What Orell Füssli AG does

Orell Füssli AG is a 506-year-old Swiss industrial and trading group headquartered in Zurich, operating across three reportable segments: Security Printing, Education, and Digital Credentials. The Security Printing segment produces banknotes, identity documents, and security documents for central banks and governments worldwide, including the Swiss National Bank (since 1914) and Swiss passports (since 1959), with international central bank clients. The Education segment operates 50+ retail bookstores and e-commerce in German-speaking Switzerland via the 50%-owned Orell Füssli Thalia AG joint venture, and publishes legal texts, learning media, and children's books through Orell Füssli Verlage AG and acquired brands hep Verlag (2022) and Verlag SKV (2025). The Digital Credentials segment is anchored by Procivis AG (majority stake acquired in 2021), which operates the Procivis ONE decentralized digital identity platform.

The company's underlying technology stack spans four distinct systems: (1) advanced banknote and ID document printing with proprietary security features for sovereign clients; (2) Zeiser's serialization and traceability systems for security documents, pharma, and industry; (3) the Procivis ONE platform for decentralized digital identities, verifiable credentials, and eIDAS 2.0-aligned identity infrastructure (positioned within the EU WE BUILD Consortium of 180+ organizations across 30 countries); and (4) the LERN:GALAXIE digital learning platform with the NAVE AI learning coach, acquired with Verlag SKV. Atlantic Zeiser (now Zeiser GmbH) was acquired in 2002 and operates as a wholly owned subsidiary for industrial serialization.

The business model is a hybrid of three revenue streams: enterprise B2G contracts (quote-based security printing to central banks and governments, characterized by long cycles and high switching costs), subscription and recurring digital identity fees (Procivis ONE sold to public-sector and institutional clients), and consumer/retail revenue (bookstore sales, e-commerce, and B2B/B2C publishing). The company is publicly listed on the SIX Swiss Exchange since 1897, with the Swiss National Bank as its largest shareholder since 1991, and reports FY2025 revenue of CHF 272.8 million and adjusted EBIT of CHF 29.8 million across 684 employees. The Ambition 2028 strategy targets CHF 300 million in revenue, an EBIT margin of ≥8%, 60-80% dividend distribution, and CHF 30-50 million from new digital ventures.

Name

Orell Füssli AG

Legal name

Orell Füssli AG

Website

https://orellfuessli.com

Company type

Public

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Orell Füssli AG is a 506-year-old Swiss security printer, publisher, and book retailer that produces banknotes, identity documents, and specialized learning media for central banks, governments, and German-speaking Swiss consumers, with a digital identity platform via Procivis ONE.

Ownership category

akta.pro rank

Product category

Security Printing and Document Solutions

NAICS

Software Publishers (5132)

akta.pro primary industry

Coin & Currency Logistics (Mint-to-Bank Distribution) (BPAKAIAD)

akta.pro secondary industry

De-identification, Tokenization & Privacy-Preserving Data Platforms (HLACAIAK)

Keywords

• Security printing services
• Banknote production
• Identity document printing
• Digital identity platform
• Book retailing

Headquarters

HQ city

Zürich

HQ country

Switzerland

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Supply Chain, Marketing or Sales, Infrastructure, Others

Revenue model

1. Security Printing & Serialization: Revenue from printing banknotes, identity documents, and security features for central banks and government authorities worldwide. Includes serialization technology and tracking solutions provided by Zeiser.
2. Book Retailing: Revenue from retail bookstore operations through Orell Füssli Thalia AG (50% owned joint venture), including physical bookstore chain (50+ locations in German-speaking Switzerland) and e-commerce services for books, plus logistics for libraries and corporate clients.
3. Publishing: Revenue from publishing learning media, legal publications, and children's books through Orell Füssli Verlage (including hep Verlag, Orell Füssli Kinderbuch, Orell Füssli Juristische Medien, SKV Verlag). Revenue model includes both physical book sales and digital learning media.
4. Digital Credentials & Identity Solutions: Revenue from Procivis subsidiary developing digital identity and verifiable credential solutions with international potential, including Business Wallets, KYC/KYE/KYS digitalization, and B2B payment solutions.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

Orell Füssli AG is a Swiss industrial and trading group founded in 1519 that operates three core business segments: Security Printing (banknotes, identity documents such as passports, and serialization technologies through subsidiary Zeiser), Education (book retailing via the Orell Füssli Thalia AG joint venture operating 50+ bookstores in German-speaking Switzerland, plus publishing of learning media, legal publications, and children's books), and Digital Credentials (the Procivis ONE decentralized digital identity platform compliant with eIDAS 2.0). The company serves central banks, government authorities, enterprises, and Swiss consumers with custom printing solutions, retail and publishing services, and verifiable digital identity infrastructure.

Product overview

Orell Füssli AG operates a diversified portfolio of products and services organized across three core business segments: Security, Education, and Digital Credentials. In Security, the company offers banknote and identity document printing through Orell Füssli Security Printing (OFS) and serialization technologies through Zeiser. In Education, Orell Füssli operates book retailing through its 50%-owned subsidiary Orell Füssli Thalia AG (with 50+ bookstores) and publishes learning media, legal publications, and children's books through Orell Füssli Verlage AG and its acquired brand hep Verlag. In Digital Credentials, Procivis ONE provides a modular platform for decentralized digital identities and verifiable credentials, including the Procivis One Business Wallet for KYC/KYE/KYS processes and B2B payments. The digital learning platform LERN:GALAXIE features NAVE, an AI learning coach. Founded in 1519 and listed on SIX Swiss Exchange, the company employs 684 people with 2025 revenue of CHF 272.8 million.

Differentiator

Problem solved

Functional benefit

Brands

• Orell Füssli Sicherheitsdruck: Security printing solutions for banknotes, identity documents, and security features
• Orell Füssli Verlage
• Zeiser
• Procivis One
• Orell Füssli Thalia AG
• LERN:GALAXIE
• Globi
• hep Verlag

Products and services

• Orell Füssli Security Printing Security printing services for central banks and issuing authorities worldwide, including banknotes, value documents, and identity documents such as passports on various substrates, with innovative security features and comprehensive design services. Has produced Swiss banknotes for the Swiss National Bank since 1914 and Swiss passports for the Federal Government since 1959.
• Zeiser Serialization Technology Serialization and numbering technologies that provide security documents with unique and traceable identities, supporting governmental and private security printing companies globally in product customization and lifecycle tracking. Among the world's leading providers of document tracking and authentication solutions.
• Procivis ONE Digital Identity Platform A modular and scalable technology platform for decentralized digital identities and verifiable credentials, eIDAS 2.0 compliant, enabling secure digital interactions for governments, businesses, and citizens. Includes Business Wallet for KYC/KYE/KYS processes, B2B payment solutions, and microcredentials.
• Orell Füssli Book Retailing (Orell Füssli Thalia AG) Omnichannel book retailing operations with over 50 bookstores in German-speaking Switzerland and e-commerce services for books, plus logistics services for libraries and corporate clients. Orell Füssli holds a 50% stake in Orell Füssli Thalia AG and is the market leader in Swiss book retailing with 50%+ market share.
• Orell Füssli Publishers (Verlage) Publishing division focusing on learning media, legal publications, and children's books, with imprints including Verlag SKV, Orell Füssli Juristische Medien (OFJ), and Orell Füssli Kinderbuch (including Globi and Papa Moll). Operated through Orell Füssli Verlage AG as a wholly owned subsidiary.
• hep Verlag Learning Media Bern-based publisher acquired in 2022, specializing in Swiss learning media and educational content for schools and educational institutions. Operates as a wholly owned subsidiary of Orell Füssli AG.
• LERN:GALAXIE Digital Learning Platform Digital learning platform provided by Verlag SKV that incorporates NAVE, an AI-powered learning coach identifying individual learner strengths, suggesting relevant content, and providing personalized learning support for vocational and continuing education in Switzerland.

Quantifiable outcome

• Ambition 2028: CHF 300m revenue, ≥8% EBIT margin, CHF 30-50m from new digital ventures, 60-80% dividend distribution

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature4 records

Partnerships

Ten partnerships are on record, tiered flagship and core.

• Procivis (Orell Füssli subsidiary) in WE BUILD ConsortiumflagshipStrategic or Co-development Partner · 10 December 2025Procivis, a majority-owned subsidiary of Orell Füssli since 2021, is a beneficiary partner in the WE BUILD Consortium — a large-scale pilot co-financed by the European Commission. The consortium brings together over 180 organizations from 30 countries to test practical business solutions for digital identity, KYC/KYE/KYS, B2B payments, and microcredentials. Procivis provides the technology infrastructure (Procivis One) for production-ready, eIDAS 2.0 compliant digital credentials.
• BundesanzeigercoreStrategic or Co-development PartnerBundesanzeiger is a consortium member alongside Procivis in the WE BUILD project, collaborating on digital identity and business verification solutions for European enterprises.
• SBB (Swiss Federal Railways)coreStrategic or Co-development PartnerSBB is a consortium member alongside Procivis in the WE BUILD project, collaborating on digital identity solutions for European cross-border business.
• Deutsche BankcoreStrategic or Co-development PartnerDeutsche Bank is a consortium member alongside Procivis in the WE BUILD project, working on digital identity and KYC solutions for banking compliance including the upcoming European AML regulation.
• CommerzbankcoreStrategic or Co-development PartnerCommerzbank is a consortium member alongside Procivis in the WE BUILD project, collaborating on digital identity and business verification solutions for banking.
• Banca Intesa SanpaolocoreStrategic or Co-development PartnerBanca Intesa Sanpaolo is a consortium member alongside Procivis in the WE BUILD project, collaborating on digital identity and KYC solutions for European banking.
• CaixaBankcoreStrategic or Co-development PartnerCaixaBank is a consortium member alongside Procivis in the WE BUILD project, working on digital identity and B2B payment solutions for European enterprises.
• BoschcoreStrategic or Co-development PartnerBosch is a consortium member alongside Procivis in the WE BUILD project, collaborating on digital identity and business verification solutions for industrial applications.
• Procivis in WE BUILD ConsortiumflagshipStrategic or Co-development PartnerProcivis provides technology for the WE BUILD Consortium — a European Commission co-financed initiative with 180+ organizations across 30 countries. The partnership focuses on KYC/KYE/KYS digitization, B2B payment solutions, and microcredentials using Procivis One Business Wallet and digital credentials.
• Orell Füssli Thalia AG (Joint Venture)coreStrategic or Co-development PartnerOrell Füssli holds a 50% stake in Orell Füssli Thalia AG, an omnichannel book retail company operating 50+ bookstores in German-speaking Switzerland with e-commerce services, and providing logistics for libraries and corporate clients.

Scale indicators9 records

Recent moves6 records

Expansion highlights9 records

Direct peers

• Veridos: Joint venture between Giesecke+Devrient and Bundesdruckerei producing passports, ID cards and digital identity solutions for governments. Competes directly with Orell Füssli/Procivis for sovereign identity contracts.
• Thalia Holding: German omnichannel bookstore chain that is the JV partner in Orell Füssli Thalia AG; operates shared book retail and logistics infrastructure in German-speaking markets. Most direct comparable to Orell Füssli's retail/publishing segment.
• De La Rue: UK-listed global commercial banknote and security printer, also active in identity and authentication. Closest public-market peer to Orell Füssli's banknote and identity document printing core.
• Giesecke+Devrient: Munich-based privately held competitor that prints banknotes, passports, ID documents and provides digital identity and security solutions. Most direct comparable to Orell Füssli's security printing and Procivis digital identity businesses.

Emerging players

• MATTR: Verifiable credentials and digital trust infrastructure provider. Smaller, focused competitor to Procivis ONE in the decentralised identity / verifiable credentials space, particularly in government and education credentials.
• Namirial: European digital trust, e-signature and identity verification provider serving regulated industries. Comparable to Procivis in offering trusted digital identity and credential workflows for EU compliance use cases.

Broad incumbents

• SICPA: Swiss-headquartered global provider of security inks and integrated security solutions for banknotes and identity documents. Core competitive incumbent to Orell Füssli's security printing business and a former employer of its MD Security Printing.
• Idemia: Global leader in identity and security solutions, producing biometric passports, ID cards and digital identity platforms for governments and enterprises. Overlaps directly with Orell Füssli's security and digital credentials portfolio.
• Thales: Large French multinational whose Digital Identity & Security (now Entrust-era Thales DIS) segment provides biometric IDs, secure documents and digital identity platforms. Competes with both the printing and Procivis parts of Orell Füssli.

Regional players

• Ex Libris: Swiss online and physical book retailer directly competing with Orell Füssli Thalia AG in the Swiss market. Most relevant regional peer for the consumer book business.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Orell Füssli AG