Balance sheet

CHF million	Note	Dec. 31, 2025	Dec. 31, 2024
Assets
Property, plant and equipment	14	905	846
Right-of-use assets	15	2,370	2,041
Goodwill	16	2,547	2,326
Other intangibles	16	91	104
Investments in joint ventures and associates		27	31
Deferred tax assets	12	160	167
Non-current assets		6,100	5,515
Prepayments		178	160
Contract assets	17	358	298
Trade receivables	17	4,235	4,312
Other receivables	18	171	189
Income tax receivables		135	99
Cash and cash equivalents	19	750	1,152
Current assets		5,827	6,210
Total assets		11,927	11,725

CHF million	Note	Dec. 31, 2025	Dec. 31, 2024
Liabilities and equity
Share capital	20	121	121
Reserves and retained earnings		1,177	1,961
Earnings		882	1,181
Equity attributable to the equity holders of the parent company		2,180	3,263
Non-controlling interests		32	2
Equity		2,212	3,265
Provisions for pension plans and severance payments	21	243	273
Deferred tax liabilities	12	123	107
Borrowings	23	874	–
Non-current provisions	24	59	55
Other non-current liabilities	26	628	20
Non-current lease liabilities	15	1,761	1,576
Non-current liabilities		3,688	2,031
Bank and other interest-bearing liabilities	23	614	217
Trade payables	25	2,024	2,117
Contract liabilities	25	106	105
Accrued trade expenses	25	1,123	1,145
Income tax liabilities		193	249
Current provisions	24	175	99
Other current liabilities	27	1,084	1,944
Current lease liabilities	15	708	553
Current liabilities		6,027	6,429
Total liabilities and equity		11,927	11,725

Annual Report 2025