Financial Results

Financial Year 2024

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                      Five-year overview – operating performance

                      in CHF million, as reported under IFRS Accounting Standards

                        2020 2021 2022 20231 20242
                      Net revenue 1 425.9 2 021.9 2 320.8

                      2 276.7

                      		 2 503.9
                          Growth in % (10.7) 41.8 14.8 3.7 10.0
                      Gross profit 1 029.8 1 540.0 1 754.7 1 690.6 1 783.4
                          Margin in % 72.2 76.2 75.6 74.3 71.2
                      Operating result before depreciation and amortization (EBITDA) 406.0 652.4 701.8 700.3 747.1
                          Margin in % 28.5 32.3 30.2 32.1 29.8
                          Growth in % (15.5) 60.7 7.6 (1.8) 2.3
                      Operating profit (EBIT) 156.5 542.6 535.3 598.1 601.0
                          Margin in % 11.0 26.8 23.1

                      26.3

                      		 24.0
                          Growth in % (59.6) 246.6 (1.3) 2.2 0.5
                      Net profit 92.3 399.3 434.8 448.9 459.5
                          Margin in % 6.5 19.7 18.7 19.7 18.4
                          Growth in % (70.0) 332.7 8.9 (5.8) 2.4
                      Basic earnings per share (in CHF) 0.57 2.49 2.73 2.81 2.87
                      Value  added /  economic  profit1 (30.6) 250.3 258.6 293.6 308.4
                          Change in value added (239.1) 280.9 8.3 35.0 242.2
                          Change in value added in % (114.7) 919.0 3.3 13.5 365.8
                          as a % of net revenue (2.1) 12.4 11.1 12.9 12.3
                      Number of employees (year-end) 7 340 9 054 10 478 10 605 11 815
                      Number of employees (average) 7 409 8 256 10 203 10 198 11 240
                          Sales per employee (average) in CHF 1 000 192 245 227 223 223

                      1 Comparative information for 2023 has been adjusted due to the classification of the direct-to-consumer clear aligner business as discontinued operations.
                      2 Figures refer to continuing operations following the agreement signed in August 2024 to sell the Group’s DrSmile business to Impress Group; the sale was completed in September 2024.

                      Five-year overview – financial performance

                      in CHF million, as reported under IFRS Accounting Standards (unless otherwise stated)

                        2020 2021 2022 20231 20242
                      Cash and cash equivalents 632.2 880.4 696.1 410.3 375.5
                      Net Cash (Net Debt) 116.2 376.1 207.5 172.3 119.0
                      Net working capital (net of cash) 168.0 124.0 229.3 287.1 352.8
                          as a % of revenue 11.8 6.1 9.9 12.6 14.1
                      Inventories 216.6 249.2 321.2 366.9 433.3
                          Days of supplies 160 166 191 204 187
                      Trade receivables 236.0 287.3 416.4 466.5 445.4
                         Days of sales outstanding 47 48 63 57 62
                      Balance sheet total 2 548.6 2 698.0 3 373.4 3 322.0 3 619.0
                          Return on assets in % (ROA) – IFRS 3.9 14.3 13.6 14.5 13.7

                          Return on assets in % (ROA) – CORE

                      		 10.9 16.3 15.0  15.6 15.0
                      Equity 1 209.9 1 500.4 1 853.8 1 838.6 2 043.8
                         Equity ratio in % 47. 5 50.6 55.0 55.3 56.5
                         Return on equity in % (ROE) – IFRS 7.7 28.8 24.9 23.3 23.1
                         Return on equity in % (ROE) – CORE 21.8 32.8 27.6 25.0 25.3
                      Capital employed 1 190.3 1 174.6 1 600.5 1 639.7 1 667.1
                         Return on capital employed in % (ROCE) – IFRS 11.9 43.7 35.1 39.3 36.0
                          Return on capital employed in % (ROCE) – CORE 25.4 44.6 39.5 41.9 39.0
                      Cash generated from operating activities 376.6 560.3 415.2 567.3 538.6
                         as a % of revenue 26.4 27.7 17.9 24.9 21.5
                      Investments (140.4) (167.8) (440.4) (369.6) (218.6)
                          as a % of net revenue 9.8 8.3 19.0 16.2 8.7
                         thereof capital expenditures (82.1) (121.0) (195.4) (187.3) (167.8)
                         thereof business combinations related (55.1) (39.7) (157.6) (171.6) (35.4)
                         thereof investments in associates (3.2) (7.1) (87.3) (10.6) (15.5)
                      Free cash flow 295.2 440.6 220.8 380.9 372.9
                         as a % of revenue 20.7 21.8 9.5 16.7 14.9
                      Dividend 91.3 107.41 127.5 135.4 151.53
                         Dividend per share (in CHF) 5.754 6.754 0.80 0.85 0.953
                         Pay-out ratio in % (core results) 35.5 23.7 26.4 30.8 30.3

                      1 Comparative information for 2023 has been adjusted due to the classification of the direct-to-consumer clear aligner business as discontinued operations.
                      2 Figures refer to continuing operations following the agreement signed in August 2024 to sell the Group’s DrSmile business to Impress Group; the sale was completed in September 2024.
                      3 To be proposed to the shareholder’s AGM in 2025.
                      4 Before share split in 2022