15. Financial assets
| In millions of CHF | 31.12.2025 | 31.12.2024 | ||
|---|---|---|---|---|
| Shareholdings | 5.0 | 5.0 | ||
| 5.0 | 5.0 |
Swissgrid has the following shareholdings, which are recognised in the balance sheet as financial assets:
| Domicile | Currency | Share capital in m. | Share in % | |||||
|---|---|---|---|---|---|---|---|---|
| Joint Allocation Office (JAO) | Luxembourg (Lux) | EUR | 0.130 | 3.85 | ||||
| TSCNET Services GmbH | Munich (D) | EUR | 0.040 | 6.25 | ||||
| Holding des Gestionnaires de Réseau de Transport d’Electricité SAS (HGRT) | Paris (F) | EUR | 52.119 | 5.0 | ||||
| Pronovo AG | Frick (CH) | CHF | 0.100 | 100.0 | ||||
| Equigy B.V. | Arnheim (NL) | EUR | 0.050 | 20.0 |
Due to changes in ownership, Swissgrid’s share in the Joint Allocation Office (JAO) decreased from 4% to 3.85%. The shares in ecmt AG were sold in the 2025 financial year. All other disclosures are unchanged from the previous year.
Swissgrid is not legally obliged to prepare consolidated financial statements. Either the control principle necessary to prepare a consolidated financial statement (Article 963 of the Swiss Code of Obligations (CO)) is not met, or the subsidiaries do not have a material influence on Swissgrid’s financial statements. In particular, Pronovo AG is regulated by the Swiss Federal Office of Energy (SFOE) and is explicitly excluded from any consolidation with Swissgrid based on Article 64 (5) of the Energy Act (EnA).