29 Share participation plans
Share-based payments charged to personnel expenses
millions of CHF | 2025 | 2024 | ||
Restricted share unit plan | 1.7 | 1.4 | ||
Performance share plan | 1.5 | 2.9 | ||
Total charged to personnel expenses | 3.1 | 4.4 |
Restricted share unit plan for the Board of Directors settled in medmix shares
This long-term incentive plan covers the Board of Directors. Restricted share units (RSUs) are granted annually. RSUs do not convey any rights to receive dividends during the vesting period. Awards to members of the Board of Directors automatically vest with the departure from the Board. The plan features graded vesting over a three-year period (one-third each year). One RSU award is settled with one medmix share at the end of the vesting period. The fair value of the RSUs granted is measured at the grant date closing share price of medmix Ltd, adjusted by expected dividends during the vesting period. Participants are not entitled to dividends declared during the vesting period. Consequently, the grant date fair value of the RSUs is reduced by the present value of the dividends expected to be paid during the vesting period.
Restricted share units for the Board of Directors
Grant year | 2025 | 2024 | 2023 | 2022 | 2021 | Total | ||||||
Outstanding as of January 1, 2024 | – | – | 25’153 | 11’197 | 915 | 37’265 | ||||||
Granted | – | 34’577 | – | – | – | 34’577 | ||||||
Exercised | – | –399 | –12’250 | –7’788 | –915 | –21’352 | ||||||
Forfeited | – | –3’425 | – | – | – | –3’425 | ||||||
Outstanding as of December 31, 2024 | – | 30’753 | 12’903 | 3’409 | – | 47’065 | ||||||
Outstanding as of January 1, 2025 | – | 30’753 | 12’903 | 3’409 | – | 47’065 | ||||||
Granted | 50’552 | – | – | – | – | 50’552 | ||||||
Exercised | – | –10’252 | –6’453 | –3’409 | – | –20’114 | ||||||
Forfeited | – | – | – | – | – | – | ||||||
Outstanding as of December 31, 2025 | 50’552 | 20’501 | 6’450 | – | – | 77’503 | ||||||
Average fair value at grant date in CHF | 9.72 | 15.02 | 20.65 | 32.08 | 43.92 | - |
Restricted share unit plan for new management members settled in medmix shares
This long-term incentive plan covers certain new management members as a replacement for forfeited, unpaid and unvested performance and/or retention bonus payments and awards with previous employers. Restricted share units (RSUs) are granted at the joining date of certain new management members. The plan features graded vesting over a one-year, two-year or three-year period. One RSU award is settled with one medmix share at the end of the vesting period. The fair value of the RSUs granted is measured at the grant date closing share price of medmix Ltd, adjusted by expected dividends during the vesting period. Participants are not entitled to dividends declared during the vesting period. Consequently, the grant date fair value of the RSUs is reduced by the present value of the dividends expected to be paid during the vesting period.
Restricted share units for new management members
Grant year | 2025 | 2024 | 2023 | Total | ||||
Outstanding as of January 1, 2024 | – | – | 18’008 | 18’008 | ||||
Granted | – | 123’206 | – | 123’206 | ||||
Exercised | – | – | –8’261 | –8’261 | ||||
Outstanding as of December 31, 2024 | – | 123’206 | 9’747 | 132’953 | ||||
Outstanding as of January 1, 2025 | – | 123’206 | 9’747 | 132’953 | ||||
Granted | – | – | – | – | ||||
Exercised | – | –41’069 | –6’984 | –48’053 | ||||
Outstanding as of December 31, 2025 | – | 82’137 | 2’763 | 84’900 | ||||
Average fair value at grant date in CHF | 15.82 | 17.96 | - |
Restricted share unit plan for non-senior members of management settled in medmix shares
This long-term incentive plan covers non-senior members of management. Restricted share units (RSUs) are granted annually. The plan features graded vesting over a three-year period. One RSU award is settled with one medmix share at the end of the vesting period. The fair value of the RSUs granted is measured at the grant date closing share price of medmix Ltd, adjusted by expected dividends during the vesting period. Participants are not entitled to dividends declared during the vesting period. Consequently, the grant date fair value of the RSUs is reduced by the present value of the dividends expected to be paid during the vesting period.
Restricted share units for non-senior members of management
Grant year | 2025 | 2024 | Total | |||
Outstanding as of January 1, 2024 | – | – | – | |||
Granted | – | – | – | |||
Exercised | – | – | – | |||
Forfeited | – | – | – | |||
Outstanding as of December 31, 2024 | – | – | – | |||
Outstanding as of January 1, 2025 | – | – | – | |||
Granted | 116’731 | – | 116’731 | |||
Exercised | – | – | – | |||
Forfeited | –6’097 | – | –6’097 | |||
Outstanding as of December 31, 2025 | 110’634 | – | 110’634 | |||
Average fair value at grant date in CHF | 9.44 | – | - |
Performance share plan settled in medmix shares
This long-term incentive plan covers the members of the Executive Committee and other selected individuals employed in defined roles. Performance share units (PSU) are granted annually, depending on the organizational position of the employee.
Vesting of the PSP is based on the achievement of three pre-determined performance conditions:
- Growth: measured by the revenue of medmix based on the consolidated financial statement, weighted at 30%.
- Profitability: measured by the adjusted EBITDA margin, weighted at 30%.
- Share performance: measured by the share price performance relative to the Swiss Performance Index excluding dividends, weighted at 40%. Share performance is measured using a starting value of the average share closing price over the first three months prior to the start of the three-year performance period and an ending value of the average share closing price over the last three months of the vesting period.
The number of vested PSUs is determined by multiplying the number of originally granted PSUs by the total achievement factor, rounded up to the next full number of vested PSUs. For each vested PSU, one medmix share will be transferred to the individual plan participant on the share delivery date.
The following inputs were used to determine the fair value of the PSUs at grant date using a Monte Carlo simulation:
Grant year | 2025 | 2024 | 2023 | 2022 | ||||
Fair value at grant date | 11.23 | 15.11 | 22.64 | 31.81 | ||||
Share price at grant date | 10.60 | 16.40 | 17.85 | 32.90 | ||||
Expected volatility | 34.82% | 36.00% | 35.26% | 36.83% | ||||
Risk-free interest rate | 0.16% | 1.03% | 1.96% | 0.39% |
The expected volatility of the medmix shares is determined by the historical volatility. The zero-yield curve from Switzerland was used as the relevant risk-free rate. Historical data was used to arrive at an estimate for the correlation between medmix and the Swiss Performance Index.
Performance share units – terms of awards
Grant year | 2025 | 2024 | 2023 | 2022 | ||||
Number of awards granted | 178’526 | 209’222 | 169’832 | 127’194 | ||||
Grant date | April 01, 2025 | April 01, 2024 | April 01, 2023 | April 01, 2022 | ||||
Performance period | 01/25–12/27 | 01/24–12/26 | 01/23–12/25 | 01/22–12/24 | ||||
Fair value at grant date in CHF | 11.23 | 15.11 | 22.64 | 31.81 |
Performance share units
Grant year | 2025 | 2024 | 2023 | 2022 | Total | |||||
Outstanding as of January 1, 2024 | – | – | 167’590 | 111’689 | 279’279 | |||||
Granted | – | 209’222 | – | – | 209’222 | |||||
Exercised | – | –660 | –3’132 | –2’015 | –5’807 | |||||
Forfeited | – | –5’745 | –16’481 | –10’044 | –32’270 | |||||
Outstanding as of December 31, 2024 | – | 202’817 | 147’977 | 99’630 | 450’424 | |||||
Outstanding as of January 1, 2025 | – | 202’817 | 147’977 | 99’630 | 450’424 | |||||
Granted | 178’526 | – | – | – | 178’526 | |||||
Exercised | –1’935 | – | – | –99’630 | –101’565 | |||||
Forfeited | –5’032 | –32’940 | –24’375 | – | –62’347 | |||||
Outstanding as of December 31, 2025 | 171’559 | 169’877 | 123’602 | – | 465’038 |