In 2025, Orior reported revenue of 622.9 million francs, down 3.0% year-over-year. Despite this slowdown, the Zurich-based food group significantly improved its profitability, with EBITDA rising to 42.9 million, a 90.7% jump. The adjusted EBITDA margin stood at 6.3%, up from 6.2% the previous year. It is at the high end of the forecast range, Orior announced Wednesday in a press release. Significant cost savings and the reversal of provisions enabled this result “despite persistent volatility in raw material prices and pressure from competitive bidding in the retail sector,” the Zurich-based company noted. By segment, the Convenience segment - which includes Fredag, Le Patron, Pastinella, and Biotta - reported a 4.5% decline in net sales to 200.1 million, the company noted. This decline is primarily attributable to the traditional retail channel, which failed to match the previous year’s sales figures

Despite a couple of brief spells in negative territory on Tuesday, first around mid-morning and then around mid-afternoon, the Swiss market closed on a firm note on Tuesday, as buying at a few counters gathered momentum in the last couple of hours of the day's session. The benchmark SMI closed up by 126.26 points or 1.02% at 12,515.94, after scaling a low of 12,352.46 and a high of 12,537.62 intraday. Straumann Holding climbed 5.7%. Kuehne + Nagel, Nestle and Logitech International gained 2.35%, 2.18% and 2.1%, respectively. Lonza Group, Sonovia, Holcim, Sika, Swisscom and Amrize gained 1.6%-2%. Lindt & Spruengli, Novartis, ABB, Zurich Insurance, Helvetia Baloise Holding, Julius Baer, Galderma Group, Alcon and Roche Holding also closed with notable gains. Givaudan ended down by about 1.1%. UBS Group, SGS and VAT Group closed modestly lower. Data from Swiss National Bank showed Switzerland's current account surplus narrowed sharply to CHF 7.0 billion in the fourth quarter of 2025, down from CHF 23.5 billion in the same period a year earlier, and marking the smallest figure in two years, due to a sharp fall in goods surplus to CHF 15.2 billion from CHF 29.1 billion the fourth quarter of the previous year.

Europe
European stocks swung between gains and losses on Tuesday amid conflicting reports on potential U.S.-Iran talks on ending the conflict. Despite some somewhat bright moments in positive territory, a few markets failed to sustain gains as higher oil prices and weak PMI data from Germany, France and the UK weighed on sentiment. The pan European Stoxx 600 climbed 0.43%. The U.K.'s FTSE 100 gained 0.72% and France's CAC 40 closed 0.23% up, while Germany's DAX edged down 0.07%. Switzerland's SMI ended 1.02% up. Among other markets in Europe, Denmark, Finland, Netherlands, Norway, Portugal, Russia and Sweden closed on firm note. Austria, Belgium, Ireland and Spain edged up marginally. Czech Republic, Greece, Iceland, Poland and Türkiye ended sharply lower. In the UK market, energy stocks BP and Shell gained 3.5% and 3.15%, respectively, as oil prices moved up sharply. BT Group gained nearly 3.5%. Convatec Group, Games Workshop, Vodafone Group, 3i Group, GSK, Smiths Group, Airtel Africa, Admiral Group, National Grid, Lion Finance, Associated British Foods, Smiths Group, Mondi, Sainsbury (J) and Croda International also posted strong gains. Miners Endeavour Mining and Glencore moved up 3.4% and 2.4%, respectively. Rio Tinto gained 1.7%. Persimmon, JD Sports Fashion, Experian, Kingfisher, Babcock International, Metlen Energy & Metals, Haleon, Berkeley Group Holdings, The Sage Group, Rolls-Royce Group and Segro ended notably lower.

United States
Following the recovery rally seen during the previous session, stocks turned in a relatively lackluster performance during trading on Tuesday. The major averages fluctuated over the course of the session before eventually closing in negative territory. The Nasdaq slid 184.87 points or 0.8 percent to 21,761.89, the S&P 500 fell 24.63 points or 0.4 percent to 6,556.37 and the Dow dipped 84.41 points or 0.2 percent to 46,124.06. The choppy trading on Wall Street came amid a rebound by the price of crude oil, with international benchmark Brent crude futures surging back above $100 a barrel. Brent crude futures plunged by nearly 11 percent during Monday's trading after President Donald Trump claimed the U.S. and Iran held productive talks to end the conflict in the Middle East. Oil has rebounded as Israel and Iran have continued to exchange strikes, with huge explosions heard in Tehran and other cities, as Iran denied it held talks with the U.S. to end the war. 'Iranian people demand complete and remorseful punishment of the aggressors,' Iranian Parliament Speaker Mohammad Bagher Ghalibaf wrote in response to Trump's comments. He claimed Trump's latest rhetoric 'is used to manipulate the financial and oil markets and escape the quagmire in which the U.S. and Israel are trapped.' Despite the pullback by the broader markets, energy stocks saw substantial strength amid the rebound by the price of crude oil. Reflecting the strength in the sector, the NYSE Arca Oil Index surged by 2.6 percent, the NYSE Arca Natural Gas Index advanced by 1.8 percent and the Philadelphia Oil Service Index climbed by 1.7 percent. Networking stocks also saw continued strength after rallying on Monday, driving the NYSE Arca Networking Index up by 1.9 percent. On the other hand, software stocks showed a significant move to the downside, dragging the Dow Jones U.S. Software Index down by 3.5 percent to its lowest closing level in a month.

Asia
New hopes for an end to the war in Iran are driving share price gains on Asian stock markets midweek. Nevertheless, market participants remain highly sceptical, as the news situation remains rather unclear.

Bonds
In the U.S. bond market, treasuries pulled back sharply, offsetting the rebound seen during Monday's session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 5.8 basis points to a nearly eight-month closing high of 4.392 percent.

Analysis
Bank of America upgrades Richemont to Buy (Neutral) – target price lowered to CHF 175 (190)
Jefferies lowers Renault target price to EUR 31 (34) – Hold
Jefferies lowers Novo Nordisk target price to DKK 270 (275) – Hold

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