Aryzta saw declining profits in the first half of 2026, which are attributed to a weak performance in Germany. The company is now reviewing “all options for its German business,” it said. Sales fell by 2.1% to EUR 1.064 billion in the first half of the year, representing an organic decline of 2.7%. Sales volumes decreased by 2.1%, while prices fell by an average of 0.6%. The collapse in consumer sentiment in Germany negated growth in other key markets. According to Lebensmittel Zeitung, Germany accounts for more than a quarter of the group’s sales.

ARYZTA AG Chairman and Interim Group CEO Urs Jordi commented: “While H1 was challenging, we accelerated cost optimization measures to protect profitability. These measures are delivering attractive savings and, together with good visibility on our key input costs, support our confidence in achieving our profitability guidance for the full year.

German underperformance offset growth in other key markets. We are reviewing all options for Germany to maximize shareholder value.

Having repurchased the last remaining hybrid bond, the Board is pleased to confirm that shareholders will be asked to approve the resumption of capital returns at the 2027 AGM. Our approach is to evolve this progressively towards a payout ratio comparable to Swiss listed SMEs. The resumption of capital distributions after a 10-year pause reflects the progress made in rebuilding a resilient business capable of generating a sustainable cash flow.”

Photo: ARYZTA