Alternative Performance Measures
Definitions of alternative performance measures
| APM | Definition |
|---|---|
| Order book | The order book is defined as services that have been contractually agreed but not yet performed, valued by contract amount on the balance sheet date. Approved contractual changes are also included in the order book. The order book increases when orders are secured, and decreases by the level of production output during the period. This measure helps predict the future trend of Implenia’s construction activities. |
| Equity ratio | The equity ratio is the ratio of equity to total assets on the balance sheet date. Our equity ratio reflects Implenia Group’s financing situation. |
| Free cash flow | Free cash flow is defined as cash flow from operating activities minus the acquisition and sale of fixed assets. The free cash flow figure reflects our ability to generate cash, repay liabilities, make acquisitions and pay dividends. |
Like-for-like (currency-adjusted) | Implenia shows like-for-like figures (adjusted for currency translation effects) which allow us to measure changes since the previous reporting period without the distorting effect of exchange rate fluctuations. The adjustment is made by translating balance sheet items at the closing exchange rate on the last day of the previous year. Meanwhile, figures for the consolidated companies’ income, expenditure and cash flows are translated into CHF at the average exchange rates for the previous period. |
| Net cash position | The net cash position corresponds to the difference between cash and cash equivalents on the one hand, and interest-bearing short and long-term financial liabilities on the other. The net cash position reflects our ability to settle interest-bearing financial liabilities. |
| Operating performance at EBIT level | Operating performance at EBIT level is a measure of Implenia’s operating performance excluding the impact of one-off effects, such as special transactions, restructuring provisions and other non-recurring effects. |
Performance measures excl. IFRS 16 | Performance measures excl. IFRS 16 adjust for the impact of the IFRS 16 leasing standard. Performance reports made to the Implenia Executive Committee and Board of Directors contain figures that exclude the impact of IFRS 16. |
| Production output | Production output is calculated as IFRS revenue plus the proportionate revenue from joint ventures (JVs) valued using the equity method. Production output is a purely statistical measure that reflects the work actually done by the Group for its clients. |
| Return on invested capital (ROIC) | This benchmark is defined as the ratio between operating income and average capital invested, excl. rights of use from leasing, during the period under review. It is a measure of profitability and capital efficiency. |
| Visibility | Visibility is calculated as the order book for the current year divided by planned production output for the next reporting period. Visibility is an indicator of future assured capacity utilisation. |
Reconciliations
The following reconciliation shows the derivation of the alternative performance measures “production output”, “EBIT excl. IFRS 16” and “operating performance at EBIT level”:
| in TCHF | APM | 1.1.-31.12.2025 | 1.1.-31.12.2024 |
|---|---|---|---|
| Production output1 | x | 4,103,948 | 4,293,651 |
| Proportion of revenue and invoiced services due to JVs | – | (629,403) | (734,739) |
| Group revenue | – | 3,474,545 | 3,558,912 |
| EBIT | – | 140,457 | 130,477 |
| Other expenses from leasing | – | (7,933) | (5,155) |
| EBIT excl. IFRS 16 | x | 132,524 | 125,322 |
| EBIT | – | 140,457 | 130,477 |
| Other effects | – | – | (16,444) |
| Operating performance at EBIT level | x | 140,457 | 114,033 |
1 Reported production output is unconsolidated.
The following reconciliation shows the derivation of the alternative performance measure “net cash position”:
| in TCHF | APM | 31.12.2025 | 31.12.2024 |
|---|---|---|---|
| Cash and short-term fixed deposits | – | 658,014 | 401,995 |
| Financial liabilities | – | (882,085) | (686,600) |
| Net cash position | x | (224,071) | (284,605) |
| Liabilities from leasing | – | 154,444 | 171,280 |
| Net cash position excl. liabilities from leasing | x | (69,627) | (113,325) |
Implenia defines free cash flow as cash flow from operating activities minus the acquisition and sale of fixed assets. The following table gives an overview of free cash flow:
| in TCHF | APM | 1.1.-31.12.2025 | 1.1.-31.12.2024 |
|---|---|---|---|
| Cash flow from operating activities | 137,287 | 43,158 | |
| Investments in fixed assets (excl. short-term fixed deposits) | – | (58,640) | (82,033) |
| Disinvestment of fixed assets (excl. short-term fixed deposits) | – | 50,297 | 50,038 |
| Acquisition of subsidiaries | – | (3,600) | (64,719) |
| Free cash flow | x | 125,344 | (53,556) |
| Effects from IFRS 16 leasing arrangements | (69,956) | (58,621) | |
| Free cash flow excl. IFRS 16 | x | 55,388 | (112,177) |
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