| CHF 1,000 | Note | 2025 | 2024 | ||
| Net sales | 4 | 381,934 | 100% | 374,064 | 100% |
| Change in inventory of finished and unfinished goods | -9,387 | -9,168 | |||
| Material costs and subcontractors | 5.1 | -119,242 | -118,450 | ||
| Personnel expenses | 5.2 | -149,975 | -152,881 | ||
| Other operating income | 5.3 | 3,031 | 4,747 | ||
| Other operating expenses | 5.3 | -56,904 | -56,974 | ||
| Depreciation of tangible assets | 6.5 | -9,212 | -8,527 | ||
| Amortization of intangible assets | 6.6 | -750 | -870 | ||
| Operating profit | 39,495 | 10.3% | 31,941 | 8.5% | |
| Financial result | 5.4 | -1,624 | -216 | ||
| Ordinary profit | 37,871 | 9.9% | 31,725 | 8.5% | |
| Non-operating result | 5.5 | -253 | -760 | ||
| Profit before taxes | 37,618 | 9.8% | 30,965 | 8.3% | |
| Income taxes | 5.6 | -5,092 | -3,089 | ||
| Net profit | 32,526 | 8.5% | 27,876 | 7.5% | |
| Earnings per share (basic and diluted) | 8.2 | 1.95 | 1.68 |
The accompanying notes form an integral part of the consolidated financial statements.
| CHF 1,000 | Note | 31.12.2025 | 31.12.2024 | ||
| Current assets | restated | ||||
| Cash and cash equivalents | 65,061 | 113,289 | |||
| Current financial assets | 6.1 | 35,043 | 10,000 | ||
| Accounts receivable | 6.2 | 22,849 | 28,892 | ||
| Other receivables | 3,825 | 5,299 | |||
| Net assets from customer projects | 6.3 | 53,133 | 46,354 | ||
| Inventories | 6.4 | 67,944 | 73,457 | ||
| Prepayments and accrued income | 5,068 | 6,315 | |||
| Total current assets | 252,923 | 66.7% | 283,606 | 70.9% | |
| Non-current assets | |||||
| Tangible assets | 6.5 | 112,365 | 99,952 | ||
| Intangible assets | 6.6 | 3,426 | 3,487 | ||
| Investment property | 6.7 | 0 | 246 | ||
| Deferred tax assets | 6.9 | 10,398 | 12,699 | ||
| Total non-current assets | 126,189 | 33.3% | 116,384 | 29.1% | |
| Total assets | 379,112 | 100.0% | 399,990 | 100.0% | |
| Current liabilities | |||||
| Short-term financial liabilities | 6.10 | 458 | 1,009 | ||
| Accounts payable | 25,784 | 25,963 | |||
| Other payables | 4,641 | 4,700 | |||
| Net liabilities from customer projects | 6.3 | 52,499 | 92,144 | ||
| Accrued expenses | 6.11 | 30,734 | 25,120 | ||
| Current provisions | 6.12 | 13,784 | 12,475 | ||
| Total current liabilities | 127,900 | 33.7% | 161,411 | 40.4% | |
| Non-current liabilities | |||||
| Long-term financial liabilities | 6.10 | 1,600 | 2,058 | ||
| Non-current provisions | 6.12 | 1,313 | 709 | ||
| Deferred tax liabilities | 6.9 | 11,664 | 17,713 | ||
| Total non-current liabilities | 14,577 | 3.9% | 20,480 | 5.1% | |
| Total liabilities | 142,477 | 37.6% | 181,891 | 45.5% | |
| Shareholders’ equity | |||||
| Share capital | 6.13 | 1,671 | 1,671 | ||
| Treasury shares | 6.13 | -376 | -868 | ||
| Capital reserves | 83,516 | 87,634 | |||
| Retained earnings | 151,824 | 129,662 | |||
| Total shareholders’ equity | 236,635 | 62.4% | 218,099 | 54.5% | |
| Total liabilities and shareholders’ equity | 379,112 | 100.0% | 399,990 | 100.0% |
The accompanying notes form an integral part of the consolidated financial statements.
| CHF 1,000 | Note | 2025 | 2024 |
| Cash flow from operating activities | |||
| Net profit | 32,526 | 27,876 | |
| Depreciation and amortization | 6.5, 6.6 | 9,962 | 9,397 |
| Revaluation of investment property | 6.7 | 0 | 694 |
| Net gain/loss on sale of non-current assets | 5.3, 5.5 | 291 | 203 |
| Change in provisions | 6.12 | 2,204 | -1,748 |
| Change in deferred taxes | 6.9 | -4,706 | -1,356 |
| Share-based compensation | 5.2, 6.13 | 138 | -1,600 |
| Other non-cash items | 419 | 1,499 | |
| Change in accounts receivable | 4,966 | 518 | |
| Change in inventories | 3,761 | 9,043 | |
| Change in net assets/liabilities from customer projects | -46,495 | 23,027 | |
| Change in accounts payable | 879 | -1,623 | |
| Change in other receivables, prepayments and accrued income | 2,305 | 97 | |
| Change in other payables and accrued expenses | 6,398 | 3,392 | |
| Cash flow from operating activities | 12,648 | 69,419 | |
| Cash flow from investing activities | |||
| Purchase of tangible assets | 6.5 | -24,908 | -19,451 |
| Proceeds from sale of tangible assets | 5.3, 6.5 | 226 | 126 |
| Proceeds from government grants for tangible assets | 6.5 | 769 | 583 |
| Purchase of intangible assets | 6.6 | -839 | -1,812 |
| Proceeds from sale of investment property | 5.5, 6.7 | 246 | 0 |
| Investments in financial assets | 6.1 | -25,000 | 0 |
| Divestments of financial assets | 6.1 | 0 | 40,059 |
| Acquisition of a consolidated company, net of cash acquired | 2.1 | 0 | -129 |
| Interests received | 322 | 935 | |
| Cash flow from investing activities | -49,184 | 20,311 | |
| Cash flow from financing activities | |||
| Purchase of treasury shares | 6.13 | -426 | -654 |
| Distribution to shareholders | -8,318 | -8,274 | |
| Repayment of financial liabilities | 6.10 | -627 | -1,069 |
| Repayment of finance lease liabilities | 6.10 | -92 | -845 |
| Interests paid | -83 | -107 | |
| Cash flow from financing activities | -9,546 | -10,949 | |
| Net change in cash and cash equivalents | -46,082 | 78,781 | |
| Cash and cash equivalents at beginning of period | 113,289 | 33,960 | |
| Currency translation effect on cash and cash equivalents | -2,146 | 548 | |
| Cash and cash equivalents at end of period | 65,061 | 113,289 |
The accompanying notes form an integral part of the consolidated financial statements.
| Retained earnings | |||||||
| CHF 1,000 | Note | Share capital | Treasury shares | Capital reserves | Accumulated profits | Translation adjustments | Total share-holders’ equity |
| Balance at 31.12.2023 | 1,671 | -2,012 | 92,466 | 120,373 | -8,693 | 203,805 | |
| Change in accounting policy | 2.5.14 | -8,087 | -8,087 | ||||
| Balance at 01.01.2024—restated | 1,671 | -2,012 | 92,466 | 112,286 | -8,693 | 195,718 | |
| Net Profit 2024 | 27,876 | 27,876 | |||||
| Currency translation adjustments | 2,366 | 2,366 | |||||
| Distribution to shareholders | -4,137 | -4,137 | -8,274 | ||||
| Change in treasury shares | 6.13 | 1,144 | -1,798 | -654 | |||
| Share-based compensation | 6.13 | 1,103 | -2 | 1,101 | |||
| Offset goodwill | 2.1 | -34 | -34 | ||||
| Balance at 31.12.2024—restated | 1,671 | -868 | 87,634 | 135,991 | -6,329 | 218,099 | |
| Net profit 2025 | 32,526 | 32,526 | |||||
| Currency translation adjustments | -6,207 | -6,207 | |||||
| Distribution to shareholders | -4,159 | -4,159 | -8,318 | ||||
| Change in treasury shares | 6.13 | 492 | -918 | -426 | |||
| Share-based compensation | 6.13 | 959 | 2 | 961 | |||
| Balance at 31.12.2025 | 1,671 | -376 | 83,516 | 164,358 | -12,534 | 236,635 | |
The accompanying notes form an integral part of the consolidated financial statements.
