3. FINANCING
3.2 Financial liabilities
CHF 1,000 | 30.06.2026 | 31.12.2025 |
|---|---|---|
Bank loans | 325,000 | 386,000 |
Private placements | 100,000 | 40,000 |
Bonds | 100,000 | 100,000 |
Current financial liabilities | 525,000 | 526,000 |
Bonds | 100,000 | 100,000 |
Non-current financial liabilities | 100,000 | 100,000 |
Total financial liabilities | 625,000 | 626,000 |
As at 30 June 2026 and 31 December 2025, neither properties nor other assets were pledged to secure available credit lines. Credit lines with Swiss banks (without securities) totalled CHF 500 million (31.12.2025: CHF 600 million), of which CHF 175 million was unused as at 30 June 2026 (31.12.2025: CHF 214 million).
In the first half 2025, the CHF 115 million bond, maturing on 14 February 2025, with a coupon of 0.25%, was paid on the redemption date. Furthermore, a CHF 100 million bond, maturing on 14.02.2028, was issued with a coupon of 1.10%.
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 | 30.06.2026 | Interest rate |
|---|---|---|---|---|---|
Bank loans | 325,000 | - | - | 325,000 | 0-1% |
Private placements | 100,000 | - | - | 100,000 | 0-1% |
Bonds | 100,000 | 100,000 | - | 200,000 | 1-2% |
Total financial liabilities | 525,000 | 100,000 | - | 625,000 | |
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 |
The interest maturity periods correspond to the above-listed maturities. The weighted average interest rate of the outstanding financial liabilities as at 30 June 2026 stands at 0.90% (31.12.2025: 0.88%).
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. |
3.1 Financial result
CHF 1,000 | 1st half 2026 | 1st half 2025 |
|---|---|---|
Share of profit of associates | - | 943 |
Share of loss of associates | –20 | - |
Total result from associates | –20 | 943 |
Interest income | 38 | 75 |
Income from disposal of financial assets | 10,176 | - |
Other financial income | 2 | 17 |
Total financial income | 10,216 | 93 |
Interest expenses | –2,863 | –3,260 |
Other financial expenses | –26 | –275 |
Total financial expenses | –2,889 | –3,535 |
Total financial result | 7,307 | –2,499 |
The weighted average interest rate was 0.92% (1st half 2025: 1.10%). The weighted average interest rate of the outstanding financial liabilities as at 30 June 2026 stands at 0.90% (31.12.2025: 0.88%).
In the first half 2026, income from disposal of financial assets relates to the gain on the sale of the minority interests in PHM Group TopCo Oy and in Nexthink SA (see Note 4.1).
Accounting principles |
|---|
The financial result includes the result from associates, interest income and expenses, exchange rate differences, gains and losses on securities and other financial income and expenses. |