Annual Report 2025

Share and Financing

Contents

Information about implenia’s shares Dividend policy and returns Shareholder structure Analyst recommendations Debt financing Overview of key figures Sustainable investment

Earnings per share, undiluted

in CHF
4.55(2024: 5.04)

Market capitalisation

in Mio. CHF
1,413(2024: 567)

Cash dividend per share¹

in CHF
1.40(2024: 0.90)

Daily trading volume

in Mio. CHF
3.2(2024: 0.9)

1 Subject to approval by the Annual General Meeting of Shareholders.

Information about Implenia’s shares

Review

The average number of shares traded each day rose to approximately 62,000 in 2025, compared with approximately 29,000 in the previous year. The average daily trading volume rose to CHF 3.2 million (from CHF 0.9 million in 2024). Implenia’s closing price at the end of 2025 was CHF 76.50 (closing price in 2024: CHF 30.70), an increase of 149.2%.

Share performance

 20252024202320222021
Year high (in CHF per share)76.5036.8048.6041.1530.88
Year low (in CHF per share)29.0527.1025.7518.4017.81
Price at 31.12. (in CHF per share)76.5030.7030.5038.0520.76
Annual performance (in %)149.20.7(19.8)83.3(13.6)
Average number of shares traded per day61,85928,52541,68340,54142,545
Market capitalisation as at 31.12. (in TCHF)1,413,108567,090563,396702,860383,479

Source: Bloomberg

Dividend policy and returns

The Board of Directors will propose an increased dividend of CHF 1.40 per share to the Annual General Meeting

Based on the economic success and a further strengthening of the balance sheet, the Board of Directors will propose an increase in the dividend of 56% to CHF 1.40 (previous year: CHF 0.90) per share at the Annual General Meeting of Shareholders on 31 March 2026.

Key data

SymbolIMPN
Securities no.2386855
ISINCH002 386 8554

Index membership

  • SPI
  • SPI ESG
  • SPI ESG Select
  • SPI ex SLI
  • SPI EXTRA
  • Swiss All Share

Share capital

 31.12.202531.12.202431.12.202331.12.202231.12.2021
Share capital (in TCHF)18,84118,84118,84118,84118,841
Number of registered shares issued18,472,00018,472,00018,472,00018,472,00018,472,000
of which treasury shares7,54285,697264,17264,95463,854
Number of outstanding registered shares18,464,45818,386,30318,207,82818,407,04618,408,146
Par value of registered shares (in CHF)1.021.021.021.021.02
Conditional / authorised capital (in TCHF)––3,7683,7683,768
Capital spread (in TCHF)7,5377,537–––

Key figures

 31.12.202531.12.202431.12.202331.12.202231.12.2022
Earnings per share (in CHF)4.555.047.695.683.31
Price-to-earnings ratio16.86.14.06.76.0
Equity capital per share (CHF)40.7835.5531.1726.1318.73
Gross dividend1(in CHF)1.400.900.600.40-
Dividend yield (in %)1.82.9 2.0 1.1 – 
Payout ratio (in %)30.817.97.87.0–

1 2025: Subject to approval by the Annual General Meeting of Shareholders.

Shareholder structure

According to the disclosure reports of SIX Swiss Exchange and the Share Register, the shareholders listed below held a shareholding of more than 3% of the share capital and voting rights of Implenia Ltd. on 31 December 2025.

Major shareholders / nominees owning more than 3% of share capital (as at 31 December 2025)


Name		Number of sharesPercentage of share capital (in %)
BURU Holding AG / Philipp Buhofer1,869,41610.1
UBS Fund Management (Switzerland) AG931,1465.0
Dimensional Holdings Inc.653,8893.5
JPMorgan Chase & Co.600,8403.3
BlackRock, Inc.565,2433.0

Analyst recommendations

Coverage of Implenia’s shares

Investment specialists continuously analyse Implenia’s business performance, results and market situation. Seven analysts regularly publish studies on Implenia's shares.

Broker / BankRating
BerenbergHold
Kepler CheuvreuxBuy
ODDO BHFOutperform
Research PartnersHold
St. Galler KantonalbankNeutral
UBSBuy
Zürcher KantonalbankMarket weightings

As at: 20.1.2026

Credit ratings

Implenia Ltd. has no official credit rating from a credit rating agency. The listed ratings are based on each bank’s internal criteria. Please note that credit ratings can change at any time.

Rating agency / bankRatingOutlook
UBSBBB-Stable
Zürcher KantonalbankBB+Positive
FedafinNot disclosedNot disclosed
Independent Credit ViewNot disclosedNot disclosed

As at: 20.1.2026

Debt financing

Outstanding bonds

Implenia has issued the following CHF bonds and listed them on SIX Swiss Exchange. The bond that expires in 2026 was refinanced early in September 2025 and will be repaid in March 2026.

CouponTermNominalIssue priceDueISIN-Code
1.00%2016–2026CHF 125 Mio.100.740%20.3.2026CH031 699 4661
3.00%2024–2028CHF 175 Mio.100.000%17.5.2028CH134 431 6687
2.50%2025–2029CHF 220 Mio.100.000%30.4.2029CH142 886 7134
2.05%2025–2030CHF 200 Mio.100.082%3.10.2030CH148 582 7047

Syndicated loan agreement

Implenia also has a revolving syndicated loan agreement for CHF 650 million, which in November 2022 was extended to December 2027. This unsecured credit facility consists of a tranche of CHF 100 million (Facility A) as a revolving cash limit, a guarantee limit of CHF 250 million (Facility B), and a cash and / or guarantee limit of CHF 300 million (Facility C). As of the balance sheet date, all cash-available portions of the credit facility were unused and available.

OVERVIEW OF KEY FIGURES

in TCHF20252024202320222021
Order book (as at 31.12.)8,467,3856,788,2756,985,4427,221,3066,880,921
Income statement     
Production output4,103,9484,293,6514,203,8744,152,5674,174,113
Group revenue3,474,5453,558,9123,595,9093,538,3443,764,670
EBIT140,457130,477122,620138,861114,826
Consolidated profit84,65093,351141,757105,96363,956
Cash flow statement     
Cash flow from operating activities137,28743,158(30,371)128,126(69,246)
Cash flow from investment activities(136,943)(96,714)17,712(4,129)51,752
Cash flow from financing activities131,256(23,908)(99,079)(294,335)107,425
Free Cash Flow1125,344(53,556)(12,659)123,997(17,494)
Investment activities     
Investments in real estate transactions45,98165,15337,83219,91541,078
Disposals of real estate operations(46,852)(33,339)(31,163)(26,655)(28,351)
Investments in property, plant and equipment42,39069,04551,64144,23842,653

1 2022: Excl. release of short-term fixed deposits before redemption of convertible bond.

Balance sheet

in TCHF31.12.202531.12.202431.12.202331.12.202231.12.2021
Cash and short-term fixed deposits658,014401,995478,809609,040796,895
Real estate transactions190,135190,680149,136141,026149,269
Other current assets1,301,9191,293,5041,102,1421,084,5241,136,534
Fixed assets1,176,8311,212,2521,175,454918,836905,138
Total assets3,326,8993,098,4312,905,5412,753,4262,987,836
Financial liabilities882,085686,600710,900654,479888,453
Other liabilities1,691,5241,755,1621,618,8661,616,2771,753,465
Shareholders’ equity753,290656,669575,775482,670345,918
Total liabilities3,326,8993,098,4312,905,5412,753,4262,987,836
Net cash position excl. liabilities from leasing(69,627)(113,325)(49,897)120,33667,319
Capital structure     
Equity ratio in %123.521.219.817.511.6
Long-term liabilities in %25.018.020.424.425.2
Short-term liabilities in %52.460.859.858.163.2
Employees (FTE; as of 31.12.)28,3469,0469,0567,6397,653

1 2025: Adjusted for short-term fixed-term deposits; 2021: Incl. subordinated convertible bond
2 Excl. temporary employees.

Implenia Group five-year overview

 20252024202320222022
Key figures     
EBIT margin in %14.03.73.43.93.1
Return on invested capital (ROIC) in %18.018.424.040.648.7

1 Basis: Group revenue IFRS.

Sustainable investment

Sustainability is an integral part of Implenia's business, mission and purpose, making Implenia’s shares and bonds attractive to investors who take a sustainable approach to investment.

Overview of sustainability ratings and standards

RatingsScoreEvaluation periodRang
MSCIAAA / AAA2024«Leader»
Sustainalytics ESG Rating88 / 10020241
Sustainalytics ESG Risk Rating28.4 / 100202411th percentile
EcoVadisSilver (75 / 100)20247th percentile
InrateB / A+2024–
CDPB / A2024–

You can read more about sustainable investment in the Sustainability Report.