Financial report (Financial report)

Financial report

Management report About Allreal Sustainability report

Corporate governance report Compensation report Financial report

Statutory Financial Statements of Allreal Holding AG Additional information

Consolidated financial statements of Allreal Group

CHF million Retained earnings

Other

Share capital

Capital reserves

Treasury

shares Goodwill

Revaluation reserves

retained

earnings Total

Capital reserves represent the amount (premium) earned by shareholders over and above the nominal value on subscription of share capital of Allreal Holding AG after deduction of the corresponding issue costs. The capital reserves and retained earnings can be distributed to shareholders up to the statutory minimum requirement of CHF 8.3 million (50% of share capital).

1. EBIT less revaluation gains as a percentage of income from business activity (balance of operating income, direct operating expenses, capitalised own development, and income from sale of investment properties)

2. See 2.6 for an explanation of the reconciliation item

3. Assignment of equity to individual segments corresponds to internal financial reporting guidelines requiring an equity ratio of 40% for the Development & Realisation segment; financial and tax liabilities will be assigned accordingly.

1. EBIT less revaluation gains as a percentage of income from business activity (balance of operating income, direct operating expenses, capitalised own development, and income from sale of investment properties)

2. See 2.6 for an explanation of the reconciliation item

3. Assignment of equity to individual segments corresponds to internal financial reporting guidelines requiring an equity ratio of 40% for the Development & Realisation segment; financial and tax liabilities will be assigned accordingly.

Management report About Allreal Sustainability report

Corporate governance report Compensation report Financial report

Statutory Financial Statements of Allreal Holding AG Additional information

Notes to the consolidated financial statements

1. Basic principles
   1. Activity

      Allreal Group is a real estate company which operates exclusively in Switzerland, with the main focus on the Zurich and Geneva business regions. It is involved in the development and management of its portfolio of residential and commercial properties and engages in management activities for its own investment properties (Real Estate segment). Allreal also handles basic planning, the execution of construction projects and the purchase and sale of properties (Development & Realisation segment).

      Allreal Holding AG (parent company) has its registered office in Opfikon, Switzerland, and is listed on the SIX Swiss Exchange.

      On 18 February 2026, the Board of Directors of Allreal Holding AG approved the consolidated financial statements for publication. They are also subject to the approval of the annual general meeting of Allreal Holding AG of 17 April 2026.

   2. Basis of preparation

      The consolidated financial statements were prepared as at 31 December 2025 in accordance with the Accounting and Reporting Recommendations (Swiss GAAP FER) and are compatible with the Listing Rules, as well as Article 17 of the Financial Reporting Directive (DFR) of SIX Swiss Exchange, and with Swiss law.

   3. Method of consolidation

      Subsidiaries are fully consolidated with effect from the date of their acquisition,

      i.e. from the date on which Allreal gains control. Allreal will be deemed to have gained control if, on the basis of existing rights, it is able to direct those activities of the subsidiaries that significantly affect their returns.

      Capital is consolidated at the time of purchase using the acquisition method. Transaction costs in connection with a corporate acquisition are entered as part of the acquisition cost. The difference between the purchase price of an acquired company and the fair value of the net assets taken on at the time of the acquisition is offset against shareholders' equity as goodwill. The impact of a theoretical capitalisation of the goodwill is shown in the Notes. When a company is sold, the theoretical book value of the goodwill is taken to income.

      Subsidiaries are deconsolidated with effect from the date on which control ends.

      All intra-Group balances, income and expenses, as well as unrealised gains and losses from intra-Group transactions, are fully eliminated.

   4. Scope of consolidation

      Company	Registered office	Share capital CHF million	Shareholding in 2025	Shareholding in 2024
      Allreal Holding AG	Opfikon ZH	16.60	-	-
      Allreal Generalunternehmung AG	Opfikon ZH	10.00	100%	100%
      Allreal Home AG	Opfikon ZH	26.52	100%	100%
      Allreal Office AG	Opfikon ZH	150.00	100%	100%
      Allreal Romandie SA	Plan-les-Ouates GE	0.10	100%	100%
      Allreal Toni AG	Opfikon ZH	90.00	100%	100%
      Creactive Properties SA1	Plan-les-Ouates GE	-	-	100%
      Allreal Développement Romandie SA2	Plan-les-Ouates GE	0.10	100%	100%

      1. Merged with Allreal Romandie SA effective 1 January 2025

      2. Name change from Roof SA to Allreal Développement Romandie SA

      Compared to 31 December 2024, the scope of consolidation changed following the absorption of Creactive Properties SA by Allreal Romandie SA. The company was already fully owned directly by Allreal Holding AG in the previous year, meaning that there were no changes for consolidation purposes. In addition, Roof SA was renamed Allreal Développement Romandie SA.

   5. Segment reporting

      Allreal Group is subdivided into the two segments Real Estate and Development & Realisation, which in turn constitute divisions in their own right. This presentation is in line with the internal reporting to Group Management as the decision-making body that monitors the two segments on the level of net profit on a quarterly basis. Since the Group operates in Switzerland only, a geographical breakdown is not required.

      The Real Estate segment comprises the companies Allreal Home AG (residential properties), Allreal Office AG (commercial properties), Allreal Toni AG (Toni site in Zurich-West) and Allreal Romandie SA (residential and commercial properties in Geneva).

      The Development & Realisation segment largely comprises the companies Allreal Generalunternehmung AG and Allreal Développement Romandie SA.

      The activities of Allreal Holding AG (parent company) are not assigned to the two segments, as their business activities do not generate any operating income. They are listed in the segment information under holding company/eliminations.

2. Accounting and valuation principles
   1. General

      The preparation of the consolidated financial statements requires estimates and assumptions to be made. These relate to the reported amounts of assets, liabilities and contingent liabilities on the balance sheet date and to income and expenditure during the reporting period. The balance sheet is prepared strictly on the basis of acquisition costs, with the exception of investment properties, which are entered at market values. For significant estimates and assumptions, see the following accounting and valuation principles, in particular 2.26.

   2. Rental income from investment properties

      Rental income from investment properties comprises net rental income after deduction of vacancy losses, of losses due to bad debts, and of ground rents. Management, operation, maintenance and repairs are reported separately in the income statement as direct expenses for rented investment properties.

      Rent-free periods in commercial premises are recognised on a straight line basis over the contract term.

   3. Earnings from sale of investment properties

      Gains and losses on the sale of investment properties correspond to the difference between the realised net proceeds after deduction of transaction costs and the latest recorded market value of the properties sold. The earnings are taken to the income statement at the time of the transfer of control.

   4. Earnings from revaluation of investment properties

      The revaluation of investment properties and investment properties under construction shows changes in the market value of the property portfolio. The report of the external valuation expert serves as the basis. The property valuation underlying the revaluation excludes the deduction of transaction costs at the time of sale.

   5. Earnings from Development & Realisation

      Earnings from Development & Realisation include earnings from Realisation (third-party projects), earnings from sales Development (own projects), capitalised own development and other income.

      Income from Realisation includes the project volume completed during the reporting period for third parties (third-party projects) and corresponds to the total of all project costs, fees and earnings from construction activity recognised by the percentage of completion (POC) method. In the case of loss-making projects, provisions are immediately made for the estimated final loss in the order balances.

      Direct expenses from Realisation contain the accrued project costs of all third-party projects.

      Income from the sale of development properties comprises the project volume completed during the reporting period and corresponds to the total of all project costs and gains on sales recorded under the percentage of completion (POC) method. Sales recorded under the POC method solely include the notarised development property units that were sold. In the case of loss-making projects, provisions are immediately made for the estimated final loss in the order balances.

      Direct expenses from sales Development contain the accrued project costs.

      Capitalised own development accrues from investment properties under construction as well as development properties and is taken to income at cost.

   6. ‌Reconciliation of segment reports to the income statement

      The presentation of net profit in the internal reports is similar to that in the segment reports. As regards the Development & Realisation segment, the segment reports differ from the income statement in respect of the quantification of sales.

      In the segment reports, the volume of projects completed for all third-party and own projects is taken as the relevant sales figure.

      In the income statement, sales from Realisation and sales of development properties are recognised in accordance with 2.5. In the segment reports, in respect of the volume of projects completed for the Real Estate segment (intra-Group sales) and for own projects, the difference between projects completed and sales Development is stated.

   7. Financial expense / capitalised building loan interest

      Interest expenses are recognised in the income statement on an accrual basis using the effective interest method.

      For development properties under construction and investment properties under construction, debt interest is capitalised. The underlying debt interest rate is the average borrowing rate during the reporting period.

   8. ‌Investment properties

      The investment properties reported under non-current assets are divided into investment properties (residential and commercial properties) and investment properties under construction. All investment properties are carried at market value. The valuation of residential and commercial properties at the time of initial recognition is based on acquisition cost, including directly attributable transaction costs. After the initial recognition, the external valuation expert regularly determines the market values on the balance sheet date using the discounted cash flow method (DCF). For details of the valuation method and the key assumptions, see

      2.26. Changes in the market value are taken to the income statement, factoring in deferred taxes. In the consolidated statement of changes in shareholders' equity, the cumulative difference between the acquisition cost and market value of all investment properties, factoring in deferred taxes encumbering said properties, is recognised as part of retained earnings (revaluation reserves). Investment properties whose book value is not likely to be derived from continued use but through a sale are reported separately at market value in current assets as investment properties held for sale. This is conditional on the sale being highly probable and the investment properties being in a condition ready to be sold immediately. For a sale to be classified as highly probable, it must be expected to take place within one year. For projects to be assigned to investment properties under construction, realisation must be intended for the portfolio of investment properties, which is conditional on a minuted decision by the Board of Directors. It must also be possible to form a reliable estimate of expenditure and income, and a building permit and construction approval which can no longer be contested by third parties need to have been issued for the project.

   9. Development properties

      Development properties include land reserves, buildings under construction, and completed properties whose ownership has not yet been transferred. If the criteria

      for investment properties under construction mentioned in 2.8 are not met, such projects are carried on the balance sheet as development properties.

      Development properties are recognised at acquisition or production costs or, if lower, their net realisable value. The latter corresponds to the estimated selling price less expected project, construction and sales costs up until the disposal. Any impairment is taken to direct expenses from sales Development.

      Land already owned by Allreal or payments on account for planned land purchases and third-party costs (but not own development) are capitalised under development reserves if the project is expected to be realised, but work has not yet started.

      Projects in progress for which the transfer of ownership to a third party has not yet occurred are recognised as buildings under construction. Realised development properties which have reached structural completion and development properties destined for immediate sale to third parties are reported as completed buildings up to the transfer of ownership. The prepayments made by purchasers are offset against the costs incurred as of notarisation.

   10. Other property, plant and equipment

       Other property, plant and equipment is stated at acquisition or production costs less operationally necessary depreciation and, where appropriate, less additional depreciation as a result of impairment losses. The estimated useful life of tenant fit-outs is ten years, while for plant and equipment, vehicles and charging stations it is four to five years, and for IT infrastructure it is three years. The depreciation is carried out on a straight-line basis. Photovoltaic installations are reported directly under investment properties.

   11. Financial assets

       Financial assets include long-term loans in the context of usual business operations for prefinancing tenant fit-outs. Loans are stated using the amortised cost method since the associated payments qualify as repayment and interest only. They are freely disposable and not pledged.

   12. Intangible assets

       Intangible assets comprise software and IT developments, which are recognised at acquisition costs and, from the time they are first used, are depreciated to the income statement on a straight-line basis over their estimated useful life of three years.

   13. Short-term receivables

       Receivables from construction activities undertaken on behalf of third parties are recognised according to the net principle, i.e. payments on account received from clients and partial settlements of accounts arising from the construction activities are offset against each other (order balances). Positive net items are shown under trade receivables, while negative net items are shown under trade payables; see also 2.6.

       Trade receivables and other receivables are reported at their transaction price less necessary value adjustments for irrecoverable claims. Value adjustments are based on an individual assessment of the claim in the light of deposited collateral

       and also take account of historical empirical values as well as future factors. All short-term receivables are freely disposable and are not pledged.

   14. Cash

       Cash includes cash on hand, sight deposits with banks and short-term time deposits with maximum maturities of 90 days. They are reported at nominal value and correspond to the fund for the cash flow statement.

   15. Share capital / Equity / Goodwill

       The share capital of Allreal Holding AG is reported as equity as it is not subject to any repayment obligation or dividend guarantee. Issuing costs which are incurred in connection with a capital increase and are directly attributable to the issuance of new shares are offset against the capital reserves under equity. The premium paid with capital increases or through conversion of a convertible bond is reported under capital reserves. The overall purchase price of the treasury shares is deducted from the consolidated equity.

       Goodwill corresponds to the difference between the purchase price of an acquired company and the fair value of the net assets taken on at the time of the acquisition and is offset against shareholders' equity. The impact of a theoretical capitalisation of the goodwill is shown in the Notes. The depreciation of the goodwill would take place over five years.

   16. Bonds

       Bonds are recognised on issue on the basis of the proceeds received, net of transaction costs. The difference between reported financial liabilities and the repayment amount is amortised to the income statement over the bond's term to maturity using the effective interest method.

   17. Long-term borrowings

       In addition to bond issues, financial debt includes loans secured by mortgages and is recognised under financial liabilities. Borrowings are recognised at amortised costs using the effective interest method.

   18. Long-term provisions

       Provisions are made to the extent that corresponding obligations exist at the balance sheet date and the respective event is in the past. In addition, the amount can be estimated reliably and the probability of occurrence is rated higher than that of non-occurrence. If the effect is material, provisions are discounted.

   19. Leasing

       Leasing agreements are recognised as financial leasing if all risks and opportunities associated with ownership of the leased item are essentially handed over to Allreal. Each leasing agreement is classified at the beginning of the lease. In the initial recognition, the leased item is entered at the lower of the present value of the lease payments, or the market value. The payment instalments are divided into interest payments and repayments. The leased item is depreciated over its estimated useful life or the lease term where this is shorter.

       Expenses for operating leases are taken to income at the time of recognition.

   20. Current liabilities

       Trade payables, prepayments for development properties up to notarisation and other liabilities (accrued liabilities) due within one year are recorded at their nominal value.

   21. Impairment

       If there is reason to believe that the value of property, plant and equipment and intangible assets has been impaired, an impairment test will be carried out and the realisable value will be estimated. The realisable value is the higher of value in use or market value less selling costs. Any difference between the asset and the realisable value is depreciated to the income statement and reported separately in the notes to the consolidated financial statements.

   22. ‌Taxes

       Tax expense covers current taxes on business activities, deferred taxes on revaluation and other deferred taxes.

       Current taxes on business activities include income taxes due for the financial year as well as property gains tax on the completion and sale of development properties (Development & Realisation segment) and the sale of investment properties (Real Estate segment).

       Current income taxes are calculated net of tax loss carry-forwards and in compliance with the applicable tax regulations.

       Deferred taxes are determined using the balance sheet liability method and are calculated at the tax rates in force or announced on the balance sheet date. Changes in deferred taxes are taken to the income statement.

       Deferred tax liabilities take account of discrepancies in income and property gains taxes between the valuation for purposes of the consolidated financial statements and the applicable tax valuation of individual assets and liabilities for tax purposes. A deferred tax is calculated on discrepancies leading to delays in the timing of taxation. For the higher revaluation of investment properties, an individual tax rate is applied. For calculating the deferred tax liabilities, a 20-year holding period is assumed or the effective holding period if this period exceeds 20 years.

       Deferred tax assets from tax loss carry-forwards and the lower revaluation of investment properties (negative difference between tax value and market value) are capitalised at the prevailing tax rate if they appear certain to be recoverable with future taxable income.

   23. Employee pension plans

       Employees of Allreal Generalunternehmung AG are covered by the Allreal pension fund for mandatory and extra-mandatory staff pension provision as required by the Swiss Federal Law on Occupational Retirement, Survivors' and Disability Pension Plans (BVG).

       The Allreal pension fund is a legally independent pension institution based on the principle of defined contributions in accordance with Swiss law and is financed by

       matching contributions from the employer and employees. Any surpluses or deficits are determined on the basis of the financial statements issued in accordance with Swiss GAAP FER 26.

       Employees of Allreal Romandie SA are members of a semi-autonomous collective fund for mandatory and extra-mandatory staff pension provision as required by the Swiss Federal Law on Occupational Retirement, Survivors' and Disability Pension Plans (BVG). The employer and employees pay matching contributions into the foundation, and any surpluses or deficits are determined on the basis of the financial statements issued in accordance with Swiss GAAP FER 26.

       If permitted and intended, any economic benefit resulting from these pension plans is recorded in the balance sheet as to take the form of a reduction of future contributions to the pension fund. Any economic obligations are carried as liabilities, provided that the preconditions for the formation of accruals are met. Personnel expenses comprise the employer's pension expenses, as well as changes in the balance sheet items.

       Some staff are also covered by a management insurance scheme arranged with an insurance company which is classed as a defined contribution plan. The expenditure reported during the reporting period corresponds to the employer's payments to the plan.

   24. Share-based remuneration

       Part of the variable remuneration may be paid to the members of Group Management in the form of shares of Allreal Holding AG. Beneficiaries have a right of disposal over the shares allocated to them after three years. Entitlements are satisfied by the company by means of treasury shares. The amount resulting from the share allocation is charged to personnel expenses over the vesting period. Shares are recognised at market value at the time of allocation.

   25. Earnings per share

       Net profit per share is calculated by dividing net profit by the weighted average number of shares outstanding during the reporting period. Diluted earnings per share take account of additional shares that may be created as a result of the exercising of option or conversion rights and will have a dilutive effect on the result.

   26. ‌Valuation uncertainties

       Investment properties

       As at 31 December 2025, Allreal holds investment properties and investment properties held for sale with a book value of CHF 5267.0 million (31.12.2024: CHF 5195.9 million). The investment properties are valued at market value calculated using the discounted cash flow method (DCF). The DCF method is based on various estimates and assumptions, with the yield potential of a property being derived on the basis of future revenue and expenditure. Market values do not take account of transaction costs upon sale.

       Future rental income is forecasted on the basis of current contractual rents and target annual rental income. In the case of expiring commercial leases, a typical local market rent which appears sustainable from a current perspective is used.

       Moreover, property-specific assumptions with regard to temporary and structural vacancies will be factored into the market valuation.

       Management and building costs are in principle based on the relevant property accounts and include non-apportionable operating and maintenance costs, as well as future repair costs based on Allreal's multi-year budgets. These costs include costs for asset maintenance to secure the long-term level of contractual and market interest rates on which the valuation is based as well as value-enhancing investments generating future additional income. Interest expenses for existing leasehold agreements are also taken into account.

       A property-specific discount is made on each investment property on the basis of macro and micro-locational considerations and depending on property segment. Inflation is taken into account in the forecasted cash flows. The discount and capitalisation rates are based on the interest paid on long-term, risk-free investments plus a specific risk premium.

       If the actual market rents in subsequent years are lower than projected in the DCF valuations, this may lead to an adjustment of the market values. This devaluation effect on investment properties would be even stronger in combination with rising discount and capitalisation rates.

       In the case of investment properties under construction, future rental income is also ascertained on the basis of typical local market rents or rents already contractually agreed. On the cost side, expenses are determined with the aid of investment calculations, the chronological progress of construction phases and cost forecasts.

       Development properties

       As at 31 December 2025, Allreal holds development properties with a book value of CHF 577.6 million (31.12.2024: CHF 501.5 million). It was valued at acquisition or production costs - including own development for buildings under construction - less value adjustments for impairment losses. On the balance sheet date at the latest, an impairment test is carried out for all development projects by comparing incurred and future costs with the realisable value. On the cost side, expenses are, among other methods, determined with the aid of investment calculations, the chronological progress of construction phases and cost forecasts. The proceeds are based on market assessments, empirical values and completed sales to date. If actual construction costs and sales proceeds in subsequent periods differ from the estimates and planned figures, the book values may need to be adjusted.

       Taxes

       Allreal has deferred tax assets totalling CHF 0.5 million (31.12.2024: CHF 0.8 million) and liabilities totalling CHF 460.9 million (31.12.2024: CHF 423.5 million), which stem mainly from valuation differences relating to investment properties; see 2.22. For calculating the deferred tax liabilities, a 20-year holding period is assumed or the effective holding period if this period exceeds 20 years. If the actual holding period of the investment properties does not correspond to the assumed holding period, this may result in a considerable difference between the tax due and the capitalised deferred taxes when the property is sold.

   27. Information on the implementation of a risk assessment

       Allreal has the comprehensive management system "Processes at Allreal for Qual-ity" (PAQ). This system describes all parent processes and associated controls, and integrates the tasks of management, operational processes and support processes. The PAQ also covers non-financial processes in particular. There is also a documented internal control system in place for accounting and financial reporting to prevent, minimise or identify the risk of material misrepresentation in the annual accounts.

       Once a year, the Board of Directors evaluates at corporate level the risk assessment prepared by the Audit and Risk Committee (ARC) (identification, quantification, monitoring and control). In particular, the risk assessment must explicitly give consideration to the reliability and completeness of financial information (fair presentation), asset protection, compliance with laws, regulations and contracts, as well as the risk of balance sheet fraud.

       Effective internal control and management systems are in place to ensure that the consolidated financial statements of Allreal Group comply with the applicable accounting rules and to ensure the fair presentation of reporting. Accounting and valuation involve making forward-looking estimates and assumptions. Estimates and assumptions which pose a significant risk in the form of an adjustment to the book values of assets and liabilities within the next financial year are shown under the individual positions in the Notes; see 2.26.

3. Notes to the consolidated income statement
   1. Rental income from investment properties

      CHF million	2025	2024
      Rental income from residential properties	54.0	53.2
      Rental income from commercial properties	150.0	168.1
      Rental income from investment properties	204.0	221.3
      Rental income is calculated as follows:
      CHF million	2025	2024
      Target rental income	214.7	218.3
      Vacancy	-7.4	-3.6
      Collection losses, loss of income as a result of rent-free periods and ohter income	-2.0	8.0
      Ground rents	-1.3	-1.4
      Rental income from investment properties	204.0	221.3

      The cumulated vacancy rate for the financial year 2025 amounted to a total of 3.4% of target rental income (2024: 1.6%), with residential properties accounting for 0.8% and commercial properties 4.3% (2024: 0.8% and 1.9%, respectively).

      The rest of the rental income breaks down as follows:
      CHF million	2025	2024
      Residential properties held on a continuous basis	54.0	53.2
      Commercial properties held on a continuous basis	149.2	167.2
      Sold properties	0.8	0.9
      Rental income from investment properties	204.0	221.3

      The properties at Steinenvorstadt 36 in Basel and Materlochstrasse 21 in Bülach that were sold in 2025 generated rental income of CHF 0.8 million in the reporting period.

   2. Direct expenses for rented investment properties

      CHF million	2025	2024
      Administrative and operating expenses, residential properties	-1.7	-2.0
      Administrative and operating expenses, commercial properties	-6.1	-6.2
      Maintenance and repair expenses, residential properties	-4.8	-5.0
      Maintenance and repair expenses, commercial properties	-11.2	-14.0
      Real estate expenses	-23.8	-27.2

      The property expenses relate solely to the investment properties in the Real Estate segment.

      CHF million	2025	2024
      Administrative fees and costs	-1.9	-2.7
      Insurance, fees and charges	-3.1	-2.9
      Janitorial services	-0.6	-0.6
      Other expense and ancillary costs (borne by owner)	-2.2	-2.0
      Administrative and operating expenses	-7.8	-8.2

      In 2025, real estate expenses for unlet properties amounted to CHF 1.7 million (2024: CHF 1.5 million).

   3. Earnings from sale of investment properties

      CHF million	2025	2024
      Proceeds from sale	29.0	43.5
      Transaction costs on sale	-0.5	-0.8
      Balance sheet value = market value on 31 December of the previous year	-25.9	-35.1
      Earnings from sale of investment properties	2.6	7.6

      In 2025, commercial properties at Steinenvorstadt 36 in Basel and Marterlochstrasse 21 in Bülach were divested at a sale price of CHF 29.0 million. After deduction of transaction costs, earnings from sale of investment properties amounted to CHF 2.6 million.

   4. Earnings from Development & Realisation

      CHF million	2025	2024
      Income from Realisation	160.2	170.4
      Direct expenses from Realisation	-142.9	-152.8
      Earnings from Realisation	17.3	17.6
      Income from sales Development	68.9	24.3
      Direct expenses from sales Development	-47.8	-13.1
      Earnings from sales Development	21.1	11.2
      Capitalised own assets	10.9	10.0
      Other income	3.6	4.0
      Earnings from Development & Realisation segment	52.9	42.8

      Earnings from realisation consists of architects' and project & development fees (CHF 12.3 million) and earnings from construction activity (CHF 6.8 million) (2024: CHF 15 million / CHF 4.1 million). This contrasts with directly offset sales deductions of CHF -1.8 million for warranty expenses, construction insurance and guarantees, performance guarantees, bad debt allowances and third-party expenses arising from tendering (2024: CHF -1.5 million).

      Income from sales Development is made up of revenue from the Spiserstrasse in Zurich, Panorama Eggen in Lucerne, Strubenacher Living in Zumikon, Avenue du Curé-Baud in Grand-Lancy and Avenue de l'Amandolier in Geneva residential real estate projects (CHF 68.9 million). This resulted in gains on sales of CHF 21.1 million.

      Other income includes fees for third-party project development activities amounting to CHF 0.3 million, as well as other earnings from commissions and services provided for third parties amounting to CHF 0.7 million and rental income from development reserves in the amount of CHF 2.6 million.

   5. Personnel expenses

      CHF million	2025	2024
      Salaries and wages	-31.3	-33.0
      Social insurance costs	-3.1	-3.0
      Employee pension plans	-2.9	-2.5
      Share-based remuneration	-0.6	-0.1
      Other personnel expenses	-2.7	-2.5
      Personnel expenses	-40.6	-41.1

      Other personnel expenses include spending on actual and flat-rate staff expenses (CHF -1.2 million), training and development (CHF -0.3 million), costs for the recruitment of new employees (CHF -0.2 million), freelancers for Realisation department projects (CHF -0.7 million) and other directly attributable staff expenses (CHF -0.3 million).

      On the balance sheet date, the staff headcount stood at 224 employees, corresponding to 211 full-time equivalents (31.12.2024: 229 employees / 216 full-time equivalents).

   6. Other operating expenses

      CHF million	2025	2024
      IT expenses	-1.8	-1.9
      Rental expenses	-0.4	-0.8
      Consultancy and legal fees	-1.3	-2.1
      Administration expenses	-3.4	-3.7
      Capital taxes	-2.1	-1.9
      Other general operating expenses	-0.6	-0.7
      Other operating expenses	-9.6	-11.1

   7. Financial income

      CHF million	2025	2024
      Interest income on financial assets	1.6	1.6
      Financial income	1.6	1.6

   8. Financial expense

      CHF million	2025	2024
      Interest expense for bond issues	-15.9	-15.7
      Interest expense payable to banks/insurance companies for liabilities	-17.0	-20.6
      Capitalised building loan interest	0.4	0.1
      Other financial expenses	-0.3	-0.4
      Financial expense	-32.8	-36.6

      The interest expense for bond issues includes paid and accrued interest of CHF -15.9 million as at the balance sheet date (2024: CHF -15.7 million) and amortisation of CHF 0.5 million between the debt components and the redemption amounts (2024: CHF 0.0 million).

      Capitalised building loan interest of CHF 0.4 million (2024: CHF 0.1 million) relates in full to investment properties under construction and buildings under construction, applying an average interest rate of 1.13% and debt financing of 50% (2024: 1.25% and 50%).

   9. Net profit per share / net asset value (NAV) per share

      	2025	2024
      Number of outstanding shares as at 1 January (in thousands)	16 511	16 510
      Change in holdings of treasury shares (in thousands)	4	1
      Number of outstanding shares as at 31 December (in thousands)	16 515	16 511
      Average number of outstanding shares (in thousands)	16 516	16 514
      Net profit excl. revaluation effect (in CHF million)	122.1	122.7
      Earnings from revaluation of investment properties (in CHF million)	125.0	121.3
      Deferred taxes on revaluation gains (in CHF million)	-27.8	-32.6
      Net profit incl. revaluation effect (in CHF million)	219.3	211.4
      Earnings per share incl. revaluation effect (CHF)	13.28	12.80
      Earnings per share excl. revaluation effect (CHF)	7.39	7.43
      Diluted earnings per share
      - incl. revaluation effect (CHF)	13.28	12.80
      - excl. revaluation effect (CHF)	7.39	7.43

      The share-based remuneration of members of Group Management has the effect of diluting the earnings per share. For this calculation, the average number of outstanding shares increases from 16,513,541 to 16,516,378 shares.

      CHF million	2025	2024
      Outstanding shares (in thousands) as at 31 December	16 515	16 511
      Equity as at 31 December (CHF million)	2 745.3	2 641.0
      Net asset value (NAV) per share after deferred taxes (CHF)	166.23	159.95
      Equity plus provision for deferred taxes less deferred tax assets (CHF million)	3 205.7	3 063.7
      Net asset value (NAV) per share before deferred taxes (CHF)	194.11	185.56

   10. Employee pension plans

       Swiss pension institutions are subject to the Swiss Federal Law on Occupational Retirement, Survivors' and Disability Pension Plans (BVG). The BVG stipulates that pension institutions must be managed autonomously and as legally independent institutions. The Board of Trustees, as the governing body of the pension fund, is made up of an equal number of employee and employer representatives. The Board of Trustees defines and implements an investment strategy.

       Plan members of the pension fund are insured against the economic consequences of old age, disability and death, in respect of which the BVG stipulates minimum benefits. Both employer and employee pay a share of the contributions to the pension fund; these are based on the insured salary and on the age of the plan member. Pension contributions and annual interest are credited to the individual savings accounts. Upon retirement of a plan member, the balance of the savings account is either paid out or, applying a statutory conversion rate, converted into a retirement pension. Benefits will also be paid in cases of long-term occupational disability.

       All actuarial risks, comprising demographic risks (life expectancy) as well as financial risks (return on plan assets or development of wages, salaries and pen-

       sions), are borne by the pension fund and regularly assessed by the Board of Trustees. In the event of a shortfall in coverage as defined by the BVG, recourse may be taken to various measures. These primarily include increasing current contributions, payment of additional restructuring contributions by the employer, or adjusting the conversion rates.

       On 31 December 2024, the pension institution of Allreal Generalunternehmung AG had a surplus totalling CHF 51.3 million, and there was also a surplus on the balance sheet date. At no point did Allreal Group derive any economic benefit from these surpluses. Expenses of CHF 2.2 million were recorded for the pension institution in the period (2024: CHF 1.8 million).

       Employees of Allreal Romandie SA are members of a semi-autonomous collective fund. The fund had a surplus as at the balance sheet date from which the companies do not benefit. Expenses of CHF 0.2 million were recorded for this collective fund in the period (2024: CHF 0.2 million).

       Some Allreal staff are covered by a management insurance plan taken out with an insurance company. This management insurance scheme is part of a collective fund and does not show a surplus or shortfall. Allreal's only commitment in respect of this plan is to pay the annual contributions. In the reporting period, these amounted to CHF 0.7 million (2024: CHF 0.7 million).

   11. Share-based remuneration

       Members of Group Management receive remuneration in the form of shares in Allreal Holding AG. Entitlements are satisfied by the company by means of treasury shares.

       Number of

       Share price

       Expenses 2025

       Time of allocation Allreal shares in CHF in CHF million Availability

       14.03.2023 412 147.80 0.020 14.03.2026

       11.03.2024 792 151.70 0.040 11.03.2027

       15.05.2025 2 110 182.56 0.075 15.05.2028

       Provided that all preconditions are met, a total of 3314 shares of Allreal Holding AG will in future be distributed to eligible beneficiaries. Total expenses for share-based remuneration amounted to CHF 0.2 million in the reporting period (2024: CHF 0.2 million), of which CHF 0.2 million was recognised in profit or loss and CHF 0.0 million in equity (2024: CHF 0.1 million / CHF 0.1 million).

   12. Purchase of companies / Goodwill

       On 15 October 2021, Allreal Holding AG acquired various companies in the amount of CHF 489.8 million. The companies hold investment and development properties and are also active in the Development & Realisation segment with the company Allreal Développement Romandie SA (formerly Roof SA). The acquisition resulted in goodwill of CHF 47.1 million. This was offset against retained earnings at the time of the acquisition.

       In the event that it were capitalised and depreciated over five years, the goodwill would be written down by CHF 9.4 million in the financial year 2025 and have the following impact on the net profit and shareholders' equity of the company:

       CHF million	2025	2024
       Goodwill
       Goodwill at 1 January	16.9	26.3
       Goodwill depreciation	-9.4	-9.4
       Goodwill at 31 December	7.5	16.9
       Impact on net profit
       Net profit before Goodwill depreciation	219.3	211.4
       Goodwill depreciation	-9.4	-9.4
       Net profit after Goodwill depreciation	209.9	202.0
       Impact on equity
       Equity at 31 December after offsetting Goodwill	2 745.3	2 641.0
       Capitalisation Goodwill	7.5	16.9
       Equity at 31 December without offsetting Goodwill	2 752.8	2 657.9

4. Notes to the consolidated balance sheet
   1. Investment properties

      Total investment

      Residential properties Commercial properties properties

      CHF million	2025	2024	2025	2024	2025	2024
      Acquisition costs
      As at 1 January	1 111.8	1 110.5	3 220.4	3 243.3	4 332.2	4 353.8
      Purchases	0.0	0.0	0.0	0.0	0.0	0.0
      Investments	10.8	1.3	22.2	16.0	33.0	17.3
      Capitalised building loan interest	0.0	0.0	0.0	0.0	0.0	0.0
      Disposals	0.0	0.0	-53.4	-28.5	-53.4	-28.5
      Reclassifications	-97.0	0.0	29.7	-10.4	-67.3	-10.4
      As at 31 December	1 025.6	1 111.8	3 218.9	3 220.4	4 244.5	4 332.2
      Revaluation
      As at 1 January	542.4	470.0	235.7	192.5	778.1	662.5
      Higher valuations	82.4	108.6	61.6	137.7	144.0	246.3
      Lower valuations	-4.9	-36.2	-22.3	-89.7	-27.2	-125.9
      Rent-free periods	0.0	0.0	0.4	1.8	0.4	1.8
      Disposals	0.1	0.0	27.6	-6.6	27.7	-6.6
      Reclassifications	25.7	0.0	-60.4	0.0	-34.7	0.0
      As at 31 December	645.7	542.4	242.5	235.7	888.2	778.1
      Balance sheet value = market value on 1 January	1 654.2	1 580.5	3 456.1	3 435.8	5 110.3	5 016.3
      Balance sheet value = market value on 31 December	1 671.3	1 654.2	3 461.4	3 456.1	5 132.7	5 110.3
      of which pledged or subject	1 265.6	1 230.4	2 690.5	2 654.1	3 956.1	3 884.5
      to restricted disposability	75.7%	74.4%	77.7%	76.8%	77.1%	76.0%

      The reclassifications relate to Freiburgstrasse 130 in Bern, as well as Avenue de l'Amandolier 21 and Rue Edouard-Rod 10 in Geneva, which were all reclassified

      from investment properties under construction to investment properties upon completion. Baarermatte in Baar was reclassified from an investment property to an investment property under construction and a building under construction, while the property at Soodmattenstrasse 8/10 in Adliswil was reclassified as a development property. In addition, the properties Avenue Industrielle 18 and Rue Daniel-Gevril 10 in Carouge, Rue Jean-Jaquet 3 and Rue du Grand-Pré 57 in Geneva, and Chemin de la Traille 21/25/35 and Route de Loëx 51 in Onex were reclassified as investment properties held for sale.

      The commercial and residential properties sold in 2025 at Steinenvorstadt 36 in Basel and the commercial property at Marterlochstrasse 21 in Bülach are recognised in disposals at their balance sheet value of CHF 25.9 million.

      Investment

      Investment properties under

      Total investment

      properties construction properties

      CHF million	2025	2024	2025	2024	2025	2024
      As at 1 January	4 332.2	4 353.8	159.4	146.1	4 491.6	4 499.9
      Purchases	0.0	0.0	0.0	0.0	0.0	0.0
      Investments	33.0	17.3	18.5	13.2	51.5	30.5
      Capitalised building loan interest	0.0	0.0	0.4	0.1	0.4	0.1
      Disposals	-53.4	-28.5	0.0	0.0	-53.4	-28.5
      Reclassification as revaluation	0.0	0.0	0.0	0.0	0.0	0.0
      Reclassifications	-67.3	-10.4	-154.9	0.0	-222.2	-10.4
      As at 31 December	4 244.5	4 332.2	23.4	159.4	4 267.9	4 491.6
      Revaluation
      As at 1 January	778.1	662.5	-84.2	-85.1	693.9	577.4
      Higher valuations	144.0	246.3	8.2	2.7	152.2	249.0
      Lower valuations	-27.2	-125.9	0.0	-1.8	-27.2	-127.7
      Rent-free periods	0.4	1.8	0.0	0.0	0.4	1.8
      Disposals	27.7	-6.6	0.0	0.0	27.7	-6.6
      Reclassification of acquisition costs	0.0	0.0	0.0	0.0	0.0	0.0
      Reclassifications	-34.7	0.0	85.0	0.0	50.3	0.0
      As at 31 December	888.2	778.1	9.0	-84.2	897.3	693.9
      Balance sheet value = market value on 1 January	5 110.3	5 016.3	75.2	61.0	5 185.5	5 077.3
      Balance sheet value = market value on 31 December	5 132.7	5 110.3	32.4	75.2	5 165.1	5 185.5
      of which pledged or subject	3 956.1	3 884.5	0.0	0.0	3 956.1	3 884.5
      to restricted disposability	77.1%	76.0%	0.0%	0.0%	76.6%	74.9%

      The value-enhancing investments relate to the investment properties Freiburgstrasse 130, Bern (CHF 9.3 million), Richti site, Wallisellen (CHF 4.8 million), Toni site, Zurich (CHF 2.1 million), Vulkanstrasse 106, Zurich (CHF 1.3 million) and miscellaneous other investment properties (CHF 23.4 million). In total, CHF 29.2 million of the investments has an effect on liquidity.

   2. Development properties

      Buildings under Development

      Development reserves construction Completed properties properties

      CHF million	2025	2024	2025	2024	2025	2024	2025	2024
      As at 1 January	451.0	439.4	50.5	32.3	0.0	0.0	501.5	471.7
      Purchases	35.9	7.2	0.0	0.0	0.0	0.0	35.9	7.2
      From construction activity/development	5.9	8.9	47.8	11.9	0.0	0.0	53.7	20.8
      Earnings from sales Development	0.0	0.0	21.2	11.3	0.0	0.0	21.2	11.3
      Impairment	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
      Disposals/offsetting prepayments	-3.4	0.0	-108.9	-9.5	0.0	0.0	-112.3	-9.5
      Reclassifications	-2.6	-4.5	80.3	4.5	0.0	0.0	77.7	0.0
      As at 31 December = balance sheet value	486.8	451.0	90.8	50.5	0.0	0.0	577.6	501.5
      of which pledged or subject to restricted disposability	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0

      The additions of development reserves relate to additional prepayments for existing properties in Western Switzerland, as well as the acquisition of a new development plot at Geissacher in Zumikon.

      The reclassification concerns the projects Eggen in Lucerne and Strubenacher Living in Zumikon from development reserves to buildings under construction and Baarermatte in Baar from investment properties to buildings under construction, as well as Soodmattenstrasse 8/10 in Adliswil from investment properties to development reserves. The rest of the changes are in line with the normal progress of the projects shown in the balance sheet at their various stages.

      The disposal relates to the sale of the development reserve at Spiserstrasse 15 in Zurich.

      In the case of buildings under construction, the CHF 108.9 million relates to prepayments that were offset for notarised units from the ongoing and completed projects in Geneva, Grand-Lancy, Lucerne, Zumikon and Zurich.

      As at 31 December 2025, the composition of the balance sheet position of development properties was as follows:

      Location	Properties	Site Acquisition/ area projectstart in m²		Register of suspected contaminated sites	Book value in CHF million2	Estimated investment volume CHF million¹	Project status	Expected comple- tion
      Development reserves
      Adliswil	Soodmattenstrasse 8/10	2017	10 043	no	49.5	75.0	in planning	open
      Chavannes-près-Renens	Av. de la Gare 84 bis / Route de la Maladière	2021	33 111	no	126.1	341.0	in planning	open
      Confignon	Route de Base / Ch. des Charrotons 25 / Ch. des Grands-Champs 23	2021	6 231	no	21.0	61.0	in planning	open
      Geneva	Ch. Dr-J-L-Prévost 3	2021	1 186	no	7.7	30.0	in planning	open
      Geneva	Ch. Buisson 6	2021	480	no	3.2	4.0	in planning	open
      Geneva	Ch. Mestrezat 5A, 5B et 7	2021	3 762	no	22.0	40.0	in planning	open
      Geneva	Av. de Joli-Mont 2 / Av. Louis-Casaï 12 / Av. de Riant-Parc	2021	2 038	no	14.5	29.0	in planning	open
      Geneva	Av. Louis-Casaï 62	2023	1 932	no	2.3	23.0	in planning	open
      Nyon	Route des Tattes d'Oie 83 et 91	2021	6 093	yes	10.1	42.0	in planning	open
      Riehen	Inzlingerstrasse	2019	10 883	no	21.4	62.0	in planning	open
      Sunikon-Steinmaur	Hohlgasse 7	2022	4 916	no	13.2	51.0	in planning	open
      Veyrier	Pré des Dames	2021	15 441	no	21.0	92.0	in planning	open
      Winterthur	Vitus-Areal	2023	75 000	yes	97.4	535.0	in planning	open
      Zumikon	Geissacher	2025	5 500	no	35.9	85.0	in planning	open
      Zurich	Badenerstrasse 501-505	2020	1 739	no	34.3	65.0	in planning	open
      Zurich	Hauserstrasse	2019	1 341	no	7.2	11.0	in planning	open

      Baar	Baarermatte	2002	10 625	no	36.2	130.0	in progress	2028
      Grand-Lancy	Av. du Curé-Baud 22	2021	1 040	no	5.4	12.0	in progress	2026
      Lucerne	Eggen	2018	8 386	no	41.6	93.0	in progress	2027
      Zumikon	Strubenacher	2019	4 569	no	14.3	42.0	in progress	2027
      Zurich	Spiserstrasse	2018/2019	3 066	no	-6.7	74.4	in progress	2026

      Total development reserves 486.8 1 546.0 Buildings under construction

      Total buildings under construction 90.8 351.4 Completed properties - -Total completed properties - -Total development properties 577.6 1 897.4

      1. Land and building costs

      2. Book value includes acquisition costs for the land 100% owned by Allreal, as well as accrued project costs of third parties offset against prepayments for the notarised units

      Baarermatte, Baar

      New build of four residential buildings with 104 condominiums and 6 studios. The project comprises covers floor space of 12,406 m2 certified to the SNBS Gold standard. It is being built by the Realisation division and is scheduled for completion in 2028. As at 31 December 2025, marketing had not yet started.

      Avenue du Curé-Baud, Grand-Lancy

      New-build of 13 condominiums and 11 underground parking spaces. The project covers floor space (100% residential) of 1,373 m2 certified to the Haut Standard Energétique standard. It is being built by the Realisation division and is scheduled

      for completion in 2026. As at 31 December 2025, all 13 residential units had been notarised.

      Panorama Eggen, Lucerne

      Construction of a new residential complex with 73 condominiums and 71 underground parking spaces. The project covers 7,849 m2 in residential space and is certified to the Minergie-ECO standard. It is being built by the Realisation division and is scheduled for completion in 2027. As at 31 December 2025, 30 of the 73 residential units had been notarised.

      Strubenacher Living, Zumikon

      New-build of 19 terraced houses and 38 underground parking spaces. The project covers 3,356 m2 in residential space and is certified to the Minergie-ECO standard. It is being built by the Realisation division and is scheduled for completion in 2027. As at 31 December 2025, 7 of the 19 residential units had been notarised.

      Spiserstrasse, Zurich

      Construction of a new residential complex with 57 condominiums, 6 townhouses and 35 underground parking spaces. The project covers 6406 m2 in residential space. It is being built by the Realisation division and is scheduled for completion in the second half of 2025. As at 31 December 2025, all but one of the 63 residential units had been notarised.

   3. Investment properties held for sale

      CHF million	31.12.2025	31.12.2024
      Investment properties held for sale	101.9	10.5
      Investment properties held for sale	101.9	10.5

      This item includes the properties at Avenue Industrielle 18 and Rue Daniel-Gevril 10 in Carouge, Rue Jean-Jaquet 3 and Rue du Grand-Pré 57 in Geneva, and Chemin de la Traille 21/25/35 and Route de Loëx 51 in Onex, for which the sale was notarised on 18 December 2025. Transfer of ownership took place in February 2026.

   4. Other property, plant and equipment

      		Tenant fit-out		Other		Total
      CHF million	2025	2024	2025	2024	2025	2024
      Acquisition costs
      As at 1 January	10.2	10.2	21.3	18.5	31.5	28.7
      Additions	0.2	0.0	0.0	3.2	0.2	3.2
      Change in scope of consolidation	0.0	0.0	0.0	0.0	0.0	0.0
      Disposals	0.0	0.0	-0.2	-0.4	-0.2	-0.4
      Reclassification	0.0	0.0	-7.9	0.0	-7.9	0.0
      As at 31 December	10.4	10.2	13.2	21.3	23.6	31.5
      Accumulated depreciation
      As at 1 January	4.6	3.6	9.6	8.4	14.2	12.0
      Additions	1.1	1.0	0.5	1.3	1.6	2.3
      Disposals	0.0	0.0	0.0	-0.1	0.0	-0.1
      Reclassification	0.0	0.0	-0.7	0.0	-0.7	0.0
      As at 31 December	5.7	4.6	9.4	9.6	15.1	14.2
      Book value as at 31 December	4.7	5.6	3.8	11.7	8.5	17.3
      of which pledged or subject to restricted disposability	0.0	0.0	0.0	0.0	0.0	0.0

      The tenant fit-out costs refer to the business premises at the site at Lindbergh-Allee 1, Opfikon. The leases for the other sites, with annual rents of CHF 0.4 million, have fixed terms, the longest of which runs until December 2031.

      As at the balance sheet date, the book value of other property, plant and equipment includes photovoltaic installations under construction (CHF 2.6 million) and electric vehicle charging stations (CHF 0.7 million) in investment properties, as well as IT equipment (CHF 0.2 million) and vehicles used by the company and other property, plant and equipment (CHF 0.3 million). The reclassification relates to photovoltaic installations that were allocated to the relevant investment properties upon completion.

   5. Financial assets

      CHF million	31.12.2025	31.12.2024
      Prefinancing of tenant fit-outs	93.3	90.2
      Financial assets	93.3	90.2

      In the Real Estate segment, Allreal provided tenants with prefinancing of costs for interior fit-outs of business and commercial premises which will be repaid in full by the tenants over the term of their leases on an annuity basis and consequently are not subject to scheduled depreciation. Final maturities for repayment of the prefinanced tenant fit-outs run until 2042, with interest rates at 1.00 to 5.55%, depending on the individual contractual arrangements. The Canton of Zurich as a counterparty accounts for the largest individual item for tenant fit-outs on the Toni site, Zurich (CHF 61.8 million) (31.12.2024: CHF 68.8 million).

      As at the balance sheet date, the prefinanced tenant fit-outs break down as follows:

      CHF million	2025	2024
      Acquisition costs
      As at 1 January	91.9	93.6
      Additions	17.3	12.5
      Disposals	-14.1	-14.2
      As at 31 December	95.1	91.9
      Accumulated depreciation
      As at 1 January	1.7	1.7
      Additions	0.1	0.0
      Disposals	0.0	0.0
      As at 31 December	1.8	1.7
      Book value as at 31 December	93.3	90.2

   6. Intangible assets

      CHF million	2025	2024
      Acquisition costs
      As at 1 January	2.3	2.1
      Additions	0.2	0.2
      Disposals	0.0	0.0
      Reclassification	0.0	0.0
      As at 31 December	2.5	2.3
      Accumulated depreciation
      As at 1 January	2.1	2.0
      Additions	0.1	0.1
      Disposals	0.0	0.0
      Reclassification	0.0	0.0
      As at 31 December	2.2	2.1
      Book value as at 31 December	0.3	0.2

   7. Trade receivables

      CHF million	31.12.2025	31.12.2024
      Receivables Development & Realisation segment	5.2	32.8
      Order balances Development & Realisation segment	17.0	13.1
      Advance payments for development properties	5.0	0.0
      Receivables Real Estate segment	2.5	10.7
      Trade receivables	29.7	56.6

      Prepayments for development properties relate to advance payments made in connection with the notarisation of Köschenrüti site in Zurich Seebach.

      The maturities structure for the non-value-adjusted receivables of Development & Realisation was as follows as at 31 December:

      CHF million	2025	2024
      Not due	0.3	29.4
      Overdue by up to 30 days	4.3	2.4
      Overdue by between 31 and 60 days	0.4	0.3
      Overdue by between 61 and 120 days	0.0	0.0
      Overdue by more than 120 days	0.2	0.7
      Receivables Development & Realisation segment	5.2	32.8

      The stated values of the order balances are after deduction of prepayments made for each project which as at 31 December is under construction for third parties and has not yet been billed and paid.

      CHF Mio.	2025	2024
      Contract costs incurred	255.4	202.8
      Fee income booked	37.6	18.8
      Gains and losses booked	-0.1	1.7
      Services provided	292.9	223.3
      Less prepayments received	-323.3	-256.5
      Total project balances	-30.4	-33.2
      of which with credit balance (recognised as trade receivables)	17.0	13.1
      of which with debt balance (recognised as trade payables)	-47.4	-46.4

   8. Other receivables

      CHF million	31.12.2025	31.12.2024
      Prepaid expenses and accrued income	12.3	8.3
      Receivables arising from WIR balances	0.0	0.1
      Receivables arising from value-added tax	0.4	0.1
      Diverse other receivables	3.8	4.3
      Other receivables	16.5	12.8

   9. Cash

Of the cash amounting to CHF 5.4 million (31.12.2024: CHF 4.3 million), CHF 2.5 million is freely disposable in the form of current account balances and CHF 2.9 million can only be used for certain third-party construction projects of the Realisation division.