3.1 Trade Receivables

at 31 December | in CHF thousand

2025

2024

Trade receivables

33,365

32,496

Valuation allowances

(1,486)

(1,816)

Total trade receivables

31,879

30,680

Trade receivables are measured at the transaction price and are subject to impairment using a forward-looking expected credit loss (ECL) model. For more information regarding valuation allowances and credit risks, refer to Note 4.6.