section-spacing);padding-bottom:var(--small-section-spacing);margin-top:0;margin-bottom:0;position:relative}.gsbp-417d035{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing)}.key-events{display:grid!important;grid-template-columns:repeat(3,minmax(0,1fr))!important;column-gap:var(--spacing-l)!important;row-gap:var(--spacing-l)!important}@media (max-width:1139.98px){.key-events{grid-template-columns:repeat(2,minmax(0,1fr))!important}}@media (max-width:767.98px){.key-events{grid-template-columns:repeat(1,minmax(0,1fr))!important}}body .key-events .key-events__event-box{display:flex!important;flex-direction:column!important;column-gap:1rem!important;row-gap:1rem!important}body .key-events .key-events__icon img{width:5.75rem!important;aspect-ratio:1\/1!important;object-fit:contain!important}body .key-events .key-events__title{font-size:var(--wp--preset--font-size--custom-4,16px)!important;line-height:162%!important;font-family:EuclidCircularASemiBold!important}body .key-events .key-events__description{font-size:var(--wp--preset--font-size--custom-1,16px)!important;line-height:132%!important}.gspb_id-gsbp-ba0da8d img{vertical-align:top}@media (max-width:1139.98px){.gspb_id-gsbp-ba0da8d img{vertical-align:top}}@media (max-width:767.98px){.gspb_id-gsbp-ba0da8d img{vertical-align:top}}@media (max-width:575.98px){.gspb_id-gsbp-ba0da8d img{vertical-align:top}}.gspb_id-gsbp-ba0da8d img,.gspb_id-gsbp-ba0da8d svg.gspb_svg_placeholder{max-width:100%}<\/style>\n<section class=\"gsbp-a71ff56 alignfull\" data-type=\"section-component\">\n<div class=\"gsbp-417d035\" data-type=\"content-area-component\">\n<div class=\"intro intro-left gsbp-c936605\">\n<p class=\"intro__pre-heading has-primary-color has-text-color has-link-color wp-elements-4d19eea4978fdf18250bf1badbd25583\">Rapport Annuel<\/p>\n\n\n\n<h2 class=\"wp-block-heading intro__title\" id=\"precision-across-industries\" style=\"margin-top:0;margin-bottom:0\">\u00c9v\u00e9nements marquants 2025<\/h2>\n<\/div>\n\n\n\n<div class=\"key-events\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"key-events__event-box shadow-card\"><div class=\"gspb_id-gsbp-ba0da8d gspb-dynamic-post-image  key-events__icon wp-block-greenshift-blocks-dynamic-post-image\"><img decoding=\"async\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/03\/cmsa_icon.svg\" loading=\"lazy\" alt=\"CMSA\" class=\"\"><\/div>\n\n\n<h3 class=\"key-events__title\">CMSA unifi\u00e9<\/h3>\n\n\n\n<p class=\"key-events__description\">Nous avons harmonis\u00e9 le nom de l\u2019ensemble des soci\u00e9t\u00e9s de production afin de renforcer les liens et de favoriser une collaboration plus \u00e9troite.<\/p>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"key-events__event-box shadow-card\"><div class=\"gspb_id-gsbp-ba0da8d gspb-dynamic-post-image  key-events__icon wp-block-greenshift-blocks-dynamic-post-image\"><img decoding=\"async\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/03\/door_icon.svg\" loading=\"lazy\" alt=\"Closing subsidiaries in France and Spain\" class=\"\"><\/div>\n\n\n<h3 class=\"key-events__title\">Recentrage des activit\u00e9s<\/h3>\n\n\n\n<p class=\"key-events__description\">Les filiales non strat\u00e9giques en France et en Espagne, ainsi que le site de production en Valais, ont \u00e9t\u00e9 ferm\u00e9s de mani\u00e8re ordonn\u00e9e afin de concentrer nos ressources manag\u00e9riales sur nos activit\u00e9s cl\u00e9s.<\/p>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"key-events__event-box shadow-card\"><div class=\"gspb_id-gsbp-ba0da8d gspb-dynamic-post-image  key-events__icon wp-block-greenshift-blocks-dynamic-post-image\"><img decoding=\"async\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/03\/chart_icon.svg\" loading=\"lazy\" alt=\"\" class=\"\"><\/div>\n\n\n<h3 class=\"key-events__title\">Performance du service client<\/h3>\n\n\n\n<p class=\"key-events__description\">L\u2019am\u00e9lioration des processus, la r\u00e9duction du taux de rebut et une planification plus agile ont renforc\u00e9 nos indicateurs de performance du service client, ainsi que la confiance et la satisfaction de nos clients.<\/p>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"key-events__event-box shadow-card\"><div class=\"gspb_id-gsbp-ba0da8d gspb-dynamic-post-image  key-events__icon wp-block-greenshift-blocks-dynamic-post-image\"><img decoding=\"async\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/04\/renewable-2.webp\" loading=\"lazy\" alt=\"\" class=\"\"><\/div>\n\n\n<h3 class=\"key-events__title\">Durabilit\u00e9<\/h3>\n\n\n\n<p class=\"key-events__description\">Dans le cadre de notre initiative ESG, nous avons entam\u00e9 l\u2019\u00e9lectrification de notre flotte de v\u00e9hicules ainsi que l\u2019installation de bornes de recharge sur nos principaux sites de production, afin de r\u00e9duire les \u00e9missions de CO\u2082.<\/p>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"key-events__event-box shadow-card\"><div class=\"gspb_id-gsbp-ba0da8d gspb-dynamic-post-image  key-events__icon wp-block-greenshift-blocks-dynamic-post-image\"><img decoding=\"async\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/04\/birthday-cake-2.webp\" loading=\"lazy\" alt=\"\" class=\"\"><\/div>\n\n\n<h3 class=\"key-events__title\">140 Ans<\/h3>\n\n\n\n<p class=\"key-events__description\">Au cours de l\u2019ann\u00e9e, nous avons c\u00e9l\u00e9br\u00e9 et communiqu\u00e9 \u00e0 plusieurs reprises autour de l\u2019anniversaire du Groupe, symbole de solidit\u00e9, de stabilit\u00e9 et de r\u00e9silience.<\/p>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"key-events__event-box shadow-card\"><div class=\"gspb_id-gsbp-ba0da8d gspb-dynamic-post-image  key-events__icon wp-block-greenshift-blocks-dynamic-post-image\"><img decoding=\"async\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/03\/code_icon.svg\" loading=\"lazy\" alt=\"SAP S\/4 HANA\u00a0\" class=\"\"><\/div>\n\n\n<h3 class=\"key-events__title\">SAP S\/4HANA\u00a0<\/h3>\n\n\n\n<p class=\"key-events__description\">Nous avons men\u00e9 avec succ\u00e8s la migration vers SAP S\/4HANA \u00e0 Bienne et lanc\u00e9 le d\u00e9ploiement de l\u2019ERP du Groupe dans l\u2019ensemble des entit\u00e9s.<\/p>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"key-events__event-box shadow-card\"><div class=\"gspb_id-gsbp-ba0da8d gspb-dynamic-post-image  key-events__icon wp-block-greenshift-blocks-dynamic-post-image\"><img decoding=\"async\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/03\/handshake_icon.svg\" loading=\"lazy\" alt=\"\" class=\"\"><\/div>\n\n\n<h3 class=\"key-events__title\">Polyvalence des \u00e9quipes et des machines<\/h3>\n\n\n\n<p class=\"key-events__description\">De plus en plus de collaboratrices et collaborateurs rel\u00e8vent de nouveaux d\u00e9fis, renfor\u00e7ant l\u2019agilit\u00e9 de CMSA sur diff\u00e9rents secteurs.<\/p>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"key-events__event-box shadow-card\"><div class=\"gspb_id-gsbp-ba0da8d gspb-dynamic-post-image  key-events__icon wp-block-greenshift-blocks-dynamic-post-image\"><img decoding=\"async\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/03\/group_icon.svg\" loading=\"lazy\" alt=\"\" class=\"\"><\/div>\n\n\n<h3 class=\"key-events__title\">Collaboration renforc\u00e9e<\/h3>\n\n\n\n<p class=\"key-events__description\">Les General Managers et directeurs des diff\u00e9rents sites de production collaborent \u00e9troitement et \u00e9changent sur des projets et th\u00e9matiques afin de g\u00e9n\u00e9rer des synergies au niveau du Groupe.<\/p>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"key-events__event-box shadow-card\"><div class=\"gspb_id-gsbp-ba0da8d gspb-dynamic-post-image  key-events__icon wp-block-greenshift-blocks-dynamic-post-image\"><img decoding=\"async\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/03\/merge_icon.svg\" loading=\"lazy\" alt=\"\" class=\"\"><\/div>\n\n\n<h3 class=\"key-events__title\">Fusion Cronal &#038; Cornu<\/h3>\n\n\n\n<p class=\"key-events__description\">Les deux soci\u00e9t\u00e9s de La Chaux-de-Fonds ont \u00e9t\u00e9 fusionn\u00e9es tant sur le plan juridique que sur les syst\u00e8mes et les processus.<\/p>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"key-events__event-box shadow-card\"><div class=\"gspb_id-gsbp-ba0da8d gspb-dynamic-post-image  key-events__icon wp-block-greenshift-blocks-dynamic-post-image\"><img decoding=\"async\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/03\/factory_icon.svg\" loading=\"lazy\" alt=\"\" class=\"\"><\/div>\n\n\n<h3 class=\"key-events__title\">Regroupement des sites de production<\/h3>\n\n\n\n<p class=\"key-events__description\">Le d\u00e9partement de polissage a \u00e9t\u00e9 transf\u00e9r\u00e9 sur notre site principal, r\u00e9duisant \u00e0 trois le nombre de sites de production \u00e0 La Chaux-de-Fonds.<\/p>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"key-events__event-box shadow-card\"><div class=\"gspb_id-gsbp-ba0da8d gspb-dynamic-post-image  key-events__icon wp-block-greenshift-blocks-dynamic-post-image\"><img decoding=\"async\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/03\/conversation_icon.svg\" loading=\"lazy\" alt=\"\" class=\"\"><\/div>\n\n\n<h3 class=\"key-events__title\">Centralisation des demandes de conformit\u00e9<\/h3>\n\n\n\n<p class=\"key-events__description\">Les demandes de conformit\u00e9 clients, telles que les proc\u00e9dures KYC (\u00ab Know Your Customer \u00bb), ont \u00e9t\u00e9 centralis\u00e9es afin de renforcer les synergies du Groupe.<\/p>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"key-events__event-box shadow-card\"><div class=\"gspb_id-gsbp-ba0da8d gspb-dynamic-post-image  key-events__icon wp-block-greenshift-blocks-dynamic-post-image\"><img decoding=\"async\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/03\/ai_icon.svg\" loading=\"lazy\" alt=\"\" class=\"\"><\/div>\n\n\n<h3 class=\"key-events__title\">Investissements technologiques<\/h3>\n\n\n\n<p class=\"key-events__description\">Des investissements dans de nouveaux \u00e9quipements (fraisage, tournage) et l\u2019automatisation par l\u2019intelligence artificielle ont renforc\u00e9 notre capacit\u00e9, pr\u00e9cision et stabilit\u00e9.<\/p>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\n\n<div class=\"editor-notice gsbp-392d2b6\"><strong>Editor notice: <\/strong> In the sidebar of this page (Page tab) you can add more Key Events!<\/div>\n<\/div>\n<\/section>\n\n\n<style>:root{--swiper-theme-color:#007aff}.swiper,swiper-container{margin-left:auto;margin-right:auto;position:relative;overflow:hidden;list-style:none;padding:0;z-index:1;display:block}.swiper-vertical>.swiper-wrapper{flex-direction:column}.swiper-wrapper{position:relative;width:100%;height:100%;z-index:1;display:flex;transition-property:transform;box-sizing:content-box}.swiper-android .swiper-slide,.swiper-wrapper{transform:translate3d(0,0,0)}.swiper-horizontal{touch-action:pan-y}.swiper-vertical{touch-action:pan-x}.swiper 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svg.gspb_svg_placeholder{max-width:100%}.gsbp-c936605{max-width:60ch!important}.gsbp-392d2b6{margin-bottom:var(--spacing-l)}<\/style>\n\n<style>.gsbp-7661ea9{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-right:0;padding-left:0;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0;margin-bottom:0;position:relative;overflow:hidden}.gsbp-db07d87{overflow:hidden;width:var(--wp--style--global--wide-size,1440px);max-width:100%}.gsbp-99c977a{max-width:100%!important;width:var(--wp--style--global--wide-size,1440px)!important;padding-top:var(--small-section-spacing)!important;padding-left:var(--variable-small-section-spacing)!important;padding-right:var(--variable-small-section-spacing)!important;z-index:3!important;position:relative!important}.gsbp-b45dd4c{max-width:100%;width:65ch}.gsbp-3a80264{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-bottom:var(--small-section-spacing);display:flex;flex-direction:row;column-gap:var(--variable-small-section-spacing);row-gap:var(--variable-small-section-spacing);align-items:center;position:relative;z-index:3;flex-wrap:wrap}.gsbp-3a80264>:not(style):nth-of-type(2n+1){width:calc(25% 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- (var(--variable-small-section-spacing)*(2 - 1)\/2))}@media (max-width:1139.98px){.gsbp-3a80264>:not(style):nth-of-type(2n+1){width:100%}}@media (max-width:575.98px){.gsbp-3a80264>:not(style):nth-of-type(2n+1){width:100%}}.gsbp-3a80264>:not(style):nth-of-type(2n+2){width:calc(75% - (var(--variable-small-section-spacing)*(2 - 1)\/2))}@media (max-width:1139.98px){.gsbp-3a80264>:not(style):nth-of-type(2n+2){width:100%}}@media (max-width:575.98px){.gsbp-3a80264>:not(style):nth-of-type(2n+2){width:100%}}body .comments-wrapper{display:flex!important;flex-direction:column!important;column-gap:.5rem!important;row-gap:.5rem!important}.comments-wrapper .comments-wrapper__title{font-family:EuclidCircularAMedium!important;font-size:var(--wp--preset--font-size--custom-8,16px)!important;line-height:normal!important;color:var(--wp--preset--color--primary,#e3001a)!important}.comments-wrapper .comments-wrapper__value{font-family:EuclidCircularABold!important;font-size:var(--wp--preset--font-size--custom-6,16px)!important;line-height:110%!important}.comments-wrapper .comments-wrapper__highlighted-text{font-size:var(--wp--preset--font-size--custom-3,16px)!important;line-height:142%!important}.comments-wrapper .comments-wrapper__text{font-size:var(--wp--preset--font-size--custom-2,16px)!important;line-height:142%!important}<\/style>\n<section class=\"gsbp-7661ea9 alignfull\" data-type=\"section-component\">\n<div class=\"greybg-rad-tr gsbp-db07d87\">\n<div class=\"intro-content gsbp-99c977a\">\n<div class=\"gsbp-b45dd4c\">\n<p class=\"intro-content__pre-head\">Chiffres cl\u00e9s<\/p>\n\n\n\n<h2 class=\"wp-block-heading intro-content__heading\" id=\"consolidated-balance-sheet\" style=\"margin-bottom:2.5rem\">Performance financi\u00e8re 2025<\/h2>\n<\/div>\n<\/div>\n\n\n\n<div class=\"gsbp-3a80264\" data-type=\"content-area-component\">\n<div class=\"comments-wrapper\">\n<h3 class=\"comments-wrapper__title\">Hausse du chiffre d\u2019affaires<\/h3>\n\n\n\n<p class=\"comments-wrapper__value\">+3.2%<\/p>\n\n\n\n<p class=\"comments-wrapper__highlighted-text\">Chiffre d&#039;affaires vs 2024<\/p>\n\n\n\n<p class=\"comments-wrapper__text\">Croissance principalement port\u00e9e par la hausse des prix des m\u00e9taux pr\u00e9cieux<\/p>\n<\/div>\n\n\n\n<div>\n<figure class=\"wp-block-image size-full\" style=\"margin-top:0;margin-bottom:0\"><img loading=\"lazy\" decoding=\"async\" width=\"770\" height=\"434\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/04\/Plan-de-travail-1-1.webp\" alt=\"\" class=\"wp-image-8279\" srcset=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/04\/Plan-de-travail-1-1.webp 770w, https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/04\/Plan-de-travail-1-1-300x169.webp 300w, https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/04\/Plan-de-travail-1-1-768x433.webp 768w\" sizes=\"auto, (max-width: 770px) 100vw, 770px\" \/><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 is-style-solid\"><a class=\"wp-block-button__link wp-element-button\" href=\"\/fr\/?page_id=8043\"><span class=\"btn-text\">Explore Financial Report<\/span><\/a><\/div>\n<\/div>\n\n\n<style>.gsbp-f13f549{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);display:flex;flex-direction:row;column-gap:var(--variable-small-section-spacing);row-gap:var(--spacing-l);align-items:center;flex-wrap:wrap}.gsbp-f13f549>:not(style):nth-of-type(2n+1){width:calc(55% - (var(--variable-small-section-spacing)*(2 - 1)\/2))}@media 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img{border-bottom-right-radius:.625rem;border-bottom-left-radius:.625rem;object-fit:cover;position:absolute;box-shadow:var(--wp--preset--shadow--accent,0px 15px 25px 0px rgba(0,0,0,0.1))}.cascading-media .cascading-media__big-image img{aspect-ratio:4\/3;width:80%;border-top-left-radius:.625rem;border-top-right-radius:6.25rem;top:0;left:0}.cascading-media .cascading-media__small-image img{width:50%;border-top-left-radius:6.25rem;border-top-right-radius:.625rem;aspect-ratio:3\/2;right:0;bottom:0}@media (max-width:1139.98px){.intro-content{padding-left:var(--variable-small-section-spacing)!important}}body .intro-content .intro__pre-head{font-size:var(--wp--preset--font-size--custom-8,16px)!important;font-family:EuclidCircularAMedium!important;color:var(--wp--preset--color--primary,#e3001a)!important;margin-bottom:1rem!important}.intro-content 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style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<style>.gsbp-103f890{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-right:0;padding-left:0;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0;margin-bottom:0;position:relative;overflow:hidden}.gsbp-6b7e4aa{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-top:var(--small-section-spacing);padding-bottom:var(--small-section-spacing)}.government-intro,.gsbp-6b7e4aa>*{position:relative;z-index:1}.government-intro{max-width:100%;width:70ch}.government-intro .board-lede{color:var(--wp--preset--color--inputtext,#5d5758);margin-bottom:var(--spacing-m)}.gsbp-4a605f8{border-collapse:collapse;table-layout:auto}.gsbp-4a605f8 td,.gsbp-4a605f8 th{padding:6px 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img.board-members__image{width:11.25rem!important}<\/style><style>.gsbp-103f890{display:flex;justify-content:center;flex-direction:column;align-items:center;padding-right:0;padding-left:0;padding-top:var(--wp--custom--spacing--top,0px);padding-bottom:var(--wp--custom--spacing--bottom,0px);margin-top:0;margin-bottom:0;position:relative;overflow:hidden}.gsbp-6b7e4aa{max-width:100%;width:var(--wp--style--global--wide-size,1440px);padding-left:var(--variable-small-section-spacing);padding-right:var(--variable-small-section-spacing);padding-top:var(--small-section-spacing);padding-bottom:var(--small-section-spacing)}.government-intro,.gsbp-6b7e4aa>*{position:relative;z-index:1}.government-intro{max-width:100%;width:70ch}.government-intro .board-lede{color:var(--wp--preset--color--inputtext,#5d5758);margin-bottom:var(--spacing-m)}.gsbp-4a605f8{border-collapse:collapse;table-layout:auto}.gsbp-4a605f8 td,.gsbp-4a605f8 th{padding:6px 12px;text-align:left;border-bottom-style:solid;border-bottom-color:var(--wp--preset--color--tagcolor,#bfbfc2);border-width:0 0 1px}.government-intro .board-lede,.gsbp-4a605f8 td{font-size:var(--wp--preset--font-size--custom-1,16px);line-height:132%}.gsbp-4a605f8 th{font-size:var(--wp--preset--font-size--custom-2,16px);line-height:142%;font-family:EuclidCircularABold}@media (max-width:575.98px){.gsbp-4a605f8{display:block;overflow-x:auto}}.gsbp-4a605f8{width:100%;margin-bottom:4rem}.board-members{z-index:1!important;position:relative!important;display:grid!important;grid-template-columns:repeat(3,minmax(0,1fr))!important;column-gap:var(--spacing-l)!important;row-gap:var(--spacing-l)!important;margin-bottom:4rem!important}@media (max-width:1139.98px){.board-members{grid-template-columns:repeat(2,minmax(0,1fr))!important}}@media (max-width:575.98px){.board-members{grid-template-columns:repeat(1,minmax(0,1fr))!important}}.board-members .board-members__name{font-size:var(--wp--preset--font-size--custom-3,16px)!important;line-height:142%!important;text-align:center!important;margin-bottom:.25rem!important}.board-members .board-members__position{font-size:var(--wp--preset--font-size--custom-2,16px)!important;text-align:center!important;opacity:.7!important}.board-members .board-members__image{order:-1!important;margin-bottom:var(--spacing-m)!important;border-top-left-radius:50vw!important;border-bottom-left-radius:50vw!important;border-top-right-radius:50vw!important;border-bottom-right-radius:50vw!important;aspect-ratio:1\/1!important;object-fit:cover!important;width:15rem!important;max-width:90%!important}.board-members .board-members__member-item{display:flex!important;flex-direction:column!important;align-items:center!important}.board-members .board-members__member-item[data-type=Secretary]{display:none!important}.gsbp-40e5879{display:grid!important;grid-template-columns:repeat(5,minmax(0,1fr))!important}@media (max-width:1139.98px){.gsbp-40e5879{grid-template-columns:repeat(3,minmax(0,1fr))!important}}@media (max-width:767.98px){.gsbp-40e5879{grid-template-columns:repeat(2,minmax(0,1fr))!important}}@media (max-width:575.98px){.gsbp-40e5879{grid-template-columns:repeat(1,minmax(0,1fr))!important}}.gsbp-40e5879 img.board-members__image{width:11.25rem!important}<\/style>\n<section class=\"gsbp-103f890 alignfull\" data-type=\"section-component\">\n<div class=\"greybg-rad-tr gsbp-6b7e4aa\" data-type=\"content-area-component\">\n<div class=\"intro-content government-intro\">\n<p class=\"intro__pre-head\">Gouvernance et structure<\/p>\n\n\n\n<h2 class=\"wp-block-heading intro__heading\" id=\"cmsa-group-governanceand-organizational-structure\"><\/h2>\n\n\n\n<p class=\"intro__lede\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"board-of-directors\" style=\"margin-bottom:1.5rem\"><strong>Conseil d\u2019administration<\/strong><\/h3>\n\n\n\n<p class=\"board-lede\">Au 31 d\u00e9cembre 2025, le Conseil d\u2019administration (Conseil) de la Soci\u00e9t\u00e9 se composait des personnes suivantes<\/p>\n\n\n\n<table class=\"gsbp-4a605f8\">\n<tr>\n<th>Board of Directors<\/th>\n\n\n\n<th>Premi\u00e8re \u00e9lection<\/th>\n\n\n\n<th>Fin du mandat<\/th>\n<\/tr>\n\n\n\n<tr>\n<td>Philippe Milliet, Pr\u00e9sident<\/td>\n\n\n\n<td>2020<\/td>\n\n\n\n<td>2026<\/td>\n<\/tr>\n\n\n\n<tr>\n<td>Carole H\u00fcbscher Clements, Vice-Pr\u00e9sident<\/td>\n\n\n\n<td>2014<\/td>\n\n\n\n<td>2027<\/td>\n<\/tr>\n\n\n\n<tr>\n<td>Philippe Douchet, Membre<\/td>\n\n\n\n<td>2014<\/td>\n\n\n\n<td>2027<\/td>\n<\/tr>\n\n\n\n<tr>\n<td>Olivier Costa de Beauregard, Membre<\/td>\n\n\n\n<td>2015<\/td>\n\n\n\n<td>2028<\/td>\n<\/tr>\n\n\n\n<tr>\n<td>Pierre-Fran\u00e7ois Chauvy, Membre<\/td>\n\n\n\n<td>2022<\/td>\n\n\n\n<td>2028<\/td>\n<\/tr>\n\n\n\n<tr>\n<td>H\u00e9l\u00e8ne B\u00e9guin, Membre<\/td>\n\n\n\n<td>2025<\/td>\n\n\n\n<td>2028<\/td>\n<\/tr>\n<\/table>\n<\/div>\n\n\n\n<div class=\"board-members\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"board-members__member-item\" data-type=\"Pr\u00e9sident du Conseil d\u2019administration\">\n<h4 class=\"board-members__name\">Philippe Milliet<\/h4>\n\n\n\n<p class=\"board-members__position\">Pr\u00e9sident du Conseil d\u2019administration<\/p>\n\n\n\n<img decoding=\"async\" class=\"board-members__image\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2025\/10\/Philippe-Milliet.webp\" loading=\"lazy\"\/>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"board-members__member-item\" data-type=\"Vice-pr\u00e9sidente du Conseil d\u2019administration\">\n<h4 class=\"board-members__name\">Carole H\u00fcbscher Clements<\/h4>\n\n\n\n<p class=\"board-members__position\">Vice-pr\u00e9sidente du Conseil d\u2019administration<\/p>\n\n\n\n<img decoding=\"async\" class=\"board-members__image\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2025\/10\/Carole-Hubscher-Clements.webp\" loading=\"lazy\"\/>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"board-members__member-item\" data-type=\"Membre du Conseil d\u2019administration\">\n<h4 class=\"board-members__name\">Philippe Douchet<\/h4>\n\n\n\n<p class=\"board-members__position\">Membre du Conseil d\u2019administration<\/p>\n\n\n\n<img decoding=\"async\" class=\"board-members__image\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/03\/CMSA-Portraits-BoD-Philippe-Douchet-e1774947706932.webp\" loading=\"lazy\"\/>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"board-members__member-item\" data-type=\"Membre du Conseil d\u2019administration\">\n<h4 class=\"board-members__name\">Olivier Costa de Beauregard<\/h4>\n\n\n\n<p class=\"board-members__position\">Membre du Conseil d\u2019administration<\/p>\n\n\n\n<img decoding=\"async\" class=\"board-members__image\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2025\/10\/Olivier-Costa-de-Beauregard.webp\" loading=\"lazy\"\/>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"board-members__member-item\" data-type=\"Membre du Conseil d\u2019administration\">\n<h4 class=\"board-members__name\">Pierre-Fran\u00e7ois Chauvy<\/h4>\n\n\n\n<p class=\"board-members__position\">Membre du Conseil d\u2019administration<\/p>\n\n\n\n<img decoding=\"async\" class=\"board-members__image\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2025\/10\/Pierre-Francois-Chauvy.webp\" loading=\"lazy\"\/>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"board-members__member-item\" data-type=\"Membre du Conseil d\u2019administration\">\n<h4 class=\"board-members__name\">H\u00e9l\u00e8ne B\u00e9guin<\/h4>\n\n\n\n<p class=\"board-members__position\">Membre du Conseil d\u2019administration<\/p>\n\n\n\n<img decoding=\"async\" class=\"board-members__image\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/03\/CMSA-Portraits-BoD-Helene-Beguin-e1774947765773.webp\" loading=\"lazy\"\/>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"management-of-the-cmsa-group\" style=\"margin-bottom:4rem\"><strong>Direction du Groupe CMSA<\/strong><\/h3>\n\n\n\n<div class=\"board-members gsbp-40e5879\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"board-members__member-item\">\n<h4 class=\"board-members__name\">Philipp von B\u00fcren<\/h4>\n\n\n\n<p class=\"board-members__position\">Chief Executive Officer<\/p>\n\n\n\n<img decoding=\"async\" class=\"board-members__image\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/03\/CMSA-Portraits-Direction-Philipp-von-Buren-e1775047882571.webp\" loading=\"lazy\"\/>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"board-members__member-item\">\n<h4 class=\"board-members__name\">Marcel Gerber<\/h4>\n\n\n\n<p class=\"board-members__position\">Chief Financial Officer<\/p>\n\n\n\n<img decoding=\"async\" class=\"board-members__image\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/03\/CMSA-Portraits-Direction-Marcel-Gerber-e1775048113566.webp\" loading=\"lazy\"\/>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"board-members__member-item\">\n<h4 class=\"board-members__name\">Baanuja Rajakulendran<\/h4>\n\n\n\n<p class=\"board-members__position\">Chief People &#038; Culture Officer<\/p>\n\n\n\n<img decoding=\"async\" class=\"board-members__image\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/01\/Baanuja_Rajakulendran_900x900.webp\" loading=\"lazy\"\/>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"board-members__member-item\">\n<h4 class=\"board-members__name\">Matthias Walther<\/h4>\n\n\n\n<p class=\"board-members__position\">Chief Quality Officer<\/p>\n\n\n\n<img decoding=\"async\" class=\"board-members__image\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/01\/Matthias_Walther_900x900.webp\" loading=\"lazy\"\/>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n<div class=\"board-members__member-item\">\n<h4 class=\"board-members__name\">Alexandre Gannac<\/h4>\n\n\n\n<p class=\"board-members__position\">Chief Sales Officer<\/p>\n\n\n\n<img decoding=\"async\" class=\"board-members__image\" src=\"https:\/\/www.cmsa.ch\/wp-content\/uploads\/2026\/01\/CMSA_Portraits_C-level_Alexandre_Gannac-e1767693894663.webp\" loading=\"lazy\"\/>\n<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n<\/div>\n<\/section>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Explore Financial 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