2.3Increase in value adjustments and provisions / release of value adjustments and provisions

In the previous financial year, general business risks led to an increase in value adjustments by CHF -15.0 million, which was reflected in a corresponding reduction of the investments in subsidiaries. In 2025, the financial statements reflect a write‑off of long‑term receivables associated with the disposal of a subsidiary. The release of value adjustments and provisions in 2025 includes the reversal of provisions amounting to CHF 5.1 million.