2 Notes to the financial statements

Cash and cash equivalent

Other short-term receivables

Other short-term receivables from group companies include short-term loans and bore interest of 1.50% in the financial year (2024: 1.50%). The recorded interest is shown in the position «Finance income».

Participations

¹⁾ The company was sold on September 30, 2025.
²⁾ The company was liquidated on August 18, 2025.

As a rule, participations are valued individually. For participations that are already managed and assessed together as an economic business unit within the company, the impairment test of the participations is performed analogously to the IFRS consolidated financial statements at the level of the economic business units.

Impairment of participations

During the financial year, Bellevue Private Markets AG sold its participation in adbodmer AG. As a result of the discontinuation of its operating activities, an impairment of the carrying amount of the participation was required as at December 31, 2025. Consequently, the investment in Bellevue Private Markets AG was impaired by CHF 7.5 mn.

Other short-term liabilities

Treasury shares

Treasury shares are held directly by the Company. All transactions are carried out at market prices.

Disposals and purchases of treasury shares also include any deliveries or returns of treasury shares as part of share-based payments, which are not cash-effective in such cases.