• Net sales of CHF 3 059 million, -7.1% against the previous year at constant exchange rates and on a comparable basis¹⁾ (-10.4% at current rates). Negative currency impact of CHF -113 million.
• Operating profit of CHF 68 million (previous year: CHF 204 million). 
  Operating margin of 2.2% (previous year: 5.9%).
• Net income of CHF 17 million (previous year: CHF 147 million). 
  Net margin of 0.6% (previous year: 4.3%).
• Operating cash flow of CHF 180 million (previous year: CHF 90 million).
  Net liquidity²⁾ of CHF 1 091 million (December 2024: CHF 1 376 million).
• Equity of CHF 11.7 billion (December 2024: CHF 12.2 billion).
  Equity ratio of 86.2% (December 2024: 87.3%).
• The decline in sales is exclusively attributable to China (including Hong Kong SAR and Macau SAR). Sales in the other regions reached the record years of 2023 and 2024 in local currencies.
• Double-digit sales growth in North America, India, Turkey, Middle East and Australia. Impressive  performance of the brands Omega, Longines, Rado, Tissot, Hamilton and Swatch in the USA, with increases of 10% to 30%.  
• Operating margin in the Watches & Jewelry segment (without Production) at 10.1%, in the second quarter at 13.5%.
• Strongly negative operating result in the Production segment due to the strategically and deliberately maintaining of production capacities and jobs in Switzerland.
• In China, there are first positive signs of improvement, particularly in e-commerce and the reduction of inventories at retailers. The Group therefore expects an improved market environment in the Greater China region in the second half of the year.
• In summer, Swatch will launch a unique concept for personalizing Swatch watches using AI (Artistic Intelligence).

Outlook for the second half of 2025

The USA, Japan and India continue to have great growth potential. The Group expects a further reduction of inventories at Chinese retailers and thus a recovery in orders. E-commerce in China continues to show positive signs of increased consumption. As a result, the Group also expects production capacity utilization to improve, driven in particular by numerous new product launches in all price segments.                 
 

^{1) At the end of 2024, the Group transferred the Rivoli Group's eyewear business to a new company in which a minority stake is held. The calculation of the change in sales from the previous year does not include the business transferred. 
2) Cash and cash equivalents as well as financial assets, securities and derivative financial instruments, minus current financial debts and derivative financial liabilities.}