Consolidated Financial StatementConsolidated Statement of Cash Flows

Consolidated Statement of Cash Flows

in CHF million	Note	1^st half 2026	1^st half 2025

Net income		124.9	101.3
Income taxes		27.8	20.8
Interest result		0.9	0.2
Depreciation of property, plant and equipment		18.7	15.4
Amortization of intangible assets		3.4	3.6
Gain on sale of property, plant and equipment		-0.2	-0.2
Non-cash items non-current employee benefits		-1.9	-1.4
Other non-cash items		1.1	-4.8
Expenses for share-based payments		2.2	-
Change in net working capital		-78.7	-43.3
Change in other assets and liabilities		10.8	14.9
Change in provisions	7	2.4	0.6
Income taxes paid		-27.7	-13.7
Cash flow from operating activities		83.8	93.5

Investments in property, plant and equipment	4	-40.9	-35.9
Investments in intangible assets		-4.5	-5.0
Proceeds from sale of property, plant and equipment		0.2	0.2
Proceeds from sale of financial assets¹⁾		15.0	40.0
Interest received		0.1	0.1
Cash flow from investing activities		-30.0	-0.6

Purchase of treasury shares		-6.6	-
Dividends paid	8	-123.0	-116.8
Interest paid		-1.0	-0.4
Repayment of financial borrowings		-0.2	-0.1
Repayment of lease liabilities		-3.1	-2.0
Proceeds from cash contribution share-based payments		3.3	-
Proceeds from financial borrowings	6	79.0	4.7
Cash flow from financing activities		-51.6	-114.7

Currency translation adjustment in respect of cash and cash equivalents		0.3	-2.6

Change in cash and cash equivalents		2.5	-24.4

Cash and cash equivalents at beginning of period		100.6	97.2
Cash and cash equivalents at end of period		103.1	72.7

¹⁾CHF 15.0 million in term deposits with maturities of more than three months from the date of acquisition were divested in the first half of 2026 (first half 2025: CHF 40.0 million).