«The first half of 2026 was defined by a persistently challenging market environment and subdued consumer sentiment. Against this background, it is all the more pleasing that, through the disciplined execution of our strategy, we achieved solid results and further advanced the operational development of the CALIDA GROUP. Through targeted measures across the organization, product development and brand communication, the CALIDA GROUP enhanced efficiency and further strengthened the competitiveness of CALIDA and AUBADE. By selling COSABELLA, we are further simplifying our portfolio and sharpening our focus on our core brands. Operational Excellence remains the foundation for sustainably higher profitability, profitable growth and long-term value creation», comments Thomas Stöcklin, CEO of the CALIDA GROUP, on the half-year results 2026.
Solid sales performance – further margin improvement
CALIDA GROUP sales in H1 2026 were CHF 93.7 million, down 7.9% on H1 2025 (5.9% when adjusted for currency effects). Excluding the COSABELLA brand, net sales were 4.2% lower adjusted for currency effects. By contrast, operating contributions were up a percentage point of net sales, in line with the strategy. Due to the structural and cost adjustments made at COSABELLA, the CALIDA GROUP reports a negative operating result (EBIT) of CHF –0.3 million. As a result, EBIT improved by CHF 1.5 million compared with the prior year, excluding the gain from the sale of LAFUMA MOBILIER’s factory building. The activities of the individual brands are subject to seasonal fluctuations. Sales are typically higher in the second half of the year, while operating expenses remain relatively stable. The operating loss in H1 2026 was CHF 0.6 million. Influenced by the net proceeds from the disposal of the LAFUMA MOBILIER factory building, the CALIDA GROUP achieved a total operating profit of CHF 0.9 million in H1 2025.
The CALIDA brand generated sales of CHF 62.7 million (-5.0%, or -3.7% adjusted for currency effects). As in H1 2025, excessive sales promotions were again avoided, with the welcome effect of increasing the gross margin percentage in the main direct sales channels of retail and e-commerce. CALIDA is focusing on profitable growth in its direct-to-consumer business and is making targeted investments in the further development of its product offering. The modernization of the collections is increasing the brand’s appeal, particularly among younger female customers, and opening up additional growth opportunities.
In the six months to June 2026, AUBADE posted sales of CHF 26.7 million (-7.8 %, or -5.5% adjusted for currency effects). E-commerce sales grew at a low double-digit rate. In international markets such as the US, sales performed even better. Brick-and-mortar retail business was particularly affected by the weak home market, France. In H1 2026, AUBADE was able to sustainably increase its contribution to the operating result thanks to the scalability of the e-commerce platform with its greater autonomy and flexibility and an improved customer experience. This will strengthen support above all for the brand's direct-to-consumer business, also going forward.
COSABELLA sales in H1 2026 were CHF 4.3 million. The brand's repositioning was the main factor in a planned decline in sales of about 30% adjusted for currency effects.
Free cash flow was CHF -3.0 million in H1 2026 (H1 2025: CHF -2.7 million). It should be noted that the prior-year figure included the one-off cash inflow of CHF 4.7 million from the disposal of a LAFUMA MOBILIER property. Adjusted for this special item, Group cash flow generation significantly outperformed H1 2025.
As at 30 June 2026, the CALIDA GROUP reported net liquidity of CHF 20.0 million and an equity ratio of 58.9%. The Group therefore continues to have a strong financial foundation for implementing its strategic initiatives.
Strategic development of CALIDA and AUBADE
CALIDA and AUBADE have strategically expanded their market positions in the premium segment in the first six months of the current year. Investments in product lines, positioning and digital brand communication together support the long-term growth and development of both brands.
At CALIDA, early collection and communication initiatives met with a positive response. The ongoing refresh of the product lineup, the streamlining of the product architecture and the improved deployment of digital channels and thus greater reach have created the conditions for appealing to new customer segments while deepening existing customer relationships. At the same time, product line complexity was reduced and internal processes were harmonized. AUBADE likewise continued systematically executing its strategic realignment. By further developing its brand identity, strengthening its premium appeal and strategically developing targeted markets, AUBADE is laying the groundwork for future growth. Alongside these measures, AUBADE streamlined operational workflows and further optimized the cost base.
Sale of COSABELLA – focus on CALIDA and AUBADE
The CALIDA GROUP is selling its brand COSABELLA to the New York-based Crown Brands Group. The sale is carried out under an Asset Purchase Agreement signed on 23 July 2026. The transaction includes the trademark rights and other intellectual property rights as well as the inventories, and follows the evaluation of strategic options for COSABELLA and discussions with interested parties. The parties have agreed not to disclose the financial terms of the transaction.
With the sale of COSABELLA, the CALIDA GROUP is further simplifying its brand portfolio and reinforces its focus on the strategic development of its core brands, CALIDA and AUBADE. At the same time, the transaction creates additional operational and financial flexibility to further develop the brands and strengthen their positioning in the premium segment in a targeted manner.
Group structure streamlined and switch to Swiss GAAP FER
Simplifying the Group structure remains a core element of the strategy. Following the successful switch from IFRS to Swiss GAAP FER, these half-year results for 2026 are the first prepared according to the latter accounting standard.
Capital allocation and withdrawal of share buyback program
As part of its ongoing capital allocation review, the Board of Directors has reassessed and decided against launching the announced share buyback program of up to a maximum of 2% of the issued capital. The ongoing strategic review of various options, including for the COSABELLA brand, had previously prevented the launch of the buyback program for regulatory reasons. In light of the progress made in Group operations and attractive opportunities for long-term value creation, maintaining maximum financial flexibility is seen as the best way forward for the benefit of all stakeholders.
Outlook
Subdued consumer sentiment in the Group’s core markets is expected to persist, while further structural changes in the distribution landscape are anticipated. At the same time, confidence remains that the strategic and operational measures initiated will gain increasing traction. The focus remains on the disciplined execution of the strategy and the continued improvement of the profitability of the core brands.
In the short term, the expectations for 2026 are a further increase in the operating contributions of CALIDA and AUBADE. The outlook of an operating EBIT margin of more than 6% of sales for the calendar year is affirmed.
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