Consolidated financial statements
Contents
Consolidated income statement
| in TCHF | Notes | 1.1.-31.12.2025 | 1.1.-31.12.2024 |
|---|---|---|---|
| Group revenue | 6 | 3,474,545 | 3,558,912 |
| Materials and third-party services | 7 | (1,878,493) | (2,003,041) |
| Personnel expenses | 8 | (1,142,251) | (1,062,456) |
| Other operating expenses | 10 | (250,711) | (292,847) |
| Income from associates and joint ventures (equity method) | 15, 20 | 69,232 | 47,330 |
| EBITDA | – | 272,322 | 247,898 |
| Depreciation and amortisation | – | (131,865) | (117,421) |
| EBIT | 6 | 140,457 | 130,477 |
| Financial expenses | 11 | (35,205) | (28,234) |
| Financial income | 11 | 3,908 | 4,163 |
| Result before tax | – | 109,160 | 106,406 |
| Tax | 12 | (24,510) | (13,055) |
| Consolidated result | – | 86,650 | 93,351 |
| Attributable to: | |||
| Shareholders of Implenia Ltd. | – | 83,638 | 92,365 |
| Non-controlling interests | – | 1,012 | 986 |
| Earnings per share (CHF) | |||
| Basic earnings per share | 27 | 4.55 | 5.04 |
| Diluted earnings per share | 27 | 4.53 | 5.00 |
Consolidated statement of comprehensive income
| in TCHF | Notes | 1.1.-31.12.2025 | 1.1.-31.12.2024 |
|---|---|---|---|
| Consolidated result | – | 84,650 | 93,351 |
| Remeasurement of post-employment benefits | 24 | 41,145 | (5,444) |
| Fair value adjustments on financial instruments | - | (278) | - |
| Fair value adjustments on property, plant and equipment with revaluation model | 18 | 2,346 | 1,421 |
| Income tax on items that will not be reclassified to income statement | – | (8,580) | 5,782 |
| Total items that will not be reclassified to the income statement in the future | – | 34,633 | 1,759 |
| Changes from net investment hedges | – | 124 | (381) |
| Foreign exchange differences | – | (4,923) | 2,900 |
| Total items that will be reclassified to the income statement | – | (4,799) | 2,519 |
| Other comprehensive income | – | 29,834 | 4,278 |
| Attributable to: | |||
| Shareholders of Implenia Ltd. | – | 29,834 | 4,240 |
| Non-controlling interests | – | – | 38 |
| Total comprehensive income | – | 114,484 | 97,629 |
| Attributable to: | |||
| Shareholders of Implenia Ltd. | – | 113,472 | 96,605 |
| Non-controlling interests | – | 1,012 | 1,024 |
Consolidated balance sheet
Assets
| in TCHF | Notes | 31.12.2025 | 31.12.2024 |
|---|---|---|---|
| Cash and cash equivalents | – | 533,014 | 401,995 |
| Fixed short-term deposits | – | 125,000 | - |
| Trade receivables | 13 | 634,165 | 602,055 |
| Contract assets | 14 | 415,473 | 414,663 |
| Joint ventures (equity method) | 15 | 92,578 | 84,361 |
| Other current assets | 16 | 86,027 | 109,220 |
| Raw materials and supplies | – | 73,676 | 83,205 |
| Real estate transactions | 17 | 190,135 | 190,680 |
| Total current assets | – | 2,150,068 | 1,886,179 |
| Property, plant and equipment with revaluation model | 18 | 54,708 | 61,916 |
| Property, plant and equipment | 18 | 176,245 | 224,439 |
| Rights of use from leases | 19 | 147,154 | 162,557 |
| Investment property | – | 4,601 | 4,913 |
| Investments in associates | 20 | 217,376 | 198,277 |
| Other financial assets | 5, 8 | 17,649 | 18,154 |
| Pension assets | 24 | 52,315 | 7,206 |
| Intangible assets | 21 | 435,893 | 435,552 |
| Deferred tax assets | 25 | 70,890 | 99,238 |
| Total non-current assets | – | 1,176,831 | 1,212,252 |
| Total assets | – | 3,326,899 | 3,098,431 |
Consolidated balance sheet
Equity and liabilities
| in TCHF | Notes | 31.12.2025 | 31.12.2024 |
|---|---|---|---|
| Financial liabilities | 22 | 172,773 | 260,609 |
| Trade payables | – | 974,962 | 990,065 |
| Contract liabilities | 14 | 285,275 | 238,809 |
| Other current liabilities | 16 | 118,762 | 172,233 |
| Prepaid income and accrued expenses | – | 132,555 | 142,678 |
| Provisions | 23 | 58,251 | 80,168 |
| Total current liabilities | – | 1,742,578 | 1,884,562 |
| Financial liabilities | 22 | 709,312 | 425,991 |
| Deferred tax liabilities | 25 | 87,545 | 86,975 |
| Pension liabilities | 24 | 5,687 | 6,437 |
| Provisions | 23 | 28,487 | 37,797 |
| Total non-current liabilities | – | 831,031 | 557,200 |
| Share capital | 26 | 18,841 | 18,841 |
| Treasury shares | 26 | (405) | (3,019) |
| Reserves | – | 646,604 | 544,128 |
| Consolidated profit attributable to shareholders | – | 83,638 | 92,365 |
| Equity attributable to shareholders | – | 748,678 | 652,315 |
| Non-controlling interests | – | 4,612 | 4,354 |
| Total equity | – | 753,290 | 656,669 |
| Total equity and liabilities | – | 3,326,899 | 3,098,431 |
Consolidated statement of changes in equity
| Reserves | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
in TCHF | Notes | Share capital | Treasury shares | Capital reserves | Foreign exchange rate differences | Revaluation reserve | Retained earnings | Total shareholders' equity | Non-controlling interests | Total equity |
| Equity as at 1.1.2025 | – | 18,841 | (3,019) | 85,657 | (96,202) | 32,831 | 614,207 | 652,315 | 4,354 | 656,669 |
| Consolidated result | – | – | – | – | – | – | 83,638 | 83,638 | 1,012 | 84,650 |
| Other comprehensive income | – | – | – | – | (4,799) | 2,346 | 32,287 | 29,834 | – | 29,834 |
| Total comprehensive income | – | – | – | – | (4,799) | 2,346 | 115,925 | 113,472 | 1,012 | 114,484 |
| Dividends | 26 | – | – | – | – | – | (16,185) | (16,185) | – | (16,185) |
| Purchase of treasury shares | 26 | – | (18,680) | – | – | – | – | (18,680) | – | (18,680) |
| Sale of treasury shares | 26 | – | 16,118 | 3,700 | – | – | – | 19,818 | – | 19,818 |
| Share-based payments | 9, 26 | – | 5,176 | (1,045) | – | – | 347 | 4,478 | – | 4,478 |
| Change in scope of consolidation | – | – | – | – | (6,540) | – | – | (6,540) | (754) | (7,294) |
| Reclassifications | 18, 22 | – | – | – | 4,437 | (7,686) | 3,249 | - | - | - |
| Total other changes in equity | – | – | 2,614 | 2,655 | (2,103) | (7,686) | (12,589) | (17,109) | (754) | (17,863) |
| Total equity as at 31.12.2025 | - | 18,841 | (405) | 88,312 | (103,104) | 27,491 | 717,543 | 748,678 | 4,612 | 753,290 |
| Equity as at 1.1.2024 | 18,841 | (9,382) | 89,001 | (97,757) | 50,387 | 517,203 | 568,293 | 7,482 | 575,775 | |
| Consolidated result | – | – | – | – | – | 92,365 | 92,365 | 986 | 93 351 | |
| Other comprehensive income | – | – | – | – | 2,519 | 1,421 | 300 | 4,240 | 38 | 4,278 |
| Total comprehensive income | – | – | – | – | 2,519 | 1,421 | 92,665 | 96,605 | 1,024 | 97,629 |
| Dividends | 26 | – | – | – | – | - | (10,930) | (10,930) | (3,037) | (13,967) |
| Purchase of treasury shares | 26 | - | (446) | – | – | – | – | (446) | – | (446) |
| Sale of treasury shares | 26 | - | - | – | – | – | – | - | – | - |
| Share-based payments | 9, 26 | - | 6,809 | (3,344) | – | – | (3,708) | (243) | – | (243) |
| Change in scope of consolidation | – | – | – | – | (964) | –– | – | (964) | (1,115) | (2,079) |
| Reclassifications | 18 | – | – | – | – | (18,977) | 18,977 | – | – | – |
| Total other changes in equity | – | – | 6,363 | (3,344) | (964) | (18,977) | 4,339 | (12,583) | (4,152) | (16,735) |
| Total equity as at 31.12.2024 | 26 | 18,841 | (3,019) | 85,657 | (96,202) | 32,831 | 614,207 | 652,315 | 4,354 | 656,669 |
Consolidated cash flow statement
| in TCHF | Notes | 1.1.-31.12.2025 | 1.1.-31.12.2024 |
|---|---|---|---|
| Consolidated result | – | 84,650 | 93,351 |
| Tax | 12 | 24,510 | 13,055 |
| Financial result | 11 | 31,297 | 24,071 |
| Depreciation and amortisation | 18, 19, 21 | 131,865 | 117,421 |
| Result from sales of non-current assets | – | (13,734) | (20,136) |
| Income from associates and joint ventures | 15, 20 | (69,232) | (47,330) |
| Distributions from associates and investments received | 20 | 4,751 | 2,283 |
| Change in provisions | 21 | (31,227) | (17,487) |
| Change in pension assets and liabilities | – | (5,460) | (13,435) |
| Change in net working capital | |||
| Change in trade and other receivables | 13, 16 | (19,707) | (20,438) |
| Change in contract assets and liabilities (net), raw materials and supplies | 14 | 58,132 | (247,622) |
| Change in real estate transactions | 17 | 545 | (41,544) |
| Change in trade payables and other liabilities | 16 | (54,149) | 263,684 |
| Change in accruals and joint ventures (equity method) | 15, 16 | 34,254 | (36,433) |
| Other expenses / income not affecting liquidity | – | (5,004) | 724 |
| Interest paid | – | (24,340) | (15,478) |
| Interest received | – | 1,165 | 2,277 |
| Tax paid | – | (11,029) | (13,805) |
| Cash flow from operating activities | – | 137,287 | 43,158 |
| in TCHF | Notes | 1.1.-31.12.2025 | 1.1.-31.12.2024 |
|---|---|---|---|
| Cash flow from operating activities | – | 137,287 | 43,158 |
| Investments in property, plant and equipment | 18 | (42,324) | (69,045) |
| Disposal of property, plant and equipment | 18 | 48,275 | 49,557 |
| Investments in other financial assets and associates | (302,168) | (1,337) | |
| Disposal of other financial assets and associates | – | 176,233 | 481 |
| Investments in intangible assets | 21 | (14,148) | (11,651) |
| Disposal of intangible assets | 21 | 789 | - |
| Acquisition of subsidiaries, net of cash and cash equivalents acquired | 3, 4 | (3,600) | (64,719) |
| Cash flow from investing activities | – | (136,943) | (96,714) |
| Increase in financial liabilities | 22 | 424,667 | 176,941 |
| Repayment of financial liabilities | 22 | (277,611) | (185,294) |
| Purchase of treasury shares | – | (18,680) | (446) |
| Sale of treasury shares | – | 19,818 | - |
| Dividends | – | (16,185) | (10,930) |
| Cash flow with non-controlling interests | – | (753) | (4,179) |
| Cash flow from financing activities | – | 131,256 | (23,908) |
| Foreign exchange differences on cash and cash equivalents | – | (581) | 650 |
| Change in cash and cash equivalents | – | 131,019 | (76,814) |
| Cash and cash equivalents at the beginning of the period | - | 401,995 | 478,809 |
| Cash and cash equivalents at the end of the period | 533,014 | 401,995 |
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