21. Financial liabilities
| In millions of CHF | 31.12.2025 | 31.12.2024 | ||
|---|---|---|---|---|
| Bonds | 1,565.0 | 1,915.0 | ||
| Convertible loans | 5.8 | 11.0 | ||
| Loans | 50.1 | 100.1 | ||
| Total financial liabilities | 1,620.9 | 2,026.1 | ||
| Current portion | 402.0 | 405.2 |
The interest conditions and maturities of the financial liabilities are as follows:
| In millions of CHF | Interest rate (bandwidth) | Year 1 | Year 2–5 | More than 5 years | Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Balance at 31.12.2025 | ||||||||||
| Bonds | 0,00 – 1,90% | 350.0 | 475.0 | 740.0 | 1,565.0 | |||||
| Convertible loans | 3,36 – 3,41% | 2.0 | 3.8 | – | 5.8 | |||||
| Loans | 0,00 – 2,40% | 50.0 | – | 0.1 | 50.1 | |||||
| Balance at 31.12.2024 | ||||||||||
| Bonds | 0,00 – 1,90% | 350.0 | 675.0 | 890.0 | 1,915.0 | |||||
| Convertible loans | 3,36 – 3,41% | 5.2 | 5.8 | – | 11.0 | |||||
| Loans | 0,00 –2,40% | 50.0 | 50.0 | 0.1 | 100.1 |
Convertible loans and loans
Convertible loans have a term of nine years and one-fifth of the loans become payable annually from year five. Moreover, these loans are also assigned a conversion right by Swissgrid in the event of occurrence of contractually defined events and an associated conversion obligation by the creditors. Creditors are compensated by a premium on the interest rate for the conversion right assigned to Swissgrid. Convertible loans are recognised in full in liabilities.
Convertible loans and loans are assessed at their nominal value.
Lines of credit
The committed lines of credit totalled CHF 600 million, and remained unclaimed as at 31 December 2025.