Swatch Group Reports Lower Sales for 2025
On 30 January 2026, Swatch Group published its financial results for the 2025 fiscal year, confirming a decline in both sales and operating profit. Despite a challenging overall performance, the second half of the year showed clear signs of recovery.
The group, whose portfolio includes brands such as Omega, Breguet, Longines and Tissot, reported total sales of CHF 6.28 billion. This represents a decrease of 1.3 per cent at constant exchange rates and 5.9 per cent at current rates compared with 2024.
Stronger Second Half Performance
While the annual figures reflect a contraction, trading improved markedly in the latter part of the year. Sales in the second half rose by 4.7 per cent at constant exchange rates, with the fourth quarter showing growth of 7.2 per cent.
Excluding China, Hong Kong and Macau, fourth quarter sales increased by 10.4 per cent at constant exchange rates. In China itself, sales returned to growth in local currency terms during the final quarter.
Regional Overview
Performance varied significantly by region. South and North America delivered solid results despite higher customs duties, while India and the Middle East recorded double digit growth.
By contrast, China, Hong Kong and Macau remained the most challenging markets for the group throughout much of the year.
Profitability and Inventory
Operating profit declined to CHF 135 million, compared with CHF 304 million in 2024, representing a reduction of more than half year on year.
In response to softer demand, inventories were reduced by 4.5 per cent, and purchases from third party suppliers were scaled back accordingly.
Despite the weaker full year outcome, management signalled a more optimistic outlook for 2026, citing the sharp improvement in activity during the second half of 2025 as a basis for confidence in both sales and profitability in the year ahead.
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