Want to see CH:ARYN full AI Analyst Report?
Top Page
ARYZTA AG
(ARYN)
Select Model
Select Model
Rating:61Neutral
Price Target:
CHF56.00
▼(-9.24% Downside)
Action:Reiterated
Date:08/10/26
The score is primarily supported by improved financial performance (profitability and free cash flow) and a reasonable P/E, but is held back by weak technical trends and continued balance-sheet leverage. The latest earnings call adds a modest positive bias from H2 improvement expectations and deleveraging progress, tempered by near-term organic growth pressure (especially in Germany).
Positive Factors
Profitability turnaround
The return to positive operating and net profitability, alongside sharply improved gross margin, indicates that ARYZTA’s turnaround is established. Sustained earnings depend on preserving these gains as the company manages uneven demand and cost inflation.
Negative Factors
European demand and Germany weakness
Persistent weakness in Germany and subdued European retail and QSR demand could constrain volume growth across a major operating region. Management’s review of German options also creates uncertainty over the timing and cost of corrective actions.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability turnaround
The return to positive operating and net profitability, alongside sharply improved gross margin, indicates that ARYZTA’s turnaround is established. Sustained earnings depend on preserving these gains as the company manages uneven demand and cost inflation.
Read all positive factors
ARYZTA AG (ARYN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF1.11B
Dividend YieldN/A
Average Volume (3M)101.01K
Price to Earnings (P/E)10.7
Beta (1Y)0.30
Revenue Growth-2.92%
EPS Growth-2.01%
CountryCH
Employees7,774
SectorGeneral
Sector StrengthN/A
IndustryPackaged Foods
Share Statistics
EPS (TTM)4.24
Shares Outstanding24,827,644
10 Day Avg. Volume191,388
30 Day Avg. Volume101,008
Financial Highlights & Ratios
PEG Ratio2.18
Price to Book (P/B)2.48
Price to Sales (P/S)0.61
P/FCF Ratio7.91
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF55.00Price Target Upside-10.86% Downside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)4.41
Revenue Forecast (FY)CHF2.27B
ARYZTA AG Business Overview & Revenue Model
Company Description
Established in 1897 and headquartered in Schlieren, Switzerland, ARYZTA AG delivers frozen, business-to-business (B2B) bakery products across Europe, Asia, Australia, New Zealand, and South America. Its extensive product range includes various bre...
How the Company Makes Money
ARYZTA AG primarily makes money by manufacturing and selling bakery products to business customers, generating revenue from product sales volume and mix (e.g., frozen and par-baked bread and pastry items). Its key revenue streams typically include...
ARYZTA AG Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 08, 2027
Earnings Call Sentiment Neutral
The call paints a mixed picture: near-term top-line pressure and notable regional weakness in Germany drove organic decline and margin compression, but material positives include clear progress on Project Excellence, confirmed cost savings (EUR 8–10M to date), stronger capital structure (net debt down ~EUR 100M, leverage 2.7x), stable free cash flow, a high innovation rate (~19%), and strategic actions (hybrid repayment, French bolt-on acquisition, Perth ramp). Management reiterated full-year profit improvement targets while guiding to the lower end of organic growth, and they are assessing options for Germany with further clarity expected in H2. Overall, upside depends on execution of cost programs and stabilization in European demand.Positive Updates
Revenue and Organic Growth
H1 2026 revenue of EUR 1,063.9 million with organic growth of -2.7%; reported total revenue decrease of 2.1% (EUR 22.5 million) partly offset by +0.6% FX.
Negative Updates
Negative Organic Growth and Regional Drag
Organic growth of -2.7% with Germany identified as the principal drag; overall subdued consumer sentiment and heightened macro/geopolitical uncertainty weighing on retail and QSR channels in Europe.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and Organic Growth
H1 2026 revenue of EUR 1,063.9 million with organic growth of -2.7%; reported total revenue decrease of 2.1% (EUR 22.5 million) partly offset by +0.6% FX.
Read all positive updates
Company Guidance
The company reiterated guidance to deliver organic growth at the lower end of its 2026 range (H1 organic -2.7%), and to deliver further EBITDA and EBIT improvement for the full year with EBITDA margin expected to recover in H2 after an H1 reported margin of 13.2% (which included ~EUR 5.4m of one‑time costs, ~50bps); free cash flow was EUR 23.6m in H1 and solid full‑year cash generation is expected alongside an improvement in net debt/EBITDA (net debt ~EUR 789m, leverage 2.7x), financing costs guidance was tightened to the lower end of EUR 37–40m, interest‑rate hedges cover 29% of bank debt and expire in H2, Project Excellence targets EUR 20–30m net savings by 2028 (EUR 8–10m gross reductions confirmed to date, ~45% production coverage now, full footprint by end‑2027), rest‑of‑world EBITDA margin is expected to return to prior‑year levels, and the board will propose a capital return to shareholders in 2027 (dividend, buyback or both) as it evolves toward Swiss‑listed SME payout ratios.ARYZTA AG Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
69
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Jul 2023 | Jul 2022 | Jul 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.20B | 2.24B | 2.19B | 2.22B | 1.76B | 1.53B |
| Gross Profit | 700.03M | 707.49M | 469.20M | 711.34M | 318.50M | 252.50M |
| EBITDA | 295.53M | 307.90M | 341.00M | 304.76M | 170.30M | 182.90M |
| Net Income | 110.43M | 113.03M | 129.60M | 70.00M | 900.00K | -235.80M |
Balance Sheet | ||||||
| Total Assets | 1.92B | 1.89B | 1.91B | 1.97B | 2.08B | 2.06B |
| Cash, Cash Equivalents and Short-Term Investments | 74.63M | 68.55M | 77.10M | 130.80M | 245.80M | 170.90M |
| Total Debt | 866.49M | 713.94M | 816.40M | 524.90M | 535.80M | 373.30M |
| Total Liabilities | 1.47B | 1.33B | 1.46B | 1.17B | 1.15B | 961.60M |
| Stockholders Equity | 448.59M | 552.67M | 452.10M | 793.30M | 932.40M | 1.10B |
Cash Flow | ||||||
| Free Cash Flow | 169.49M | 173.22M | 216.40M | 197.30M | 116.80M | 300.00K |
| Operating Cash Flow | 253.07M | 259.38M | 298.90M | 251.40M | 200.10M | 84.30M |
| Investing Cash Flow | -95.74M | -96.93M | -93.40M | -60.10M | 8.90M | 633.20M |
| Financing Cash Flow | -156.77M | -166.58M | -230.60M | -299.10M | -143.40M | -976.00M |
ARYZTA AG Technical Analysis
Negative
61.70
Price Trends
53.16
Negative
56.61
Negative
55.11
Negative
Market Momentum
-2.93
Positive
18.30
Positive
12.24
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:ARYN, the sentiment is Negative. The current price of 61.7 is above the 20-day moving average (MA) of 49.29, above the 50-day MA of 53.16, and above the 200-day MA of 55.11, indicating a bearish trend. The MACD of -2.93 indicates Positive momentum. The RSI at 18.30 is Positive, neither overbought nor oversold. The STOCH value of 12.24 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:ARYN.
ARYZTA AG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | CHF21.19B | 29.23 | ― | 1.93% | 4.11% | 13.82% | |
64 Neutral | CHF204.08B | 27.47 | 32.66% | 3.84% | -2.39% | -27.81% | |
64 Neutral | CHF4.44B | 19.39 | 22.25% | 2.03% | 4.18% | 8.23% | |
62 Neutral | CHF1.41B | 17.91 | 4.34% | 3.92% | 1.67% | -36.08% | |
61 Neutral | CHF1.11B | 10.71 | 19.22% | ― | -2.92% | -2.01% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | CHF6.07B | 25.21 | ― | 2.65% | 9.39% | 68.92% |
* General Sector Average
CH:ARYN
ARYZTA AG
42.45
-34.35
-44.73%
CH:NESN
Nestlé SA
79.40
6.51
8.93%
CH:LISN
Chocoladefabriken Lindt & Spruengli AG
93,000.00
-23,604.86
-20.24%
CH:BARN
Barry Callebaut AG
1,118.00
139.50
14.26%
CH:EMMN
Emmi AG
836.00
77.38
10.20%
CH:BELL
Bell Food Group
226.50
-13.75
-5.72%
ARYZTA AG Corporate Events
ARYZTA preserves profitability, eyes 2027 capital returns and reviews German operations
Aug 10, 2026
ARYZTA AG signaled that it has managed to protect profitability despite operating in a demanding market environment, underscoring resilient performance in its core convenience bakery business. The company also indicated that capital returns to sha...
ARYZTA strengthens French presence with bakery distribution acquisition
Jun 23, 2026
ARYZTA AG has expanded its footprint in the French market by acquiring a local distribution business, reinforcing its strategy of strengthening convenience bakery channels in key European territories. The deal is expected to enhance ARYZTA’s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.