Financial Report

2.1 Key figures

6 months (unaudited) ended at 30 June, in CHF millions

	2025	2024	Change
Net revenue	563.0	572.5	–1.7 %
EBITDA¹	108.6	109.6	–0.9 %
as % of net revenue	19.3 %	19.1 %	n/a
Operating result (EBIT)	68.9	67.5	+2.1 %
as % of net revenue (EBIT margin)	12.2 %	11.8 %	n/a
Net result	37.9	38.6	–1.8 %
as % of net revenue	6.7 %	6.7 %	n/a
ROCE (LTM)^1,2,3	14.5 %	14.4 %	n/a
Average capital employed¹	822.9	886.5	–7.2 %
Net cash from operating activities	90.3	86.3	+4.6 %
Net cash used in investing activities	–25.3	–20.5	+23.4 %
Free cash flow¹	65.0	65.8	–1.2 %
Net cash used in financing activities	–81.0	–91.4	–11.4 %
Net change in cash and cash equivalents¹	–16.0	–25.6	–37.5 %
Cash, cash equivalents and money market investments	107.1	99.7	+7.4 %
Capital expenditures¹	24.4	19.7	+23.9 %
Total assets	1'084.2	1'180.1	–8.1 %
Equity	330.6	380.7	–13.2 %
as % of total assets	30.5 %	32.3 %	n/a
Number of employees at 30 June	7'839	8'242	–4.9 %
Full-time equivalents at 30 June	7'703	8'094	–4.8 %

The definition of alternative performance measures and adjustments, not defined by Swiss GAAP, are provided in the Half-Year Financial Report 2025 under Alternative Performance Measures.
Adjusted
ROCE is calculated by dividing the operating result (EBIT) of the last twelve months (= LTM) by the average capital employed of the same period.

Including intercompany revenue of CHF 2.4 million in 2025 and CHF 1.6 million in 2024.

6 months (unaudited) ended at June 30th, in CHF

	2025	2024
Earnings per bearer share	2.23	2.27
Market price (high/low) per bearer share	143 / 104	204 / 162

Jul 22, 2025