8Annual impairment testing of investments and loans

Investments and loans were tested for impairment as at 31 December 2025. Their values in use were calculated using the discounted cash flow (DCF) method, and the calculation did not lead to a value adjustment for loans (previous year: CHF 0.4 million). For the investments, the analysis led to a reversal of value allowances of CHF 5.2 million (previous year: CHF 11.7 million) and a new value adjustment of CHF 8.1 million (previous year: CHF 91.8 million).