Story Highlight
– Swatch Group’s 2025 turnover fell to CHF 6.3 billion.
– Operating profits dropped from CHF 304 million to CHF 135 million.
– Positive momentum noted in H2 2025 and January 2026.
– Excluding key markets, sales rose by 3.4% in 2025.
– Americas saw nearly 20% sales increase, led by U.S.
Full Story
Swatch Group concluded the year 2025 with a turnover of CHF 6.3 billion, reflecting a decrease of 1.3% when adjusted for constant currency rates. This figure marks a larger decline of 5.9% when accounting for adverse currency effects, which amounted to CHF 308 million.
The group’s decision to maintain full production capacity rather than implementing reduced working hours in its manufacturing plants contributed significantly to a decline in operating profits. These profits fell from CHF 304 million in 2024 to CHF 135 million in the preceding year.
Despite these challenges, the company reported a “very positive momentum” during the latter half of the year, with growth accelerating in the final quarter, a trend that has continued into January 2026 across all price tiers.
Such developments are expected to result in a “massively reduced” loss in the Production segment, which should significantly enhance the overall profitability of the group.
Sales in the Watches and Jewellery division saw a slight decline during 2025, largely influenced by ongoing challenges in markets such as China, Hong Kong, and Macau.
However, when excluding these regions, sales demonstrated a positive trend, rising by 3.4% for the year overall, with more substantial increases of 8.2% in the second half and 10.4% in the last quarter.
In stark contrast, the Americas, particularly the United States, experienced an exceptional year, achieving nearly a 20% rise in sales in local currency terms, undeterred by the impact of tariffs.
Sales also showed an upward trend in the latter half of the year across Europe and Asia, with notable growth observed in the United Kingdom, Germany, South Korea, and Taiwan.
