Consolidated balance sheet

December 31

millions of CHF	Notes	December 31, 2025	December 31, 2024
Non-current assets
Goodwill	12	644.1	661.4
Other intangible assets	12	143.4	178.5
Property, plant and equipment	13	398.2	387.8
Lease assets	14	110.3	105.2
Associates and joint ventures	15	37.1	53.0
Other non-current financial assets	16	31.9	30.2
Defined benefit assets	7	176.8	144.0
Non-current receivables		1.2	1.9
Deferred income tax assets	11	132.1	153.6
Total non-current assets		1’675.1	1’715.5

Current assets
Inventories	17	500.7	515.1
Current income tax receivables		36.1	28.4
Advance payments to suppliers		91.0	94.7
Contract assets	18	572.5	500.1
Trade accounts receivables	19	628.7	680.2
Other current receivables and prepaid expenses	20	131.4	118.8
Current financial assets	16	0.1	1.0
Cash and cash equivalents	21	927.3	1’060.6
Total current assets		2’887.8	2’998.8
Total assets		4’562.9	4’714.3

Equity
Share capital	22	0.3	0.3
Reserves		1’292.9	1’223.3
Equity attributable to shareholders of Sulzer Ltd		1’293.2	1’223.6
Non-controlling interests		12.1	11.5
Total equity		1’305.4	1’235.1

Non-current liabilities
Non-current borrowings	24	779.3	745.0
Non-current lease liabilities	14	81.7	78.3
Deferred income tax liabilities	11	69.6	67.9
Non-current income tax liabilities	11	9.4	8.1
Defined benefit obligations	7	93.0	106.1
Non-current provisions	25	51.0	46.2
Other non-current liabilities		2.6	7.3
Total non-current liabilities		1’086.8	1’058.9

Current liabilities
Current borrowings	24	304.9	312.0
Current lease liabilities	14	28.9	26.6
Current income tax liabilities		31.9	43.1
Current provisions	25	124.8	143.8
Contract liabilities	18	500.8	531.3
Trade accounts payable		386.4	388.2
Other current and accrued liabilities	26	793.1	975.2
Total current liabilities		2’170.8	2’420.3
Total liabilities		3’257.5	3’479.1

Total equity and liabilities		4’562.9	4’714.3

Consolidated statement of comprehensive income

Consolidated statement of changes in equity