Changes in consolidated shareholders’ equity

CHF thousand	Share capital	Treasury shares	Capital reserves	Retained earnings	Accumulated translation differences	Shareholders' equity excluding minorities	Minorities	Total shareholders' equity

Equity at 1 January 2024	7,391	–68	87,483	988,195	–31,740	1,051,261	89,683	1,140,944
Group earnings	-	-	-	134,486	-	134,486	3,726	138,212
Effect of currency translation	-	-	-	-	390	390	2,530	2,920
Dividends	-	-	–59,125	-	-	–59,125	–622	–59,747
Purchase/sale of treasury shares	-	–40	-	-	-	–40	-	–40
Changes in consolidation	-	-	-	299	-	299	2,736	3,035
Reclassifications	-	-	-	–59	4	–55	55	-
Purchase/sale of minorities	-	-	-	-	-	-	–44,642	–44,642
Equity at 31 December 2024	7,391	–108	28,358	1,122,921	–31,346	1,127,216	53,466	1,180,682

Equity at 1 January 2025	7,391	–108	28,358	1,122,921	–31,346	1,127,216	53,466	1,180,682
Group earnings	-	-	-	97,919	-	97,919	2,770	100,689
Effect of currency translation	-	-	-	-	–1,872	–1,872	–376	–2,248
Dividends	-	-	–10,642	–37,395	-	–48,037	–1,270	–49,307
Purchase/sale of treasury shares	-	–29	–5	-	-	–34	-	–34
Changes in consolidation	-	-	-	598	-	598	4	602
Purchase/sale of minorities	-	-	-	-	-	-	–451	–451
Equity at 31 December 2025	7,391	–137	17,711	1,184,043	–33,218	1,175,790	54,143	1,229,933

The share capital consists of 7,390,968 (prior year 7,390,968) fully paid-up registered shares, each with a nominal value of CHF 1.00. Each share entitles the holder to one vote at the annual general meeting and, provided a distribution is resolved by the annual general meeting, to a dividend.

The non-distributable, statutory or legal reserves of Repower AG come to CHF 3,695 thousand (prior year CHF 3,695 thousand).

Consolidated balance sheet

Consolidated cash flow statement