Notes

1. Receivables from goods and services

2. Other short-term receivables

3. Inventories

4. Prepaid expenses and accrued income

5. Tangible fixed assets

6. Financial assets

7. Intangible assets

In 2024 and 2025 there were no capitalized licenses, patents, or trademarks.

8. Financial liabilities

9. Other short-term liabilities

10. Accrued expenses and deferred income

11. Provisions

Deferred tax liabilities: for details, see here.

Jubilee provisions: provisions are formed in respect of remuneration for long service to the company as defined in the employment regulations. These provisions, which take account of country-specific corrective factors for staff turnover, were discounted at rates from 1% to 14% (2024: 1% to 14%) as per the balance sheet date.

12. Share capital

The share capital is structured as follows:

The registered shares A (Security no. 622 761) are listed on the SIX Swiss Exchange (Swiss Reporting Standard). With a closing price at the end of the year of CHF 22.00 (2024: CHF 25.50) total market capitalisation is CHF 436.1 million (2024: CHF 505.5 million). Each registered share has one voting right.

Major shareholders with > 3% of voting rights

A shareholders’ agreement is in place among the shareholders of Cornaz AG-Holding. In addition, a separate shareholders' agreement exists involving Cornaz AG-Holding and other shareholders (for details, see here).

13. Segment reporting

The segment reporting used at top management level for corporate management has just one significant segment (‘glass packaging’). The secondary ‘speciality glass’ segment only comprises trade revenue in Switzerland (Müller + Krempel Ltd).

Net sales by supplying country

The Vetropack Group does not publish details of its segment results, because there is a significant risk that this could cause competitive disadvantages. The markets in which Vetropack operates are narrow niche sectors, with small numbers of primarily private suppliers who could draw conclusions about the margins and prices from the segment reporting.

14. Other operating income

15. Material expenses

16. Personnel expenses

17. Other operating expenses

18. Costs related to plant / furnace closure and asset value adjustments

In 2025 the line item “Costs related to plant / furnace closure and asset value adjustments” includes primarily expenses incurred in connection with the closure of the plant and the ongoing cost to maintain the closed facilities in St-Prex, Switzerland. As cullet generated at the closed site can no longer be used locally, it must be exported, resulting in additional logistics and handling expenses. The reduced economic viability of processing these cullet volumes is therefore a direct consequence of the plant closure.

In addition, the position includes expenses relating to the economically driven shutdown of a furnace in Republic of Moldova, as well as asset adjustments resulting from economic considerations in Republic of Moldova.

On 13 May 2024, the Board of Directors of Vetropack Holding Ltd decided to close the production site in St-Prex. For 2024, this position includes costs for personnel expenses (CHF 13.3 million), impairments of tangible assets (CHF 4.4 million) and of inventories (CHF 4.7 million), and other operating expenses (CHF 1.9 million), in connection with the closure of the production site in St-Prex.

19. Financial result

20. Non-operating result

21. Extraordinary result

For 2025, relating to damages caused in 2022, costs of CHF 1.5 million for clean-up and repair work at the Gostomel glass factory are included. In addition, value adjustments on assets of CHF 0.3 million were released.

For 2024, costs of CHF 0.4 million for clean-up and repair work at the Gostomel glass factory are included. In addition, value adjustments on assets of CHF 1.2 million were released. Furthermore, income relating to previous periods from taxes (CHF 0.3 million) and insurance (CHF 0.2 million) is included.

22. Income taxes

Loss carryforwards amounted to CHF 88.3 million (2024: CHF 80.6 million) in total at the end of the reporting year. No loss carryforwards were included in the calculation of the deferred income tax assets (2024: CHF 0.0 million). The impact of unrecognised loss carryforwards on the tax on earnings was CHF 18.4 million in the reporting year (2024: CHF 17.2 million). No unrecognised loss carryforwards were utilised in the reporting period (2024: CHF 13.3 million). There was no impact in the reporting year on income taxes due to the use of unrecognized losses carried forward (2024: CHF -1.6 million). In the reporting year, as in the previous year, there was no impact due to the utilisation or expiry of loss carryforwards.
Total non-capitalised deferred tax assets amount to CHF 32.6 million (2024: CHF 32.7 million); the other effects, apart from loss carryforwards, originate predominantly from Switzerland and Croatia.

Deferred tax liabilities mainly arise from temporary differences related to property, plant and equipment and other valuation differences. As at 31 December 2025, deferred tax liabilities amounted to CHF 16.1 million (2024: CHF 16.7 million).

The country-specific tax rates that apply to the calculation of the deferred taxes on earnings range from 12.0% to 24.0% (2024: 12.0% to 24.0%). The weighted average tax rate to be applied based on the ordinary result is 11.7% (2024: 6.9%).

In December 2021, the OECD published the Pillar Two Model Rules to introduce a global minimum tax of 15% for multinational companies with consolidated revenues of more than EUR 750 million. For 2025, Vetropack has recognized top-up tax provisions of CHF 2.4 million (2024: CHF 2.7 million) in its subsidiaries.

23. Earnings per share

The undiluted result per share is calculated by dividing the consolidated profit for the applicable year that is to be allocated to the shareholders of the Vetropack Group by the weighted average number of outstanding shares.

The diluted result per share is calculated in the same way as the undiluted result for both share types, as no dilution potential exists for either.

24. Investments in tangible fixed assets

Investments by asset class

25. Off-balance-sheet transactions

The repayment structure of the off-balance-sheet leasing liabilities is as follows:

26. Pledged assets

Assets are used as collateral to secure bank credits and mortgages at the following book values:

27. Derivative financial instruments

As at 31 December 2025, Vetropack Holding Ltd had open currency swaps in the amount of EUR 70.0 million (CHF 65.7 million) with a negative market value of CHF 0.5 million.

As at 31 December 2024, Vetropack Holding Ltd had open currency swaps in the amount of EUR 70.0 million (CHF 66.0 million) with a positive market value of CHF 1.2 million.

28. Transactions with related parties

The classification of ‘Other closely associated persons’ includes transactions with the following natural persons and legal entities, irrespective of the Vetropack company in which they occurred: shareholders with voting rights of more than 20%, BoD members, MB members, and all companies that are directly or indirectly controlled by these persons.

29. Employee pension provision

Various employee pension schemes based on the statutory regulations of their respective countries, are in place within the Group. In Switzerland, these are defined contribution plans in accordance with Swiss pension fund law; abroad, they are state-guaranteed contribution-based pension schemes. The schemes are financed either through contributions to legally independent institutions and trusts or by registering the pension fund liability in the financial statements of the Group companies.

Employer’s contribution reserves

Company sponsored pension institutions

Assets and liabilities from pension institutions

The values for pension funds of Swiss companies are based on the relevant previous years’ financial statements, whereby all substantive decisions in the current fiscal year are taken into account. The uncommitted funds are not available to the Vetropack Group.

30. Goodwill

The goodwill of a purchased consolidated company is offset with equity at the date of acquisition. The theoretical amortisation of the goodwill is determined with a useful life of five years. A theoretical capitalisation of the goodwill would have the following impact on the Consolidated financial statements:

31. Events after the balance sheet date

No events occurred between 31 December 2025 and 9 March 2026 (approval of the Financial report by the Board of Directors) that would result in an adjustment to the carrying amounts of assets and liabilities, or would need to be disclosed here.