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.