CONSOLIDATED BALANCE SHEET

CHF 1,000	Note	31.12.2025	31.12.2024
Cash and cash equivalents		1,205	2,145
Trade receivables	4.1	2,340	2,920
Other receivables		2,326	3,002
Properties held for sale	2.2	2,683	4,791
Prepaid expenses and accrued income		4,508	1,991
Total current assets		13,063	14,850

Investment properties	2.2	2,235,389	1,990,457
Tangible fixed assets	4.2	129	242
Intangible assets	4.2	0	3
Financial assets	4.4	36,948	73,469
Total non-current assets		2,272,466	2,064,171

Total assets		2,285,529	2,079,021

Current financial liabilities	3.2	526,000	451,000
Trade payables		4,912	4,139
Other liabilities		3,803	4,079
Accrued expenses and deferred income		22,073	24,064
Total current liabilities		556,787	483,282

Bonds	3.2	100,000	100,000
Provisions	3.3	277	277
Deferred tax liabilities	1.3	174,463	155,957
Total non-current liabilities		274,740	256,234

Total liabilities		831,527	739,516

Share capital		1,280	1,280
Capital reserves		–736	–953
Treasury shares		–4,284	–2,526
Retained earnings		1,457,742	1,341,703
Total shareholdersʼ equity	3.4	1,454,002	1,339,505

Total shareholdersʼ equity and liabilities		2,285,529	2,079,021

The disclosures in the notes form an integral part of the consolidated financial statements.