Orell Fussli Ag · SIX:OFN
Orell Fussli — Investor Day (November 2025)
86 slides from Orell Fussli's investor day presentation, Nov 11, 2025
Slide 1: Capital Markets Day 2025
Capital Markets Day 2025 Zurich, 11th November 2025
Slide 2: Welcome
orell fussli Welcome Daniel Link CEO
Slide 3: Introduction of the Speakers
Capital Markets Day 11.11.2025 3 Introduction of the Speakers Dr Martin Folini Daniel Link Reto Janser Dr Michael Kasch Désirée Heutschi Chairman of the CEO CFO Managing Director Head Corporate Board of Directors Security Printing Development & Co-CEO Procivis AG
Slide 4: Agenda
Capital Markets Day 11.11.2025 4 01 INTRODUCTION BY THE CHAIRMAN 02 STRATEGY & OUTLOOK 03 DEEP DIVE SECURITY 04 DEEP DIVE EDUCATION BREAK 05 DIGITAL IDENTITIES 06 FINANCIALS 07 WRAP-UP 08 Q&A FLYING LUNCH
Slide 5: Introduction by the Chairman
Introduction by the Chairman Dr Martin Folini Chairman of the Board of Directors
Slide 6: Orell Füssli Today: Strong, Stable, Fit for the Future
Capital Markets Day 11.11.2025 6 Orell Füssli Today Strong, Stable, Fit for the Future • Recognized industry leader in security and education solutions • Cycle-resilient business model, trusted by consumers, governments and institutions • Robust financials with bank debt-free balance sheet • Long-te
Slide 7: Strategy 2028 On Track and Delivering
Capital Markets Day 11.11.2025 7 Strategy 2028 On Track and Delivering • Delivered continuous growth • Increased profitability • Raised the dividend year after year • Expanded customer base in all businesses • Significant progress in digitalization • Reduced CO2 footprint continuously
Slide 8: Confidently into the Future
Capital Markets Day 11.11.2025 8 Confidently into the Future • Strong technology position in security printing and high-capacity utilization • Market-leading and resilient book trade business • Expanding role in the Swiss education market • Promising opportunities with Procivis in digital identity s
Slide 9: Strategy and Outlook
Strategy and Outlook Daniel Link, CEO
Slide 10: Orell Füssli - Pioneer in Security, Education and Digital Credentials
Capital Markets Day 11.11.2025 10 Orell Füssli - Pioneer in Security, Education and Digital Credentials Security Education • Innovation and quality leader in security printing • Market leader in the Swiss book trade • Technology leader for digital identity, credentials & wallets • Largest private Sw
Slide 11: Orell Füssli Group at a Glance
Capital Markets Day 11.11.2025 11 Orell Füssli Group at a Glance 1519 665 5 253m Founding year employees countries Revenue in CHF (2024) 22.6m OFN 33.3% +50% EBIT in CHF Listed on the SIX shares held by SNB Share price YTD (2024) Stock Exchange
Slide 12: Diversified and Resilient Business Profile
Capital Markets Day 11.11.2025 12 Diversified and Resilient Business Profile Diversified Resilient Divisions and Revenue Split Limited exposure to FOREX volatility Education Security • > 70% sales in CHF 49% 34% No risk concentration from customers or regions Book Retail Security Printing • Balanced
Slide 13: Two Megatrends are our Fundamental Market Drivers
Capital Markets Day 11.11.2025 13 Two Megatrends are our Fundamental Market Drivers Security Education • Growing importance of privacy and • Growing education business and data protection lifelong learning • Rising need protection of tangible • Growing business in the field of and intangibles assets
Slide 14: Our Markets Offer Sustainable Growth Opportunities
Capital Markets Day 11.11.2025 14 Our Markets Offer Sustainable Growth Opportunities Euro Banknotes in circulation Swiss Education Market Digital Identity Market (in bn) 1 (bCHF)2 (bUSD)3 Public Private 2.0 60 200 5.9% 3.3% 19.9% 1.5 CAGR CAGR 150 CAGR 40 1.0 100 20 0.5 50 0.0 0 0 2005 2015 2025 200
Slide 15: Strategy 2028 – Grow into a Leader in Digital and Analog Trust Services
Capital Markets Day 11.11.2025 15 Strategy 2028 – Grow into a Leader in Digital and Analog Trust Services +38% 300 Total Revenue Revenue Digital 2028 Business 2028 217 > 300 mCHF 30 – 50 mCHF Revenue mCHF 2022 2028 >24 +61% EBIT Margin Dividend Payout > 8% 60 – 80% 15 of net profit EBIT mCHF 2022 20
Slide 16: Guiding Principles and Value Driver of Strategy Implementation
Capital Markets Day 11.11.2025 16 Guiding Principles and Value Driver of Strategy Implementation Value Driver 01 02 03 Perform Create Invest ≈ 2-3% annual ≈ 2-3% annual CHF 30 - 50m revenue growth revenue growth additional revenue Guiding Principles Profitable Asset-light Strengthen the Technology R
Slide 17: From Ambition to Execution: Progress since 2022
Capital Markets Day 11.11.2025 17 From Ambition to Execution: Progress since 2022 • Acquisition of hep Verlag Invest Invest Invest • Acquisition Barth Bücher, Zürich • Five new bookstores opened • Six new bookstores opened • Acquisition of Verlag SKV AG • Introduction Strategy 2028 • Procivis GmbH i
Slide 18: Implementation Successfully Underway and Above Target
Capital Markets Day 11.11.2025 18 Implementation Successfully Underway and Above Target Achievement since 2022 until end of 2024 Revenue and EBIT margin development 6%-Growth 4%-Growth Revenue (mCHF) Revenue: EBIT: EPS: 300 +17 % +52% +66% 253 232 ROCE: 217 8.9% 8.9% 13.4% 6.9% 7.8% 2022 2023 2024 2
Slide 19: Outlook to 2028
orell fussli Outlook to 2028
Slide 20: Accelerating Impact Through 2028
Capital Markets Day 11.11.2025 20 Accelerating Impact Through 2028 Security Digital Identity 1. Maintaining high-capacity utilization 1. Boost sales 2. Increase revenue from ID documents 2. Establish footprint in EU market 3. Develop track & trace software business 3. Capitalize on the growing digit
Slide 21: Key Measures Defined – Additional Initiatives Planned
Capital Markets Day 11.11.2025 21 Key Measures Defined – Additional Initiatives Planned Initiative Status Contribution Launch of innovations in security printing ongoing Security Strengthen international value documents business started 2022 Grow track & trace business started 2021 Education Extend
Slide 22: Combining a Resilient Core with Attractive Growth Opportunities
Capital Markets Day 11.11.2025 22 Combining a Resilient Core with Attractive Growth Opportunities Digital Identity Digital Identity Offering Opportunity for Long-term Growth and Value Creation Zeiser Publishing Profitable Niches Providing Growth and Margin Expansion Potential Security Printing Book
Slide 23: Security
Security Dr Michael Kasch Managing Director Security Printing
Slide 24: Sustained Growth Potential in Security Printing
Capital Markets Day 11.11.2025 24 Sustained Growth Potential in Security Printing Drivers for increase in banknote demand Banknote market growing with 6% p.a. Volume of printed banknote in Billions • Growth of global population 6% • Growth of global GDP 160 120 80 • Clean note policies by central ba
Slide 25: Our Addressable Market is mainly in Emerging Regions
Capital Markets Day 11.11.2025 25 Our Addressable Market is mainly in Emerging Regions 12% Volume: 133bn printed Accessible market banknotes in 2025 Very high entry Customers: barriers into the central banks and market governments Orders by: tender, OF’s printing capacity: overspill, reprint, direct
Slide 26: Orell Füssli Security Portfolio
Capital Markets Day 11.11.2025 26 Orell Füssli Security Portfolio Development of a Concept consulting, design and origination services as well as currency product manufacturing and supply of banknotes Identification Design, print and supply of various printed high-security documents documents such a
Slide 27: What Sets us Apart
Capital Markets Day 11.11.2025 27 What Sets us Apart Ideal industrialization Technology and partner for central bank process expertise customers Operational State-of-the-art excellence machinery park Global reach, local mindset
Slide 28: A strong Focus on Innovation – some recent Examples
Capital Markets Day 11.11.2025 28 And a strong Focus on Innovation – some recent Examples Banknote Environmental Supporting global trend to “green” banknotes Evaluation Software Setting new standards Increasing security of value documents against advanced in security features counterfeiting Authenti
Slide 29: Security Printing Strategy 2028 – Key Objectives
Capital Markets Day 11.11.2025 29 Security Printing Strategy 2028 – Key Objectives Driving growth Solid capacity utilization • Expanding global customer portfolio • Multi-year contracts • Winning new key customers • Good order/product mix • Scaling innovative track & trace solutions • Smart and flex
Slide 30: Security Printing Strategy 2028 – Achievement since 2022
Capital Markets Day 11.11.2025 30 Security Printing Strategy 2028 – Achievement since 2022 Driving growth Solid capacity utilization • Achieved sales growth of 23% since 2022 • Improved capacity utilization well into 2026 • Secured two new central bank key customers with • 50% utilization from key c
Slide 31: Focus until 2028
Capital Markets Day 11.11.2025 31 Focus until 2028 Driving growth Solid capacity utilization • Assure production contract for next Swiss Banknote • Keep high utilization level in security printing Series • Ensure good reference pipeline for upcoming • Get follow contract of international key custome
Slide 32: Take Aways
Capital Markets Day 11.11.2025 32 Take Aways We drive innovation in security We operate in a steadily printing and at Zeiser growing market We have acquired two new First successful large-scale central bank customers with installation for track & trace multi-year contacts systems by Zeiser, other pr
Slide 33: Education
Education Daniel Link CEO
Slide 34: Leading Position in the Swiss Education Value Chain
Capital Markets Day 11.11.2025 34 Leading Position in the Swiss Education Value Chain Content Creation Content Distribution Children Learning Legal B2B Book B2C Book Book Media Media Retail Retail Publisher of successful Largest private Swiss Leading provider of legal #1 B2B book retailer #1 Book re
Slide 35: Content Creation
Content Creation Orell Füssli Publishing
Slide 36: Trusted Content - Innovative Learning - Inspiring Stories
Capital Markets Day 11.11.2025 37 Trusted Content - Innovative Learning - Inspiring Stories • Leading private Swiss provider of educational media • Strong portfolio of trusted brands: hep Verlag, SKV Verlag, Orell Füssli Verlag • Content and technology integration: publishing combined with digital l
Slide 37: Continuous Market Demand Backed by Structural Drivers
Capital Markets Day 11.11.2025 38 Continuous Market Demand Backed by Structural Drivers Market Characteristics Main Market Drivers • Limited number of strong players • Population growth • Swiss curriculum provides high entry barriers • Digitalization • Resilient, recurring demand independent of econ
Slide 38: Market Structure and Positioning of Orell Füssli Publishing
Capital Markets Day 11.11.2025 39 Market Structure and Positioning of Orell Füssli Publishing AGE School Level Number Learning Media Expenditure on of Students Suppliers Learning Media Market Shares 16 - 99 Professional Training 5m 280m Various 16% 68k FROM 18/19 Higher Education 28% Private 13% Uni
Slide 39: Become a Leading Creator of Trusted Learning Content
Capital Markets Day 11.11.2025 40 Become a Leading Creator of Trusted Learning Content Ambition Strategy Become the largest Swiss publisher of • Expand content offering portfolio learning media, delivering trusted • Build leading learning media offering content across all formats and of digital tool
Slide 40: Progress and Milestones since 2022
Capital Markets Day 11.11.2025 41 Progress and Milestones since 2022 Significant Revenue Growth >150% • Acquisition of hep • Expansion of • Strengthened • Acquisition of SKV Verlag offerings in the market presence Verlag areas of law, through education, and partnerships, topic- children's books spec
Slide 41: Focus until 2028
Capital Markets Day 11.11.2025 42 Focus until 2028 • Expand vocational training platforms with additional professional content (e.g. nurses) • Consolidate legal structure, back offices, IT infrastructure of publishing houses streamline processes and reduce costs • Act as a consolidator when opport
Slide 42: Content Distribution
Content Distribution Orell Füssli Thalia AG* *Joint Venture: 50% consolidated by Orell Füssli AG
Slide 43: Switzerland’s Leading Omnichannel Book Retailer – Our USP’s
Capital Markets Day 11.11.2025 44 Switzerland’s Leading Omnichannel Book Retailer – Our USP’s #1 in Swiss book retailer Broad and diversified with over 50 prime-location customer base spanning stores and with largest online consumers, corporates, shop for books educational institutions and libraries
Slide 44: Market Driven by Consumer Sentiment
Capital Markets Day 11.11.2025 45 Market Driven by Consumer Sentiment Market Characteristics Main Market Drivers • Dependent on consumer sentiment • Increase of population in Switzerland • Few strong players shape the market • Each mortar-and-brick store brings new online customers • Bookstores conc
Slide 45: Ambition of Orell Füssli Thalia
Capital Markets Day 11.11.2025 46 Ambition of Orell Füssli Thalia Be the Leading Source of Stories and Knowledge in Switzerland
Slide 46: Market Leader Growing Faster than the Market
Capital Markets Day 11.11.2025 47 Market Leader Growing Faster than the Market Revenue Book Retail* in mCHF 130 120 +20% • 3 new shops opened • 5 new shops opened • 6 new shops opened • Partnership with Skoobe and • Acquisition of Buchparadies • Acquisition of Rapunzel 110 ETH bookstore • Online sal
Slide 47: Focus until 2028
Capital Markets Day 11.11.2025 48 Focus until 2028 • Expand market leadership through selective footprint growth • Accelerate digital growth by scaling e-commerce, mobile channels, and digital content offerings • Broaden portfolio & B2B solutions by extending assortment (e.g. toys) and services • Dr
Slide 48: Digital Identities and Credentials
Digital Identities and Credentials Désirée Heutschi, 11th November, 2025 Head Corp. Development OF & Co-CEO Procivis 49 AN ORELL FÜSSLI COMPANY
Slide 49: We transfer the advantages of the physical world into the digital world
We transfer the advantages* of the physical world into the digital world. * Privacy, scalability & interoperability 50 AN ORELL FÜSSLI COMPANY
Slide 50: Bringing Trust into the Digital World
Bringing Trust into the Digital World • Procivis is a leading international technology provider for digital identities and credentials - enabling trust, security and efficiency in digital business processes. • We are a deep tech software company with over 30 experts • Procivis is a wholly owned subs
Slide 51: A New Generation of Identity: Central vs. Decentral Solution
A New Generation of Identity: Central vs. Decentral Solution SERVICES MEDIA FINANCE GOV HEALTH COMPANY IDENTITY PROVIDERS CONTROL YOUR DATA → IDENTITY PROVIDERS USER 52 AN ORELL FÜSSLI COMPANY
Slide 52: A New Generation of Identity: Central vs. Decentral Solution
A New Generation of Identity: Central vs. Decentral Solution SERVICES MEDIA FINANCE GOV HEALTH COMPANY USER CONTROL’S THEIR DATA → USER WALLET-APPS IDENTITY PROVIDERS GOVERNMENTS 53 AN ORELL FÜSSLI COMPANY
Slide 53: Digital Identity at an Inflection Point - it Becomes a Reality in Europe
Digital Identity at an Inflection Point - it Becomes a Reality in Europe NOW 2024 2025 2026 2027 20.05.2024 Dec 2026 Dec 2027 eIDAS 2.0 regulation EU States have to issue EUDI Wallets need entered into force EUDI Wallets to be accepted in the private sector 20.12.2024 28.9.2025 Q3 2026 E-ID Law pass
Slide 54: Wallets will affect our lives and business
Wallets will affect our lives and business. Digital credentials are enabling trusted business processes to be conducted in a seamless and secure way. 55 AN ORELL FÜSSLI COMPANY
Slide 55: Ecosystem - Digital Credentials as a Catalyst for Innovation and Efficiency
Ecosystem - Digital Credentials as a Catalyst for Innovation and Efficiency Government Finance Education • For businesses, it’s a chance to build trust and • Criminal record • Digital onboarding • Diplomas efficiency. Verifiable credentials reduce fraud, speed up • Confirmation of • KYC • Certificat
Slide 56: Digital Credentials as Catalyst for Innovation and Efficiency
Digital Credentials as Catalyst for Innovation and Efficiency Enhance Customer Onboarding Increase Security and Fraud Onboarding process with digital credentials Prevention (Swiss E-ID, EUDI-Wallet, other digital Wallet as 2nd factor for authentication services credentials) Digital proofs in any sec
Slide 57: Demo
Demo 58 AN ORELL FÜSSLI COMPANY
Slide 58: Strongly Growing Market
Strongly Growing Market Market Drivers Market Growth • Increased digitalization & online service • Cybersecurity & identity fraud • Demand for seamless experiences 30% • Supportive government regulations • Contactless payments Source: Grandview Research 59 AN ORELL FÜSSLI COMPANY
Slide 59: Our Market Focus
Our Market Focus • Public Sector • Main focus is the EU with its 27 countries and 450 million users by the end of 2026 • International and Swiss tenders on a selected approach • Private Sector • Regulated industries like financial sector is mandated in the EU by end of 2027 • Different industries ba
Slide 60: Procivis One – What Makes it Different
Procivis One – What Makes it Different Flexible & Interoperable Performance Enterprise-ready Protocol and Standard flexibility. Scale to millions. Support & more. Our modular architecture offers different protocol Our solution is scalable and can be used for use cases The design of the solution is g
Slide 61: Different Technology Stacks in Switzerland, the EU and USA
Different Technology Stacks in Switzerland, the EU and USA 1. Switzerland 2. European Union 3. U.S.A. Future (> Q3 2026): Future (> end 2026): Future: • SWIYU Wallet technology stack • EUDI Wallet technology stack with 27 • OpenID4VC flavours • OpenID4VC • W3C JSON-LD • OpeInD4VC • IETF SD-JWT VC •
Slide 62: Interoperability
Interoperability 63 AN ORELL FÜSSLI COMPANY
Slide 63: Interoperability with Flexibility
ONE FOR ALL MANAGE DIVERSITY Interoperability with Flexibility 64 AN ORELL FÜSSLI COMPANY
Slide 64: Procivis Offers the Technology that Speaks the Different Languages
Procivis Offers the Technology that Speaks the Different Languages Pre-systems & databases Pre-systems & databases ⇅ API ⇅ API Mobile Environment Server-based Environment IoT Environment Holder Verifier Issuer Holder Verifier Issuer Holder Verifier Issuer ⇅ SDK ⇅ API ⇅ API Procivis One Core Transpor
Slide 65: Go-to-Market & Monetarization
Go-to-Market & Monetarization Go-To-Market Approach Monetarization – Two License Models • We sell directly and indirectly • Procivis One Open Source (public sector): • We scale through partners that implement our • Open Source License software • Multi-year services contracts • We focus on the EU and
Slide 66: WE BUILD Consortium – EU Commission Large Scale Pilot
WE BUILD Consortium – EU Commission Large Scale Pilot 67 AN ORELL FÜSSLI COMPANY
Slide 67: First Production Implementation of VCs in Switzerland
First Production Implementation of VCs in Switzerland 68 AN ORELL FÜSSLI COMPANY
Slide 68: Privacy Preserving Digital Credential Wallets and Verifiers – U.S. DHS
Privacy Preserving Digital Credential Wallets and Verifiers – U.S. Department of Homeland Security (DHS) 69 AN ORELL FÜSSLI COMPANY
Slide 69: Take Away - What Sets us Apart?
Take Away - What Sets us Apart? By 2027, over 450 million • We are fully focused on digital identity and credentials solutions with long-standing Europeans will start experience using digital credentials. • Procivis One is uniquely positioned with its advanced technology and offers interoperability
Slide 70: Financials
Financials Reto Janser, CEO
Slide 71: Financial H1 - 2025
Capital Markets Day 11.11.2025 72 Financial H1 - 2025 Increase in EBITDA revenue by improvement by 12.1% YoY 50.5% Net profit increased Operation free cashflow to CHF 7.2m decreased by 19.8%
Slide 72: Seasonality of our Business
Capital Markets Day 11.11.2025 73 Book Trading Seasonality of our Business Jan Jun Dec Publishing Education (Booktrading, Security (Security Printing, Publishing) is seasonal, most Industrial Systems) is mainly revenue and profit comes in project business and shows H2 no particular seasonality Jan J
Slide 73: Financial Status in the Middle of the Strategy Cycle
Capital Markets Day 11.11.2025 74 Financial Status in the Middle of the Strategy Cycle Key figures Orell Füssli Group in mCHF EBIT-Bridge 2022 – 2024 (mCHF) 2022 2024 35 +17% 260 253 30 250 240 25 230 20 220 217 +52% 15 23 10 20 15 5 10 0 0 Revenue EBIT Revenue OPEX/EMPEX EBIT 24 EBIT 22 Margin / Mi
Slide 74: Operational Status: Cost and Efficiency
Capital Markets Day 11.11.2025 75 Operational Status: Cost and Efficiency Category Cost in % of Revenue Efficiency KPI (tCHF) Corporate Center EBIT / avg. FTE +53% Revenue / avg. IT costs FTE +17% Operating expenses Personnel expenses 0% 10% 20% 30% 0 100 200 300 400 500 2022 2024 2022 2024
Slide 75: CAPEX for Maintenance and Innovation financed from Cash Flow
Capital Markets Day 11.11.2025 76 CAPEX for Maintenance and Innovation financed from Cash Flow Capital Expenditures Free Cash Flow (mCHF) (excluding investments in financial assets (M&A); in mCHF) 25 25 20 20 15 15 10 5 10 0 5 -5 0 -10 2017 2018 2019 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
Slide 76: ESG Status: CO2 Footprint
Capital Markets Day 11.11.2025 77 ESG Status: CO2 Footprint - 34% - 43% 378 1.74 250 1.00 2022 2024 2022 2024 CO2 [tCO2eq] CO2 Intensity [CO2eq/tCHF]
Slide 77: Robust Balance Sheet with High Level of Self-Financing
Capital Markets Day 11.11.2025 78 Robust Balance Sheet with High Level of Self-Financing Equity Ratio: Restrained IP-activation 74% Dept-to-Equity Ratio: No off-balance sheet 35% positions Bank dept free
Slide 78: Cash Generation and solid Balance Sheet Allowed Regular Dividend Increases since 2020
Capital Markets Day 11.11.2025 79 Cash Generation and solid Balance Sheet Allowed Regular Dividend Increases since 2020 • Dividend continuously increased Dividend per Share (in CHF) • Ø 62.3% payout ratio since 2020 • Ø 4.3% dividend yield since 2020 46% • Dividend payout policy will continue 4.40 •
Slide 79: Summary of Financials KPIs
Capital Markets Day 11.11.2025 80 Summary of Financials KPIs Revenue (in mCHF) Profitability 253 232 22.6 23 10 219 217 18.1 210 18 15.4 9 14.4 14.9 8.9 8 13 7.8 7 7.3 8 6.6 6.9 6 • Continuous improvement of 2020 2021 2022 2023 2024 3 2020 2021 2022 2023 2024 5 financial KPIs EBIT in mCHF EBIT Margi
Slide 80: Wrap Up
Wrap Up Daniel Link, CEO
Slide 81: Our Markets Offer Sustainable Growth Opportunities
Capital Markets Day 11.11.2025 82 Our Markets Offer Sustainable Growth Opportunities Euro Banknotes in circulation Swiss Education Market Digital Identity Market (in bn) 1 (bCHF)2 (bUSD)3 Public Private 2.0 60 200 5.9% 3.3% 19.9% 1.5 CAGR CAGR 150 CAGR 40 1.0 100 20 0.5 50 0.0 0 0 2005 2015 2025 200
Slide 82: Strategy Implementation Ahead of Plan Supported by Resilient Business Model
Capital Markets Day 11.11.2025 83 Strategy Implementation Ahead of Plan Supported by Resilient Business Model and Strong Balance Sheet Revenue (in mCHF) and EBIT margin Development Resilience and strong Balance Sheet 6%-Growth 4%-Growth Revenue (mCHF) | EBIT Margin • Limited exposure to FOREX volati
Slide 83: Digital Identity Market at Inflection Point
Capital Markets Day 11.11.2025 84 Digital Identity Market at Inflection Point • New regulations drive the digital identity market • Ecosystems with large business potential will appear • Digital credentials as catalyst for innovation and new businesses • Software Procivis one is production ready and
Slide 84: Attractive Growth Opportunities Supported by a Resilient Core
Capital Markets Day 11.11.2025 85 Attractive Growth Opportunities Supported by a Resilient Core Digital Identity Digital Identity Offering Opportunity for Long-term Growth and Value Creation Zeiser Publishing Profitable Niches Providing Growth and Margin Expansion Potential Security Printing Book Re
Slide 85: Why Orell Füssli
Capital Markets Day 11.11.2025 86 Why Orell Füssli Strategy 2028 Core business Digital identity market execution with strong with solid earnings, growth offers vast growth opportunities momentum and ahead of plan opportunities in niches Robust balance sheet Stable and long-term Management Team and f
Slide 86: Disclaimer
Capital Markets Day 11.11.2025 87 Disclaimer US PRIVATE SECURITIES LITIGATION REFORM ACT 1995 This presentation contains forward-looking statements, including but not limited to, projections of future performance of materials and products, which involve risks and uncertainties. These statements are