The Migros Group emerges stronger from transformation

The Migros Group was significantly stronger in 2025, increasing sales in the remaining business areas to 29.4 billion CHF (+1.1%). Digitec Galaxus and the healthcare services, in particular, achieved strong growth.

The reported Group sales of 31.9 billion CHF include shares in companies sold. A direct comparison with the previous year is therefore only possible to a limited extent.

Profit was significantly higher than in 2024, mainly due to one-off effects from company disposals. Earnings before interest and taxes (EBIT) totalled 1’212 million CHF (previous year: 484 million CHF) and Group profit 1’133 million CHF (previous year: 419 million CHF). Excluding these one-off effects, EBIT totalled 812 million CHF (previous year: 924 million CHF). All business areas make a positive EBIT contribution to the Group’s success.

Migros strengthened Switzerland as a centre of business and invested a total of 1.5 billion CHF in 2025, including in stores, in the logistics of Digitec Galaxus and Denner, and in Migros Industrie production.

The Migros Group’s financial base remains exceptionally strong. Equity in the retail and industry sector rose to 18.5 billion CHF as at the end of 2025 (previous year: 17.6 billion CHF), equivalent to 80.6 per cent of total assets.

In 2025, the Migros Group successfully completed the portfolio streamlining programme launched in 2024. Companies that no longer aligned with the strategy or were making losses were disposed of. The focus is now consistently on the four strategic business areas of food retail, non-food retail, healthcare and financial services.

Food retail: customers benefit from price reductions

Food retail achieved sales of 24.3 billion CHF. Adjusted for divested companies, sales totalled 23.1 billion CHF (-0.1%). Excluding fuels, sales rose by 0.4%.

Adjusted for divested companies, the cooperative retail business achieved sales of 16.5 billion CHF (-0.5%). Of this total, 15.4 billion CHF was attributable to the sales of the ten regional Migros cooperatives and their subsidiaries. The supermarket business remained stable in 2025 – despite noticeable price reductions: for the same quantity, customers will pay around 500 million CHF less per year going forward than before. Due to the staggered introduction of the low prices, around half of this effect is already reflected in the 2025 result. Together, the Migros supermarkets, Migros Online, and the VOI and M-Partner sales formats achieved sales of 12.7 billion CHF (-0.5%).

In the bricks-and-mortar business, the expansion of the store network continued: Migros opened 13 new supermarkets. It is investing 2 billion CHF by 2030 to renovate 350 stores and open 140 more. Migros also laid the foundations for new growth in its online business with the construction of the new distribution centre in Regensdorf ZH. In 2025, Migros Online’s sales of 362 million CHF were on a par with the previous year (-0.6%), also due to the price reductions.

Denner held its own in the face of intense competition with net sales of 3.8 billion CHF (+0.2%). Migrol posted a decline to 1.3 billion CHF (-6.5%) due to lower oil prices. Migrolino grew to 0.8 billion CHF (+4.8%) thanks to a stronger fresh produce and convenience offering.

Migros Industrie disposed of the Mibelle Group at the end of April 2025 and systematically focussed on the Migros formats. Adjusted for this disposal, sales totalled 5.7 billion CHF (+2.5%).

Non-food retail: Digitec Galaxus extends market leadership

Non-food retail grew strongly to 3.5 billion CHF (+13.6%). The main driver was online retailer Digitec Galaxus, which continued its growth trajectory and further expanded its position as Swiss market leader.

Financial services: Migros Bank becoming even more popular

Migros Bank increased customer loans to 51.5 billion CHF (+1.9%) and deposits to 45.9 billion CHF (+0.3%). Around 50’000 new customers were added. The annual profit of 276.2 million CHF was slightly below the previous year (-2.1%), mainly due to lower key interest rates.

Healthcare – Medbase continues to grow

Migros expanded its position as a leading provider of healthcare services and increased sales to 1.7 billion CHF (+4.7%). The driver was the Medbase Group with 1.4 billion CHF in sales (+5.6%). Movemi AG, with its Activ Fitness and Fitnesspark formats, also remained on course for success, reaching a record 290’000 members (previous year: 265’000).

Largest private employer

The Migros Group employed an average of 91’689 employees in 2025. This means that it remains the largest private employer in Switzerland. With 3’292 apprentices in over 55 professions, it is also the country’s largest training organisation.

Social commitment

As a cooperative, Migros invested around 138 million CHF in cultural and social initiatives. Of this, 122 million CHF went to the Migros Culture Percentage, which supported cultural, educational, social, leisure and economic projects. The Migros Pioneer Fund also supported innovation projects with 15 million CHF. The Migros Aid Fund made 1 million CHF available for projects that benefit people and nature.

Fit for the future with a new vision

2025 marked a milestone in the history of Migros. On its 100th anniversary, it honoured the visionary founding spirit that still characterises the company today. “Our 100th anniversary is an obligation to continue the success story,” says Mario Irminger, President of the Executive Board of the Federation of Migros Cooperatives.

In November 2025, the Migros Group adopted its new vision. Its guiding principle is “A Switzerland worth living in – for everyone”, based on three pillars: top performance in every business area, a strong social commitment and the participation of the Migros community in economic success. Migros is therefore ideally positioned to also make its second century a successful one.

Documents for the annual financial press conference:
https://migros.ch/balance-sheet