Balance sheet

Total assets had reduced to CHF 3’268.3 million by the end of 2025 (previous year: CHF 3’489.2 million). Cash and cash equivalents amounted to CHF 309.0 million (previous year: CHF 380.3 million). This decrease in cash and cash equivalents was primarily driven by the purchase of treasury shares totalling CHF 53.4 million and investment expenditure in new and existing financial assets of CHF 24.6 million. Equity reduced to CHF 2’496.1 million from CHF 2’641.4 million in the previous year. This decrease in equity is mainly attributable to the acquisition of treasury shares with an effect of CHF –53.4 million and the revaluation of employee benefits plan assets/liabilities by a net CHF –38.1 million (previous year: CHF 152.4 million, after deferred taxes), which was recognised directly in equity. The positive annual result of CHF 36.6 million (previous year: CHF 31.1 million) was more than offset by a profit distribution of CHF –87.9 million (previous year: CHF –114.2 million).