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Employee benefit obligations (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of defined benefit plans [abstract]

Defined Benefit Plans

The result of the Swiss defined benefit plans is summarized in the tables below:

Employee benefit obligations (amount recognized in the consolidated balance sheets)

(CHF in millions)						December 31, 2024						December 31, 2023
Present value of defined benefit obligation						(52.9)						(35.3)
Fair value of plan assets						44.3						33.1
Employee benefit obligations						(8.6)						(2.2)

(CHF in millions)						2024						2023
Present value of defined benefit obligation at January 1						35.3						23.7
Current service cost						5.3						3.8
Contributions by the employees						4.3						3.1
Interest expenses						0.5						0.5
Benefits paid						2.8						0.8
Actuarial losses/(gains) from
changes in financial assumptions						2.5						3.6
changes in experience adjustments						2.1						(0.2)
Present value of defined benefit obligation at December 31						52.9						35.3

						12/31/2024						12/31/2023
Discount rate						1.0		%				1.4		%
Expected rate of salary increase						1.0		%				1.5		%
Expected rate of pension increase						0.0		%				0.0		%
Demographic assumptions						BVG 2020 generation table						BVG 2020 generation table

Net Defined Benefit Obligation

Employee benefit obligations reconcile as follows:

(CHF in millions)						2024						2023
Employee benefit obligations at January 1						(2.2)						(6.3)
Amounts recognized in income statement						(5.3)						(3.8)
Amounts recognized in other comprehensive income						(1.2)						(3.4)
Contributions by the employer						0.2						11.3
Employee benefit obligations at December 31						(8.6)						(2.2)

Defined Benefit Plan Expense Recognized in Profit or Loss

Amounts recognized in the consolidated statements of income

(CHF in millions)						2024						2023						2022
Current service cost						(5.3)						(3.8)						(3.4)
Past service cost						—						—						0.3
Employee benefit expenses						(5.3)						(3.8)						(3.1)

Defined Benefit Plan Expense Recognized in Other Comprehensive Income

Remeasurements recognized in equity (other comprehensive income)

(CHF in millions)						2024						2023						2022
Actuarial (losses)/gains from
changes in financial assumptions						(2.5)						(3.6)						6.8
changes in experience adjustments						(2.1)						0.2						(1.3)
Return on plan assets excluding interest income						3.4						—						(1.1)
Net actuarial result from defined benefit plans						(1.2)						(3.4)						4.4

Fair Value of Plan Assets

Plan assets

(CHF in millions)						2024						2023
Fair value of plan assets at January 1						33.1						17.4
Contributions by the employer						0.2						11.3
Contributions by the employees						4.3						3.1
Interest income						0.5						0.5
Benefits paid						2.8						0.8
Return on plan assets (excluding interest income)						3.4						—
Fair value of plan assets at December 31						44.3						33.1

The plan assets consist of (all with quoted market prices):

						12/31/2024						12/31/2023
Cash and cash equivalents						5.9		%				0.6		%
Debt instruments						21.9		%				28.4		%
Equity instruments						33.5		%				31.5		%
Real estate						21.3		%				23.0		%
Mortgages						3.6		%				—		%
Alternative assets						13.8		%				16.5		%
Total						100.0		%				100.0		%

Sensitivity Analysis for Actuarial Assumptions

(CHF in millions)						12/31/2024						12/31/2023
Discount rate
-0.5%						4.5						2.8
+0.5%						(3.8)						(2.3)
Expected rate of salary increase
-0.5%						(1.2)						(0.6)
+0.5%						0.9						0.7
Life expectancy
-1 year						(0.5)						(0.3)
+1 year						0.5						0.3

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The disclosure of defined benefit plans. [Refer: Defined benefit plans [domain]]

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The disclosure of the fair value of defined benefit plan assets. [Refer: Plan assets [member]; Defined benefit plans [domain]]

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The disclosure of a net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)]

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- Definition

The disclosure of a sensitivity analysis for significant actuarial assumptions used to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [domain]; Defined benefit obligation, at present value]

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