Horizon Group — Annual Report · 2025 07 / 15
Financial Statements
The consolidated financial statements of Horizon Group are prepared in accordance with IFRS and presented in Swiss francs, the group’s functional currency. Unless stated otherwise, all amounts are in CHF millions. The Board of Directors approved these statements on 26 February 2026.
The statutory auditor issued an unqualified opinion on both the consolidated and the standalone financial statements. The consolidated income statement appears in the Financial Performance chapter; the pages below set out the balance sheet, the cash flow statement, and the key notes.
Consolidated balance sheet
As at 31 December
CHF in millions
| 2025 | 2024 | |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 460 | 385 |
| Trade receivables | 415 | 388 |
| Inventories | 350 | 341 |
| Other current assets | 85 | 76 |
| Total current assets | 1310 | 1190 |
| Property, plant and equipment | 880 | 840 |
| Goodwill and intangible assets | 720 | 736 |
| Other non-current assets | 140 | 124 |
| Total assets | 3050 | 2890 |
| Equity and liabilities | ||
| Trade payables | 290 | 275 |
| Current financial liabilities | 160 | 195 |
| Other current liabilities | 200 | 190 |
| Non-current financial liabilities | 800 | 820 |
| Pension and other provisions | 180 | 172 |
| Total liabilities | 1630 | 1652 |
| Shareholders’ equity | 1420 | 1238 |
| Total equity and liabilities | 3050 | 2890 |
Figures are presented in accordance with IFRS. The equity ratio stood at 46.6% at year end (2024: 42.8%).
Consolidated cash flow statement
For the year ended 31 December
CHF in millions
| 2025 | 2024 | |
|---|---|---|
| Net income | 288 | 215 |
| Depreciation, amortisation and other non-cash items | 132 | 128 |
| Change in net working capital | (18) | 18 |
| Cash flow from operating activities | 402 | 361 |
| Capital expenditure | (156) | (163) |
| Acquisitions and other investing activities | (32) | (77) |
| Cash flow from investing activities | (188) | (240) |
| Dividends paid | (106) | (96) |
| Net change in borrowings | (55) | (21) |
| Employee share plan and other | 22 | 22 |
| Cash flow from financing activities | (139) | (95) |
| Net change in cash and cash equivalents | 75 | 26 |
| Cash and cash equivalents at 1 January | 385 | 359 |
| Cash and cash equivalents at 31 December | 460 | 385 |
Free cash flow — operating cash flow less capital expenditure — reached CHF 246 million (2024: CHF 198 million).
Five-year key figures
| Year | Revenue (CHF M) | EBIT (CHF M) | Net income (CHF M) | Free cash flow (CHF M) | Equity ratio (%) | Employees (FTE) |
|---|---|---|---|---|---|---|
| 2021 | 1600 | 205 | 110 | 122 | 38.2 | 12300 |
| 2022 | 1780 | 231 | 128 | 141 | 39.5 | 12700 |
| 2023 | 1936 | 262 | 145 | 165 | 41.0 | 13100 |
| 2024 | 2143 | 336 | 215 | 198 | 42.8 | 14650 |
| 2025 | 2400 | 437 | 288 | 246 | 46.6 | 15400 |