3 Financial Instruments

The table below presents the carrying amounts and fair values of financial instruments by category. It only includes components of the respective financial statement captions that qualify as financial instruments; accordingly, non-financial components are excluded and the amounts may not fully reconcile with the corresponding captions in the statement of financial position. Fair value information for lease liabilities is not disclosed, as they are exempt from such disclosure requirements.

2026

2025

at 30 June 2026 and 31 December 2025 | in CHF thousand

Carrying amount

Fair value

Carrying amount

Fair value

Financial assets

Cash and cash equivalents

67,653

67,653

92,664

92,664

Trade receivables

36,390

36,390

31,879

31,879

Other assets

8,501

8,501

15,260

15,260

Loan receivables

4,446

4,446

4,720

4,720

Other financial assets

932

932

914

914

Measured at amortised cost

117,922

117,922

145,437

145,437

Financial liabilities

Trade payables

3,512

3,512

4,675

4,675

Other liabilities

6,518

6,518

9,505

9,505

Interest-bearing borrowings¹

208,478

209,624

222,633

223,999

Non-controlling interest put liability¹

21,399

22,271

21,172

22,160

Measured at amortised cost

239,907

241,925

257,985

260,339

1The fair value for disclosure purposes is level 2 and is derived from current market interest rates available to the Group.

Financial Covenant

The Group’s bank loan is subject to a financial covenant, the breach of which could trigger an event of default. The covenant is tested semi-annually on a rolling basis. At the reporting date, the Group’s leverage ratio was 0.7x (at 31 December 2025: 0.8x), remaining below the covenant threshold of 3.25x.