Orior has decided to retain its ready-meals division following a strategic review, as the Swiss food and drink group continues to reshape its business.
The company had previously indicated it was exploring options for Belgium-based Culinor Food Group, including a potential sale, as part of a broader restructuring programme announced last August aimed at reducing debt and improving performance.
Alongside its full-year results released today (25 March), Orior confirmed that “all strategic options” for Culinor had been assessed. However, the group concluded that no proposals received delivered sufficient value.
A spokesperson clarified that the review related to external interest in the ready-meals business, which will now remain within the group’s portfolio.
Orior said Culinor’s range of fresh meals and meal components aligns well with its updated strategy, which is focused on delivering sustainable, profitable growth.
The group originally acquired Culinor’s retail and foodservice operations in 2016.
Strategy reset amid market pressures
Orior’s strategic reset follows what it described as a challenging trading environment in 2025, with organic sales declining 1.5% to SFr622.9m ($789.6m). Despite the drop, the performance was ahead of earlier expectations of a 2–4% decline.
The company returned to profitability, reporting net income of SFr9.3m compared with a loss of SFr35.1m the previous year.
Within its international division — which includes Culinor, Casualfood, Gesa and Spiess Europe — sales edged down 1.3% to SFr197.9m.
The convenience segment, featuring brands such as Fredag, Le Patron, Pastinella and Biotta, recorded a 4.5% decline in revenue to SFr200.1m.
Pastinella, Orior’s pasta business, was further consolidated this month following the acquisition of full ownership of Pastificio Gaetarelli.
Elsewhere, the refinement division — which includes Rapelli, Albert Spiess and Möfag — delivered organic growth of 2.2%, reaching SFr248.1m
Outlook and financial performance
Looking ahead, Orior said it expects to return to organic revenue growth over the medium term as its strategic changes take effect.
The company is targeting an adjusted EBITDA margin of around 7.5% and aims to reduce its net debt leverage to below three times.
In 2025, EBITDA nearly doubled to SFr42.9m, up from SFr22.5m, with the margin increasing by 340 basis points to 6.9%. On an adjusted basis, the margin edged up slightly to 6.3%.
For the 2026 financial year, Orior has forecast a further organic sales decline of between 3% and 6%, alongside an adjusted EBITDA margin in the range of 6.3% to 6.6%.
The group also made progress on reducing debt, cutting net borrowings by SFr29.1m to SFr152.3m. Its net-debt-to-adjusted-EBITDA ratio improved to 3.9, down from 4.6.
Orior noted that trading conditions in Swiss retail remain difficult, with the company implementing price increases to offset higher input costs. It also confirmed the loss of a major contract with a Dutch retail customer.
However, the group reported securing several significant new contracts across Switzerland and Belgium, providing a degree of momentum as it navigates a challenging market environment.