2. Preparation of the consolidated financial statements

The consolidated financial statements for the year ended December 31, 2024 have been prepared in accordance with IFRS Accounting Standards. They were approved by the Company’s Board of Directors on February 20, 2025. They also comply with the Listing Rules of SIX Swiss Exchange and with Swiss company law.

The consolidated financial statements are presented in Euros (“€” or “EUR”) as the Euro is deemed to be the currency most representative of the Group’s activities. The functional currency of the Company is the Swiss Franc.

The consolidated financial statements are prepared on a historical cost basis except for certain financial instruments such as derivatives and equity securities, contingent purchase price obligations relating to business combinations and liabilities for cash-settled share-based payment plans that are measured at fair value. Furthermore, certain components of inventory are measured at net realizable value and defined benefit obligations are measured under the projected unit credit method. Assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell.