Ems-chemie Holding AgSIX: EMSN

Finance Report 2025

Mar 24, 2026 at 4:51 AM UTC · Issued by Ems-chemie Holding Ag

‌EMS Group Finance Report 2025

Contents

Share Performance 1

Key Figures 2021 - 2025 2

Consolidated Income Statement and

Consolidated Statement of Comprehensive Income 3

Consolidated Balance Sheet 4

Consolidated Statement of Changes in Equity 5

Consolidated Statement of Cash Flows 6

Notes to the Consolidated Financial Statements 7

Report on the Audit of the Consolidated Financial Statements 34

‌Share Performance


			2025		2024	2023	2022	2021
Number of registered shares			23'389'028	23'389'028		23'389'028	23'389'028	23'389'028
	Shares entitled to dividend		23'389'028	23'389'028		23'389'028	23'389'028	23'389'028
	Treasury shares		0		0	0	0	0
Information per share (in CHF):			18.40
	Dividend per share		18.40	1)	17.25	16.00	20.00	21.00
		Of which ordinary dividend	14.65		13.95	12.75	15.75	16.50
		Of which extraordinary dividend	3.75		3.30	3.25	4.25	4.50
	Earnings per share		19.95		19.70	19.56	22.75	23.53
	Cash flow per share 2)		22.85		20.54	24.65	15.64	22.16
	Equity per share 3)		79.31		78.45	74.47	77.63	76.91
	Stock prices 4)
		High	685.50		785.00	801.00	1'046.00	1'035.00
		Low	530.00		599.00	599.50	591.50	793.50
		At 31.12.	549.50		611.50	681.00	626.00	1'021.00
Market capitalization at			12'852.3
31.12. (CHF million)			12'852.3		14'302.4	15'927.9	14'641.5	23'880.2

Registered shares are listed at the SIX Swiss Exchange: EMS-CHEMIE HOLDING AG

Valor symbol EMSN

Valor number 1644035

ISIN CH0016440353

1)Proposal of the Board of Directors.

2)Cash flow = Cash flow from operating activities.

3)Excluding non-controlling interests.

4)Source: SIX Swiss Exchange AG.

Key Figures 2021 - 2025


CHF million		2025	2024	2023	2022	2021
Net sales		1'949.7	2'070.8	2'189.0	2'441.9	2'253.8
	Change in % against previous year	-5.8%	-5.4%	-10.4%	+8.3%	+25.1%
	Change in local currencies	-2.4%	-1.6%	-4.6%	+12.6%	+24.6%
	Of which in Switzerland	3.8%	3.5%	2.9%	4.0%	3.8%
Net operating income (EBIT)		567.0	539.1	492.6	611.1	640.3
	Change in % against previous year	+5.2%	+9.5%	-19.4%	-4.6%	+24.3%
	In % of net sales	29.1%	26.0%	22.5%	25.0%	28.4%
Net financial income		(3.2)	9.9	(0.6)	(4.5)	1.0
Income taxes		93.0	82.9	30.7	71.7	88.5
Net income		470.8	466.1	461.2	534.9	552.9
	Change in % against previous year	+1.0%	+1.1%	-13.8%	-3.3%	+25.8%
	In % of net sales	24.1%	22.5%	21.1%	21.9%	24.5%
Cash flow 1)		534.3	480.4	576.5	365.9	518.3
	Change in % against previous year	+11.2%	-16.7%	+57.6%	-29.4%	+9.9%
	In % of net sales	27.4%	23.2%	26.3%	15.0%	23.0%
Investments		28.4	32.9	49.4	94.0	79.9
	In % of cash flow	5.3%	6.8%	8.6%	25.7%	15.4%
Total assets		2'226.5	2'227.2	2'167.2	2'316.0	2'324.7
Assets
	Current assets	1'515.8	1'459.1	1'375.4	1'570.6	1'622.8
	Non-current assets	710.7	768.1	791.7	745.4	701.9
Equity and liabilities
	Current liabilities	253.4	240.9	293.2	373.8	380.2
	Non-current liabilities	114.6	121.7	105.3	97.8	116.1
	Equity 2)	1'854.9	1'834.9	1'741.8	1'815.8	1'798.9
		Equity ratio	83.3%	82.4%	80.4%	78.4%	77.4%
		Return on equity	25.1%	25.1%	26.3%	29.3%	30.6%
Number of employees at 31.12. 3)		2'657	2'824	2'736	2'693	2'646

1)Cash flow = Cash flow from operating activities.

2)Excluding non-controlling interests.

3)Excluding apprentices (2025: 142; 2024: 131; 2023: 134; 2022: 136; 2021: 134).

Consolidated Income Statement


Notes			2025	2024
Notes			(CHF '000)	(CHF '000)
	Net sales		1'949'656	2'070'768
	Inventory changes, semi-finished and finished goods		14'261	37'673
	Capitalized costs and other operating income	1	19'514	19'877
	Material expenses		(999'653)	(1'145'149)
	Personnel expenses	2	(248'353)	(255'162)
	Other operating expenses	3	(113'130)	(136'330)
Earnings before interest, tax, depreciation and amortization (EBITDA)			622'295	591'677
	Depreciation and amortization	8	(55'278)	(52'580)
Net operating income (EBIT)			567'017	539'097
	Financial income	5	2'852	11'847
	Financial expenses	6	(6'010)	(1'908)
Net income before taxes			563'859	549'036
	Income taxes	7	(93'038)	(82'908)
Net income			470'821	466'128
Of which attributable to:			466'505	460'788
	Shareholders of EMS-CHEMIE HOLDING AG		466'505	460'788
	Non-controlling interests	20	4'316	5'340
Earnings per share in CHF:			19.95	19.70
	Basic	18	19.95	19.70
	Diluted	18	19.95	19.70

Consolidated Statement of Comprehensive Income

Net income				470'821	466'128
		Remeasurements of defined benefit plans, net of tax		(433)	(1'645)
	Items that will not be reclassified to the income statement			(433)	(1'645)
		Net changes from cash flow hedges, net of tax	15	6'325	(3'151)
		Translation differences, net of tax		(43'822)	11'878
	Items that are or may be reclassified to the income statement			(37'497)	8'727
	Other comprehensive income			(37'930)	7'082
Comprehensive income				432'891	473'210
of which attributable to:				431'800	467'346
	Shareholders of EMS-CHEMIE HOLDING AG
	Non-controlling interests		20	1'091	5'864

Reference numbers indicate corresponding notes to the consolidated financial statements.

Consolidated Balance Sheet


Notes				31.12.	31.12.
				2025	2024
				(CHF '000)	(CHF '000)
Non-current assets				710'740	768'073
	Intangible assets		8	56'558	57'631
	Property, plant and equipment		8	552'788	584'755
	Right-of-use assets		8	10'834	8'421
	Investments			216	1'661
	Other non-current assets		9	22'641	26'525
	Other non-current financial instruments		10	5'657	9'869
	Deferred income tax assets		7	62'046	79'211
Current assets				1'515'798	1'459'096
	Inventories		11	541'281	550'106
	Trade receivables		12	271'845	290'731
	Income tax assets			9'793	9'976
	Other current assets		13	69'149	78'951
	Other current financial instruments		14, 15	20'635	10'964
	Cash and cash equivalents		16	603'095	518'368
Total assets				2'226'538	2'227'169
Equity				1'858'517	1'864'665
	Equity attributable to shareholders of EMS-CHEMIE HOLDING AG			1'854'901	1'834'940
		Share capital	17	234	234
		Retained earnings and reserves		1'854'667	1'834'706
	Equity attributable to non-controlling interests		20	3'616	29'725
Liabilities				368'021	362'504
	Non-current liabilities			114'640	121'654
		Non-current financial liabilities	21	7'152	5'347
		Deferred income tax liabilities	7	77'434	82'493
		Employee benefit liability	22	8'890	9'732
		Non-current derivative financial instruments	15	0	670
		Provisions	23	21'164	23'412
	Current liabilities			253'381	240'850
		Current derivative financial instruments	15	177	2'445
		Current financial liabilities	21	25'344	3'435
		Trade payables		62'067	80'798
		Income tax liabilities		82'764	78'193
		Provisions	23	1'202	3'559
		Other current liabilities	24	81'827	72'420
Total equity and liabilities				2'226'538	2'227'169

Reference numbers indicate corresponding notes to the consolidated financial statements.

Consolidated Statement of Changes in Equity

Equity attributable to shareholders of

Equity

EMS- attributable

Capital

Retained

Hedging

Translation

CHEMIE HOLDING

to non-controlling

(CHF '000)	capital	reserves	earnings	reserves	differences	AG	interests	Equity
At 1.1.2024	234	25'676	1'922'366	18'457	(224'915)	1'741'818	26'769	1'768'587
Net changes from cash flow hedges				(3'151)		(3'151)		(3'151)
Remeasurements of
defined benefit plans			(1'645)			(1'645)		(1'645)
Translation differences					11'354	11'354	524	11'878
Other comprehensive income			(1'645)	(3'151)	11'354	6'558	524	7'082
Net income			460'788			460'788	5'340	466'128
Comprehensive income	0	0	459'143	(3'151)	11'354	467'346	5'864	473'210
Dividends paid At 31.12.2024	234	25'676	(374'224) 2'007'285	15'306	(213'561)	(374'224) 1'834'940	(2'908) 29'725	(377'132) 1'864'665


At 1.1.2025	234	25'676	2'007'285	15'306	(213'561)	1'834'940	29'725	1'864'665
Net changes from cash flow hedges				6'325		6'325		6'325
Remeasurements of
defined benefit plans			(433)			(433)		(433)
Translation differences					(40'597)	(40'597)	(3'225)	(43'822)
Other comprehensive income			(433)	6'325	(40'597)	(34'705)	(3'225)	(37'930)
Net income			466'505			466'505	4'316	470'821
Comprehensive income	0	0	466'072	6'325	(40'597)	431'800	1'091	432'891
Transaction with non-controlling interests			(8'378)			(8'378)	(26'611)	(34'989)
Dividends paid			(403'461)			(403'461)	(589)	(404'050)
At 31.12.2025	234	25'676	2'061'518	21'631	(254'158)	1'854'901	3'616	1'858'517

	31.12.	31.12.
	2025	2024
Equity attributable to shareholders of EMS-CHEMIE HOLDING AG, in % of total assets	83.3%	82.4%

Capital reserves are not eligible for distribution. Retained earnings include CHF 0.047 million (2024: CHF 0.047 million) not eligible for distribution. On February 6, 2026, the company announced that for the business year 2025/26 the Board of Directors will propose a dividend payment of CHF 18.40 per each share to the ordinary annual shareholder meeting on August 8, 2026 (CHF 14.65 ordinary dividend, CHF 3.75 extraordinary dividend).

For further information and data refer to page 1, "Share Performance".

Consolidated Statement of Cash Flows


Notes			2025	2024
Notes			(CHF '000)	(CHF '000)
	Net income		470'821	466'128
	Depreciation and amortization of intangible assets, property, plant and equipment and right-of-use assets	8	55'278	52'580
	Gain/loss from disposal of property, plant and equipment	3	845	780
	Change of provisions	23	(2'503)	16'656
	Unrealized currency translation gains/losses on foreign exchange positions		1'133	3'254
	Change assets and liabilities of post-employment benefits, net	22	(974)	881
	Net interest income	5, 6	(1'949)	(7'347)
	Income taxes	7	93'038	82'908
	Changes in net working capital		(3'597)	(50'636)
	Taxes paid		(75'152)	(83'411)
	Interest paid		(471)	(1'321)
	Provisions used	23	(2'130)	(106)
Cash flow from operating activities			534'339	480'366
	Purchase of intangible assets and property, plant and equipment	8	(28'389)	(32'852)
	Disposal of intangible assets and property, plant and equipment		665	369
	Change in other non-current assets	9	3'453	(1'172)
	Interest received		2'877	10'567
	Changes in current financial assets	14	(1'259)	199'723
Cash flow from investing activities			(22'653)	176'635
	Dividends paid to shareholders of EMS-CHEMIE HOLDING AG		(403'461)	(374'224)
	Dividends paid to non-controlling interests	20	(589)	(2'908)
	Purchase of shares from non-controlling interests	31	(34'989)	0
	Repayment of lease liabilities	21	(4'191)	(4'219)
	Proceeds from bank loans	21	21'824	0
	Repayment of bank loans	21	0	(22'372)
Cash flow from financing activities			(421'406)	(403'723)
Change in cash and cash equivalents			90'280	253'278
Cash and cash equivalents at 1.1.			518'368	264'383
Translation differences on cash and cash equivalents			(5'554)	707
Cash and cash equivalents at 31.12.		16	603'095	518'368

Reference numbers indicate corresponding notes to the consolidated financial statements.

‌Notes to the Consolidated Financial Statements Consolidated accounting principles

General information on the cons olidated financial s tatements

The consolidated financial statements give a true and fair view of the financial position, the results of operations and the cash flows of the EMS Group. The consolidation is based on individual financial statements of subsidiaries prepared according to uniform Group accounting principles and in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). They also comply with Swiss law.

Due to rounding, numbers presented throughout this report may not add up precisely to the totals provided. All ratios and variances are calculated using the underlying amount rather than the presented rounded amount.

The preparation of consolidated financial statements and related disclosures in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the reporting date and revenues and expenses during the reporting period. Actual results may differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the financial statements in the period in which they are determined to be necessary.

Significant es timates and as s umptions made by management

Impairment of non-current assets

To ascertain whether impairment has occurred, estimates are made of the expected future cash flows arising from the use and possible disposal of such assets. Significant assumptions are made in relation to such calculations, including expected sales figures, margins and discounting rates. It is also possible for useful life expectancies to be reduced, the intended use of property, plant and equipment to change, production sites to be relocated or closed, and production plants to generate lower-than-expected sales in the medium term.

Inventories

Purchased inventories are measured at cost, while internally generated products are measured at manufacturing cost. Besides individual costs, the cost of production also includes a proportionate allocation of manufacturing overheads. The recoverability value of inventories is evaluated based on assumptions of future usage and price development.

Receivables

Allowances on receivables are based on assumed and estimated future defaults. Basis for theses assumptions and estimates are outstandings by due dates and specific customer and regional information.

Provisions

In the course of their ordinary business operations, Group companies may be involved in

legal proceedings. If considered necessary, provisions for litigation risks, environmental risks and other provisions are recorded for expected net cash outflow. Other provisions primarily cover expected warranty claims arising from the sale of goods or services. The estimated and effective cash outflows in future reporting periods may therefore deviate from the actual estimates.

Employee benefits

The EMS Group operates various retirement plans on behalf of its employees. In the case of defined benefit plans, statistical assumptions are made in order to estimate future developments. When parameters alter due to changes in the economic situation or different market conditions, subsequent effects may differ significantly from the actuarial opinions and calculations.

Income taxes

Measurement of actual and future income tax liabilities is subject to interpretation of the tax legislation in the countries concerned. The accuracy of tax declarations and appropriateness of liabilities are judged in the context of final assessments or inspections by the tax authorities. Furthermore, the judgment as to whether tax-loss carry forwards can be capitalized requires critical assessment of their usability in terms of netting with future profits, which are dependent on numerous imponderables.

Changes in accounting policies

In 2025, the EMS Group has implemented various minor amendments of IFRS to existing standards and interpretations, which have no material impact on the Group's overall results and financial position.

Cons is tency

The principles of valuation and consolidation remain unchanged from the previous year.

Scope of cons olidation

The scope of consolidation includes all companies in and outside Switzerland which are controlled - directly or indirectly - by EMS-CHEMIE HOLDING AG, either by holding more than 50% of the voting rights or by contracts or other agreements (see note 32 "List of subsidiaries").

Method of cons olidation

The financial statements of majority-owned companies are fully consolidated. Assets and liabilities, income and expenses are incorporated in full. Capital consolidation is effected using the acquisition method. Intercompany transactions and relations have been eliminated in the course of consolidation. Unrealized profits from intercompany deliveries are eliminated in the income statement. All assets and liabilities of acquired companies are valued at fair value at the time of acquisition. Any positive difference between the resulting fair value of the net assets and contingent liabilities acquired and the cost of acquisition is capitalized as goodwill. Results for acquired companies are included in consolidation as from the date on which control was transferred. Changes in a parent's

ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions (i.e. transactions with owners in their capacity as owners). In the case of disposal of companies the deconsolidation is effected through the income statement as of the date when control is relinquished. The companies' results are then included in the consolidation up to such date.

Foreign currencies

The financial statements of the individual Group companies are presented in the currency of the primary economic environment in which the respective company operates (functional currency). The consolidated financial statements are prepared in Swiss francs, the Group's reporting currency. Financial statements in foreign currencies are translated as follows: current assets, non-current assets and liabilities at year-end exchange rates. Equity items are translated at historical rates. All items in the income statement are translated using the annual average exchange rate. The resulting translation differences are carried to equity without affecting net income. In case of disposal of a foreign subsidiary, the translation differences accumulated are transferred to the income statement (realization). The monetary balance sheet positions in foreign currency are translated at the year-end closing exchange rates. The differences are recognized in the income statement. Foreign currency transactions are translated at the spot exchange rate or at a monthly average exchange rate.

The most important exchange rates:

Annual average

Year-end closing

Unit			2025	2024	2025	2024
Euro	EUR	1	0.937	0.952	0.930	0.941
US dollar	USD	1	0.831	0.880	0.792	0.904
Japanese yen	JPY	100	0.555	0.581	0.506	0.577
Chinese renminbi	CNY	100	11.551	12.213	11.320	12.360
Taiwan dollar	TWD	100	2.665	2.743	2.519	2.759

Balance s heet date

The balance sheet date of subsidiaries is December 31. The balance sheet date of the parent company EMS-CHEMIE HOLDING AG is April 30. In accordance with uniform Group accounting principles an interim closing is prepared for the parent company as of December 31.

Valuation principles

The consolidated financial statements are based on historical costs. Exceptions are derivative financial instruments, which are measured at fair value, as well as employee benefit assets and liabilities, which are measured at the present value of the defined benefit obligation less the fair value of the plan assets.

Intangible assets (excluding goodwill)

Software, patents and trademarks are valued at their acquisition cost less amortization and impairment. Amortization is done on a straight-line basis over its limited, economic life which is 3-12 years.

Goodwill

Goodwill represents the excess of the sum of purchase price, the amount of non-controlling interests in the acquired company and the fair value of the previously held share of equity over the total fair value of the assets, liabilities and contingent liabilities. Goodwill is subject to an annual impairment test.

Property, plant and equipment

Property, plant and equipment are shown at purchase price or manufacturing cost less depreciation and impairments. Assets are depreciated using the straight-line method over their estimated useful lives. Useful lives are estimated in terms of the asset's physical life expectancy, corporate policy on asset renewals and technological and commercial obsolescence. The value of the capitalized property, plant and equipment is periodically reviewed. An impairment loss is recorded when the carrying amount exceeds the recoverable amount.

Repairs and maintenance are expensed as incurred. Investments in improvements or renewals of assets are capitalized if they increase economic benefit.

Depreciation periods:

Land: normally not depreciated
Plant under construction: normally not depreciated
Buildings: 25 - 50 years
Technical plant and machinery: 7 - 25 years
Other property, plant and equipment: 5 - 15 years
Impairment
The carrying amounts of property, plant and equipment and of intangible assets are reviewed as of the balance sheet date. If there are any indications of permanent impairment, the recoverable amount is determined. The recoverable amount corresponds to the higher of the fair value less costs to sell or the value in use. In cases where the carrying amount is higher than the recoverable amount, the difference is booked in the income statement. For the impairment test the corporate assets are collected at the lowest level for which cash flows can be identified separately (cash-generating units). For estimating the value in use, the future cash flows are discounted to the present value with a discount rate before taxes which includes the current market expectations, the time value of money and the specific risks of the assets.
Inventories
Inventories used for production are valued at their historical purchase or production cost or at their net realizable value, whichever is lower. Raw materials are valued using the "fifo" (first-in, first-out) method and at the moving average price. The raw materials included in semi-finished or finished products are valued either using current moving average price or standard costs. The cost of production also includes a proportionate allocation of manufacturing overheads.
Trade Receivables
Trade receivables are measured at amortized costs less allowances for doubtful
accounts which are based on credit ratings and expected credit losses . Trade receivables are not discounted.
Cash and cash equivalents
Cash and cash equivalents include cash on hand, bank account balances and short-term deposits within an original maturity of less than three months. Cash and cash equivalents are valued at their nominal value. Cash and cash equivalents is also used as fund for the cash flow statement.
Other current financial instruments
Other current financial instruments include fixed-term deposits or money market instruments with a maturity within 1 year. Those are entered with financial institutions of high-grade credit rating ("investment grade"). They are measured at amortized costs. Impairments on other current financial instruments are recognized in financial income/expenses when at the balance sheet date a significant increase in the risk of default is observed. This is the case if the counterparty does not hold an investment grade rating anymore. In a next level, when objective evidence exists that the counterparty is insolvent or in substantial financial difficulties, individual value adjustments are recognized.
Derivative financial instruments
Initial (at trade date) and subsequent measurement of all derivative financial instruments is fair value excluding transaction costs. Changes in fair value are recorded in financial income/expense and, with hedge accounting applied, transferred to other comprehensive income in the equity.
Derivative financial instruments are used to hedge highly probable sales and purchases in foreign currencies (cash flow hedges). When applying IFRS 9 for cash flow hedges, the effective portion of unrealized gains/losses (positive/negative replacement value) from derivative financial instruments is recognized in other comprehensive income, the ineffective portion is recognized immediately in the income statement. The gains and losses disclosed in the other comprehensive income are transferred to the income statement together with the recognition of the underlying transaction in the income statement (realization). The goal of hedge accounting is to synchronously recognize the underlying transaction and the realized derivative financial instrument in the income statement.
Fair values
Values for derivative financial instruments are based on replacement values or recognized valuation models such as option price models (Black-Scholes).
If there is no separate disclosure in the notes to the consolidated financial statements of the EMS Group, the fair values are considered to be in line with the carrying amounts at the balance sheet date.
Financial liabilities
Financial liabilities are recognized initially at the proceeds received, net of transaction costs incurred. In subsequent periods, financial liabilities are stated at amortized cost. Financial liabilities are classified as current if they are due to be repaid within twelve months after the balance sheet date, even if an agreement has been concluded on the long-term refinancing or rescheduling of payment commitments after the balance sheet
date but prior to the approval of the financial results for publication.
Payables , Other liabilities
Payables consist mainly of trade payables. Other liabilities consist of other payables, accruals, prepayments from customers and deferred income. Valuation is at amortized cost.
Provisions
Provisions are set up for legal or constructive obligations if these obligations, resulting from a past event and existing at balance sheet date, will most probably lead to a cash outflow and if the amounts can be reliably estimated. A provision is recognized when the probability is above 50%. If the effect is material, provisions are determined by discounting expected future cash flows.
Employee benefits
All Swiss subsidiaries are affiliated to the pension fund of the EMS Group. The pension fund of the EMS Group is a legally independent pension fund. These funds are fully funded by employee and employer contributions. Present and former employees or their surviving dependents, respectively, receive benefits for retirement, disability or in case of death, depending on the regulations of the individual pension funds.
For the purpose of the consolidated financial statements, the corresponding employee benefit obligations resulting from the Swiss plans are calculated on an annual basis. The future employee benefit obligations are calculated by using actuarial assumptions and methods in accordance with IFRS for each plan based on past and expected future service periods, the expected development of salaries and the indexation of pensions using the "Projected Unit Credit Method".
The amount recognized in the consolidated financial statements represents the deficit or surplus of the defined benefit plans (net pension liability or asset). However, in case of a surplus the recognized asset is limited to the present value of the economic benefits from future reductions in contributions.
The components of pension costs from defined benefit plans are recognized as follows:
service costs and net interest income or expense are recognized in profit or loss as part of personnel expenses,
remeasurements are recognized in other comprehensive income.
Service costs comprise current service costs, any past service costs, and gains and losses on settlements. Gains and losses on plan curtailments are treated equally to past service costs. Employee contributions reduce the service costs and are deducted from these costs depending on the individual pension fund regulations or in cases where there is a factual obligation to do so.
Net interest income or expense result from the multiplication of the net defined benefit liability (or asset) at the beginning of the financial year with the actuarial discount rate, under consideration of changes resulting from the payments of contribution and annuities throughout the financial year.
Remeasurements comprise:
actuarial gains and losses from changes of the present value of the defined benefit liability (asset) arising from changes in actuarial assumptions and experience adjustments;
the actual return on plan assets, excluding amounts included in net interest income or expense; and
changes in the effect of limiting a net defined benefit asset to the asset ceiling, excluding amounts included in net interest income or expense.
The employees of foreign group entities are covered either by state-run social welfare schemes or independent defined contribution pension plans.
The expenses which are recognized in the income statement for these defined contribution pension plans represent the employer contributions made to these plans.
Net sales
Sales for goods and services are recognized at the point in time when the control over the goods is transferred to the customer. The point in time of the transfer of control is dependent on specific contractual terms and the agreed international trade terms 'Incoterms" respectively.
The performance obligations primarily consist of the delivery of manufactured products (polymers) to the agreed specifications depending on contractual terms. Net sales revenue is stated after deduction of value added taxes and any deduction of discounts and credits.
A minor part of the net sales is recognized over time, which is related to rendered services in regards to the project business (long-term construction contracts) in the segment High Performance Polymers.
Research and development costs
Research and development costs are charged to the income statement for the year in which they incur under the following headings: wages and salaries, material expenses and amortization on research and development assets. Development costs are capitalized only and insofar as it can be assumed with a high degree of probability that sufficient future income will be generated to cover the costs arising in connection with the development of the product or process.
Income taxes
Current income taxes are calculated on the taxable profit. Deferred tax assets or liabilities are calculated for all temporary differences between group values and the tax values of assets and liabilities. A deferred tax asset from a tax loss is recognized only to the extent that it is probable that future taxable profits will be available to offset against the capitalized tax loss.
Segment reporting
Internal reporting to the Board of Directors (= Chief Operating Decision Maker) is based on the two business areas of "High Performance Polymers" and "Specialty Chemicals". The same accounting principles are applied as for the consolidated financial statements. The strategy, and therefore the allocation of resources, is defined by the Board of Directors. The yearly budgets and medium-term plans of the two business areas are
approved by the Board of Directors. Operating performance is monitored quarterly by the Board of Directors. The segmentation is done to the level of EBIT. Financial income and expenses and taxes are managed on Group level. Assets and liabilities are allocated to the segments either directly or using distribution keys.
Financial ris k management
General
Risk management constitutes an integral part of planning and reporting activities at the EMS Group. At Executive Management and Business Unit level, risks are identified annually as part of medium-term planning procedure and preparation of the budget for the following year. They are then weighted according to the risk level and probability of its occurrence. In the course of planning discussions, the CEO and CFO report to the Board of Directors on the magnitude of these risks and the implementation status of the measures taken to counter them. The policy for risk management remains unchanged from the previous year.
The EMS Group is exposed to various financial risks arising from its business activities such as credit risks, liquidity risks and market risks. The financial risks are reported monthly to the Board of Directors.
Credit risks
Credit risks arise from the possibility that the counterparty to a transaction may be unable or unwilling to meet their obligations. Fixed-term deposits and derivative financial instruments are only entered into with counterparties that have a high credit standing. Trade receivables are subject to a policy of active risk management focusing on the assessment of country risk, credit availability, ongoing evaluation of credit standing and account monitoring procedures. There are no significant concentrations within counterparty credit risks. Within trade receivables, this is due to the EMS Group's large number of customers and their wide geographical spread, which has been permanently verified. Country risk limits and exposures are continuously monitored. The exposure of other financial assets to credit risk is controlled by setting a policy for limiting credit exposure to high-quality counterparties, ongoing reviews of credit ratings, and limiting individual aggregate credit exposure accordingly. There are no collateral or similar contracts.
Liquidity risks
Liquidity risk is the risk that the EMS Group will encounter difficulty in meeting the obligations associated with its financial liabilities. The cash flows and liquidity requirements of the EMS Group are supervised by central treasury. The goal is to have the liquidity required for day-to-day operations available at all times.
Market risks - Interest rate risks
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The risk is limited due to the low debt ratio. Interest rate risk is not hedged.
Market risks - Currency risks
Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The EMS Group operates internationally and is exposed to exchange rate risk. The EMS Group uses derivative
financial instruments in the usual course of business to hedge the risks. The EMS Group's treasury unit conducts the trade by order of Executive Management or Head of Business Unit, monitors exposure and prepares the relevant reports, which are submitted monthly to Executive Management and the Board of Directors.
Capital management
The capital managed by the EMS Group consists of the consolidated equity. The EMS Group has set the following goals for the management of its capital:
maintaining a healthy and sound balance sheet structure based on going concern values;
ensuring the necessary financial resources to be able to make investments and acquisitions;
achieving a return for shareholders that is appropriate to the risk;
distribution of financial resources not required for operational business to the shareholders.

Capital is monitored based on the equity ratio (equity excluding non-controlling interests / total assets). The balance sheet equity ratio is 83.3% as at December 31, 2025 (December 31, 2024: 82.4%). The EMS Group has no external minimum capital requirements.

There were no changes in the EMS Group's approach to capital management in the reporting period.

‌Segment information by business area

High Performance Polymers

Specialty Chemicals Total

(CHF '000)	2025	2024	2025	2024	2025	2024
Net sales recognized at a point in time	1'736'654	1'857'645	190'822	196'916	1'927'476	2'054'561
Revenue recognized over time	22'180	16'207	0	0	22'180	16'207
Net sales	1'758'834	1'873'852	190'822	196'916	1'949'656	2'070'768
Earnings before interest, tax, depreciation and amortization (EBITDA)	579'580	551'881	42'715	39'795	622'295	591'677
Depreciation and amortization	(50'383)	(47'685)	(4'895)	(4'895)	(55'278)	(52'580)
Net operating income (EBIT)	529'197	504'196	37'820	34'900	567'017	539'097
Net financial income					(3'158)	9'939
Net income before taxes					563'859	549'036
Income taxes					(93'038)	(82'908)
Net income					470'821	466'128

Invoicing and cost attribution between segments are subject to the same conditions as with third parties. No net sales exist between the segments.

High Performance Polymers

Specialty Chemicals Non-segment assets/liabilities

Total

(CHF '000)	2025	2024	2025	2024	2025	2024	2025	2024
Segment assets 1)	1'298'947	1'377'224	322'348	328'963	605'243	520'982	2'226'538	2'227'169
Segment liabilities 2)	317'653	327'725	28'993	34'750	21'375	29	368'021	362'504
Investments	24'892	29'898	3'497	2'954			28'389	32'852

Segment information by geographical region

Net sales by

customer location

Net sales by production s ite

Segment assets 1)

(CHF '000)	2025	2024	2025	2024	2025	2024
Europe	995'415	1'051'622	1'402'201	1'431'973	1'170'276	1'231'224
thereof Switzerland	73'186	73'328	933'941	945'131	985'777	1'042'870
thereof Germany	363'666	384'549	217'793	231'813	92'821	93'409
Asia	566'680	597'299	276'206	339'610	296'268	309'301
thereof China	321'624	350'016	146'909	184'742	185'350	191'832
Americas	368'374	400'901	271'249	299'185	154'751	165'662
thereof USA	232'987	252'565	182'843	196'070	119'965	125'143
Other	19'187	20'946	0	0	0	0
Non-segment assets					605'243	520'982
Total	1'949'656	2'070'768	1'949'656	2'070'768	2'226'538	2'227'169

Major customers

No single customer accounts for more than 10% of total net sales.

1)Segment assets of business areas: Assets without cash and cash equivalents, fixed deposits in other current and non-current financial assets and investments in associated companies.

2)Segment liabilities of business areas: Liabilities without current and non-current bank loans.

Capitalized costs and other operating income	2025	2024
Capitalized costs and other operating income	(CHF '000)	(CHF '000)
Capitalized costs	5'027	7'168
Other operating income	14'487	12'709
Total capitalized costs and other operating income	19'514	19'877

Personnel expenses	2025	2024
Personnel expenses	(CHF '000)	(CHF '000)
Wages and salaries	192'578	198'250
Subcontractor salaries	10'120	10'702
Expenses for defined benefit plans (see note 22)	8'076	7'129
Legal/contractual social insurance	29'803	29'313
Other personnel expenses	7'776	9'768
Total personnel expenses	248'353	255'162

Other operating expenses	2025	2024
Other operating expenses	(CHF '000)	(CHF '000)
Rental and lease expenses	5'910	4'842
Repairs and maintenance	28'808	35'167
Insurance, duties, fees	6'397	6'292
Energy	33'676	37'354
Administration, promotion	24'050	26'531
Losses on disposal of property, plant and equipment, net	845	780
Supplies	5'690	11'946
Other operating expenses	7'754	13'418
Total other operating expenses	113'130	136'330

Research and development	2025	2024
Research and development	(CHF '000)	(CHF '000)
Expenditures for research and development	48'281	48'494
In % of net sales	2.5%	2.3%

Financial income	2025	2024
Financial income	(CHF '000)	(CHF '000)
Interest income on bank accounts	2'612	5'628
Interest income on money market	240	2'847
Foreign exchange gains, net	0	3'372
Total financial income	2'852	11'847

Financial expenses	2025	2024
Financial expenses	(CHF '000)	(CHF '000)
Interest expenses	635	793
Interest on lease liabilities	266	335
Foreign exchange losses, net	4'534	0
Bank charges and commissions	575	780
Total financial expenses	6'010	1'908

Income taxes	2025	2024
Income taxes	(CHF '000)	(CHF '000)
Current income taxes actual year	78'899	68'939
Current income taxes previous years	383	2'076
Deferred income taxes	13'756	11'893
Total income taxes	93'038	82'908

Taxation on items of other comprehensive income and equity

(CHF '000)			2025			2024
(CHF '000)	Effect before taxes	Taxes	Effect after taxes	Effect before taxes	Taxes	Effect after taxes
Remeasurements of
defined benefit plans	(518)	85	(433)	(1'935)	290	(1'645)
Net changes from cash flow hedges	7'575	(1'250)	6'325	(3'707)	556	(3'151)
Translation differences	(43'083)	(739)	(43'822)	11'878	0	11'878
Other comprehensive income	(36'026)	(1'904)	(37'930)	6'236	846	7'082

Reconciliation of income taxes	2025	2024
Reconciliation of income taxes	(CHF '000)	(CHF '000)
Net income before taxes	563'859	549'036
Expected income tax rate	17.2%	16.9%
Expected income taxes	97'133	92'748
Utilization of previously unrecognized tax losses	(335)	(899)
Tax exemption	(11'506)	(16'201)
Expenses not being deductible for tax purposes	566	576
Taxes previous years	383	2'076
Impact of changed income tax rates	933	1'475
Withholding tax on dividends and other	5'864	3'133
Effective income taxes	93'038	82'908
Effective income tax rate	16.5%	15.1%

The ultimate holding company is incorporated in Switzerland. The subsidiaries operate in different countries with different tax laws and tax rates. The expected income tax rate corresponds to the weighted average of the tax rates in these tax jurisdictions. Due to the mix of the EMS Group's taxable income and changes in some local tax rates, the expected income tax rate may change from year to year.

Deferred income taxes: Change in recognized assets/liabilities	2025	2024
	(CHF '000)	(CHF '000)
At 1.1.	(3'282)	7'785
Change income statement	(13'756)	(11'893)
Change other comprehensive income/equity	85	846
Translation differences	1'565	(20)
At 31.12.	(15'388)	(3'282)

Deferred income taxes by balance sheet category

(CHF '000)	2025		2024
(CHF '000)	Deferred income tax assets	Deferred income tax liabilities	Deferred income tax assets	Deferred income tax liabilities
Deferred income taxes non-current assets	54'377	67'106	67'493	68'329
Deferred income taxes current assets	18'454	14'026	18'302	15'547
Deferred income taxes financial liabilities	4'746	8'540	4'595	8'352
Deferred income taxes employee benefit liabilities	384	22	489	23
Deferred income taxes provisions and accruals	2'598	6'253	2'249	4'159
Offsetting effect deferred income tax assets and liabilities	(18'513)	(18'513)	(13'917)	(13'917)
Total deferred income tax assets and liabilities	62'046	77'434	79'211	82'493

Deferred income taxes on non-current assets affect mainly intangible assets, property, plant and equipment, on current assets inventories and receivables. As at December 31, 2025, valuation differences of CHF 30.4 million (2024: CHF 31.4 million) were recorded on investments in subsidiaries. A deferred tax liability was not recognized as the Group controls the date of the reversal of the related contingent valuation differences and does not expect them to be realized in the near future.

Tax loss carryforwards

(CHF '000)	2025		2024
(CHF '000)	Tax loss carryforwards	Tax effect	Tax loss carryforwards	Tax effect
Total tax loss carryforwards	1'847	314	1'607	404
Tax loss carryforwards without recognition of deferred tax assets	202	51	1'607	404
Expiry of tax loss carryforwards
1 year	38	10	259	65
2 years	12	3	831	208
3 years	51	13	2	1
4 years	2	1	34	9
5 years	99	24	481	121
>5 years	1'645	263	0	0

Switzerland has enacted the OECD minimum tax rules (Pillar Two) into domestic law with effect from 1 January 2024. The EMS Group falls within the scope of the Pillar Two provisions. For the financial year 2025, no additional tax expenses arose in connection with Pillar Two. The EMS Group continuously monitors developments and the national implementation of the Pillar Two rules in the jurisdictions in which it operates.

The EMS Group applies the exception under IAS 12 with respect to the OECD minimum taxation (Pillar Two). Accordingly, no deferred tax assets or liabilities are recognized or measured in connection with Pillar Two income taxes. Current income taxes arising from Pillar Two are recognized on an accrual basis once a corresponding tax obligation arises.

Notes
8	Intangible assets, property, plant and equipment, and right-of-use assets
	I. Intangible assets
	(CHF '000)	Goodwill	Software	Other	Total
	Cost	49'369	32'400	1'770	83'539
	Accumulated amortization	0	(25'253)	(1'164)	(26'417)
	Net book value 1.1.2024	49'369	7'147	606	57'122
	Additions	0	394	416	810
	Disposals	0	0	0	0
	Amortization	0	(1'399)	(139)	(1'538)
	Reclassifications	0	671	0	671
	Translation differences	515	23	28	566
	At 31.12.2024	49'884	6'836	911	57'631
	Cost	49'884	34'182	2'257	86'323
	Accumulated amortization	0	(27'345)	(1'346)	(28'691)
	Net book value 31.12.2024	49'884	6'836	911	57'631
	Additions	0	294	36	330
	Disposals	0	0	0	0
	Amortization	0	(1'361)	301	(1'060)
	Reclassifications	0	1'103	(329)	774
	Translation differences	(980)	(32)	(105)	(1'117)
	At 31.12.2025	48'904	6'840	814	56'558
	Cost	48'904	21'302	1'935	72'141
	Accumulated amortization	0	(14'461)	(1'121)	(15'582)
	Net book value 31.12.2025	48'904	6'840	814	56'558
	The other intangible assets mainly contain patents and trademarks. Impairment test for goodwill: The cash generating unit for the impairment test of the total goodwill of CHF 48.9 million (2024: CHF 49.9 million) is the Business Unit EMS-EFTEC of business area "High Performance Polymers". Its recoverability is tested yearly on the basis of future cash flows. The recoverable amount calculated by impairment testing is based on the value in use. The following assumptions form the basis: The cash flows for the first three years were determined on the basis of medium-term plans. The cash flows of the following years were calculated with an annual growth rate of 2.0% (2024: 2.0%). The discount rate before taxes (WACC) is 5.8% (2024: 7.7%). The projections are based on knowledge and experience and also on judgements made by management as to the probable economic development of the relevant markets. Impairment testing as of the closing date confirmed the recoverability of goodwill. A deterioration of the assumptions by 10% would also not impair goodwill.

II. Property, plant and equipment
	Land incl.		Technical plant,	Furniture, EDP
(CHF '000)	develop- ment cost	Buildings	machinery, R&D plants	equipment, vehicles	Under con- struction	Total
Cost	23'753	364'623	1'154'342	68'720	56'235	1'667'673
Accumulated depreciation	(2'536)	(226'195)	(789'618)	(49'136)	0	(1'067'485)
Net book value 1.1.2024	21'217	138'428	364'724	19'584	56'235	600'188
Additions	42	1'220	1'885	2'841	26'054	32'042
Disposals	0	(89)	(870)	(183)	(7)	(1'149)
Depreciation	763	(7'403)	(35'673)	(4'868)	0	(47'181)
Reclassifications	5	10'896	39'887	4'147	(55'606)	(671)
Translation differences	(83)	478	860	65	203	1'523

At 31.12.2024	21'944	143'530	370'813	21'586	26'880	584'755
Cost	23'788	377'030	1'189'409	71'934	26'880	1'689'041
Accumulated depreciation	(1'844)	(233'500)	(818'596)	(50'348)	0	(1'104'288)
Net book value 31.12.2024	21'944	143'530	370'813	21'586	26'880	584'755
Additions	17	962	4'312	2'123	20'645	28'059
Disposals	0	(113)	(862)	(289)	(258)	(1'522)
Depreciation	(80)	(7'343)	(37'733)	(4'638)	0	(49'794)
Reclassifications	0	5'069	15'487	2'338	(23'668)	(774)
Translation differences	(485)	(1'750)	(4'469)	(468)	(763)	(7'935)
At 31.12.2025	21'396	140'355	347'547	20'652	22'835	552'788
Cost	23'156	378'042	1'179'976	70'763	22'835	1'674'772
Accumulated depreciation	(1'760)	(237'687)	(832'428)	(50'111)	0	(1'121'986)
Net book value 31.12.2025	21'396	140'355	347'547	20'652	22'835	552'788

III. Right-of-use assets
		Technical	Furniture,
(CHF '000)	Buildings	plant, machinery, R&D plants	EDP equipment, vehicles	Total
Cost	21'683	49	8'038	29'770
Accumulated depreciation	(14'980)	(93)	(4'428)	(19'501)
Net book value 1.1.2024	6'703	(44)	3'610	10'270
Additions	1'889	0	205	2'094
Depreciation	(2'803)	(944)	(115)	(3'862)
Reclassifications	2'057	1'178	(3'235)	0
Translation differences	(47)	(2)	(31)	(80)

At 31.12.2024	7'799	188	434	8'421
Cost	18'319	4'690	840	23'849
Accumulated depreciation	(10'520)	(4'502)	(406)	(15'428)
Net book value 31.12.2024	7'799	188	434	8'421
Additions	4'829	3'393	42	8'264
Depreciation	(3'444)	(817)	(163)	(4'424)
Term reduction	(431)	0	0	(431)
Translation differences	(718)	(251)	(26)	(995)
At 31.12.2025	8'035	2'512	287	10'834
Cost	15'996	3'092	801	19'889
Accumulated depreciation	(7'961)	(579)	(514)	(9'054)
Net book value 31.12.2025	8'035	2'512	287	10'834

Other non-current assets	2025	2024
Other non-current assets	(CHF '000)	(CHF '000)
Other non-current assets	18'910	22'431
Assets from employee benefits (see note 22)	3'731	4'094
Total other non-current assets	22'641	26'525

Other non-current assets mainly comprise prepayments to third parties.

Other non-current financial instruments	2025	2024
Other non-current financial instruments	(CHF '000)	(CHF '000)
Derivative financial instruments	3'500	7'554
Other non-current financial assets	2'157	2'315
Total other non-current financial instruments	5'657	9'869

Inventories	2025	2024
Inventories	(CHF '000)	(CHF '000)
Raw materials and supplies	230'706	239'384
Semi-finished goods, work in progress	32'107	7'965
Finished products	296'284	325'441
Value adjustments	(17'816)	(22'684)
Total inventories	541'281	550'106

Trade receivables	2025	2024
Trade receivables	(CHF '000)	(CHF '000)
Trade receivables	276'409	295'131
Allowances for doubtful trade receivables	(4'564)	(4'400)
Total trade receivables	271'845	290'731

Allowances for doubtful receivables are determined based on credit risks and future expected credit losses.

Due dates of trade receivables and allowances

(CHF '000)	2025		2024
(CHF '000)	Gross value	Allowan- ces	Gross value	Allowan- ces
Not due	264'180	(2'076)	266'351	(1'804)
Overdue <30 days	6'440	(193)	23'616	(708)
Overdue 30 to 60 days	3'572	(179)	1'956	(98)
Overdue 60 to 90 days	111	(17)	591	(89)
Overdue >90 days	2'106	(2'100)	2'617	(1'701)
Total	276'409	(4'564)	295'131	(4'400)

Change in allowances of trade receivables	2025	2024
Change in allowances of trade receivables	(CHF '000)	(CHF '000)
At 1.1.	4'400	3'571
Increase in allowances	1'810	2'205
Decrease in allowances	(1'246)	(1'551)
thereof used/write offs	(187)	0
thereof released	(1'059)	(1'551)
Translation differences	(400)	175
At 31.12.	4'564	4'400

Notes

Other current assets	2025	2024
Other current assets	(CHF '000)	(CHF '000)
Withholding tax receivables	4'066	8'373
Prepayments and accrued income	8'769	7'746
Contract assets	24'367	22'696
Other receivables	31'947	40'136
Total other current assets	69'149	78'951

There is no allowance on contract assets because the expected default rate is 0%.

Other current financial instruments	2025	2024
Other current financial instruments	(CHF '000)	(CHF '000)
Derivative financial instruments	18'489	9'796
Other current financial assets	2'146	1'168
Total other current financial instruments	20'635	10'964

Derivative financial instruments effective for hedge accounting			2025	2024
			(CHF '000)	(CHF '000)
Currency Forward Agreements	EUR/CHF	Notional amount	474'966	606'169
		Positive replacement value	6'395	15'983
		Negative replacement value	24	0
	USD/CHF	Notional amount	137'516	222'582
		Positive replacement value	10'969	43
		Negative replacement value	0	3'049
	CNY/CHF	Notional amount	127'470	30'012
		Positive replacement value	79	0
		Negative replacement value	154	66
	CZK/EUR	Notional amount	0	14'355
		Positive replacement value	0	51
		Negative replacement value	0	0
	JPY/CHF	Notional amount	47'954	20'260
		Positive replacement value	4'546	1'136
		Negative replacement value	0	0
	KRW/CHF	Notional amount	0	1'265
		Positive replacement value	0	137
		Negative replacement value	0	0
Total		Notional amount	787'906	894'643
		Positive replacement value	21'989	17'350
		Negative replacement value	178	3'115
Current portion <12 months		Notional amount	767'646	607'353
		Positive replacement value	18'489	9'796
		Negative replacement value	178	2'445
Non-current portion 1-5 years		Notional amount	20'260	287'290
		Positive replacement value	3'500	7'554
		Negative replacement value	0	670

Currency forwards are designed to hedge cashflows resulting of expected future net sales in EUR, USD, CNY and JPY. These transactions are highly probable and contain 96% of the total sales expected in EUR, 74% of the sales expected in USD, 100% of the sales expected in CNY and 49% of the sales expected in JPY. The total amount of forwards varies with the amount of sales and purchases in foreign currencies as well as with the fluctuation of exchange rates.

The replacement value is understood to be the fair value of derivative financial instruments. Positive replacement values are the values that are lost if the counterparty cannot deliver (maximum default risk). This risk is considered to be minimal, as the counterparties are first-rate financial institutions. Any derivatives are reported at fair value.

Net changes from cash flow hedges in other comprehensive income and equity	2025	2024
	(CHF '000)	(CHF '000)
At 1.1.	15'306	18'457
Fair value adjustments	7'575	(3'707)
Income taxes	(1'250)	556
Net changes from cash flow hedges	6'325	(3'151)
At 31.12.	21'631	15'306

Notes

		2025	2024
16	Cash and cash equivalents	(CHF '000)	(CHF '000)
	Bank deposits	595'106	505'459
	Money market funds	7'918	12'832
	Cash	71	77
	Total cash and cash equivalents	603'095	518'368
17	Share capital
		Par value (CHF)	Number of issued registered shares	Number of shares entitled to dividend	Share capital (CHF '000)
	At 31.12.2023	0.01	23'389'028	23'389'028	234
	Purchase of treasury shares		-	-	-
	Sale of treasury shares		-	-	-
	At 31.12.2024	0.01	23'389'028	23'389'028	234
	Purchase of treasury shares		-	-	-
	Sale of treasury shares		-	-	-
	At 31.12.2025	0.01	23'389'028	23'389'028	234
18	Earnings per share - EPS
Earnings per share are calculated by dividing the net income attributable to shareholders of EMS-CHEMIE HOLDING AG by the weighted average number of shares outstanding excluding treasury shares. Diluted earnings per share factor in any potential dilution caused by the potential exercising of stock options, warrants and convertible bonds. EMS Group has not issued any of such equity instruments that are still outstanding.
				2025	2024
	Weighted average of registered shares outstanding			23'389'028	23'389'028
	Net income attributable to shareholders of EMS-CHEMIE HOLDING AG (CHF '000)			466'505	460'788
	Basic earnings per share (CHF)			19.95	19.70
	Diluted earnings per share (CHF)			19.95	19.70

				2025	2024
19	Significant shareholders			share	share
	Emesta Holding AG, Freienbach, 7'112'072 registered shares (2024: 7'112'072)			30.41%	30.41%
	Mamira Holding AG, Freienbach, 7'112'072 registered shares (2024: 7'112'072)			30.41%	30.41%
	BAUMI Holding AG, Freienbach, 2'363'000 registered shares (2024: 2'363'000)			10.10%	10.10%
	UBS Fund Management (Switzerland) AG, Basel, 711'058 registered shares (2024: 711'058)			3.04%	3.04%
20	Non-controlling interests
	Share of non-controlling interest in equity and in net income. For subsidiaries with non-controlling ownership see note 32 "List of subsidiaries".
	Change in non-controlling interests:	2025	2024
		(CHF '000)	(CHF '000)
	At 1.1.	29'725	26'769
	Dividends paid	(589)	(2'908)
	Net income	4'316	5'340
	Transaction with non-controlling interests	(26'611)	0
	Translation differences	(3'225)	524
	At 31.12.	3'616	29'725

Financial liabilities		2025	2024
Financial liabilities		(CHF '000)	(CHF '000)
Non-current financial liabilities:
Lease liabilities		7'127	5'318
Bank loan	2.1%, in JPY, due 30.4.2027	25	29
Total non-current financial liabilities		7'152	5'347
Current financial liabilities:
Lease liabilities		3'994	3'435
Bank loan	1.1%, in JPY, due 30.4.2026-31.7.2026	506	0
Bank loan	2.5%, in CNY, due 22.5.2026-25.9.2026	20'844	0
Total current financial liabilities		25'344	3'435

Change of current financial liabilities	2025	2024
Change of current financial liabilities	(CHF '000)	(CHF '000)
At 1.1.	3'435	27'682
Repayment of bank loans	0	(22'372)
Repayment of lease liabilities	(4'191)	(4'219)
Proceeds from bank loans	21'824	0
Proceeds from lease liabilities	2'056	488
Reclassification of lease liabilities	3'780	2'911
Translation differences	(1'560)	(1'055)
At 31.12.	25'344	3'435

Lease liabilities	2025	2024
Lease liabilities	(CHF '000)	(CHF '000)
At 1.1.	8'753	10'582
Additions	8'264	2'096
Interest	266	335
Payments	(4'191)	(4'219)
Term reduction	(541)	0
Translation differences	(1'430)	(41)
At 31.12.	11'121	8'753
Current portion	3'994	3'435
Non-current portion	7'127	5'318

Employee benefit liability

Description of Swiss defined benefit pension plans:

All Swiss subsidiaries are affiliated to the pension fund of the EMS Group. The pension fund of the EMS Group is a legally independent pension fund. The board of trustees is the body charged with governance and comprises an equal number of employee and employer representatives. The board of the pension fund is required by law and by regulations of the pension fund to act in the best interest of the pension fund and its beneficiaries. Resolutions must be passed on a parity basis. The board is responsible for the determination of any adjustments to be made to the pension regulations as well as for determining the funding requirements of the plan. The funding requirements are subject to the legal minimum requirements of the Swiss Federal Law on Occupational Retirement, Surviving Dependants' and Disability Pension (BVG) and its implementing provisions. The minimum insured salary and the minimum retirement credits are defined in the BVG. The minimum interest rate which has to be applied to these minimum retirement assets is determined by the Swiss Federal Council at least every two years. In 2025, the minimum interest rate was 1.25% (2024: 1.25%). The pension funds are subject to supervision by the regulating authority.

All pension plans, with the exception of the "Kaderversicherung" (management insurance scheme) which is funded by the employer only, are jointly funded by employees and the employer. However, the Swiss EMS entities contribute a proportionally higher part to the plan than the employees. The retirement benefits are based on the savings capital. Retirement credits and interest are added to this savings capital annually. At the time of retirement, the insured individual can choose between either a lifelong annuity or a capital payment. The annuity is calculated by multiplication of the savings capital with the currently applicable conversion rate. In addition to the retirement benefits, pension benefits include disability benefits and widow's and orphans' pension. These are calculated as a percentage of the insured annual salary. If an employee decides to leave the company, the vested benefit of this employee is transferred to the pension fund of the new employer or to an independent vested benefit foundation. Following the design of defined benefit plans and the legal provisions of the BVG, there are actuarial risks such as the market (investment) risk, interest rate risk, disability risk and longevity risk associated with such plans.

Retirement benefits, long-term disability benefits and widow's and orphans' pensions which were incurred since January 1, 2024, are borne autonomously. The pension fund of EMS Group has made respective provisions entirely.

Since January 2021, the conversion rate is unchanged at 4.9%.

Balance sheet reconciliation

(CHF '000)			2025			2024
(CHF '000)	Pension-plans CH	Other post-employment benefit plans	Total	Pension-plans CH	Other post-employment benefit plans	Total
Funded plans
Fair value of plan assets	332'172	3'731	335'903	340'062	4'094	344'156
Defined benefit obligation	(269'004)	(4'161)	(273'165)	(290'999)	(4'601)	(295'600)
Change in effect of asset ceiling	(62'597)	0	(62'597)	(48'517)	0	(48'517)
Funding	571	(430)	141	546	(507)	39
Unfunded plans: Defined benefit obligation	0	(864)	(864)	0	(942)	(942)
Net recognized asset	571	(1'294)	(723)	546	(1'449)	(903)
Jubilees	0	(3'796)	(3'796)	0	(4'089)	(4'089)
Provision for termination pay	0	(640)	(640)	0	(646)	(646)
Net recognized asset	571	(5'730)	(5'159)	546	(6'184)	(5'638)
Reported in the balance sheet:
Assets from employee benefits (see note 9)			3'731			4'094
Employee benefit liability			(8'890)			(9'732)
Net recognized asset	(5'159)			(5'638)

The Swiss pension plans represent more than 95 % of the plan assets and defined benefit obligation and are therefore disclosed in detail hereinafter.

Movement in net defined benefit liability

2025	Defined benefit obligation	Fair value of plan assets	Effect of asset ceiling	Net defined benefit liability
(CHF '000)	Defined benefit obligation	Fair value of plan assets	Effect of asset ceiling	Net defined benefit liability
At 1.1.	290'999	(340'062)	48'517	(546)
Current service cost	8'076	0	0	8'076
Past service cost	0	0	0	0
Interest cost	2'527	(3'033)	437	(69)
Total included in the income statement	10'603	(3'033)	437	8'007
Remeasurement gain/loss:
Actuarial gain/loss from
- demographic assumptions	0	0	0	0
- financial assumptions	(9'912)	0	0	(9'912)
- experience adjustment	1'751	0	0	1'751
Income plan assets excluding interest income	0	(4'964)	0	(4'964)
Change in effect of asset ceiling	0	0	13'643	13'643
Total included in other comprehensive income	(8'161)	(4'964)	13'643	518
Employers' contributions	0	(8'550)	0	(8'550)
Employees' contributions	6'292	(6'292)	0	0
Vested benefits paid	(30'729)	30'729	0	0
At 31.12.	269'004	(332'172)	62'597	(571)

EMS expects to pay CHF 7.5 million into defined benefit plans in 2026 (effectively paid in 2025: CHF 8.6 million).

2024

Defined

Fair value

Effect of Net defined

(CHF '000)	benefit obligation	of plan assets	asset ceiling	benefit liability
At 1.1.	289'389	(336'380)	46'445	(546)
Current service cost	7'129	0	0	7'129
Past service cost	0	0	0	0
Interest cost	5'419	(5'718)	0	(299)
Total included in the income statement	12'548	(5'718)	0	6'830
Remeasurement gain/loss:
Actuarial gain/loss from
- demographic assumptions	0	0	0	0
- financial assumptions	21'751	0	0	21'751
- experience adjustment	(11'348)	0	0	(11'348)
Income plan assets excluding interest income	0	(10'540)	0	(10'540)
Change in effect of asset ceiling	0	0	2'072	2'072
Total included in other comprehensive income	10'403	(10'540)	2'072	1'935
Employers' contributions	0	(8'765)	0	(8'765)
Employees' contributions	6'467	(6'467)	0	0
Vested benefits paid	(27'807)	27'807	0	0
At 31.12.	290'999	(340'062)	48'517	(546)

Plan assets	2025	2024
Plan assets	(CHF '000)	(CHF '000)
Liquidity	203'954	204'037
Bonds CHF*	0	0
Swiss shares*	3'986	13'602
Property	117'589	115'621
Mortgages, loans	6'643	6'801
Other investments	0	0
Total plan assets	332'172	340'062

* Plan assets with market prices.

Actuarial assumptions as of 31.12.	2025	2024
Discount rate	1.23%	0.90%
Future salary growth	1.50%	2.00%
Mortality table	BVG 2020 GT	BVG 2020 GT

Sensitivity analysis

The following sensitivity analysis shows the impact of a reasonable possible change in the principal actuarial assumptions on defined benefit obligations at the reporting date.

	2025	2024
	(CHF '000)	(CHF '000)
Discount rate +0.5%	(12'556)	(13'922)
Discount rate -0.5%	13'773	15'373
Future salary growth +0.5%	913	1'049
Future salary growth -0.5%	(912)	(1'052)
Life expectance +1 year	5'134	5'570
Life expectance -1 year	(4'597)	(4'981)

At December 31, 2025, the weighted average duration of the defined benefit obligation was 10.3 years (2024: 10.5 years).

Provisions

2025	Provisions for environmental risks	Provisions for litigation risks
(CHF '000)	Provisions for environmental risks	Provisions for litigation risks	Other provisions	Total
At 1.1.	15'131	7'756	4'084	26'971
Increase in income statement	0	0	1'121	1'121
Decrease in income statement/amounts used	0	(2'170)	(3'556)	(5'726)
Translation differences	0	0	0	0
At 31.12.	15'131	5'586	1'649	22'366
Current portion	0	86	1'116	1'202
Non-current portion	15'131	5'500	533	21'164

Provisions for environmental risks cover expected measures for ecological requirements, measures for water protection and for the recultivation and restoration of environmental conditions at existing production or storage sites. The non-current provision has an expected average maturity of 4-8 years. Within the provisions for litigation risks, the risk arising from litigation

processes is adequately covered as at December 31, 2025. Warranty provisions are mainly included within other provisions. The non-current provisions for litigation risks and the non-current other provisions are expected with an average maturity of 2 years. The provisions are not discounted as the time value of money is not material.

Other current liabilities	2025	2024
Other current liabilities	(CHF '000)	(CHF '000)
Contract liabilities	3'695	4'709
Accrued expenses and deferred income	51'920	42'801
Liabilities to social security institutions	670	832
Other current liabilities	25'542	24'078
Total other current liabilities	81'827	72'420

Net debt/(net cash)	2025	2024
Net debt/(net cash)	(CHF '000)	(CHF '000)
Bank loans	21'375	29
Derivatives with a negative replacement value	178	3'115
Liabilities	21'553	3'144
Other current financial assets	(2'146)	(1'168)
Derivatives with a positive replacement value	(21'989)	(17'350)
Cash and cash equivalents	(603'095)	(518'368)
Net debt/(net cash) without lease liabilities	(605'678)	(533'742)
Lease liabilities	11'121	8'753
Net debt/(net cash) including lease liabilities	(594'557)	(524'989)

Transactions with related parties

Emesta Holding AG, Freienbach, Mamira Holding AG, Freienbach, the pension funds, members of the Board of Directors and members of the Executive Management as well as the close members of their families living in the same household and associated companies are regarded as related parties.

The members of the Board of Directors or Executive Management as well as the close members of their families did not receive any credits, advances or other types of loans. No related party transactions took place with them.

The bonuses included in the reporting year consist of the bonuses estimated in the reporting year. The definitive bonuses for the reporting year are announced after the publication of this financial report and are presented in the remuneration report 2025 / 2026.

Compensation Board of Directors and the Executive Management	2025	2024
	(CHF '000)	(CHF '000)
Short-term employee benefits to the members of the Board of Directors and Executive Management	3'500	4'000
Share-based payment	0	0
Termination benefits	0	0
Post-employment benefits	0	0
Other long-term employee benefits	0	0
Total compensation	3'500	4'000

Neither the members of the Board of Directors and the Executive Management nor their related parties have any conversion rights or options in EMS-CHEMIE HOLDING AG.

The detailed disclosures of compensation as per Swiss law can be found in the remuneration report.

Financial Risk Management


Credit risks	2025	2024
Credit risks	(CHF '000)	(CHF '000)
Other non-current assets	18'910	22'431
Non-current financial assets	2'157	2'315
Trade receivables	271'845	290'731
Other current assets without withholding tax receivables	65'083	70'578
Other current financial assets	2'146	1'168
Derivative financial instruments	21'989	17'350
Bank deposits and money market funds	603'024	518'291
Maximum credit risk	985'154	922'864

The maximum credit risk is equal to the carrying amount of the respective assets. There are no collateralised financial assets. For the analysis of due dates and allowances for doubtful trade receivables, see note 12.

Liquidity risks - Maturity date of financial liabilities

2025	Carrying amount	Contractual cash flows	Maturity date
(CHF '000)	Carrying amount	Contractual cash flows	<1 year	1-5 years	>5 years
Bank loans	21'375	21'375	21'350	25	0
Lease liabilities	11'121	11'121	3'994	7'127	0
Trade payables	62'067	62'067	62'067	0	0
Other current liabilities	81'827	81'827	81'827	0	0
Derivative financial instruments	178	178	178	0	0
Total financial liabilities	176'568	176'568	169'416	7'152	0

2024 (CHF '000)	Carrying amount	Contractual cash flows	M <1 year	aturity date 1-5 years	>5 years
Bank loans	29	29	0	29	0
Lease liabilities	8'753	8'753	3'435	5'318	0
Trade payables	80'798	80'798	80'798	0	0
Other current liabilities	72'420	72'420	72'420	0	0
Derivative financial instruments	3'115	3'115	2'445	670	0
Total financial liabilities	165'115	165'115	159'098	6'017	0
Market risks - Interest rate risk and sensitivity

EMS-Group has minimal debt positions. Therefore there is no material interest rate exposure on the liability side. Money-market investments on the asset side have fixed interest rates. The interest rate risk is limited to mark-to-market and has not effect on net income of the Group.

Market risks - Currency exposure and sensitivity

2025
(CHF '000)	EUR	USD	JPY	CNY	Other	Total
Trade receivables	119'790	59'864	14'103	48'846	29'242	271'845
Trade payables	(22'922)	(12'102)	(9'795)	(10'716)	(6'532)	(62'067)
Bank loans	0	0	0	0	0	0
Lease liabilities	0	0	0	0	0	0
Derivative financial instruments	(474'966)	(137'516)	(47'954)	(127'470)	0	(787'906)
Currency exposure on net income	(378'098)	(89'754)	(43'646)	(89'340)	22'710	(578'128)
Investments in subsidiaries	768'471	274'990	13'797	110'490	1'083'352	2'251'100
Loans receivable intercompany	0	0	8'501	0	(8'501)	0
Loans payable intercompany	0	(35'627)	0	0	35'627	0
Currency exposure on equity	390'373	149'609	(21'348)	21'150	1'133'188	1'672'972

Notes

2024
(CHF '000)	EUR	USD	JPY	CNY	Other	Total
Trade receivables	126'191	51'555	16'255	59'017	37'713	290'731
Trade payables	(26'516)	(15'119)	(15'274)	(13'009)	(10'880)	(80'798)
Bank loans	0	0	(29)	0	0	(29)
Lease liabilities	(2'813)	(1'157)	(1'020)	(1'014)	(2'749)	(8'753)
Derivative financial instruments	(606'169)	(222'582)	(20'260)	(30'012)	(15'620)	(894'643)
Currency exposure on net income	(509'307)	(187'303)	(20'328)	14'982	8'464	(693'492)
Investments in subsidiaries	797'502	260'751	15'664	143'323	958'068	2'175'308
Loans receivable intercompany	0	0	16'618	0	(16'618)	0
Loans payable intercompany	0	(34'341)	0	0	34'341	0
Currency exposure on equity	288'195	39'107	11'954	158'305	984'255	1'481'816
Based on the currencies and exposures shown in the table above: A 10% decrease in the Swiss franc would affect net income before taxes in 2025 (always ceteris paribus, in CHF million): EUR -37.8, USD -9.0, JPY -4.4, CNY -8.9. In 2024: EUR -50.9, USD -18.7, JPY -2.0, CNY +1.5. A 10% increase in the Swiss franc in 2025: EUR +37.8, USD +9.0, JPY +4.4, CNY +8.9. In 2024: EUR +50.9, USD +18.7, JPY +2.0, CNY -1.5. Based on the currencies and exposures shown in the table above: A 10% decrease in the Swiss franc would affect equity before taxes in 2025 (always ceteris paribus, in CHF million): EUR +39.0, USD +15.0, JPY -2.1, CNY +2.1. In 2024: EUR +28.8, USD +3.9, JPY +1.2, CNY +15.8. A 10% increase in the Swiss franc in 2025: EUR -39.0, USD -15.0, JPY +2.1, CNY -2.1. In 2024: EUR -28.8, USD -3.9, JPY -1.2, CNY -15.8. This sensitivity analysis is valid for December 31 only.
Fair value hierarchy
Level 1: Quoted prices in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3: Inputs for the asset or liability that are not based on observable market data.
2025
(CHF '000)			Level 1	Level 2	Level 3	Total
Financial assets: Derivative financial instruments				21'989		21'989
Financial liabilities: Derivative financial instruments				178		178

2024
(CHF '000)			Level 1	Level 2	Level 3	Total
Financial assets: Derivative financial instruments				17'350		17'350
Financial liabilities: Derivative financial instruments				3'115		3'115
					2025	2024
Categories of financial instruments				(CHF '000)		(CHF '000)
Cash and cash equivalents					603'095	518'368
Other non-current assets					18'910	22'431
Other non-current financial assets					2'157	2'315
Trade receivables					271'845	290'731
Other current assets					69'149	78'951
Other current financial assets					2'146	1'168
Loans and receivables at amortized cost					364'207	395'596
Derivative financial instruments, positive replacement value at fair value					21'989	17'350
Financial liabilities					32'496	8'782
Trade payables					62'067	80'798
Other current liabilities					81'827	72'420
Financial liabilities at amortized cost					176'390	162'000
Derivative financial instruments, negative replacement value at fair value					178	3'115

Notes
28	Lease disclosures
The expense relating to low-value leases not capitalized is CHF 5.9 million (2024: CHF 4.8 million). The EMS Group had a liquidity outflow for leases of CHF 10.1 million (2024: CHF 9.0 million). The non-cash additions for right-of-use assets and lease liabilities amounted to CHF 8.3 million (2024: CHF 2.1 million).
		2025	2024
	Leases in the income statement	(CHF '000)	(CHF '000)
	Depreciation right-of-use assets	4'424	3'862
	Interest on lease liabilities	266	335
	Rental and lease expenses	5'910	4'842
	Total	10'600	9'039

		2025	2024
	Minimum lease payments	(CHF '000)	(CHF '000)
	<1 year	8'501	7'205
	1-5 years	7'603	6'069
	>5 years	0	0
	Total	16'104	13'274
The lease agreements concern mainly buildings, technical equipment and cars.
		2025	2024
29	Contingent liabilities	(CHF '000)	(CHF '000)
	Contingent liabilities	427	14'681
Contingent liabilities mainly relate to purchase agreements. No legal proceedings are known to be in progress within the EMS Group which could have a significant impact on the Group's financial position in excess of the provisions recognized in the balance sheet (see note 23).
30	Subsequent events
The consolidated financial statements were approved by the Board of Directors on March 23, 2026 and need to be approved by the Annual General Meeting on August 8, 2026.
Between January 1, 2026 and March 22, 2026 there were no subsequent events requiring an adjustment of the book values of Group assets and liabilities.
31	Changes in subsidiary ownership
	As of October 24, 2025 the EMS Group has acquired the remaining 25% stakes not yet owned in the companies Changchun EFTEC Chemical Products Ltd., China, EFTEC (Changshu) Automotive Materials Limited, China, Foshan EFTEC Automotive Materials Co., Ltd, China, EFTEC China Ltd., China and Shanghai EFTEC Chemical Products Ltd., China and is now holding 100% in those companies. The purchase price was CHF 35.0 million. The book value of the non-controlling interests was CHF 26.6 million. The difference (Goodwill) has been recognized in retained earnings.

Notes
32	List of subsidiaries at 31.12.2025
	Name	Domicile	Country	Currency	Share capital (in '000)	Ownership	Company type	Consolidation
	EMS-CHEMIE HOLDING AG	Domat/Ems	Switzerland	CHF	234		D	K
	Business Area High Performance Polymers
	EFTEC NV	Genk	Belgium	EUR	1'240	100.00%	P,V	K
	EFTEC Brasil Ltda.	Santana de Parnaiba	Brasil	BRL	541	100.00%	P,V	K
	Changchun EFTEC Chemical Products Ltd.	Changchun	China (People's Rep.)	CNY	27'500	100.00%	P,V	K
	EFTEC (Changshu) Automotive Materials Limited	Changshu	China (People's Rep.)	CNY	80'110	100.00%	P,V	K
	EFTEC (Changshu) Engineering Co. Ltd.	Changshu	China (People's Rep.)	CNY	765	100.00%	P,V	K
	Foshan EFTEC Automotive Materials Co., Ltd	Foshan	China (People's Rep.)	CNY	6'849	100.00%	P,V	K
	EFTEC China Ltd.	Hongkong	China (People's Rep.)	USD	33'511	100.00%	D	K
	EMS-CHEMIE (China) Ltd.	Shanghai	China (People's Rep.)	CNY	5'000	100.00%	V	K
	EFTEC (Shanghai) Engineering Co. Ltd.	Shanghai	China (People's Rep.)	CNY	886	100.00%	P, V	K
	Shanghai EFTEC Chemical Products Ltd.	Shanghai	China (People's Rep.)	CNY	20'750	100.00%	D	K
	EMS-CHEMIE (Suzhou) Ltd.	Suzhou	China (People's Rep.)	CNY	98'693	100.00%	P,V	K
	EMS-CHEMIE (Suzhou) Trading Ltd.	Suzhou	China (People's Rep.)	CNY	3'000	100.00%	V	K
	Wuhu EFTEC Chemical Products Ltd.	Wuhu	China (People's Rep.)	CNY	6'650	60.00%	P,V	K
	EMS-CHEMIE (Deutschland) GmbH	Gross-Umstadt	Germany	EUR	2'556	100.00%	P	K
	EMS-CHEMIE (Deutschland) Vertriebs GmbH	Gross-Umstadt	Germany	EUR	26'000	100.00%	V	K
	EFTEC Engineering GmbH	Markdorf	Germany	EUR	25	100.00%	P,V	K
	EFTEC Sàrl	Chaville	France	EUR	8	100.00%	V	K
	EMS-CHEMIE (France) S.A.	Chaville	France	EUR	1'951	100.00%	V	K
	EFTEC Ltd.	Rhigos	UK	GBP	352	100.00%	P,V	K
	EMS-CHEMIE (UK) Ltd.	Stafford	UK	GBP	1'530	100.00%	V	K
	EFTEC (India) Pvt. Ltd.	Pune	India	INR	15'000	100.00%	P,V	K
	EMS-CHEMIE (Italia) S.r.l.	Como	Italy	EUR	1'300	100.00%	V	K
	EMS-CHEMIE (Japan) Ltd.	Tokio	Japan	JPY	210'000	100.00%	V	K
	EMS-UBE Ltd.	Ube	Japan	JPY	1'500'000	66.65%	P,V	K
	EFTEC Mexico S.A. de C.V.	Cuernavaca	Mexico	MXN	50	100.00%	V	K
	EMS-CHEMIE Mexico S. de R.L. de C.V.	Cuernavaca	Mexico	MXN	100	100.00%	V	K
	Grupo Placosa EFTEC S.A. de C.V.	Cuernavaca	Mexico	MXN	19'451	100.00%	D	K
	Placosa S.A. de C.V.	Cuernavaca	Mexico	MXN	47'409	100.00%	P	K
	Recubrimientos Modernos S.A. de C.V.	Cuernavaca	Mexico	MXN	550	100.00%	D	K
	EFTEC (Romania) S.R.L.	Budeasa	Romania	RON	8'083	100.00%	P,V	K
	EFTEC (Elabuga) OOO	Elabuga	Russia	RUB	37'514	100.00%	P,V	K
	EFTEC (Nizhniy Novgorod) OOO	Nizhniy Novgorod	Russia	RUB	37'200	100.00%	P,V	K
	EMS-CHEMIE (Produktion) AG	Domat/Ems	Switzerland	CHF	100	100.00%	P	K
	EMS-CHEMIE AG	Domat/Ems	Switzerland	CHF	100	100.00%	V,D	K
	EMS-INVENTA AG	Männedorf	Switzerland	CHF	50	100.00%	D	K
	EFTEC AG	Romanshorn	Switzerland	CHF	2'500	100.00%	P,V	K
	EMS-CHEMIE (Switzerland) AG	Romanshorn	Switzerland	EUR	100	100.00%	V,D	K
	EFTEC Europe Holding AG	Zug	Switzerland	CHF	8'000	100.00%	D	K
	EFTEC Asia Pte. Ltd.	Singapur	Singapur	USD	3'518	100.00%	D,V	K
	EFTEC SL d.o.o.	Novo mesto	Slovenia	EUR	10	100.00%	V	K
	EFTEC Systems S.A.	Saragossa	Spain	EUR	944	100.00%	P,V	K
	EMS-CHEMIE (Korea) Ltd.	Gyeonggi-do	South Korea	KRW	113'000	100.00%	V	K
	EMS-CHEMIE (Taiwan) Ltd.	Hsin Chu Hsien	Taiwan (R.O.C.)	TWD	281'000	100.00%	P,V	K
	EFTEC (Thailand) Co. Ltd.	Rayong	Thailand	THB	49'500	100.00%	P,V	K
	EFTEC (Czech Republic) a.s.	Zlin	Czech Republic	CZK	47'569	100.00%	P,V	K
	EMS-CHEMIE (North America) Inc.	Sumter, SC	USA	USD	3'385	100.00%	P,V	K
	EFTEC North America, L.L.C.	Taylor, MI	USA	USD	38'222	100.00%	P,V	K
	EMS-TOGO Corp.	Taylor, MI	USA	USD	750	100.00%	D	K
	Business Area Specialty Chemicals
	EMS-GRILTECH *
	EMS-SERVICES *
	EMS-CHEMIE (Neumünster) Holding GmbH	Neumünster	Germany	EUR	25	100.00%	D	K
	EMS-CHEMIE (Neumünster) GmbH & Co. KG	Neumünster	Germany	EUR	3'000	100.00%	P	K
	EMS-CHEMIE (Neumünster) Verwaltungs GmbH	Neumünster	Germany	EUR	25	100.00%	D	K
	Company type	Consolidation	*	EMS-GRILTECH and EMS-SERVICES are
	P = Production	K = Fully consolidated		reporting units within EMS-CHEMIE AG
	V = Trade, sale
	D = Services, financing, various

‌REPORT OF THE STATUTORY AUDITOR

To the General Meeting of EMS-CHEMIE HOLDING AG, Domat/Ems Report on the Audit of the Consolidated Financial Statements Opinion

We have audited the consolidated financial statements of EMS-CHEMIE HOLDING AG and its subsidiaries (the Group or EMS Group), which comprise the consolidated balance sheet as at 31 December 2025, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information.

In our opinion, the consolidated financial statements (pages 3 to 33) give a true and fair view of the consolidated financial position of the Group as at 31 December 2025 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards and comply with Swiss law.

Basis for Opinion

We conducted our audit in accordance with Swiss law, International Standards on Auditing (ISA) and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the "Responsibilities of the Auditor for the Audit of the Consolidated Financial Statements" section of our report. We are independent of the Group in accordance with the provisions of Swiss law, together with the requirements of the Swiss audit profession that are relevant to audits of the financial statements of public interest entities, as well as those of the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA-Code), as applicable to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key Audit Matters

How the Key Audit Matter was addressed in the audit

Income taxes

EMS Group operates internationally in different tax jurisdictions. Various laws and local interpretations as well as practice guidance in the field of direct taxation must be applied.

Compliance with these requirements can, by nature, be ascertained only with delay on the

We obtained an overview of the tax situation in the respective tax jurisdictions as well as status of preliminary and final tax assessments, open tax assessment periods, tax procedures and tax audits.

We examined important correspondence with tax authorities.

basis of final tax assessments and completed tax audits.

Income taxes is considered a key audit matter due to the following reasons:

The evaluation of income taxes includes a significant element of judgement in the estimates and assumptions to be made regarding the correct application of tax regulations in the respective tax jurisdictions.

We refer to the information on the consolidate accounting principles and to note 7 "Income taxes".

We analyzed management's assessment of identified uncertain tax positions.

We assessed the estimates and assumptions made with the assistance of our tax specialists.

We compared the estimates and assumptions made to those of previous year and analyzed changes.

We verified the correct disclosure in the consolidated financial statements.

Existence and valuation of Inventories

As of 31 December 2025, EMS Group discloses inventories in the amount of CHF 541 million. Inventories are valued at historical purchase or production costs or, if lower, at realizable values less sales and completion costs. Value adjustments are made based on analyses of turnover rates and expected usage analysis.

Existence and valuation of inventories are considered a key audit matter due to the following reasons:

Inventories contribute with approximately 24% significantly to total assets. Physical inventory counts as well as valuation are based on assumptions and estimates.

We refer to the information on the consolidated accounting principles and to note 11 "Inventories".

We examined the adequacy of the consolidated accounting principles in respect to inventories.

We obtained an understanding of the process and internal controls in the area of inventories and performed control tests of the relevant key controls related to accuracy of existence.

We attended the physical inventory count at selected warehouse locations.

We performed sample tests in respect to applied purchase prices and calculation of production costs.

We performed data analytic tests in the area of material purchasing.

We tested the calculations of the valuation allowances on various inventory types in terms of applied data, calculation parameters and consistency to prior years and assessed the estimates regarding adequacy.

We verified the correct disclosure in the consolidated financial statements.

Other Information

The Board of Directors is responsible for the other information. The other information is information included in report on page 1 (Share Performance) and on page 2 (Key Figures 2021 - 2025), obtained at the date of this auditor's report, but does not include the consolidated financial statements and our auditor's report thereon. The remaining parts of the annual report are expected to be made available to us after the date of this auditor's report.

Our opinion on the consolidated financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the

audit or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditor's report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors for the Consolidated Financial Statements

The Board of Directors is responsible for the preparation of the consolidated financial statements, which give a true and fair view in accordance with IFRS Accounting Standards and the provisions of Swiss law, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of

Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the Auditor for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Swiss law, ISA and SACH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

A further description of our responsibilities for the audit of the consolidated financial statements is located on EXPERTsuisse's website at:

https://expertsuisse.ch/audit-report. This description forms an integral part of our report.

Report on other Legal and Regulatory Requirements

In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists, which has been designed for the preparation of the consolidated financial statements according to the instructions of the Board of Directors.

We recommend that the consolidated financial statements submitted to you be approved.

Zurich, 23 March 2026 BDO Ltd

Christoph Tschumi	Andreas Forster
Auditor in charge Licensed Audit Expert	Licensed Audit Expert

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