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.