Alternative Performance Measures
The Group uses alternative performance measures (APMs) to provide the Executive Leadership Team and investors with a consistent and meaningful view of its underlying operational performance, profitability, and financial position. By excluding items not related to the Group’s revenue-generating operations (APM adjusting items), the APMs enhance comparability between reporting periods and with industry peers. They complement IFRS measures and support internal performance management, strategic planning, and capital allocation decisions.
These measures reflect the way in which the Executive Leadership Team analyses financial information. They are not intended as substitutes for IFRS measures and may not be directly comparable with APMs of other companies. The Group presents the following APMs:
- Adjusted EBITDA and margin in %
- Adjusted EBITDA less capex and Adjusted EAT
- Adjusted operating expenses
- Net debt and Net debt/Adjusted EBITDA ratio
Consistent with the Group’s accounting policies, the following APM adjusting items are excluded from IFRS financial measures to arrive at the adjusted results.
- Expenses for share-based compensation recognised under IFRS 2 Share-based Payment and related external administration and advisory services.
- Expenses related to mergers, acquisitions (including transactions within the scope of IFRS 3 Business Combinations or the acquisition of a group of assets) and divestments, recognised in the statement of profit or loss.
- Restructuring or reorganisation expenses under IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
- Expenses related to the preparation of the initial public offering (IPO).
- Selected IAS 19 components based on IAS 19 Employee Benefits, which represent the difference between the pension expenses recognised under IAS 19 (comprising current and past service costs, administrative expenses, and settlement gains/losses) and the actual employer contributions paid during the same period. The interest expense or income on the net defined benefit obligation or asset is excluded from Adjusted EAT.
- Where applicable, the associated corporate income tax effects, whether current or deferred, are also eliminated in the calculation of Adjusted EAT.
for the six months ended 30 June | in CHF thousand | 2026 | 2025 | ||
|---|---|---|---|---|
Profit after tax | 56,372 | 28,161 | ||
Income tax | 12,611 | 6,229 | ||
Profit before tax | 68,983 | 34,390 | ||
Financial expense | 1,819 | 3,294 | ||
Financial income | (210) | (233) | ||
Profit before financial income/expense and tax | 70,592 | 37,451 | ||
Depreciation, amortisation, and impairment | 28,612 | 27,218 | ||
Adjustments related to | 2,271 | 22,970 | ||
Share-based compensation | 886 | 19,419 | ||
Mergers and acquisitions | 9 | 518 | ||
Reorganisations | 330 | 286 | ||
Preparation of the initial public offering | – | 2,113 | ||
Selected IAS 19 pension components | 1,046 | 634 | ||
Adjusted EBITDA | 101,475 | 87,639 |
for the six months ended 30 June | in CHF thousand, unless otherwise indicated | 2026 | 2025 | ||
|---|---|---|---|---|
Adjusted EBITDA | 101,475 | 87,639 | ||
Revenue | 179,757 | 161,500 | ||
Adjusted EBITDA margin in % | 56.5% | 54.3% | ||
Adjusted EBITDA | 101,475 | 87,639 | ||
Capital expenditure for | (14,021) | (16,405) | ||
Acquisition of property, plant, and equipment | (611) | (321) | ||
Development and acquisition of intangible assets | (13,410) | (16,084) | ||
Adjusted EBITDA less capex | 87,454 | 71,234 | ||
Profit after tax | 56,372 | 28,161 | ||
Adjustments related to Adjusted EBITDA | 2,271 | 22,970 | ||
Interest expense/(income) on net defined benefit plans | 149 | 63 | ||
Fair value adjustment on contingent purchase price consideration | – | 1,039 | ||
Amortisation and impairment of intangible assets recognised through a purchase price allocation prior to, or arising from the establishment of the Group | 10,322 | 10,642 | ||
Income tax effect on the above items | (2,082) | (6,084) | ||
Adjusted EAT | 67,032 | 56,791 | ||
Operating expense¹ | (93,707) | (111,137) | ||
Adjustments related to Adjusted EBITDA | 2,271 | 22,970 | ||
Adjusted operating expense | (91,436) | (88,167) |
1Includes personnel expenses, marketing expenses, information technology expenses and other operating expenses.
The table below shows the carrying amounts as at 30 June 2026 and 31 December 2025:
in CHF thousand, unless otherwise indicated | 2026 | 2025 | ||
|---|---|---|---|---|
Financial liabilities | 229,878 | 243,805 | ||
Lease liabilities | 9,910 | 11,846 | ||
Adjustments related to mergers and acquisitions¹ | (29,773) | (29,546) | ||
Total debt | 210,015 | 226,105 | ||
Less cash and cash equivalents | (67,653) | (92,664) | ||
Net debt | 142,362 | 133,441 | ||
Net debt | 142,362 | 133,441 | ||
Adjusted EBITDA² | 193,997 | 180,161 | ||
Net debt/Adjusted EBITDA ratio | 0.7 | 0.7 |
1Includes interest-bearing borrowings (subordinated), and non-controlling interest put liability.
2For purposes of the Net debt/Adjusted EBITDA ratio calculation, Adjusted EBITDA is measured on a last twelve-month basis.