4.5Financial liabilities

As of 31 March 2026, the Group has the following bank loans/bonds outstanding:

Financial liabilities

Carrying amount (CHF million)

Currency

Nominal value

Interest rate

Maturity

Bank loan (credit facility)

103.9

USD

130.0

4.04%

n/a

Bank loan

64.5

CNY

557.0

3.05%

10 September 2026- 10 September 2032

Fixed-rate bond

299.8

CHF

300.0

0.75%

6 October 2028

Fixed-rate bond

199.4

CHF

200.0

1.05%

19 February 2029

Fixed-rate bond

99.9

CHF

100.0

0.00%

11 October 2029

Fixed-rate bond

199.7

CHF

200.0

1.95%

12 December 2030

Fixed-rate bond

249.9

CHF

250.0

1.40%

19 February 2032

Fixed-rate bond

149.6

CHF

150.0

0.93%

6 October 2033

Fixed-rate bond

99.8

CHF

100.0

0.40%

11 October 2034

On 14 July 2025, the Group repaid the US Private Placement in the amount of USD 180 million (CHF 143.5 million).

On 29 September 2025, the Group obtained new financing totaling CNY 600 million (CHF 67.0 million). As of 31 March 2026, the outstanding balance was reduced to CNY 557 million (CHF 64.5 million). The liability is repayable between 10 September 2026 and 10 September 2032 and bears interest at a fixed rate of 3.05%.

On 6 October 2025, the Group repaid a CHF 200 million bond and issued a new fixed-rate bond of CHF 150 million. The new bond was issued at 100% with interest rate of 0.9275% and maturity on 6 October 2033.

Unchanged to 31 March 2025, the Group has access to a credit facility of CHF 400 million until April 2029, an option to increase to CHF 500 million and options to extend by additional two years. As of 31 March 2026 an amount of USD 130 million (CHF 103.9 million) of this credit facility was drawn.

Current financial liabilities

CHF million

31 March 2026

31 March 2025

Financial liabilities at amortized cost

Financial liabilities at fair value through profit or loss

Total

Financial liabilities at amortized cost

Financial liabilities at fair value through profit or loss

Total

Bank debt

114.1

114.1

0.2

0.2

Bond / US Private Placement

4.0

4.0

363.3

363.3

Deferred payments

0.3

0.3

0.4

0.4

Contingent considerations

2.8

2.8

9.5

9.5

Other current financial liabilities

0.4

0.4

0.4

0.4

Total

118.4

3.3

121.7

363.9

9.9

373.8

Unused borrowing facilities

296.1

517.9

Non-current financial liabilities

CHF million

31 March 2026

31 March 2025

Financial liabilities at amortized cost

Financial liabilities at fair value through profit or loss

Non-financial instruments

Total

Financial liabilities at amortized cost

Financial liabilities at fair value through profit or loss

Non-financial instruments

Total

Bank debt

54.6

54.6

Bonds

1,298.1

1,298.1

1,148.4

1,148.4

Deferred payments

1.4

1.4

1.6

1.6

Contingent considerations

0.6

0.6

52.5

52.5

Other non-current financial liabilities

0.0

0.9

0.9

0.0

3.3

3.3

Total

1,354.1

0.6

0.9

1,355.5

1,150.0

52.5

3.3

1,205.8

Other non-current financial liabilities mainly consist of amounts due in relation to the share appreciation rights (SARs) (refer to Note 7.4).

Analysis of non-current financial liabilities by currency

Analysis by currency CHF million

31 March 2026

31 March 2025

Bank debt

Bonds

Other non-current financial liabilities

Total

Bonds / US Private Placement

Other non-current financial liabilities

Total

CHF

1,298.1

0.1

1,298.2

1,148.4

2.3

1,150.7

CNY

54.6

54.6

6.4

6.4

EUR

0.5

0.5

46.0

46.0

Other

2.3

2.3

2.7

2.7

Total

54.6

1,298.1

2.9

1,355.5

1,148.4

57.4

1,205.8

Reconciliation of liabilities arising from financing activities

Liabilities from financing activities CHF million

2025/26

Bank debt

Bonds / US Private Placement

Deferred payments and contingent considerations

Lease liabilities

Other financial liabilities

Total

Balance 1 April

0.2

1,511.7

64.0

248.6

3.7

1,828.2

Changes through business combinations

(11.6)

6.0

(5.6)

Additions to lease liabilities

77.0

77.0

Proceeds from borrowings

210.6

149.7

360.2

Repayment of borrowings

(43.4)

(343.5)

(386.9)

Repayment of lease liabilities - principal portion

(68.0)

(68.0)

Repayment of lease liabilities - interest portion

(6.9)

(6.9)

Exchange differences

2.1

(15.1)

(2.5)

(16.9)

(32.3)

Transferred to liabilities directly associated with assets held for sale

(43.2)

(5.9)

(49.0)

Other

(0.8)

(0.7)

(1.6)

6.9

(2.4)

1.4

Balance 31 March

168.6

1,302.1

5.1

240.9

1.3

1,718.1

thereof short-term

114.1

4.0

3.1

68.2

0.4

189.8

thereof long-term

54.6

1,298.1

2.0

172.7

0.9

1,528.3

Liabilities from financing activities CHF million

2024/25

Bank debt

Bonds / US Private Placement

Deferred payments and contingent considerations

Lease liabilities

Other financial liabilities

Total

Balance 1 April

0.2

1,515.3

73.1

279.1

6.3

1,873.9

Changes through business combinations

(6.2)

1.3

(5.0)

Additions to lease liabilities

50.7

50.7

Repayment of borrowings

(0.9)

(0.9)

Repayment of lease liabilities - principal portion

(73.3)

(73.3)

Repayment of lease liabilities - interest portion

(7.2)

(7.2)

Exchange differences

(3.7)

(1.7)

(9.2)

(14.6)

Other

(0.0)

1.0

(1.2)

7.2

(2.6)

4.4

Balance 31 March

0.2

1,511.7

64.0

248.6

3.7

1,828.2

thereof short-term

0.2

363.3

9.9

68.7

0.4

442.5

thereof long-term

1,148.4

54.1

179.9

3.3

1,385.7

Accounting policies

Financial liabilities are classified as measured at amortized cost or at fair value through profit or loss (FVPL). A financial liability is classified as at FVPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVPL are measured at fair value and net gains and losses, including any interest expense, are recognized in the income statement. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in the income statement.

Derivative financial instruments are initially recognized in the balance sheet at fair value and are remeasured as to their current fair value at the end of each subsequent reporting period.

Bonds are initially measured at fair value and direct transaction costs included. In subsequent accounting periods, they are remeasured at amortized costs applying the effective interest method.

Accounting policies for lease liabilities are included in Note 3.4.