Welcome

Two thousand twenty-five asked more of us than any year in our history — and gave back more in return. Across every market we serve, our teams turned uncertainty into momentum.

Letter from the Chief Executive

Dear shareholders, when we set out our five-year strategy in 2021, we committed to three things: disciplined growth, operational excellence, and a measurable contribution to the communities we operate in. This report shows the distance travelled on all three.

Revenue grew 12% to CHF 2.4 billion, our operating margin expanded for the fourth consecutive year, and we cut our absolute carbon emissions by 40% against the 2020 baseline. None of this happened by accident:

• We completed the integration of the Nordlicht acquisition ahead of schedule.
• Our engineering organisation shipped three new product lines without expanding headcount.
• Employee engagement reached its highest level since we began measuring it.

The pages that follow set out the numbers, the decisions behind them, and the people who made them possible. Thank you for your continued trust.