Financing
Net debt
At the end of 2025, net liquidity amounted to CHF 88.2 million (previous year: CHF 137.1 million). This corresponds to a decrease of 35.7% year on year, primarily attributable to the decrease in cash and cash equivalents. Financial liabilities decreased slightly, mainly due to leasing. With net liquidity being positive, no debt factor can be calculated.
in CHF mn | 31.12.2025 | 31.12.2024 | Change |
|---|---|---|---|
Current financial liabilities | 67.3 | 59.8 | 12.5% |
of which financial liabilities from leases | 63.6 | 58.9 | 7.8% |
Non-current financial liabilities | 153.5 | 183.5 | -16.3% |
of which financial liabilities from leases | 144.9 | 166.8 | -13.1% |
Cash and cash equivalents | 309.0 | 380.3 | -18.8% |
Net liquidity / (net debt) 1 | 88.2 | 137.1 | -35.7% |
Cash flow from / (used in) operating activities | 190.6 | 266.7 | -28.5% |
Debt factor 2 | – | – | n.a. |
Net liquidity / (net debt) less leases 3 | 296.7 | 362.8 | -18.2% |
1Current and non-current financial liabilities less cash and cash equivalents.
2Net debt to cash flow from / (used in) operating activities.
3Current and non-current financial liabilities (less leases) less cash and cash equivalents.
Cash flow
in CHF mn | 31.12.2025 | 31.12.2024 | Change |
|---|---|---|---|
Net income / (loss) (EAT) | 36.6 | 31.1 | 17.6% |
Cash flow from / (used in) operating activities | 190.6 | 266.7 | -28.5% |
Cash flow from / (used in) investing activities | -46.4 | 4.1 | n.a. |
of which investments in property, plant and equipment and intangible assets | -31.8 | -34.5 | -8.0% |
Cash flow after investing activities (FCF) | 144.2 | 270.8 | -46.8% |
of which cash flow after investing activities in property, plant and equipment and intangible assets (FCF b. M&A) | 162.6 | 232.2 | -30.0% |
Cash flow from / (used in) financing activities | -215.3 | -177.9 | 21.0% |
Change in cash and cash equivalents | -71.3 | 93.1 | n.a. |
Cash flow from/(used in) operating activities
Despite higher EBITDA, cash flow from/(used in) operating activities decreased by CHF 76.1 million from the previous year to CHF 190.6 million. This decrease is mainly attributable to the extraordinary dividend payment by SMG Swiss Marketplace Group Holding AG in the previous year (CHF 70.7 million). Other factors were the change in net working capital (CHF –19.2 million), the CHF –10.8 million change in non-current provisions, and the decline in interest income (CHF –10.3 million).
Cash flow after investing activities (FCF) and cash flow after investing activities in property, plant and equipment and intangible assets (FCF b. M&A)
The significant decrease in cash flow after investing activities (FCF) can be attributed to the lower cash flow from operating activities as well as the negative cash flow from investing activities, which changed from CHF 4.1 million to CHF –46.4 million. This is primarily due to the absence of significant effects from the previous year (net income from corporate transactions of CHF 15.9 million and the sale of other financial assets of CHF 33.9 million). The purchase of further shares in SMG Swiss Marketplace Group Holding AG in the amount of CHF 13.3 million in 2025 had a further negative impact on cash flow from investing activities. Net investments in property, plant and equipment and intangible assets amounted to CHF –31.8 million (previous year: CHF –34.5 million) – a slight decline.
Cash flow from/(used in) financing activities
Cash flow from/(used in) financing activities amounted to CHF –215.3 million (previous year: CHF –177.9 million). The higher outgoing cashflow compared with the previous year is mainly due to the purchase of treasury shares, which resulted in a cash outflow of CHF 53.4 million.