Consolidated balance sheet

CHF thousand	Note	31.12.2025	31.12.2024

Assets

Tangible assets	15	945,135	885,083
Intangible assets	16	65,655	69,670
Investments in associates and joint ventures	17	23,840	24,565
Non-current financial assets	18	27,508	29,127
Deferred tax assets	19	34,855	37,203
Other non-current receivables	20	7,576	7,420
Non-current assets		1,104,569	1,053,068

Inventories	21	44,763	56,217
Trade accounts receivable	22	57,961	74,605
Other current receivables	23	67,713	66,197
Prepaid expenses and accrued income	24	304,912	367,482
Current financial assets	25	60,227	1,693
Positive replacement values of held for trading positions	26	105,374	253,489
Cash and cash equivalents	27	338,633	362,595
Current assets		979,583	1,182,278

Total assets		2,084,152	2,235,346

CHF thousand	Note	31.12.2025	31.12.2024

Liabilities and shareholders' equity

Share capital		7,391	7,391
Treasury shares	38	–137	–108
Capital reserves		17,711	28,358
Retained earnings (including group earnings)		1,184,043	1,122,921
Accumulated translation differences		–33,218	–31,346
Shareholders’ equity excluding minorities		1,175,790	1,127,216
Minorities		54,143	53,466
Shareholders’ equity		1,229,933	1,180,682

Non-current provisions	28	24,371	22,064
Deferred tax liabilities	19	21,465	22,386
Non-current financial liabilities	29	159,087	199,343
Other non-current liabilities	30	113,070	105,999
Non-current liabilities		317,993	349,792

Current financial liabilities	29	113,269	85,970
Negative replacement values of held for trading positions	26	47,439	136,133
Current provisions	28	3,458	6,930
Trade accounts payable	31	91,599	100,351
Other current liabilities	32	47,055	70,282
Deferred income and accrued expenses	33	233,406	305,206
Current liabilities		536,226	704,872

Liabilities		854,219	1,054,664

Total liabilities and shareholders’ equity		2,084,152	2,235,346