Consolidated statement of cash flows

For the period ended December 31
in CHF million	Note	2025	2024

Profit/(loss) for the period		1.4	–1.6

Adjustments for:
Depreciation, amortization and impairment	14,15,16,17	123.7	72.7
Total finance result, net	9	54.4	11.4
Income tax expenses	10	28.1	33.5
Other non-cash items		–16.8	8.1
Change in trade receivables		296.1	–307.9
Change in other receivables, prepayments and contract assets		–179.7	–136.6
Change in trade and other payables		15.3	390.6
Change in accrued expenses and contract liabilities		–1.2	5.8
Changes in provisions		–19.7	–11.7
Income taxes paid		–33.0	–29.6

Net cash generated from operating activities		268.6	34.7
Purchases of tangible and intangible assets	14,15	–65.5	–68.0
Settlement and proceeds from swap contracts	4.3,20	–35.7	10.1
Interest received		6.4	4.6
Acquisition of businesses (net of cash acquired)	3	–290.2	–19.4

Net cash used in investing activities		–385.0	–72.7
Proceeds from financial liabilities	20	16,872.8	8,508.5
Repayments of financial liabilities	20	–16,498.2	–8,342.6
Payment of contingent consideration liabilities		-	–1.2
Repurchase of treasury shares under share buyback	22	-	–44.6
Proceeds from sale of treasury shares		1.4	1.8
Interest paid		–56.1	–26.3
Dividends paid to owners of the parent	24	–45.6	–55.2
Dividends paid to non-controlling interest		–0.5	-
Acquisition of non-controlling interest	3	–0.4	–1.2

Net cash from financing activities		273.4	39.2

Net increase in cash and cash equivalents		157.0	1.2
Cash and cash equivalents at beginning of period		271.3	267.4
Net foreign exchange difference on cash and cash equivalents		–9.2	2.7

Cash and cash equivalents at end of period		419.1	271.3