3.5 Leases
The Group classifies its lease arrangements as either “leasehold” or “other”. “Leasehold” includes office space at various locations along with associated parking facilities, with remaining terms ranging from one to ten years. “Other” comprises leased vehicles, IT, and office equipment, with remaining lease terms ranging from one to five years. Each lease is assessed individually. For leases that include extension or termination options, management evaluates whether it is reasonably certain that such options will be exercised.
Lease Liabilities
in CHF thousand | 2025 | 2024 | ||
|---|---|---|---|---|
Balance at 1 January | 13,645 | 15,031 | ||
Addition | 711 | 3,013 | ||
Repayment of lease liabilities | (2,887) | (3,463) | ||
Modification and reassessment | 493 | (949) | ||
Foreign currency translation adjustments | (116) | 13 | ||
Balance at 31 December | 11,846 | 13,645 | ||
of which current lease liabilities | 2,772 | 2,787 | ||
of which non-current lease liabilities | 9,074 | 10,858 |
As described above, the Group reduced its lease agreement for the office premises in Fribourg and extended its lease contract in Hồ Chí Minh City, Vietnam, as well as in Valbonne, France.
Interest expenses related to lease liabilities amount to CHF 277 thousand (previous year: CHF 323 thousand). Short-term leases amount to CHF 53 thousand (previous year: CHF 103 thousand) and the expense of low-value assets are CHF 0 (previous year: CHF 0). The total cash outflow for leases during the year was CHF 3,217 thousand (previous year: CHF 3,889 thousand).
Right-of-Use Assets
in CHF thousand | Leasehold | Other | Total | |||
|---|---|---|---|---|---|---|
Historical cost | ||||||
Balance at 1 January 2024 | 19,298 | 1,281 | 20,579 | |||
Addition | 1,985 | 890 | 2,875 | |||
Disposal | (3,486) | (346) | (3,832) | |||
Modification and reassessment | (958) | 9 | (949) | |||
Effects from business combinations | 137 | – | 137 | |||
Foreign currency translation adjustments | 31 | (2) | 29 | |||
Balance at 31 December 2024 | 17,007 | 1,832 | 18,839 | |||
Addition | 111 | 599 | 710 | |||
Disposal | (144) | (305) | (449) | |||
Modification and reassessment | 510 | (16) | 494 | |||
Foreign currency translation adjustments | (240) | (1) | (241) | |||
Balance at 31 December 2025 | 17,244 | 2,109 | 19,353 | |||
Accumulated depreciation, amortisation, and impairment | ||||||
Balance at 1 January 2024 | (5,804) | (566) | (6,370) | |||
Addition | (2,813) | (459) | (3,272) | |||
Disposal | 3,486 | 346 | 3,832 | |||
Impairment | (57) | – | (57) | |||
Foreign currency translation adjustments | (16) | – | (16) | |||
Balance at 31 December 2024 | (5,204) | (679) | (5,883) | |||
Addition | (2,348) | (538) | (2,886) | |||
Disposal | 144 | 305 | 449 | |||
Foreign currency translation adjustments | 126 | – | 126 | |||
Balance at 31 December 2025 | (7,282) | (912) | (8,194) | |||
Net carrying value | ||||||
Balance at 31 December 2024 | 11,803 | 1,153 | 12,956 | |||
Balance at 31 December 2025 | 9,962 | 1,197 | 11,159 |
Modifications of right-of-use assets in 2025 relate to the 50% reduction in leased space at the Bluefactory office in Fribourg, effective as of the end of September 2026, resulting in a remeasurement adjustment of CHF 1,045 thousand. This effect was largely offset by the extension of the office lease in Hồ Chí Minh City, Vietnam for an additional five years, which resulted in an increase in right-of-use assets of CHF 1,015 thousand. The extension of the office in Valbonne, France lead to a revaluation of CHF 358 thousand.
In 2024, the Group relocated its Flamatt office to the Bluefactory premises in Fribourg. As a result, a new lease agreement was recognised, leading to an addition of CHF 1,985 thousand to right-of-use assets under the category Leasehold in 2024. At the same time, the relocation resulted in a disposal of the right-of-use asset related to the Flamatt office in the amount of CHF 3,189 thousand. The modification in 2024 primarily relates to the reduction of the lease term for IAZI’s office space in the Maintower in Zurich. As part of the Group’s ongoing efforts to consolidate its office locations, it was decided not to exercise the extension option. Consequently, the lease term has been shortened from 2032 to 2027.