‘We want Orior to strengthen its position in the world of premium food’
Series CEO spotlight,
Episode 16:
Monika Walser, currently at the helm of Swiss food and beverage group Orior, says building international food brands is challenging.
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‘We want Orior to strengthen its position in the world of premium food’
Orior may not be a household name, yet the twelve brands of this international Swiss food and beverage group span across multiple products and market segments.
Its portfolio includes Bündnerfleisch (dried meat from canton Graubünden), vegetable juices, poultry products and organic lemonades that can be found primarily in food retail chains, including supermarkets in Switzerland and Europe.
The Zurich-headquartered group faced a challenging year in 2024. The company which is listed on the Swiss stock exchange “spent excessively” and net debt reached CHF181.4 million ($224.3 million) impacting profit (EBITDA earnings before interest, taxes, depreciation and amortisation) which reached CHF22.5 million. That compares with a profit (EBITDA) of CHF59.2 million in 2023. Sales were stable in 2024 totaling 642.1 million.
One year later, in 2025, Orior reported sales of CHF623 million – a decline of 3% year-on-year – alongside a surge in EBITDA (earnings before interest, taxes, depreciation and amortisation), up 91% compared with 2024.
In an exclusive interview with Swissinfo at Orior’s headquarters, Monika Walser, Chairwoman and Board Delegate (Group CEO) since May 2025 was brought on to lead the group through change. She says Orior is now in a strong position to continue to expand.
Swissinfo: Since you took the helm of Orior in May 2025, what have been your main challenges? And what are your ambitions for Orior’s future?
Monika Walser: In terms of challenges, in 2024 we spent excessively, so in 2025 we needed to normalise our cash flow and EBITDA, resume growth and address our elevated net debt levels.
This required a correction of our strategic direction, notably by avoiding overly large and costly projects. As a consequence, in 2025, our net debt decreased by CHF29.1 million to 152.3 million and our EBITDA reached CHF43 million, an increase of 91% compared to the previous year.
Looking ahead, we have strong ambitions. Over the next five to ten years, we want Orior not only to grow significantly in size, but also to strengthen its position in the world of excellent food.
Swissinfo: Your career has spanned very different industries – telecommunications, energy grids, luggage, furniture and now food. What are the pros and cons of such a diverse path?
M.W.: It is true that I have worked across different industries, but I have essentially done the same job throughout: either building or turning around companies. I believe it is important for leaders to understand whether they prefer managing continuity or leading turnarounds. Both profiles are needed, but I clearly belong to the latter. That is why, once a company has stabilised, I am no longer necessarily the right leader for the next phase.
Swissinfo: In most Swiss-listed companies, the roles of Chair and Board Delegate (Group CEO) are separated. What are the pros and cons of combining both roles?
M.W.: It was not my intention to combine the two roles; it became necessary because both the Chairman and the Group CEO stepped down. As with any structure, there are advantages and disadvantages. The main advantage of combining both roles is speed: decisions can be taken and implemented more quickly. At the same time, it remains essential to explain and justify decisions to the Board. This is easier when one is closely involved in operations and understands the core business processes. In Orior’s case, I believe this dual role was appropriate for a transition phase requiring swift action.
Swissinfo: Orior has around 2,500 employees, whereas de Sede AG, which you led until 2024, has roughly 100. Is managing a larger organisation fundamentally different?
M.W.: Despite the difference in size, the nature of the leadership role is quite similar. Ultimately, the number of direct reports remains comparable. At Orior, these are primarily the CEOs of our subsidiaries.
Swissinfo: Orior’s growth has largely been driven by acquisitions in Switzerland and Europe. The group now comprises a portfolio of 12 subsidiaries and brands. What is the strategic logic behind this expansion?
M.W.: Orior has been structured in a very intelligent way around three segments: refinement, convenience and international. As performance varies across these segments, this diversification makes the Group highly resilient to different external challenges.
Swissinfo: How important are synergies between your subsidiaries?
M.W.: We encourage a strong collaboration and mutual support across our subsidiaries, not only at CEO level but also among the sales teams, marketing specialists, production and innovation experts. At the same time, it is essential that each CEO and executive team retains full entrepreneurial responsibility, including full P&L (profit and loss) accountability.
We operate a limited number of shared services – such as finance, legal and investor relations – at our Zurich headquarters, which is deliberately lean, with around 15 employees. Given the diversity of our products and ingredients, shared production facilities would not be appropriate. Finally, our product portfolio does not give us privileged access to retail space, as we cover multiple product categories.
Swissinfo: The size of your headquarters is small. Is it important that you are based in Switzerland?
M.W.: What truly matters to us is where our production sites are located. For example, salami is produced in canton Ticino, where we can benefit from the region’s Italianità and expertise.
Swissinfo: Do you plan to pursue new acquisitions and/or to streamline your group structure further?
M.W.: We aim to grow in a focused manner, building on our strengths in functional and high-quality food. We are particularly interested in niche products where we can differentiate ourselves through innovation and speed. Growth may come both organically and through acquisitions, in Switzerland and abroad. For example, we recently completed the acquisition of the Italian pasta manufacturer Pastificio Gaetarelli. At the same time, after careful analysis, we decided not to sell Culinor, a Belgian specialist in high-quality fresh meals and meal components.
Swissinfo: Many Orior brands are strong national or regional champions rather than pan-European brands. Do you intend to internationalise them further?
M.W.: Some of our brands already have an international presence. For example, our Gesa high-quality vegetable juices produced in Germany are exported to several countries. However, the food sector is inherently local, and building international brands is challenging. Differences in regulation, consumer tastes and shelf life all play a role.
Swissinfo: Many of your products qualify for the “Swissness” label which would allow you to use the Swiss flag to market them. You often decide not to. How come?
M.W.: We do use the Swiss flag for certain products, such as our Biotta juices. In other cases, however, it may not add value because the Swiss origin is already evident. In other cases, the proportion of imported ingredients may also be too high to meet the criteria needed for the “Swissness” label.
Swissinfo: Your subsidiaries’ brands are strong but do you see value in strengthening the Orior umbrella brand, by analogy to Nestlé’s?
M.W.: In our model, the brands of our subsidiaries are key, as they are the ones interacting with customers. The Orior umbrella brand plays a very limited role. While it may help attract talent, most employees are recruited at subsidiary level rather than at headquarters.
Swissinfo: Only around 30% of Orior’s sales are generated outside Switzerland. What are the main challenges of international markets?
M.W.: Rather than exporting from Switzerland, we typically produce locally for each market. Each product category has its own specific challenges and opportunities, making it difficult to generalise.
Swissinfo: Orior is listed on the SIX Swiss Exchange. In June 2026, your share price was around CHF13.5, with a P/E (price-earning) ratio below 10. That compares with 18 for some of your industry peers. Do you feel the company is fairly valued by investors?
M.W.: My responsibility is to serve shareholders who have entrusted us with their capital. The best way to do so is by focusing on the company’s long-term performance and implementing a sound strategy, rather than concentrating solely on short-term reporting. While our share price is currently not where we would like it to be, I am confident that consistent delivery on our commitments will ultimately be recognised by the market.
Swissinfo: Orior’s share capital is widely held, alongside a major shareholder. How do you ensure equal treatment of all shareholders?
M.W.: We are legally required to provide equal information to all shareholders, regardless of their stake. In addition to roadshows with larger investors, we are also available to engage with smaller shareholders individually.
Edited by Virginie Mangin/ds
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