Consolidated balance sheet

As of December 31
in CHF million	Note	2025	2024

Assets
Cash and cash equivalents		419.1	271.3
Trade receivables	11	3,424.5	2,616.0
Income tax receivables	10	30.9	25.1
Other receivables	12	131.1	102.5
Derivative financial instruments	13	1.9	19.5
Prepayments and contract assets	12	203.9	122.1
Financial assets	4.3	-	62.4

Current assets		4,211.4	3,218.9
Tangible assets	14	37.0	32.2
Intangible assets¹⁾	15	478.3	177.0
Goodwill¹⁾	16	1,403.1	485.5
Right-of-use assets	17	66.8	34.3
Investments in associated companies		3.6	-
Other receivables	12	536.5	329.7
Derivative financial instruments	13	0.5	0.7
Deferred tax assets	10	48.6	27.2
Defined benefit assets	21	3.5	1.3

Non-current assets		2,577.9	1,087.9

TOTAL ASSETS		6,789.3	4,306.8

1)Refer to note 2 Other changes in presentation.

As of December 31
in CHF million	Note	2025	2024

Liabilities and shareholders’ equity
Trade payables	18	3,718.0	2,568.5
Other payables	18	356.2	237.2
Accrued expenses and contract liabilities	18	249.6	187.7
Derivative financial instruments	13	4.2	2.3
Income tax liabilities	10	15.1	20.7
Provisions	19	20.3	29.3
Financial liabilities	20	284.6	338.2

Current liabilities		4,648.0	3,383.9
Other payables	18	450.4	271.9
Derivative financial instruments	13	1.7	1.2
Provisions	19	30.9	9.1
Financial liabilities	20	582.8	29.3
Deferred tax liabilities	10	83.1	21.3
Defined benefit liabilities	21	11.0	7.5

Non-current liabilities		1,159.9	340.3

TOTAL LIABILITIES		5,807.9	3,724.2
Share capital	22	2.2	1.6
Share premium		532.3	69.2
Treasury shares	22	–70.0	–73.0
Retained earnings		693.9	715.8
Hedging reserve		–2.0	–0.6
Currency translation adjustments		–184.4	–130.4

Equity attributable to owners of the parent		972.0	582.6
Non-controlling interest		9.4	-

TOTAL EQUITY		981.4	582.6

TOTAL LIABILITIES AND EQUITY		6,789.3	4,306.8