8 Equity
Share capital
The share capital amounts to CHF 412’623.70, made up of 41’262’370 shares with dividend entitlement and a par value of CHF 0.01. All shares were fully paid in and registered.
Retained earnings
The retained earnings include prior years’ undistributed income of consolidated companies, transactions recognized in relation to share-based payment plans, subsequent measurement of put option liabilities and all remeasurements for defined benefit plans.
Treasury shares
For the period ended June 30, 2026, the group acquired in total 48’539 treasury shares (half-year 2025: 96’000 shares) to cover its existing exposure from share-based payment programs for a consideration of CHF 0.6 million (half-year 2025: CHF 1.0 million). In the first half of 2026, the group allocated 81’828 shares to share plan participants (half-year 2025: 124’633 shares), previously recognized in equity at a weighted average price, amounting to a total value of CHF 1.8 million (half-year 2025: CHF 3.6 million). The total number of shares held by the group as of June 30, 2026, amounted to 556’172 treasury shares (June 30, 2025: 442’985 shares, December 31, 2025: 589’461 shares).
Cash flow hedge reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments where the hedged transaction has not yet occurred. Amounts are reclassified to profit or loss when the associated hedged transaction affects the income statement.
Currency translation reserve
The currency translation reserve comprises all foreign exchange differences arising on the translation of the financial statements of consolidated entities whose currency differs from the reporting currency of the group.
Non-controlling interests
The group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, at the non-controlling interest’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets.
The non-controlling interests are related to 20% at Guangdong Qiaoyi Plastic Co. Ltd. (“Qiaoyi”). As of June 30, 2026, the non-controlling interests amounted to CHF 7.8 million (December 31, 2025: CHF 7.1 million). The increase is mainly due to net income (CHF 0.3 million) and currency translation differences (CHF 0.4 million).
Dividends
On April 16, 2026, the Annual General Meeting approved an ordinary dividend of CHF 0.10 per share to be paid out of reserves (2025: CHF 0.50 per share). The dividend was paid to shareholders on April 22, 2026. The total amount of the dividend to shareholders of medmix Ltd was CHF 4.1 million (half-year 2025: CHF 20.4 million), thereof paid dividends of CHF 1.5 million (half-year 2025: CHF 7.8 million), outstanding withholding taxes of CHF 0.8 million (half-year 2025: CHF 7.1 million) and undistributed dividends of CHF 1.7 million (half-year 2025: CHF 5.5 million). The dividend to one of the group’s shareholders, Tiwel Holding AG, was not transferred, as a result of US sanctions.
In March 2026, the group declared and paid dividends to non-controlling interests in the amount of CHF 1.0 million (half-year 2025: CHF 2.0 million). Because the group holds a fixed-price call option to acquire all non-controlling interests, it recognized a 100% economic interest, with no allocation to non-controlling interests in equity. In 2026, the group declared no dividends to non-controlling interests in Qiaoyi (half-year 2025: CHF 3.1 million, undistributed as of June 30, 2025).
The total outstanding dividend payments as of June 30, 2026, amounted to CHF 23.4 million (December 31, 2025: CHF 21.7 million) and are reflected in the balance sheet position “Other current and accrued liabilities” (note 10).
Subsequent measurement of put option liabilities
In 2026, the changes in subsequent measurement of put option liabilities in equity amounted to CHF 0.4 million (half-year 2025: CHF 1.4 million), thereof CHF –0.3 million related to Qiaoyi (half-year 2025: CHF –0.3 million) and CHF 0.7 million from sale of investments in subsidiaries (half-year 2025: CHF 1.8 million).
Put option liability Qiaoyi
At any time after July 5, 2027, the non-controlling shareholders of Qiaoyi can exercise a put option to sell, and the group can exercise a call option to purchase, the remaining 20% equity interest held by the non-controlling shareholders for a formula-based purchase price. The group recognized a redemption liability, recorded in other non-current liabilities, based on the discounted put exercise price, which is accreted over the contract period.
As of June 30, 2026, the put option liability, recorded in other non-current liabilities, amounted to CHF 15.4 million (December 31, 2025: CHF 14.3 million), with the changes in the put exercise price and interest accretion over the contract period recognized in equity.
Put option liability from sale of investments in subsidiaries
In 2023, the group sold non-controlling interests in a subsidiary while retaining control. As part of the transaction, the group was granted a call option to acquire all non-controlling interests until March 31, 2026. Simultaneously, the buyers were granted a put option, exercisable at any time between March 31, 2025 and March 31, 2026, to sell their interests back to the group.
In March 2025, the group and the holders of non-controlling interests extended the original share purchase agreement. Under the new terms, the group obtained a call option to repurchase the non-controlling interests at a fixed price, exercisable until March 31, 2028. The buyers were also granted a corresponding put option, at the same fixed price, exercisable between March 31, 2026 and March 31, 2028.
As both options are structured at fixed prices, the group is considered to have a 100% economic interest in the subsidiary. Accordingly, no portion of profit or equity is allocated to non-controlling interests. A financial liability has been recognized, measured at the present value of the expected settlement amount under the put option.
As of June 30, 2026, the put option liability, recorded in other current liabilities (note 10), amounted to CHF 9.6 million (December 31, 2025: CHF 10.3 million), with the changes in the put exercise price and interest accretion over the contract period recognized in equity.