Consolidated statement of cash flows

in thousand CHF	1.1.–30.6.2026	1.1.–30.6.2025
Profit from continuing operations	67,275	88,644
Income taxes	13,090	17,858
Depreciation, amortisation and impairment	83,349	55,126
Net loss on disposal of non-current assets	–78	–152
Increase in provisions and employee benefit assets and liabilities	6,426	1,060
Net financial result	7,853	2,272
Share of profit from associates and joint ventures	–4,772	–2,949
Share-based payments	2,399	2,552
Interest received	498	645
Interest paid	–3,247	–3,304
Other net financial receipts/(payments)	82	–205
Dividends received	8,902	5,668
Income taxes paid	–27,180	–14,817
Cash flow from operating activities before working capital changes	154,596	152,399
Change in trade and other receivables	–106,268	–120,178
Change in inventories	–8,870	5,927
Change in trade and other payables	7,943	59,090
Change in other net current assets	13,377	11,695
Working capital changes	–93,818	–43,465
Cash flow from operating activities	60,778	108,934

Investments in property, plant and equipment	–19,404	–15,222
Investments in intangible assets	–15,130	–14,488
Investments in financial assets	–11,025	–6,963
Proceeds from sale of property, plant and equipment and intangible assets	154	320
Proceeds from sale of financial assets	7,368	4,487
Net cash flow from business combinations	–18,927	–34,378
Cash flow from investing activities	–56,964	–66,242

Dividends paid	–125,015	–114,823
Purchase of treasury shares	–6,826	–6,530
Proceeds from sale of treasury shares	272	233
Proceeds from financial liabilities	147,012	88,766
Repayment of financial liabilities	–64,194	–46,382
Payment of lease liabilities	–27,915	–26,558
Cash flow from discontinued operations	–3,040	–
Cash flow from financing activities	–79,706	–105,295

Effects of exchange rate changes on cash and cash equivalents	–10	–11
Decrease in cash and cash equivalents	–75,901	–62,614

Cash and cash equivalents as at 1 January	115,507	129,682
Cash and cash equivalents as at 30 June	39,605	67,068

Unaudited figures