3.1Capital management

The capital defined in the context of capital management corresponds to reported equity.

Capital management ensures that the necessary capital for operational activities can be made available from funds earned by the Group itself and that financial liabilities can usually be settled from the Groupʼs own funds within a period of three to five years. The aim is to report an equity ratio that is significantly higher than 50% over the long term.

To smooth out fluctuations caused by irregular events over the years and to ensure better planning, the Group is aiming for a dividend payout in the region of 30% to 50% of free cash flow before M&A after dividends to non-controlling interests and repayment of lease liabilities. A dividend of CHF 4.00 has been proposed for the 2025 financial year. A dividend of at least CHF 4.00 per share is to be proposed for 2026.