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Financial Year 2025
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Five-year overview – operating performance
All figures refer to continuing operations in CHF million, as reported under IFRS Accounting Standards.
| 2021 | 2022 | 2023 | 2024 | 2025 | |
| Net revenue | 2 021.9 | 2 320.8 | 2 276.7 |
2 503.9 | 2 605.4 |
| Growth in % | 41.8 | 14.8 | 3.7 | 10.0 | 4.1 |
| Gross profit | 1 540.0 | 1 754.7 | 1 690.6 | 1 783.4 | 1 786.9 |
| Margin in % | 76.2 | 75.6 | 74.3 | 71.2 | 68.6 |
| Operating result before depreciation and amortization (EBITDA) | 652.4 | 701.8 | 700.3 | 747.1 | 738.2 |
| Margin in % | 32.3 | 30.2 | 32.1 | 29.8 | 28.3 |
| Growth in % | 60.7 | 7.6 | (1.8) | 2.3 | (1.2) |
| Operating profit (EBIT) | 542.6 | 535.3 | 598.1 | 601.0 | 549.2 |
| Margin in % | 26.8 | 23.1 | 26.3 |
24.0 | 21.1 |
| Growth in % | 246.6 | (1.3) | 2.2 | 0.5 | (8.6) |
| Net profit | 399.3 | 434.8 | 448.9 | 459.5 | 358.0 |
| Margin in % | 19.7 | 18.7 | 19.7 | 18.4 | 13.7 |
| Growth in % | 332.7 | 8.9 | (5.8) | 2.4 | (22.1) |
| Basic earnings per share (in CHF) | 2.49 | 2.73 | 2.81 | 2.87 | 2.24 |
| Value added / economic profit | 250.3 | 258.6 | 293.6 | 308.4 | 204.1 |
| Change in value added | 280.9 | 8.3 | 35.0 | 242.2 | (104.3) |
| Change in value added in % | 919.0 | 3.3 | 13.5 | 365.8 | (33.8) |
| as a % of net revenue | 12.4 | 11.1 | 12.9 | 12.3 | 7.8 |
| Number of employees (year-end) | 9 054 | 10 478 | 10 605 | 11 815 | 11 824 |
| Number of employees (average) | 8 256 | 10 203 | 10 198 | 11 240 | 11 959 |
| Sales per employee (average) in CHF 1 000 | 245 | 227 | 223 | 223 | 218 |
Five-year overview – financial performance
in CHF million, as reported under IFRS Accounting Standards (unless otherwise stated)
| 2021 | 2022 | 2023 | 2024 | 2025 | |
| Cash and cash equivalents | 880.4 | 696.1 | 410.3 | 375.5 | 475.4 |
| Net Cash (Net Debt) | 376.1 | 207.5 | 172.3 | 119.0 | 135.6 |
| Net working capital (net of cash) | 124.0 | 229.3 | 287.1 | 352.8 | 426.0 |
| as a % of revenue | 6.1 | 9.9 | 12.6 | 14.1 | 16.4 |
| Inventories | 249.2 | 321.2 | 366.9 | 433.3 | 476.1 |
| Days of supplies | 166 | 191 | 204 | 187 | 183 |
| Trade receivables | 287.3 | 416.4 | 466.5 | 445.4 | 495.0 |
| Days of sales outstanding | 48 | 63 | 57 | 62 | 68 |
| Balance sheet total | 2 698.0 | 3 373.4 | 3 322.0 | 3 619.0 | 3 758.2 |
| Return on assets in % (ROA) – IFRS | 14.3 | 13.6 | 14.5 | 13.7 | 9.9 |
Return on assets in % (ROA) – CORE |
16.3 | 15.0 | 15.6 | 15.0 | 13.2 |
| Equity | 1 500.4 | 1 853.8 | 1 838.6 | 2 043.8 | 2 164.7 |
| Equity ratio in % | 50.6 | 55.0 | 55.3 | 56.5 | 57.6 |
| Return on equity in % (ROE) – IFRS | 28.8 | 24.9 | 23.3 | 23.1 | 16.9 |
| Return on equity in % (ROE) – CORE | 32.8 | 27.6 | 25.0 | 25.3 | 22.6 |
| Capital employed | 1 174.6 | 1 600.5 | 1 639.7 | 1 667.1 | 1 746.2 |
| Return on capital employed in % (ROCE) – IFRS | 43.7 | 35.1 | 39.3 | 36.0 | 30.6 |
| Return on capital employed in % (ROCE) – CORE | 44.6 | 39.5 | 41.9 | 39.0 | 36.6 |
| Cash generated from operating activities | 560.3 | 415.2 | 567.3 | 538.6 | 512.0 |
| as a % of revenue | 27.7 | 17.9 | 24.9 | 21.5 | 19.7 |
| Investments | (167.8) | (440.4) | (369.6) | (218.6) | (296.3) |
| as a % of net revenue | 8.3 | 19.0 | 16.2 | 8.7 | 11.4 |
| thereof capital expenditures | (121.0) | (195.4) | (187.3) | (167.8) | (223.5) |
| thereof business combinations related | (39.7) | (157.6) | (171.6) | (35.4) | (16.0) |
| thereof investments in associates | (7.1) | (87.3) | (10.6) | (15.5) | (56.9) |
| Free cash flow | 440.6 | 220.8 | 380.9 | 372.9 | 290.2 |
| as a % of revenue | 21.8 | 9.5 | 16.7 | 14.9 | 11.1 |
| Dividend | 107.41 | 127.5 | 135.4 | 151.5 | 159.51 |
| Dividend per share (in CHF) | 6.75 | 0.80 | 0.85 | 0.95 | 1.001 |
| Pay-out ratio in % (core results) | 23.7 | 26.4 | 30.8 | 30.3 | 33.4 |
1 To be proposed to the shareholder’s AGM in 2026.