12 Goodwill and other intangible assets

	2025
millions of CHF	Goodwill	Trademarks and licenses	Research and development	Computer software	Customer relationships	Intangible assets in development	Total
Acquisition cost
Balance as of January 1	271.6	82.9	6.9	21.9	244.4	16.3	644.0
Additions	–	–	0.1	0.1	–	6.3	6.6
Disposals	–	–	–1.5	–1.2	–	–	–2.6
Reclassifications	–	–	–	0.9	–0.1	–0.9	–
Currency translation differences	–5.1	–0.4	–0.0	–0.4	–6.5	–0.0	–12.5
Balance as of December 31	266.5	82.4	5.5	21.4	237.8	21.7	635.5

Accumulated amortization and impairment losses
Balance as of January 1	–	74.2	6.4	18.7	155.9	–	255.2
Additions	–	1.9	0.3	1.9	12.5	–	16.7
Disposals	–	–	–1.5	–1.2	–	–	–2.6
Impairments	–	–	0.1	–	–	–	0.1
Currency translation differences	–	–0.2	–0.0	–0.3	–3.5	–	–4.0
Balance as of December 31	–	76.0	5.4	19.2	164.9	–	265.4

Net book value
As of January 1	271.6	8.7	0.5	3.2	88.5	16.3	388.8
As of December 31	266.5	6.5	0.1	2.3	73.0	21.7	370.1

	2024
millions of CHF	Goodwill	Trademarks and licenses	Research and development	Computer software	Customer relationships	Intangible assets in development	Total
Acquisition cost
Balance as of January 1	268.5	82.6	5.8	20.3	240.4	9.6	627.3
Additions	–	–	–	0.5	0.2	9.3	10.0
Disposals	–	–	–	–0.6	–	0.0	–0.6
Reclassifications	–	–	1.1	1.5	0.0	–2.7	–
Currency translation differences	3.1	0.2	0.0	0.2	3.8	–0.0	7.3
Balance as of December 31	271.6	82.9	6.9	21.9	244.4	16.3	643.9

Accumulated amortization and impairment losses
Balance as of January 1	–	71.5	4.9	17.0	137.8	–	231.2
Additions	–	2.6	0.4	2.1	16.3	–	21.5
Disposals	–	–	–	–0.6	–	–	–0.6
Impairments	–	–	1.1	0.1	–	–	1.2
Currency translation differences	–	0.1	0.0	0.1	1.8	–	2.0
Balance as of December 31	–	74.2	6.4	18.7	155.9	–	255.2

Net book value
As of January 1	268.5	11.1	0.9	3.3	102.6	9.6	396.1
As of December 31	271.6	8.7	0.5	3.2	88.5	16.3	388.8

Goodwill impairment test

Goodwill is allocated to the smallest group of cash-generating unit at which goodwill is monitored for internal management purposes (i.e., segment). The recoverable amount of these units is determined using a five-year cash flow projection period.

The goodwill impairment tests were performed as of December 31, 2025 (2024: March 31, 2024, and December 31, 2024). The group changed the timing of its annual goodwill impairment tests to December 31 to align the test date with the year‑end financial reporting cycle and the availability of updated financial plans. Management considers this timing to provide more reliable and relevant information for assessing the recoverability of goodwill.

The calculations are based on the budget for the first period (2026), the three-year strategic plan for the subsequent two periods (2027–2028) and a management calculation for the next two periods (2029–2030). The budget and the three-year strategic plan were approved by the Board of Directors in February 2026. Cash flows beyond the planning periods are extrapolated using a terminal value, including the growth rates as stated above.

	2025
millions of CHF	Goodwill	Headroom	Growth rate residual value	Pretax discount rate
Healthcare	105.0	684.3	2.0%	8.6%
Consumer & Industrial	161.5	56.7	2.0%	10.2%
Total as of December 31	266.5	741.0

	2024
millions of CHF	Goodwill	Headroom	Growth rate residual value	Pretax discount rate
Healthcare	106.4	822.3	2.0%	8.3%
Consumer & Industrial	165.2	80.7	2.0%	10.4%
Total as of December 31	271.6	903.0

	2024
millions of CHF	Goodwill	Headroom	Growth rate residual value	Pretax discount rate
Healthcare	108.3	1’249.9	2.0%	9.0%
Consumer & Industrial	170.0	365.8	2.0%	10.3%
Total as of March 31	278.3	1’615.6

The goodwill impairment tests resulted in positive headroom for both groups of cash-generating units.

Sensitivity analyses

The recoverable amount from cash-generating units is measured based on value-in-use calculations significantly impacted by the terminal growth rate used to determine the residual value, the discount rate and the projected cash flows. The table above shows the amount by which the estimated recoverable amount of the group of cash-generating units exceeds its carrying amount (headroom).

For the Healthcare segment, management determined there are no reasonably possible changes in key assumptions that would result in a goodwill impairment.

For the Consumer & Industrial segment, management identified that a possible change in the terminal growth rate from 2.0% to 0.6% or in the pre-tax discount rate from 10.2% to 11.6% could cause the carrying amount to equal the recoverable amount.