4 Movements in Equity
Treasury Shares
Treasury shares represent the net balance of shares purchased on the market or repurchased from plan participants, and shares sold to new participants or allocated to participants in connection with the Group’s equity-settled share-based compensation plans.
Treasury share purchases during the reporting period are consistent with the company’s long-term planning approach. The timing and volume of these purchases are based on an assessment of future share requirements and management’s view of the current market valuation, and do not indicate an acceleration or increase in annual grant volumes.
The table below summarises movements in the Group’s treasury shares during the reporting period:
2026 | 2025¹ | |||||||
|---|---|---|---|---|---|---|---|---|
in CHF thousand | in number of shares | in CHF thousand | in number of shares | |||||
Balance at 1 January | 2,301 | 60,012 | 852 | 36,680 | ||||
Purchase of treasury shares | 6,552 | 246,971 | 217 | 10,560 | ||||
Sale of treasury shares | – | – | (982) | (30,400) | ||||
Allocation of treasury shares to employees | (1,783) | (65,060) | – | – | ||||
Allocation of treasury shares to members of the Board of Directors | (169) | (6,125) | – | – | ||||
Gain (loss) on sale/allocation of treasury shares | (645) | – | 276 | – | ||||
Balance at 30 June | 6,256 | 235,798 | 363 | 16,840 |
1Previous year’s number of shares have been restated to reflect the impact of the pre-IPO restructuring. For further details, refer to the Annual Report 2025.
Under the Management Equity Plan (MEP), participants were able to obtain loans from the Group to finance the purchase of shares. To reflect the effective cash flows in the statement of cash flow, particularly in the event of a participant’s exit from the Group or a grant of new shares, the purchase of treasury shares is presented net of loan repayments by employees, while the sale of treasury shares is presented net of loans granted to employees.
Dividends Paid
On 21 April 2026, the Annual General Meeting approved a dividend of CHF 0.82 per eligible share for the 2025 financial year (previous year: CHF 0.61). The total distribution amounted to CHF 80,469 thousand (previous year: CHF 59,985 thousand). Due to Swiss withholding tax requirements, CHF 40,234.5 thousand of the distribution was paid out of tax-exempt capital contribution reserves, with the remainder paid out of other capital reserves.