4.3Equity

4.3.1Issued Share Capital

As at December 31, 2025, 2024 and 2023, the share capital of the Company is EUR 154,758,551.90 and is divided into 144,445,907 (2024 and 2023: 144,445,907) fully paid-in registered shares with a nominal value of CHF 1.25 each. Each share has the right to one vote.

4.3.2Conditional Share Capital

As at December 31, 2025, 2024 and 2023, the Company has conditional share capital which allows an increase in the aggregate maximum amount of CHF 30,324,153.75 or 24,259,323 shares. The conditional share capital includes an amount of up to CHF 7,581,038.75 or 6,064,831 shares which are reserved for employee equity participation plans and an amount of up to CHF 22,743,115.00 or 18,194,492 shares which are reserved for conversion and/or option rights granted in connection with other financing instruments.

4.3.3Treasury Shares

As at December 31, 2025, 2024 and 2023, there are 2,028,197 treasury shares being held by the Group.

4.3.4Dividend

The Company did not distribute any dividends in 2025, 2024 or 2023. Dividends paid to non-controlling interests amounted to EUR 14.4m (2024: EUR 11.5m; 2023: EUR 7.8m).

4.3.5Acquisition of Non-controlling Interests

The Group has entered into several minor transactions with non-controlling shareholders where a portion or all of the outstanding non-controlling interests were acquired. These transactions reduce consolidated equity by EUR 4.2m (2024: EUR 0.9m; 2023: EUR 3.5m) and resulted in a cash outflow of EUR 6.2m (2024: EUR 2.5m; 2023: EUR 1.5m).