• Significantly improved gross margin driven by increased purchasing power through procurement bundling.
• Adjusted EBITDA margin increased to 5.5%, compared with 5.4% in the prior-year period.
• Reported EBITDA margin reached 6.7%, compared with 5.4% in the prior-year period, supported by the sale of a non-operating property and the release of provisions no longer required.
• Organic revenue decline of 5.7% was in line with expectations.
• Revenue development was impacted by the sharp decline in pork prices and ongoing shifts in the Swiss retail market.
• Consistent cost discipline and operational improvements offset the decline in volumes.
• Leverage ratio (Net Debt/Adjusted EBITDA) improved to 4.3x, compared with 5.2x in the prior-year period.
• Pastificio Gaetarelli has performed very well since the full acquisition; integration and optimisation measures at Culinor are also progressing as planned.
• Outlook: Revenue guidance has been revised; all other guidance targets have been confirmed.

Business development

By consistently pursuing the key priorities set for 2026 – reducing debt, creating value and simplifying the structure and organisation – ORIOR has laid a solid foundation for the next stage of its development. In particular, key functions such as purchasing and sales have been consolidated and harmonised across the Group, while the respective managers remain embedded in the business units. This enables the Group to capture synergies, reduce duplication and deploy resources more efficiently. During the first half of 2026, ORIOR also continued to develop and refine its strategic direction through to 2032 intensively and consistently. The existing business segments will remain the cornerstone of the Group and will be selectively strengthened. Innovation is focused on areas that deliver demonstrable customer benefits, offer clear differentiation and have attractive potential for scaling. ORIOR’s strategic priorities are to optimise capacity utilisation across its production network, broaden its convenience offering and pursue targeted market development. Investment is being directed consistently towards business segments with clear differentiation potential. The retail channel remains a stable cornerstone of the business. At the same time, food service is increasingly emerging as a structural growth driver, supported by demographic change, evolving consumer habits and growing demand for high quality convenience solutions.

Half Year Results 2026  

The 2026 half-year results are still significantly influenced by the portfolio and structural measures initiated in the 2025 financial year. At the same time, the first benefits of bundled procurement, rigorous cost control and tighter operational management are beginning to emerge. Net revenue for the first half of 2026 was CHF 283.3 million, compared with CHF 304.9 million in the same period of the previous year (–7.1%). Organic growth was –5.7%. Exchange rate movements had a negative impact of –0.7 percentage points on performance. Portfolio and acquisition effects accounted for a further –0.7 percentage points, arising from the disposal of Albert Spiess’s catering depots and the full acquisition of pasta manufacturer Pastificio Gaetarelli.

Revenue declined across all segments. The principal factors were substantially lower pork prices, ongoing shifts in the Swiss retail market, the cessation of a Dutch volume contract and the discontinuation of the loss-making rail business in Germany. The bundling of purchasing power and improvements in procurement management delivered a significant increase in the gross margin. This improvement, together with continued cost discipline, helped to partly offset the decline in volumes.

Adjusted EBITDA, adjusted for exceptional and one-off effects, reached CHF 15.5 million (previous year: CHF 16.3 million). Despite the lower revenue volume, the adjusted EBITDA margin improved to 5.5% (previous year: 5.4%). The stable to slightly higher operating margin demonstrates the growing impact of the measures implemented. EBITDA increased to CHF 18.9 million (previous year: CHF 16.3 million), equivalent to 6.7% of revenue (previous year: 5.4%). In particular, earnings benefited from the book gain on the sale of a non-operating property and the release of provisions for legal obligations at Casualfood that were no longer required.

Cash flow from operating activities amounted to CHF 12.8 million (previous year: CHF 16.0 million). The positive cash flow effects of higher reported EBITDA and lower tax payments were offset by a higher cash outflow from net working capital. Cash flow from investing activities decreased from CHF –5.2 million in the previous year to CHF –17.4 million. As a result, free cash flow amounted to CHF –4.6 million (previous year: CHF 10.7 million). The principal factor was the acquisition of the remaining 81% interest in Pastificio Gaetarelli. The transaction strengthens ORIOR’s position in the attractive high-quality fresh pasta market and broadens the Group’s strategic development opportunities.

Net debt stood at CHF 162.9 million, compared with CHF 152.3 million as at 31 December 2025. This equated to 4.3x adjusted EBITDA, below the previous year’s 5.2x. The increase in net debt was primarily due to the full acquisition of Pastificio Gaetarelli and the traditionally lower seasonal cash flow in the first half of the year. Debt reduction remains a key priority for ORIOR.

ORIOR segments

The Convenience segment with its Fredag, Le Patron, Pastinella and Biotta competence centres generated a net revenue of CHF 97.3 million (previous year: CHF 98.5 million). This development was mainly due to effects from the tender losses during the 2025 financial year, some of which only took effect in the first half of 2026. One encouraging feature was the broadly positive performance of the food service channels, attributable to the stronger position in travel and system catering and in the industrial sector.

The Refinement segment, comprising Rapelli, Albert Spiess and Möfag, recorded an organic decline in revenue of 9.1%. Including a divestment effect of approximately CHF 3.1 million, net revenue decreased to CHF 110.9 million (previous year: CHF 125.4 million). Revenue was adversely affected by the sharp fall in pork prices and the portfolio streamlining as part of the reorganisation at Albert Spiess.

The International segment, comprising the Culinor Food Group (Belgium), Casualfood and Gaetarelli competence centres, the Biotta affiliate Gesa, as well as the slicing packaging and distribution platform Spiess Europe, generated net revenue of CHF 89.3 million (previous year: CHF 95.0 million). Organic growth was –6.2%. The main factors were the cessation last year of a Dutch volume contract at Culinor and the discontinuation of the loss-making rail business in Germany. Exchange rate movements had a further negative impact of –2.4 percentage points on revenue performance. At Casualfood, the legal obligations were conclusively assessed and the related provisions that were no longer required were released. Italian premium pasta manufacturer Pastificio Gaetarelli is performing very well (acquisition effect of 2.6%). The company is confirming strategic expectations. Gaetarelli combines strong product expertise and high quality standards with attractive growth opportunities. The company strengthens ORIOR’s position in the premium fresh pasta segment and opens up additional potential in both existing and new markets. At Culinor, integration and optimisation measures are likewise progressing as planned. The focus is on closer operational collaboration, leveraging Group-wide synergies, and the targeted further development of the product and customer portfolio.