3.2Financial liabilities

CHF 1,000

31.12.2025

31.12.2024

Bank loans

386,000

281,000

Private placements

40,000

55,000

Bonds

100,000

115,000

Current financial liabilities

526,000

451,000

Bonds

100,000

100,000

Non-current financial liabilities

100,000

100,000

Total financial liabilities

626,000

551,000

As at 31 December 2025 and 2024, neither properties nor other assets were pledged to secure available credit lines. Credit lines with Swiss banks (without securities) totalled CHF 600 million (31.12.2024: CHF 600 million), of which CHF 214 million was unused as at 31 December 2025 (31.12.2024: CHF 319 million).

In 2025, a CHF 100 million bond, maturing on 14 February 2028, was issued with a coupon of 1.10%.

In 2024, a CHF 100 million bond, maturing on 16 October 2026, was issued with a coupon of 1.45%.

As at the balance sheet date, the following bonds are outstanding:

ISIN

CH 1357852784

CH1405472023

Trading currency

CHF

CHF

Issuing volume

100 million

100 million

Listing

SIX Swiss Exchange

SIX Swiss Exchange

Coupon

1.45%

1.10%

Tenor

2 years and 2 months

3 years

Payment date

16 Aug 2024

14 Feb 2025

Redemption date

16 Oct 2026

14 Feb 2028

As at the balance sheet date, amounts falling due are as follows:

CHF 1,000

Due within the first year

Due within the second year

Due within the third year and beyond

31.12.2025

Interest rate

Bank loans

386,000

-

-

386,000

0-2%

Private placements

40,000

-

-

40,000

0-1%

Bonds

100,000

100,000

200,000

1-2%

Total financial liabilities

526,000

-

100,000

626,000

CHF 1,000

Due within the first year

Due within the second year

Due within the third year and beyond

31.12.2024

Interest rate

Bank loans

281,000

-

-

281,000

1-2%

Private placements

55,000

-

-

55,000

1-2%

Bonds

115,000

100,000

-

215,000

0-2%

Total financial liabilities

451,000

100,000

-

551,000

The interest maturity periods correspond to the above-listed maturities. The weighted average interest rate of the outstanding financial liabilities as at 31 December 2025 stands at 0.88% (31.12.2024: 1.05 %).

Accounting principles

Financial liabilities are stated at nominal value.

Issuance costs, reduced by the amount of the premium, are charged in full to the income statement upon issue of the bond.

Bonds due for repayment within the next 12 months are reported under current financial liabilities.