CALIDA GROUP press release
ad hoc announcement pursuant to article 53 LR
Sursee (Switzerland), 24 July 2025
 

• Operational optimization and focus on core values are progressing according to plan 
• Currency-adjusted sales decline of 7.1% to CHF 101.7 million due to significant uncertainty in the markets and a subdued consumer climate – CALIDA and AUBADE brands perform satisfactorily 
• Adjusted operating result from continuing operations of CHF -1.3 million – operating profit of CHF 1.5 million 
• Positive development of working capital and net liquidity
• Targeted pursuit of strategy with a focus on operational excellence and positioning in the premium segment
   

«In a demanding environment, the CALIDA GROUP again demonstrated its resilience and innovative strength. The measures we initiated to optimize operations and focus on core values are progressing according to plan, but will take time to unfold their full potential. The sales performance in H1 2025 reflected the difficult situation in our brands' core markets. At the same time, we are systematically keeping our strategic focus on the premium segment – through strong brand positioning and a deliberate pursuit of profitable business models, forgoing volume-driven growth. Only when the markets settle down and consumers regain confidence will the strategic decisions increasingly take effect», comments Thomas Stöcklin, CEO of the CALIDA GROUP, the half-year results 2025.
 

Focus on core business with new Group management
The CALIDA GROUP has recommitted to a strategic focus on its traditional core business of underwear and lingerie. The major economic uncertainties surrounding US trade policy and the geopolitical situation are weighing on the industry and have had an impact on the CALIDA GROUP's brands.

On 1 June 2025, Thomas Stöcklin became the new CEO of the CALIDA GROUP. In this role, he will be supporting the general managers of the three brands (business units) in further growing the strong market positions of CALIDA and AUBADE while unlocking the existing potential of COSABELLA in the USA to optimal effect.

A further significant contributor to the development of the Group has been Manuela Ottiger, most recently as Chief Human Resources Officer (CHRO). After 22 years with the CALIDA GROUP, Manuela decided to leave the Group effective mid-July 2025. The CALIDA GROUP thanks Manuela for her many years of dedication and commitment and her valuable contribution to our Group’s successful journey. As part of the strategic realignment, the Group management has been resized, and Manuela’s roles and responsibilities will be reassigned within the organization. No new appointment will be made for the CHRO role.
 

Sales performance remains under pressure – consumer sentiment still subdued
The CALIDA brand generated sales of CHF 66.0 million (-5.5%, or -4.4% adjusted for currency effects). Despite subdued consumer sentiment, excessive sales promotions were avoided. This had the welcome effect of increasing the gross margin percentage in the main sales channels. CALIDA is investing especially in growing its direct-to-consumer and e-commerce business, by developing existing and new innovations. The unrelenting focus on the modernization of the collection will also have a positive impact on the product portfolio.

AUBADE generated sales of CHF 28.9 million (-10.2%, or -8.5% adjusted for currency effects). The brand was particularly affected by its weak home market, France. The migration of the AUBADE e-commerce platform was completed in the 2024 fiscal year and has begun delivering on its promise of greater autonomy and flexibility and an enhanced customer experience. This will strengthen support above all for the brand's direct-to-consumer business, going forward.

Repositioning COSABELLA will take more time, as will overhauling the business organization and structure of the brand. Since the end of May 2025, markets outside the US are now being served exclusively via the e-commerce business. Due to a number of factors – delivery delays hobbling production of the first series of new designs, the deliberate decision to forego unprofitable sales, and the aforementioned pervasive uncertainty over the economy and trade policies – COSABELLA sales were lower again, ending H1 2025 down 23.5% year-on-year, at CHF 6.8 million.

CALIDA GROUP sales from continuing operations in H1 2025 were CHF 101.7 million, down 7.1% on H1 2024 when adjusted for currency effects. In other words, the negative trend from H2 2024 extended into the reporting period, in line with expectations and also reflecting the prevailing uncertainty around geopolitics and trade policies. The adjusted operating result from continuing CALIDA GROUP operations in H1 2025 was CHF -1.3 million (H1 2024: CHF 0.0 million). The EBIT margin was -1.3% (H1 2024: 0.0%). The activities of the individual brands are subject to seasonal fluctuations. Experience shows that CALIDA and COSABELLA generate higher sales in the second half of the year, while operating expenses remain relatively stable. Thanks to the net proceeds from the disposal of the LAFUMA MOBILIER factory building in the discontinued operations, the CALIDA GROUP achieved an operating profit of CHF 1.5 million in H1 2025 (H1 2024: CHF 1.2 million).

After a significant reduction in the working capital position generated a positive free cash flow in H1 2024, this development normalized in the reporting period. Free cash flow was CHF -2.7 million (H1 2024: CHF 10.3 million) despite the disposal of the LAFUMA MOBILIER building. By contrast, net liquidity was CHF 12.9 million, a CHF 7.3 million increase year-on-year. The Group remains financially independent and has a sound and stable basis to give us space to make decisions for ourselves, now and in the future.
 

Operational excellence and strategic focus are starting to bear fruit
In H2 2025, the strategic focus on operational excellence and positioning the brands in the premium segment will be systematically pursued. Despite the challenging market situation, a solid full-year Group operating result in line with the 2024 performance is anticipated. The growth momentum will gradually strengthen: The organic growth seen in the core brands CALIDA and AUBADE underscores the potential of the brand portfolio. At the same time, COSABELLA's development in the US market is being systematically driven forward.

For further information, please contact: 
Calida Holding AG 
Dave Müller, CFO
Phone: +41 41 925 43 20
investor.relations@calidagroup.com

Jürg Stähelin, IRF
Phone: +41 43 244 81 51
staehelin@irf-reputation.ch

Financial calendar 2025/26
Full-year results 2025         26 February 2026

The CALIDA GROUP is a globally active company for premium underwear with its head office in Switzerland. It consists of the brands CALIDA, AUBADE and COSABELLA in the underwear and lingerie segment. The CALIDA GROUP stands for high-quality products that delight consumers every day. In the first half of 2025, the Group generated sales of over CHF 101 million with 1,900 employees. The registered shares of Calida Holding AG (CALN) are traded on SIX Swiss Exchange AG.