2. Investments

31.12.2025

31.12.2024

Currency

Capital in thousands

Shareholding

Capital in thousands

Shareholding

Zeochem

Zeochem AG, Rüti ZH, Switzerland1

CHF

1 000

100 %

1 000

100 %

Zeochem LLC, Louisville, USA

USD

36 547

100 %

36 547

100 %

Zeochem d.o.o., Zvornik, Bosnia and Herzegovina

BAM

2

100 %

2

100 %

Jiangsu Zeochem Technology Co. Ltd., Lianyungang, China1

CNY

82 800

100 %

82 800

100 %

Zeochem Pte. Ltd., Singapore, Singapore

SGD

1

100 %

1

100 %

Sorbchem India Pvt. Ltd., Vadodara, India2

INR

868 090

100 %

868 090

100 %

Zeochem Silica Materials Inc., Quebec, Canada3

CAD

9 484

100 %

n/a

n/a

SiliCycle SAS, Paris, France3

EUR

25

100 %

n/a

n/a

SiliCycle Associate Hong Kong Ltd., Hong Kong, China3

HKD

1

55 %

n/a

n/a

SiliCycle (Shanghai) Science and Technology Development Co. Ltd., Shanghai, China3

CNY

2 200

55 %

n/a

n/a

Perlen Packaging

Perlen Packaging AG, Root, Switzerland1

CHF

24 000

100 %

24 000

100 %

Perlen Packaging LLC, Whippany, USA

USD

1 000

100 %

1 000

100 %

Perlen Packaging GmbH, Müllheim, Germany

EUR

1 300

100 %

1 300

100 %

Perlen Packaging (Suzhou) Co., Ltd., Suzhou, China

USD

13 000

100 %

13 000

100 %

Perlen Packaging Anápolis Indústria e Comércio Ltda., Anápolis, Brazil

BRL

142 465

100 %

142 4654

100 %

LOG Plastic Products Company Ltd., Ashdot Ya’acov Ichud, Israel5

ILS

42 535

100 %

n/a

n/a

Log Plasticon Zrt., Tököl, Hungary5

HUF

501 000

100 %

n/a

n/a

1 held directly by CPH Group AG

2 acquired on 29 April 2024; see Note 31 to the consolidated financial statements

3 acquired on 15 July 2025; see Note 31 to the consolidated financial statements

4 BRL 124 million capital increase effective 9 December 2024

5 acquired on 5 February 2025; see Note 31 to the consolidated financial statements