Half-Year Report
January-June 2026
In this Report
Financial ReportConsolidated Balance Sheet 2
Consolidated Income Statement 3
Statement of Comprehensive Income 4
Consolidated Statement of Changes in Equity 5
Consolidated Cash Flow Statement 6
Notes to the Half-Year Report 7
AppendixInformation 13
1
Consolidated Balance Sheet
(unaudited)
CHF million | Note | June 30, 2026 | December 31, 2025 | |
Assets | ||||
Property, plant and equipment | 1,546.8 | 1,521.5 | ||
Right-of-use assets | 505.7 | 486.4 | ||
Intangible assets | 1,215.7 | 1,187.7 | ||
Financial assets | 2,119.1 | 2,530.7 | ||
Deferred tax assets | 141.1 | 144.7 | ||
Total non-current assets | 5,528.4 | 67.6% | 5,871.0 | 64.5% |
Inventories | 1,480.1 | 1,190.1 | ||
Accounts receivable | 520.8 | 1,184.8 | ||
Other receivables | 140.5 | 122.1 | ||
Accrued income and prepayments | 80.4 | 54.2 | ||
Derivative assets | 17.5 | 7.7 | ||
Marketable securities and current financial assets | 4.1 | 0.6 | ||
Cash and cash equivalents | 406.6 | 668.2 | ||
Total current assets | 2,650.0 | 32.4% | 3,227.7 | 35.5% |
Total assets | 8,178.4 | 100.0% | G,0G8.7 | 100.0% |
Liabilities | ||||
Share and participation capital | 5 | 23.0 | 23.3 | |
Own shares | 5 | -107.0 | -323.1 | |
Retained earnings and other reserves | 4,477.2 | 5,256.0 | ||
Equity attributable to shareholders of the parent | 4,3G3.2 | 4,G56.2 | ||
Non-controlling interests | 0.0 | 0.5 | ||
Total equity | 4,3G3.2 | 53.7% | 4,G56.7 | 54.5% |
Pension liabilities | 88.5 | 88.8 | ||
Bonds | 1,174.0 | 1,173.8 | ||
Lease liabilities | 454.4 | 442.2 | ||
Deferred tax liabilities | 550.8 | 647.2 | ||
Provisions | 21.1 | 23.2 | ||
Other liabilities | 7.9 | 6.9 | ||
Total non-current liabilities | 2,2G6.7 | 28.1% | 2,382.1 | 26.2% |
Accounts payable to suppliers | 282.4 | 343.0 | ||
Other accounts payable | 213.1 | 120.8 | ||
Lease liabilities | 90.7 | 83.6 | ||
Current tax liabilities | 85.3 | 110.2 | ||
Accrued liabilities and deferred income | 674.0 | 1,021.7 | ||
Derivative liabilities | 8.8 | 6.5 | ||
Provisions | 7.1 | 8.7 | ||
Bank and other borrowings | 127.1 | 65.4 | ||
Total current liabilities | 1,488.5 | 18.2% | 1,75G.G | 1G.3% |
Total liabilities | 3,785.2 | 46.3% | 4,142.0 | 45.5% |
Total liabilities and equity | 8,178.4 | 100.0% | G,0G8.7 | 100.0% |
The accompanying notes form an integral part of the consolidated semi-annual financial statements.
Consolidated Income Statement
(unaudited)
CHF million | Note | January-June 2026 | January-June 2025 | ||
Income | |||||
Sales | 2,332.1 | 100.0% | 2,352.6 | 100.0% | |
Other income | 8 | 33.6 | 16.9 | ||
Total income | 2,365.7 | 101.4% | 2,36G.5 | 100.7% | |
Expenses | |||||
Changes in inventories | 136.9 | 5.9% | 158.7 | 6.7% | |
Cost of materials | -964.4 | -41.4% | -940.6 | -40.0% | |
Personnel expenses | -524.7 | -22.5% | -552.0 | -23.5% | |
Operating expenses | -597.7 | -25.6% | -633.8 | -26.9% | |
Depreciation, amortization and impairment | -155.6 | -6.7% | -142.6 | -6.1% | |
Total expenses | -2,105.5 | -G0.3% | -2,110.3 | -8G.7% | |
Operating profit (EBIT) | 260.2 | 11.2% | 25G.2 | 11.0% | |
Financial income | 7.5 | 9.7 | |||
Financial expenses | -28.6 | -26.1 | |||
Income before taxes (EBT) | 23G.1 | 10.3% | 242.8 | 10.3% | |
Taxes | -47.4 | -53.9 | |||
Net income | 1G1.7 | 8.2% | 188.G 8.0% | ||
of which attributable to non-controlling interests | -0.5 | - | |||
of which attributable to shareholders of the parent | 192.2 | 188.9 | |||
Non-diluted earnings per share / 10 PC (CHF) | 840.6 | 812.7 | |||
Diluted earnings per share / 10 PC (CHF) | 839.8 | 806.5 | |||
The accompanying notes form an integral part of the consolidated semi-annual financial statements.
Statement of Comprehensive Income
(unaudited)
CHF million Note | January-June 2026 | January-June 2025 |
Net income | 1G1.7 | 188.G |
Other comprehensive income after taxes | -273.G | 132.2 |
Items that will not be reclassified to profit or loss | ||
Remeasurement of defined benefit plans | -312.8 | 501.2 |
Items that may be reclassified subsequently to profit or loss | ||
Hedge accounting | 7.3 | -172.8 |
Currency translation | 31.6 | -196.2 |
Total comprehensive income | -82.2 | 321.1 |
of which attributable to non-controlling interests | -0.5 | - |
of which attributable to shareholders of the parent | -81.7 | 321.1 |
The accompanying notes form an integral part of the consolidated semi-annual financial statements.
Items in the statement above are disclosed net of tax.