26Replacement values of held-for-trading positions
|
CHF thousand |
31.12.2025 |
31.12.2024 |
|
|
|
|
|
Net replacement values |
57,935 |
117,356 |
|
|
|
|
|
Positive replacement values |
105,374 |
253,489 |
|
Negative replacement values |
–47,439 |
–136,133 |
The replacement values of held-for-trading positions, which include forwards concluded to achieve trading income or margins in the energy trading business, fell by CHF 59,421 thousand, predominantly affecting the Market Switzerland segment (see Note 35).