Strategic business units

Food Retail

Despite significant price reductions for customers, Migros Group posted stable sales in the supermarket business in 2025. The expansion and modernisation of the branch network progressed according to plan.

The permanently lower prices for more than 1’000 everyday products led to higher volume sales across all ranges.

The strategic business unit Food Retail comprises Cooperative Retailing (including Migros Online), Migros Industrie and the retailers Denner, Migrol and migrolino.

The 2025 financial year was dominated by the sale of the last remaining specialist markets Micasa, SportX and OBI. At the same time, substantial investments were made in modernising the Migros branch network and easing the burden on customers with permanent prices reductions amounting to CHF 500 million. In total, Food Retail generated sales of CHF 24.312 billion.

Cooperative Retailing
The supermarket business is the core business of Cooperative Retailing. It comprises the Migros supermarkets, including Migros Online, and the special formats VOI and M-Partner. They generated consolidated sales of CHF 12.653 billion (–0.5 %) in the reporting year.

24.3 billion

in Food Retail sales (in CHF)

As expected, the low-price strategy and the temporary closure of branches during renovation work had a negative impact on sales. However, the permanently lower prices for more than 1’000 everyday products led to higher sales volumes across all ranges. Footfall also developed positively. The total number of purchases increased significantly (+2.5%).

Migros Online generated sales of CHF 362 million (–0.6 %). Business developed steadily despite the low-price strategy and is expected to grow further when the distribution centre in Regensdorf (ZH) opens in spring 2026.

362 million

in Migros Online sales (in CHF)

The ten regional Migros Cooperatives including subsidiaries generated net sales of CHF 15.615 in total (–4.2 %). Together with the sales of Migros Online, the Federation of Migros Cooperatives and other companies, consolidated sales amounted to CHF 16.336 billion (–3.8 %). The decline is primarily attributable to the disposal of the specialist markets.

Gastronomy (excluding holdings such as Molino) posted sales of CHF 541 million (–2.6 %). The decline was due to individual closures and downsizing in the supermarket business.

In the reporting year, Migros opened 13 supermarkets in new locations across all language regions. At the same time, four supermarkets were closed. This represents a net increase of nine Migros branches. In the entire Swiss sales network, which comprises both supermarkets and other formats, a further 72 locations were no longer included, due primarily to the disposal of specialist markets and the closure of Alnatura stores. A further 50 locations abroad were sold. At the end of 2025, the Migros sales network in Switzerland comprised 721 locations (previous year: 762).

The Real Estate division, which is responsible for the strategic development, management and marketing of Migros’ property portfolio, generated net sales of CHF 345 million.

In 2025, Migros Industrie invested CHF 250 million, particularly in Switzerland as a centre of industry.

Migros Industrie
Migros Industrie continued its consistent alignment with the Migros Group in 2025 with the disposal of the Mibelle Group at the end of April and further disposals and site closures. These disposals also reduced its revenue share accordingly. Total sales amounted to CHF 5.807 billion (–5.1 %).

In 2025, Migros Industrie invested CHF 250 million, particularly in Switzerland as a centre of industry. A significant proportion of the investments went into the new egg production facility of Lüchinger + Schmid AG in Oberbuchsiten (SO), which is part of the Micarna Group. With the merger of Dörig Käsehandel AG, Schwyzer Milchhuus and Simmental Switzerland AG to form Elsa Group SA, Migros Industrie underlined its presence in the national market as a strong, unified Swiss company.

With the expansion of M-Charge, Migrol grew its charging network for electric cars by 50 additional locations to 206.

Retail companies
In 2025, Denner established itself as the leading discounter in a competitive market environment characterised by intensifying price competition. Sales amounted to CHF 3.845 billion (+0.2 %). The revitalisation of the branch network continued. By the end of 2025, a quarter of the entire network, comprising 872 branches (2024: 870), had been modernised.

Migrol recorded a 6.5 % drop in sales to CHF 1.287 billion, due primarily to lower oil prices. With the expansion of M-Charge, Migrol grew its charging network for electric cars by 50 additional locations to 206.

migrolino achieved strong growth, driven in particular by the expansion of its range of fresh and convenience products. At the same time, the branch network grew from 375 to 384 locations, which included mio shops at railway stations for the first time. Overall, migrolino posted sales of CHF 0.825 billion (+4.8 %).

Financial results Food Retail

in CHF million	2025	2024	Change in %
Net revenue from goods and services sold
Cooperative Retailing 1	16’336	16’986	–3.8 %
Migros Industrie	5’807	6’117	–5.1 %
Denner	3’845	3’839	0.2 %
migrolino	825	787	4.8 %
Migrol	1’287	1’377	–6.5 %
Other companies	5	5

Elimination intra-sectoral	–4’993	–4’807

Total net revenue from sales of goods and services sold	23’113	24’304	–4.9 %
Other operating income	1’199	525	128.4 %
Sales per segment	24’312	24’829	–2.1 %
Earnings before financial income and taxes	830	212	291.2 %
Employees	74’742	81’416

1 includes the revenues of the 10 cooperatives including subsidiaries, totaling CHF 15'615 million (-4.2 %).

Sales figures Food Retail

	Number of sites 2025	Number of sites 2024	Sales area (m 2 ) 2025	Sales area (m 2 ) 2024
Distribution sites Switzerland
Supermarchés autonomes
M	394	376	320’021	306’274
MM	214	217	468’531	487’715
MMM	51	50	267’956	334’643
Total	659	643	1’056’508	1’128’632
Marchés spécialisés
MParcs/specialist market centres/Obi	0	36	0	222’416
Single-line stores 1	37	74	15’175	38’846
Total	37	110	15’175	261’262
Independent gastronomy businesses
Independent gastronomy businesses 2	25	9	16’068	1’400
Total sites	721	762	1’087’751	1’391’294

Distribution lines Switzerland
Supermarkets
M, MM and MMM 3	659	652	974’501	972’452
teo 4	8	7	551	631
Alnatura	1	25	799	9’492
Outlets, Other formats	39	37	17’466	16’530
Total supermarkets	707	721	993’317	999’105
Specialist markets
Various specialist market formats 3	0	139	0	307’112
Total specialist markets	0	139	0	307’112
Gastronomy
M-Restaurants, takeaways and other gastronomic formats 4	207	213	94’434	85’077
Total Gastronomy	207	213	94’434	85’077

Distribution sites other countries
France (Migros France)
Supermarkets 5	0	3	0	12’521
Germany
Tegut 6	302	349	331’177	343’690
Total other countries	302	352	331’177	356’211

Wholesaling cooperatives and other
Migros Partners	54	54
VOI	81	76

Commerce
Denner	872	870
Migrol	553	507
migrolino 7	384	375

1 Includes 1 Alnatura, outlets, teo, etc.; previous year included Bike World

2 Includes various Migros restaurants and takeaways that were included under specialist market centres in the previous year.

3 Included Do IT+Garden, Micasa, SportX, Melectronics, Obi DIY superstore; all sold or closed as at 31.12.2025

4 Also includes Kaimug, Hitzberger, Coffee&Time

5 All spaces belonging to Migros France will now be leased to Coopérative U and will no longer be operated under the Migros name.

6 Tegut locations were spun off into STS GmbH in 2025

7 These locations are divided into stand-alone migrolinos, Migrol migrolinos, Shell migrolinos, Socar migrolinos and Piccadilly migrolinos.