• Net sales of CHF 6 735 million, -12.2% against the previous year at constant exchange rates
  (-14.6% at current rates). Negative currency impact of CHF 192 million.
• Operating margin of 10.6% in the Watches & Jewelry segment (without Production). 
  Improvement to 12.2% for the fourth quarter, or 14.1% for the month of December. 
  Deliberately maintaining production capacities and jobs led to a strongly negative operating result in the Production segment.
• Operating profit of CHF 304 million (previous year: CHF 1 191 million).
  Operating margin of 4.5% (previous year: 15.1%).
• Net income of CHF 219 million (previous year: CHF 890 million).
  Net margin of 3.3% (previous year: 11.3%).
• Operating cash flow of CHF 333 million (previous year: CHF 615 million).
  Net liquidity¹⁾ of CHF 1 376 million (previous year: CHF 1 988 million).
• Equity of CHF 12.2 billion (previous year: CHF 12.3 billion).
  Equity ratio of 87.3% (previous year: 86.1%).
• Record sales and market share gains in the USA, Japan, India and the Middle East, with the strongest growth for the Omega, Longines and Tissot brands. Persistently difficult market situation and weak demand for consumer goods overall in China (including Hong Kong SAR and Macau SAR).
• Dividend proposed by the Board of Directors: CHF 0.90 per registered share (previous year: CHF 1.30) and CHF 4.50 per bearer share (previous year: CHF 6.50).
• Positive sales development in local currencies expected in 2025, based on the good sales reported in December outside of China, as well as the planned new products across all price segments

Outlook 2025

2025 promises positive momentum worldwide. The Group's extensive industrial basis, as well as its strong brand presence, with many exciting new products across all price segments, mean that a positive performance in 2025 can be expected. 

Demand in China will continue to be rather restrained. The expectation is that the habits and behaviour of Chinese consumers will continue to change, which will open up plenty of new opportunities for the strongly positioned brands.

For 2025, Swatch Group expects substantial improvements with respect to sales, operating result and cash flow.
 

^{1) Cash and cash equivalents as well as financial assets, securities and derivative financial instruments minus current financial debts and derivative financial liabilities}