17 Leases
Group as a lessee
The group leases various offices, cars, and IT equipment under non-cancellable lease agreements. Most lease agreements are renewable at market rate at the end of the lease period. Unless the group is reasonably certain of obtaining ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of their estimated useful life and the lease term. The useful life is as follows:
- Buildings: max. 10 years
- Vehicles: max. 5 years
- Other equipment: max. 5 years
The group applies the short-term lease recognition exemption to its short-term leases of other machinery and equipment (those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the exemption for leases of low-value assets recognition to leases of office equipment that are considered of low value (in other words, below CHF 5,000). Lease payments on short-term leases and leases of low-value assets are recognized as expenses on a straight-line basis over the lease term.
Set out below are the carrying amounts of right-of-use assets recognized and the movements during the period:
in CHF million | Buildings | Vehicles and other equipment | Total |
Historical cost | |||
On January 1, 2025 | 52.0 | 21.0 | 73.0 |
Business acquisitions | 37.7 | 1.7 | 39.4 |
Additions | 16.9 | 6.4 | 23.3 |
Disposals | –19.3 | –5.5 | –24.8 |
Currency translation adjustments | –3.2 | –0.3 | –3.5 |
As of December 31, 2025 | 84.1 | 23.3 | 107.4 |
Accumulated amortization/impairment | |||
On January 1, 2025 | –27.8 | –10.9 | –38.7 |
Amortization | –15.4 | –5.7 | –21.1 |
Impairment | –6.0 | - | –6.0 |
Reversal of impairment | 0.9 | - | 0.9 |
Disposals | 17.5 | 5.3 | 22.8 |
Currency translation adjustments | 1.4 | 0.1 | 1.5 |
As of December 31, 2025 | –29.4 | –11.2 | –40.6 |
Carrying amount December 31, 2025 | 54.7 | 12.1 | 66.8 |
In 2025, the group recognized an impairment of CHF 6.0 million relating to non-cancellable lease contracts for the closure of offices. The impairment was triggered in connection with the integration of Crayon, as several leased premises were identified as no longer required and their value in use was assessed as nil. The impairment relates to the CGUs DACH (CHF 2.1 million), NORAM (CHF 1.6 million), WEMEA (CHF 1.5 million), CEE (CHF 0.4 million) and Nordics (CHF 0.4 million). An impairment reversal was recognized in the CGU DACH (CHF 0.9 million).
in CHF million | Buildings | Vehicles and other equipment | Total |
Historical cost | |||
On January 1, 2024 | 48.8 | 20.1 | 68.9 |
Business acquisitions | 0.2 | - | 0.2 |
Additions | 12.0 | 6.4 | 18.4 |
Disposals | –9.5 | –5.5 | –15.0 |
Currency translation adjustments | 0.5 | - | 0.5 |
As of December 31, 2024 | 52.0 | 21.0 | 73.0 |
Accumulated amortization/impairment | |||
On January 1, 2024 | –26.6 | –10.8 | –37.4 |
Amortization | –10.2 | –5.3 | –15.5 |
Disposals | 9.1 | 5.3 | 14.4 |
Currency translation adjustments | –0.1 | –0.1 | –0.2 |
As of December 31, 2024 | –27.8 | –10.9 | –38.7 |
Carrying amount December 31, 2024 | 24.2 | 10.1 | 34.3 |
Set out below are the carrying amounts of lease liabilities (included under financial liabilities) and the movements during the period:
in CHF million | 2,025 | 2024 |
On January 1 | 35.6 | 32.8 |
Business acquisitions | 39.4 | 0.2 |
Additions | 23.3 | 18.4 |
Accretion of interest | 3.1 | 1.5 |
Payments | –22.7 | –17.0 |
Disposals | –1.5 | –0.7 |
Currency translation adjustments | –2.7 | 0.4 |
As of December 31 | 74.5 | 35.6 |
The following are the amounts recognized in the income statement:
in CHF million | 2,025 | 2024 |
Amortization on right-of-use assets (including impairment) | –27.1 | –15.5 |
Interest expenses on lease liabilities | –3.1 | –1.5 |
Expenses relating to short-term leases (included in other operating expenses) | –3.3 | –1.3 |
Income from subleasing of right-of-use assets | 0.6 | 0.3 |
Income from operating lease contracts | 0.4 | 1.0 |
Total | –32.5 | –17.0 |
In 2025, the group had total cash outflows of CHF –29.1 million for leases including expenses relating to short-term leases (prior year: CHF –18.3 million).