| CHF million | Note | 2025 | 2024 |
|---|---|---|---|
| Cash flow from operating activities | |||
| Earnings | 925 | 1,230 | |
| Adjustments to reconcile earnings to net cash flows: | |||
| Income tax | 12 | 305 | 408 |
| Financial income | 11 | –35 | –24 |
| Financial expenses | 11 | 50 | 46 |
| Result from joint ventures and associates | –3 | –6 | |
| Depreciation of property, plant and equipment | 14 | 195 | 185 |
| Depreciation of right-of-use assets | 15 | 658 | 587 |
| Amortisation of other intangibles | 16 | 56 | 52 |
| Expenses for share-based compensation plans | 22 | 20 | 22 |
| (Gain)/loss on disposal of property, plant and equipment, net | 10 | –5 | –2 |
| Subtotal operational cash flow | 2,166 | 2,498 | |
| (Increase)/decrease contract assets | –95 | –27 | |
| (Increase)/decrease trade and other receivables, prepayments | –79 | –663 | |
| Increase/(decrease) provisions | 86 | –7 | |
| Increase/(decrease) other liabilities | 30 | 15 | |
| Increase/(decrease) trade payables, contract liabilities and accrued trade expenses | 66 | 38 | |
| Income taxes paid | –393 | –370 | |
| Total cash flow from operating activities | 1,781 | 1,484 | |
| Cash flow from investing activities | |||
| Capital expenditure | |||
| — Property, plant and equipment | –232 | –300 | |
| — Other intangibles | 16 | –7 | –4 |
| Disposal of property, plant and equipment | 51 | 26 | |
| (Acquisition)/divestment of businesses, net of cash (acquired)/disposed | 28 | –547 | –201 |
| Settlement of deferred/contingent considerations from business combinations | –12 | –2 | |
| Capital (contributions to)/distributions from joint ventures and associates | –1 | – | |
| Dividend received from joint ventures and associates | 4 | 5 | |
| Interest received | 13 | 24 | |
| Total cash flow from investing activities | –731 | –452 | |
| Cash flow from financing activities | |||
| Proceeds from borrowings and other interest-bearing liabilities | 1,273 | – | |
| Repayment of other interest-bearing liabilities | –206 | –2 | |
| Repayment of lease liabilities | 15 | –643 | –580 |
| Interest paid on borrowings and other interest-bearing liabilities | –12 | –5 | |
| Interest paid on lease liabilities | 15 | –38 | –32 |
| Purchase of treasury shares | 20 | –20 | –51 |
| Dividend paid to equity holders of parent company | 20 | –979 | –1,182 |
| Dividend paid to non-controlling interests | 20 | –60 | –24 |
| Acquisition of non-controlling interests | –903 | –33 | |
| Total cash flow from financing activities | –1,588 | –1,909 | |
| Foreign exchange difference on cash and cash equivalents | –68 | 11 | |
| Increase/(decrease) in cash and cash equivalents | –606 | –866 | |
| Cash and cash equivalents at the beginning of the year, net | 19 | 1,142 | 2,008 |
| Cash and cash equivalents at the end of the year, net | 19 | 536 | 1,142 |
| Bank overdrafts | 19 | 214 | 10 |
| Cash and cash equivalents on balance sheet | 19 | 750 | 1,152 |