Notes to the consolidated financial statements

Notes to the consolidated financial statements

Introductory information

Company information

Following the spin-off of its former Paper Division effective 25 June 2024, CPH Group remains active in two industrial sectors. The company develops, manufactures and distributes chemical products and packaging solutions for pharmaceutical customers. Headquartered in Switzerland, the company maintains production facilities at 13 locations in ten countries in Europe, Asia and North and South America. With its innovative products, CPH Group offers its customers clear added value.

The consolidated financial statements presented comprises for the previous year the financial values indicated not only for the continued divisions Zeochem and Perlen Packaging but also for the spun-off Paper Division up until its spin-off on 25 June 2024. See also Note 32, Spin-off of Paper Division.

The shares of CPH Group are listed on the SIX Swiss Exchange.

Scope of consolidation

The scope of consolidation extends to the following controlled companies, which are all fully consolidated (changes from the prior year are explained below):

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

Group

CPH Group AG, Root, Switzerland6

CHF

900

n/a

9007

n/a

1 held directly by CPH Group AG

2 acquired on 29 April 2024; see Note 31

3 acquired on 15 July 2025; see Note 31

4 BRL 124 million capital increase effective 9 December 2024

5 acquired on 5 February 2025; see Note 31

6 renamed from former CPH Chemie + Papier Holding AG on 25 June 2024

7 CHF 0.3 million capital reduction from previous CHF 1.2 million through spin-off of Paper Division effective 25 June 2024; see Note 32