Liquidity Risk
Prudent liquidity management involves maintaining adequate reserves of cash and cash equivalents. The Group generates strong operating cash flows, and liquidity risk is considered limited. As at 31 December 2025, the Group held cash and cash equivalents amounting to CHF 92,664 thousand (previous year: CHF 71,485 thousand), representing 5.2 times the average monthly operating expenses (previous year: 4.6 times).
Liquidity risk is centrally monitored and managed across the Group. Potential liquidity shortfalls are mitigated through regular liquidity planning and monthly cash flow analyses. The maturity profile of financial liabilities is continuously monitored and actively managed to ensure timely settlement.
The table below provides an analysis of the Group’s financial liabilities categorised by relevant maturity groupings, extrapolated from contractual maturities of all non-derivative financial liabilities. The amounts presented reflect contractual undiscounted cash flows and include contractual interest payments. The interest payments on variable interest-bearing borrowings shown in the table below reflect the prevailing market interest rates at the reporting date. These amounts are subject to change as interest rates fluctuate.
in CHF thousand | Due within 1 year | Due within 1 to 2 years | Due within 3 to 5 years | Due after 5 years | Contractual amount | Carrying amount | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at 31 December 2024 | ||||||||||||
Trade payables | 4,400 | – | – | – | 4,400 | 4,400 | ||||||
Other liabilities | 4,058 | – | – | – | 4,058 | 4,058 | ||||||
Financial liabilities | 23,756 | 32,648 | 195,539 | 29,350 | 281,293 | 262,609 | ||||||
Lease liabilities | 3,050 | 2,744 | 5,919 | 2,870 | 14,583 | 13,645 | ||||||
Balance at 31 December 2025 | ||||||||||||
Trade payables | 4,675 | – | – | – | 4,675 | 4,675 | ||||||
Other liabilities | 9,505 | – | – | – | 9,505 | 9,505 | ||||||
Financial liabilities | 31,297 | 31,016 | 191,234 | – | 253,547 | 243,805 | ||||||
Lease liabilities | 2,993 | 2,652 | 5,067 | 1,875 | 12,587 | 11,846 |
Financial Covenant
The credit facility is subject to a financial covenant, and non-compliance may result in an event of default. The financial covenant, evaluated on a semi-annually rolling basis, requires the Group to maintain a leverage ratio no greater than 3.25x at each testing date. The Group’s leverage ratio as defined by the financial covenant was 0.8x as of 31 December 2025 (previous year: 1.2x).