CONSOLIDATED STATEMENT OF CASH FLoWS

CHF 1,000	Note	1st half 2026	1st half 2025
Net profit		67,586	80,215
Financial result and income taxes		2,763	15,497
Operating profit (EBIT)		70,348	95,712
Revaluation of investment properties	2.2	–43,683	–70,515
Depreciation and amortisation		53	62
Income from disposal of properties	2.4	-	–812
Other non-cash items		–17	–11
Changes in net working capital
Trade receivables		–1,118	–519
Other receivables and prepaid expenses		–17	–271
Properties held for sale	2.4	-	5,591
Trade payables		1,288	–224
Other liabilities and accrued expenses		2,607	2,924
Income taxes paid excl. taxes on disposal of investment properties		–7,497	–5,995
Cash flow from operating activities		21,964	25,942
Investments in investment properties	2.2	–3,693	–72,911
Disposal of investment properties	2.4	-	1,642
Income taxes paid relating to the disposal of investment properties	2.4	-	–1,305
Purchase of tangible fixed assets and intangible assets		–88	-
Disposal of tangible fixed assets and intangible assets		-	11
Repayment of loans by related parties		-	19
Investments in financial assets		–0	–4
Disposal of financial assets and repayment of loans by third parties		24,831	500
Interest received		2	51
Cash flow from investing activities		21,051	–71,996
Bond issuance	3.2	-	99,769
Repayment of bond	3.2	-	–115,000
Repayment of current financial liabilities, net		–1,000	103,000
Distribution to shareholders		–38,308	–33,170
Purchase of treasury shares		-	–2,930
Interest paid		–2,669	–2,495
Cash flow from financing activities		–41,977	49,173
Net change in cash and cash equivalents		1,038	3,119
Cash and cash equivalents at beginning of period		1,205	2,145
Cash and cash equivalents at end of period		2,243	5,264

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