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Annual Report 2025
Annual Report 2025
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Balance sheet

Assets
In CHF million   Note   31.12.2025   %   31.12.2024   %  
Current assets
Cash and cash equivalents       1 352       1 455      
Loans to Group companies       770       649      
Financial assets   4    1 943       1 467      
Accrued income and prepaid expenses       10       15      
Total current assets       4 075   57.8   3 586   54.6  
                       
Non-current assets
Loans to Group companies       519       569      
Financial assets   4    252       286      
Investments   5    2 208       2 126      
Property, plant, and equipment       1       1      
Total non-current assets       2 980   42.2   2 982   45.4  
Total assets       7 055   100.0   6 568   100.0  
Liabilities and equity
In CHF million   Note   31.12.2025   %   31.12.2024   %  
Current liabilities
Interest-bearing liabilities   6    1 960       2 152      
Accrued expenses       24       13      
Other current liabilities   7    27       38      
Total current liabilities       2 011   28.5   2 203   33.5  
                       
Non-current liabilities
Other non-current liabilities       8       –      
Total non-current liabilities       8   0.1   –   –  
Total liabilities       2 019   28.6   2 203   33.5  
                       
Equity
Share capital   9    7       7      
Participation capital   9    4       4      
Legal reserves       317       317      
Free reserves                      
Profit brought forward       321       312      
Net profit       1 491       752      
Other free reserves       3 177       3 061      
Treasury shares   9    –281       –88      
Total equity       5 036   71.4   4 365   66.5  
Total liabilities and equity       7 055   100.0   6 568   100.0