22 Equity and earnings per share
Share and participation capital
| Number | Capital in CHF | |||
|---|---|---|---|---|
| Registered shares, nominal value CHF 0.10 | 67 077 452 | 6 707 745 | ||
| Participation certificates, nominal value CHF 0.10 | 40 716 831 | 4 071 683 | ||
| Total | 107 794 283 | 10 779 428 |
There were no changes in the share and participation capital compared to the previous year.
Each participation certificate entitles the holder to a proportionate share of retained earnings and liquidation proceeds based on its nominal value. Participation certificates do not grant voting rights or other membership rights, including the right to attend General Meetings of Shareholders.
Earnings per share
| 2025 | 2024 | |||
|---|---|---|---|---|
| Number of shares and participation certificates | 107 794 283 | 107 794 283 | ||
| Average number of treasury shares | –704 664 | –263 998 | ||
| Basic average number of outstanding shares | 107 089 619 | 107 530 285 | ||
| Treasury shares for share-based payment plans | 221 659 | 165 151 | ||
| Diluted average number of outstanding shares | 107 311 277 | 107 695 436 | ||
| Net profit attributable to Schindler shareholders in CHF million | 1 015 | 950 | ||
| Basic earnings per share in CHF | 9.48 | 8.83 | ||
| Diluted earnings per share in CHF | 9.46 | 8.82 |
Dividends
On March 25, 2025, the Annual General Meeting of Schindler Holding Ltd. approved an ordinary dividend of CHF 6.00 per registered share and participation certificate (previous year: CHF 4.00 ordinary dividend and CHF 1.00 extraordinary dividend). Subsequently, dividends in the amount of CHF 643 million were paid out on March 31, 2025 (previous year: CHF 538 million).
The Board of Directors proposes to the General Meeting of Shareholders the payment of an ordinary dividend of CHF 6.00 and an extraordinary dividend of CHF 0.80 per share and participation certificate for the reporting year 2025. This corresponds to a total gross dividend payment of CHF 733 million. The dividend payment will be recognized in equity in the period in which the distribution is approved by the General Meeting of Shareholders.
Treasury shares
Treasury shares comprise registered shares and participation certificates of Schindler Holding Ltd.
Treasury shares are recognized as a deduction from equity and are measured at acquisition costs with no subsequent remeasurement.
Gains and losses from the sale of treasury shares are recognized in equity.
| Registered shares | Participation certificates | |||||||
|---|---|---|---|---|---|---|---|---|
| In CHF million | Number | Value | Number | Value | ||||
| January 1, 2024 | 218 408 | 36 | 16 009 | 3 | ||||
| Purchases | 36 200 | 9 | 227 511 | 56 | ||||
| Share-based payments | ||||||||
| Allocation of shares | –73 284 | –16 | – | – | ||||
| Exercise of PSUs and options | –25 851 | –6 | – | – | ||||
| Difference in value | 6 | – | ||||||
| December 31, 2024 | 155 473 | 29 | 243 520 | 59 | ||||
| thereof reserved for share buyback program | 36 200 | 127 511 | ||||||
| thereof reserved for share-based payment plans | 119 273 | 116 009 | ||||||
| January 1, 2025 | 155 473 | 29 | 243 520 | 59 | ||||
| Purchases | 169 763 | 46 | 651 957 | 185 | ||||
| Disposals | –103 232 | –29 | – | – | ||||
| Share-based payments | ||||||||
| Allocation of shares | – | – | –60 885 | –18 | ||||
| Exercise of PSUs and options | – | – | –30 368 | –7 | ||||
| Difference in value | 12 | 4 | ||||||
| December 31, 2025 | 222 004 | 58 | 804 224 | 223 | ||||
| thereof reserved for share buyback program | 205 963 | 676 068 | ||||||
| thereof reserved for share-based payment plans | 16 041 | 128 156 | ||||||
Share buyback program
In October 2024, the Board of Directors of Schindler Holding Ltd. decided to launch a share buyback program for registered shares and participation certificates in the combined amount of up to CHF 500 million. The buyback program will run for a maximum of three years (2024–2026) at market prices. The maximum buyback volume per day is 4 524 for registered shares and 23 759 for participation certificates.
As of December 31, 2025, a total of 205 963 registered shares and 676 068 participation certificates were repurchased (December 31, 2024: 36 200 registered shares and 127 511 participation certificates). The Board of Directors intends to propose capital reductions by canceling the repurchased registered shares and participation certificates at future General Meetings of Shareholders.
Other reserves
Other reserves comprise cash flow hedge reserves of CHF –3 million (previous year: CHF 8 million). In the previous year, other reserves additionally comprised accumulated changes in fair value of CHF –1 million arising from debt instruments measured at fair value.
Non-controlling interests
On April 30, 2025, Schindler acquired additional equity interests of 41% in Volkslift Schindler Elevator Co. Ltd., China (Volkslift). Schindler has since held a 90% equity stake in Volkslift. On September 30, 2024, Schindler acquired additional equity interests in XJ-Schindler Elevator Co. Ltd., China (XJ-Schindler), of 14.3%. Schindler has since held a 90% equity stake in XJ-Schindler.
Both transactions were accounted for as equity transactions with non-controlling interests, as outlined below:
| 2025 | 2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In CHF million | Volkslift | Others | Total | XJ-Schindler | Others | Total . | ||||||
| Equity attributable to non-controlling interests | 6 | – | 6 | 7 | 1 | 8 | ||||||
| Equity attributable to Schindler shareholders | 101 | 1 | 102 | 93 | – | 93 | ||||||
| Total acquisition of non-controlling interests | 107 | 1 | 108 | 100 | 1 | 101 | ||||||
| Liability towards non-controlling interests | –87 | –87 | –81 | –81 | ||||||||
| Total impact on equity | 20 | 1 | 21 | 19 | 1 | 20 | ||||||
| thereof attributable to non-controlling interests | 6 | – | 6 | 7 | 1 | 8 | ||||||
| thereof attributable to Schindler shareholders | 14 | 1 | 15 | 12 | – | 12 | ||||||
| Cash and cash equivalents paid | 108 | 51 | ||||||||||
| Deferred purchase consideration | – | 50 | ||||||||||
| Total acquisition of non-controlling interests | 108 | 101 | ||||||||||
| Deferred purchase consideration | – | –50 | ||||||||||
| Paid deferred purchase consideration | 50 | – | ||||||||||
| Net cash outflow | 158 | 51 | ||||||||||
Refer to note 14 for further information on liabilities towards non-controlling interests.