15Tangible assets

Land and buildings connected with power generation and grid facilities are stated under generation and grid assets.

The stated grants / contributions received are essentially contributions received in connection with the total modernisation of the Campocologno (CHF 3,200 thousand), Ferrera (CHF 940 thousand) and Silvaplana (CHF 870 thousand) plants and others (CHF 645 thousand) (prior year CHF 10,755 thousand, essentially for the total modernisation of Robbia power plant).

The additions from changes in consolidation in the amount of CHF 22,709 thousand relate to the tangible assets of Resol Ciminna S.r.l. Repower acquired all the remaining shares. Resol Ciminna S.r.l., which was previously recognised as a joint venture at equity, is fully included in the consolidated financial statements.

The additions from asset acquisition in the 2025 financial year comprise CHF 1,562 thousand for the agrivoltaic project of acquisition ESE Rizzuto S.r.l. and CHF 325 thousand for the hydropower project of acquisition B. Energie Castello di Annone S.r.l. Total additions come to CHF 1,887 thousand (prior year CHF 4,277 thousand for the Tre Rinnovabili S.r.l. power generation project).

The balance of pledged tangible assets relates exclusively to the Market Italy segment, in particular the Renewable business.

Impairment of tangible assets

Impairments were recognised in the Market Switzerland segment in 2025 and 2024, and in 2025 there were also impairments in the Market Italy segment. The main items are explained in the notes.

Market Switzerland segment

Taschinas power plant benefits from guaranteed electricity prices until 2036, but from 2037 will be subject to market price volatility. Owing to lower price forecasts, the earnings prospects were revised downwards, which led to an impairment of CHF 3,876 thousand (previous year CHF 1,659 thousand).

The impairment test as of 31 December 2025 showed that the carrying amount of Silvaplana power plant exceeded its recoverable value. Accordingly, an impairment loss of CHF 4,560 thousand was recognised in profit or loss and the carrying amount was reduced.

Owing to lower price forecasts, the earnings prospects for Ferrera power plant were revised downwards, which led to an impairment of CHF 848 thousand (previous year CHF 0 thousand).

The guaranteed electricity prices for wind power installations in Germany will gradually expire in the coming years, meaning that power generation will increasingly be subject to market price fluctuations. Owing to lower price forecasts, the earnings prospects were revised downwards, which led to an impairment of CHF 3,059 thousand (previous year CHF 0 thousand).

Market Italy segment

As of 31 December 2025, an impairment loss of CHF 2,834 thousand was recognised for Teverola combined cycle gas turbine plant. This was triggered by a decline in the clean spark spread in conjunction with lower revenue from the capacity market in Italy.

Leased power plants

The net carrying amount of the generation assets held as part of the finance leasing agreement, which are recognised in power plants, totalled CHF 7,267 thousand (prior year: CHF 7,999 thousand) at the closing date.

Total lease liabilities come to CHF 3,169 thousand (prior year: CHF 4,004 thousand).