The fenaco cooperative maintained a steady course in 2025 in a challenging market situation, with its broad positioning across the value chain playing a key role. Net sales fell slightly year on year due to price pressure, dropping 1.1% to CHF 7.21 billion. At the same time, the operating result (EBIT) rose 3.2% to CHF 110.6 million, despite costs remaining at a persistently high level. The net profit margin came to 1.5%. The equity ratio climbed further to 66.5%. Given the uncertain market situation, the business outlook for 2026 is cautious.

The 2025 financial year at the fenaco cooperative was shaped by a challenging macroeconomic environment. Geopolitical crisis hotspots lead to volatile, uncertain markets. Consumer sentiment was muted, while personnel, infrastructure, logistics and IT expenses remained high. Energy was the only area to experience a slight easing. Swiss agriculture had a good harvest year, leading to higher than average marketed volumes in various fenaco segments.

Net sales fell slightly year on year, dropping 1.1% to CHF 7.21 billion. This was mainly attributable to lower prices in international grain trading and in the fossil fuels business. On the whole, fenaco's business models proved robust: all four areas of the business – Agro, Food Industry, Retail Trade and Energy – were able to maintain or even increase their market share.

Earnings before interest and taxes (EBIT) increased 3.2% to CHF 110.6 million. The net profit margin came to 1.5%, thus matching expectations. 

Around one-third of the result passed back to members

The fenaco cooperative’s members also benefited from its good overall performance, with a total of CHF 36.3 million being passed back to them. That is equivalent to more than one-third of EBIT. CHF 29.6 million was paid out to the LANDI cooperatives in the form of loyalty bonuses and interest on share certificates. CHF 6.7 million was returned to the member farmers directly via the fenaco profit-sharing scheme; on top of this, qualifying members received gift packages worth a total of CHF 1.6 million.

fenaco’s equity ratio rose once more and now stands at 66.5%. This solid financial foundation enables the agricultural cooperative to invest in the long-term future of both the company and the Swiss agriculture and food industry. Investments in tangible fixed assets came to CHF 171.3 million in 2025. fenaco invested CHF 4.7 million in non-reimbursable funds in innovation. This money went towards research collaborations with Swiss universities and projects exploring various aspects of new breeding techniques, alternative crop protection, digitalisation and automation in agriculture, and innovations in the food industry. 

Outlook for the 2026 financial year

The tense, uncertain market situation makes it difficult to produce a reliable forecast for the current year. Competitive pressure in the markets relevant to fenaco is high, and consumer sentiment remains subdued. There is no sign of easing in relation to costs. fenaco has nevertheless set itself the goal of posting net sales and an operating result for 2026 in line with the previous year. To ensure it can continue to fulfil its purpose as a cooperative in the long term, fenaco intends to systematically develop its core business in the Agro, Food Industry, Retail Trade and Energy business fields, while investing in areas with potential. Optimising and simplifying structures and processes is another key focus. The associated costs savings will be instrumental in delivering consistently stable results over the long term. 

Key figures at a glance

You can find out more about the fenaco cooperative’s 2025 financial year (in German or French) at: geschaeftsbericht2025.fenaco.com