Financial Report

2.1 Key figures

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

	2026	2025	Change
Net revenue	582.7	563.0	+3.5 %
EBITDA¹	115.5	108.6	+6.4 %
as % of net revenue	19.8 %	19.3 %	n/a
Operating result (EBIT)	75.7	68.9	+9.9 %
as % of net revenue (EBIT margin)	13.0 %	12.2 %	n/a
Net result	40.8	37.9	+7.7 %
as % of net revenue	7.0 %	6.7 %	n/a
ROCE (LTM)^1,3	18.3 %	14.5 %²	n/a
Average capital employed¹	783.2	822.9	–4.8 %
Net cash from operating activities	76.7	90.3	–15.1 %
Net cash used in investing activities	–62.4	–25.3	+146.6 %
Free cash flow¹	14.3	65.0	–78.0 %
Net cash used in financing activities	–56.7	–81.0	–30.0 %
Net change in cash and cash equivalents¹	–42.4	–16.0	+165.0 %
Cash, cash equivalents and money market investments	83.6	107.1	–21.9 %
Capital expenditures¹	26.8	24.4	+9.8 %
Total assets	1'114.9	1'084.2	+2.8 %
Equity	355.3	330.6	+7.5 %
as % of total assets	31.9 %	30.5 %	n/a
Number of employees at 30 June	7'919	7'839	+1.0 %
Full-time equivalents at 30 June	7'749	7'703	+0.6 %

The definition of alternative performance measures and adjustments, not defined by Swiss GAAP, are provided in the Half-Year Financial Report 2026 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 0.6 million in 2026 and CHF 0.7 million in 2025.

Including intercompany revenue of CHF 1.9 million in 2026 and CHF 2.4 million in 2025.

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

	2026	2025
Earnings per bearer share	2.31	2.23
Market price (high/low) per bearer share	172 / 135	143 / 104

Jul 23, 2026