15. Financial instruments

Derivative financial instruments

Where required, the Group hedges foreign currency exchange rate and interest rate risks using derivative financial instruments in accordance with the treasury policy. This policy and the corresponding accounting policies for the Group’s derivative financial instruments are disclosed in Note 3 and Note 4.

As at 31 December 2025 and 2024, the following derivative financial instruments were outstanding:

The change in fair value (determined using the Mark-to-Market calculation method) of the instruments is booked in financial result, net.

Hedge accounting

No hedge accounting was applied in 2025 or 2024.

Measurement of financial instruments by categories in accordance with IFRS 9

The table below includes the carrying amount of financial instruments by class and measurement category. Level 1 contains all financial instruments with quoted prices in active markets. Level 2 contains all financial instruments with inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 3 contains all financial instruments with inputs for determining the assets and liabilities that are not based on observable market data.

Fair value measurement hierarchy:

Level 1: quoted prices in active markets for identical assets

Level 2: observable prices, either directly or indirectly

Level 3: input factors that are not based on observable market data

Maturity analysis of financial instruments

The following table shows the carrying amount and all contractually defined future (undiscounted) interest and amortisation payments (= cash outflows) of derivative and non-derivative financial instruments as at the balance sheet date:

Additional information to the cashflow statement

The following table shows the reconciliation of the items for which cashflows were or in the future will be generated and that are reported as net cash from financing activities in the consolidated statement of cashflows:

In 2025, the position “Others” of lease liabilities contained the non-cash addition of new lease contracts. The position “Others” of short- and long-term debt (excl. leases) mainly contained the reclassification of the short-term portion of the CHF bond.

In 2024, the position “Others” of lease liabilities contained the non-cash addition of new lease contracts. The position “Others” of short- and long-term debt (excl. leases) mainly contained the reclassification of the short-term portion of the CHF bond.