v3.25.4
Employee benefit obligations (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of defined benefit plans [abstract]  
Schedule of Defined Benefit Plans
The result of the Swiss defined benefit plans is summarized in the tables below:


Employee benefit obligations (amount recognized in the consolidated balance sheets)

(CHF in millions)December 31, 2025December 31, 2024
Present value of defined benefit obligation(65.4)(52.9)
Fair value of plan assets59.9 44.3 
Employee benefit obligations(5.5)(8.6)
(CHF in millions)20252024
Present value of defined benefit obligation at January 152.9 35.3 
Current service cost8.6 5.3 
Contributions by the employees5.5 4.3 
Interest expenses0.5 0.5 
Past service cost(0.3)— 
Benefits paid1.7 2.8 
Actuarial losses/(gains) from
changes in financial assumptions(4.2)2.5 
changes in experience adjustments0.7 2.1 
Present value of defined benefit obligation at December 3165.4 52.9 
12/31/202512/31/2024
Discount rate1.4 %1.0 %
Expected rate of salary increase1.0 %1.0 %
Expected rate of pension increase0.0 %0.0 %
Demographic assumptionsBVG 2020 generation tableBVG 2020 generation table
Schedule of Net Defined Benefit Obligation Employee benefit obligations reconcile as follows:
(CHF in millions)20252024
Employee benefit obligations at January 1(8.6)(2.2)
Amounts recognized in income statement(8.3)(5.3)
Amounts recognized in other comprehensive income7.2 (1.2)
Contributions by the employer4.3 0.2 
Employee benefit obligations at December 31(5.5)(8.6)
Schedule of Defined Benefit Plan Expense Recognized in Profit or Loss
Amounts recognized in the consolidated statements of income

(CHF in millions)202520242023
Current service cost(8.6)(5.3)(3.8)
Past service cost0.3 — — 
Employee benefit expenses(8.3)(5.3)(3.8)
Schedule of Defined Benefit Plan Expense Recognized in Other Comprehensive Income
Remeasurements recognized in equity (other comprehensive income)

(CHF in millions)202520242023
Actuarial (losses)/gains from
changes in financial assumptions4.2 (2.5)(3.6)
changes in experience adjustments(0.7)(2.1)0.2 
Return on plan assets excluding interest income3.7 3.4 — 
Net actuarial result from defined benefit plans7.2 (1.2)(3.4)
Schedule of Fair Value of Plan Assets
Plan assets

(CHF in millions)20252024
Fair value of plan assets at January 144.3 33.1 
Contributions by the employer4.3 0.2 
Contributions by the employees5.5 4.3 
Interest income0.5 0.5 
Benefits paid1.7 2.8 
Return on plan assets (excluding interest income)3.7 3.4 
Fair value of plan assets at December 3159.9 44.3 
The plan assets consist of (all with quoted market prices):

12/31/202512/31/2024
Cash and cash equivalents4.1 %5.9 %
Debt instruments20.3 %21.9 %
Equity instruments33.8 %33.5 %
Real estate22.5 %21.3 %
Mortgages4.2 %3.6 %
Alternative assets15.1 %13.8 %
Total100.0 %100.0 %
Schedule of Sensitivity Analysis for Actuarial Assumptions
(CHF in millions)12/31/202512/31/2024
Discount rate
-0.5%
4.9 4.5 
+0.5%
(4.2)(3.8)
Expected rate of salary increase
-0.5%
(1.4)(1.2)
+0.5%
1.0 0.9 
Life expectancy
-1 year
(0.3)(0.5)
+1 year
0.4 0.5