Comment on the Financial Report 2025
From Mathias Kronig, Head of Administration and Deniz Goer, Head of Finance
Income Statement
In 2025, Swiss TPH presents a result of CHF -1,755,979 compared to CHF -620,246 the previous year. The operating result from activities amounts to CHF -1,375,032, which represents an increase in loss of CHF -266,679 compared to 2024 (CHF -1,108,353). The deterioration is primarily driven by the weakness of the US dollar and widespread funding cuts in global health and research.
The financial result showed a significant reversal, with a loss of CHF -404,980 (compared to CHF +488,107 in 2024). The reversal in the financial result is primarily attributable to unfavourable foreign currency exchange developments and a reduced interest income. Active risk mitigation measures taken by Swiss TPH have further reduced currency exposure. In 2025, Swiss TPH reports an extraordinary result of CHF +24,034 compared to CHF 0 in 2024.
The income statement of Swiss TPH reflects the adoption of the Swiss GAAP FER 28 that came into force on 1 January 2024 and which was already adopted in 2023. The recognition of long-term deferred income for «Belo Horizonte» and other investments has been classified to netting positions within operating expenses.
The operating income of Swiss TPH decreased by 6.5% from CHF 104.9 million in 2024 to CHF 98.1 million in 2025. The decline in revenue was primarily attributable to invoicing in foreign currencies with a strong Swiss franc and global funding cuts in global health.
Core funding decreased slightly to CHF 22.8 million in 2025; CHF 0.3 million less than in 2024. In 2025, Swiss TPH sharply reduced its share of competitively acquired third-party funding. Self-managed income from research, education and services decreased to CHF 71.1 million in 2025, representing a decline of CHF 11.2 million or 13.6% compared to the previous year (CHF 82.3 million). The project restricted funds from the State Secretariat for Education, Research and Innovation (SERI) increased to CHF 2.0 million in 2025 from CHF 1.9 million in 2024.
Personnel expenses decreased by 4.4% or CHF 2.8 million from CHF 62.6 million in 2024 to CHF 59.8 million in 2025. The reduction was mainly driven by lower salary costs (CHF -1.1 million), with 19 fewer full-time equivalent positions on the payroll and reduced social insurance costs (CHF-1.3 million). The latter includes CHF 0.8 million in reversals of provisions for taxes abroad due to a new evaluation method. Material expenses showed an annual increase of CHF 0.5 million (11.4%) and amounted to CHF 4.8 million in 2025 Other operating expenses decreased by 13.3% (CHF 4.3 million) from CHF 32.5 million in 2024 to CHF 28.2 million in 2025. This decrease has been substantially contributed by lower local project expenditures on project activities (CHF 3.8 million). The majority of local project expenditures, totalling CHF 21.7 million in 2025
versus CHF 25.5 million in 2024, were spent in Africa (CHF 12.0 million, a decrease of CHF 4.3 million). The local expenditures in the region of Europe remained at CHF 8.8 million in 2025, the same as in 2024. Maintenance and rent costs decreased by CHF 0.4 million. Energy costs were slightly reduced (CHF 0.1 million) mainly through energy saving measures.
The depreciation costs decreased to CHF 3.3 million in 2025 from CHF 3.7 million in 2024. This is mainly due to lack of investments. The depreciation costs were offset by CHF 2.1 million through the recognition from long-term deferred income, CHF 0.3 million less than in 2024. The recognition of long-term deferred income for «Belo Horizonte» and other investments has been classified to netting positions within operating expenses according to the adoption to the Swiss GAAP FER 28.
Balance Sheet
Compared to 2024, total assets increased by 12.6% (CHF 7.0 million) to CHF 62.3 million in 2025
Current assets increased by 18.4% or CHF 8.0 million year-on-year from CHF 43.1 million in 2024 to CHF 51.1 million in 2025. Therein cash and cash equivalents increased significantly by CHF 8.9 million or 46.4% from CHF 19.3 million in 2024 to CHF 28.2 million in 2025. The primary reason for this was the increase in incoming cash from new grants in 2025, which is also reflected in deferred income in 2025. Other short-term receivables increased by CHF 0.8 million or 20.8% to CHF 4.7 million in 2025 due to the increased number of advances for projects to be implemented locally or for subcontractors within project assignments. Swiss TPH also noted a high increase in prepayments and accrued income from 2024 to 2025. The rise amounted to CHF 2.9 million or 38.7% and is mainly due to higher number in unbilled services for project activities.
Non-current assets decreased by CHF 0.9 million to CHF 11.2 million in 2025 compared to 2024. The categories “Building” and “Equipment” decreased by a combined CHF 1.8 million through ongoing depreciation. Intangible assets were almost fully amortised. Long-term financial assets, however, increased significantly by CHF 2.0 million to CHF 2.1 million.
Current liabilities increased sharply to CHF 49.7 million in 2025 compared to CHF 37.6 million in 2024, an increase of CHF 12.1 million (+32.0%). This is primarily driven by accrued liabilities and deferred income, which rose significantly from CHF 30.1 million to CHF 42.4 million (+40.9%), reflecting higher grant cash inflow not yet recognised as income.Non-current liabilities decreased from CHF 10.7 million in 2024 to CHF 7.4 million in 2025 driven mainly by the recognition of long-term deferred income for «Belo Horizonte» (FER 28) which decreased by CHF 1.9 million, and a reduction in long-term provisions of CHF 1.0 million. As a result of the 2025 loss of CHF -1,755,979, equity decreased from CHF 6,998,799 (31 December 2024) to CHF 5,242,820 (31 December 2025).
Balance Sheet
Income Statement
Statement of Changes in Equity
The Swiss TPH announces a loss of CHF -1,755,979 for the year 2025, versus a loss of CHF -620,246 in the preceding year. Hence, the equity decreased to CHF 5,242,820 as of 31 December 2025 compared to CHF 6,998,799 in 2024. As a result, the equity ratio decreased to 8.4% in 2025 compared to 12.7% in 2024.
Statement of Cash Flows for the
Year Ended 31 December
Notes
1. General Information
Swiss TPH is a public organisation based in Allschwil with its own legal status under the laws of Switzerland („öffentlich-rechtliche Anstalt“). By uniquely combining research, education and services, Swiss TPH aims toimprove the health and well-being of populations through a better understanding ofdiseases and health systems and by acting on this knowledge. A translational approach from innovation and validation to application enables the institute to bring novel diagnostics, drugs and vaccines directly to people and communities. On 1 January 2017, the treaty between the Canton Basel-Stadt and the Canton Basel-Landschaft concerning the common ownership of the Swiss TPH came into force.
2. Organisation and Governance
Board of Governors
The Board of Governors is called the “Kuratorium”. Four members each are appointedby the Governments of the Canton of Basel-Stadt and Canton of Basel-Landschaft, whereas the President is appointed by both Governments. As of 31 December 2025, the composition of the Kuratorium was as follows:
Dr. Eva Herzog
President
Dr. Rolf Borner
Dr. Ariane Bürgin
Prof. Dr. François Chappuis
Prof. Dr. Jaques Fellay
Dr. Alban Frei
Dr. Lutz Hegemann
Dr. Barbara Wieland
Dr. Deborah Studer (Observer State
Secretariat for Education, Research and Innovation SERI)
Committee
The Committee monitors the financial and accounting processes and systems of Swiss TPH, evaluates the independence and effectiveness of the external auditors and ensures the flow of communication between the Directorate, the Administration, Auditor and the Board of Governors. The Committee makes appropriate recommendations to the Board of Governors.
The actual members are:
Dr. Eva Herzog
President
Dr. Rolf Borner
Dr. Ariane Bürgin
Dr. Alban Frei
Auditor
BDO AG, Basel has been assigned by the Governments of the Cantons Basel-Stadt and Basel-Landschaft as the auditor of Swiss TPH.
3. Basis of Preparation and Accounting Policies
Accounting Standard
These financial statements have been prepared in accordance with Swiss GAAP FER, issued by the foundation for accounting and reporting recommendation, Switzerland.
Currency
Swiss TPH’s presentation currency is CHF (Swiss francs).
Foreign Currency Transactions
Assets and liabilities in foreign currency are translated into CHF at the exchange rate provided by the federal tax administration at the balance sheet date. Foreign currency transactions are recorded on initial recognition in the functional currency at the transaction rate. Exchange rate differences are
recognised in the income statement.
Revenue Recognition
Revenues from rendering medical services and fees from education and training are recognised in the period of providing those services. Revenues from projects are recognised to the extent of the recoverable expenses of the reporting period. Project results are neutralised during the project period, an eventual profit is realised at the end of the project. Funds from national and local government are recognised in the period for which they were funded.
Borrowing Costs
All borrowing costs are recognised in the income statement in the period in which they are incurred.
Property, Plant and Equipment
Core tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is calculated over the estimated lifetime of an asset, using the straightline method. The following annual rates are used for depreciation of property, plant and equipment.
Fixed assets at costs less than CHF 5,000 are not capitalised.
Fixed assets purchased with project funds for the purpose of project operations are not capitalised as the ownership of these assets remains with the donor.
The capitalisation of maintenance costs depends on whether they are value-preserving or value-adding, respectively, extending the useful life of the respective fixed asset. Whenever there is an indication that there has been a significant change in depreciation rate, useful life or residual value of an asset, the depreciation of that asset is revised prospectively to reflect the new expectations.
Long-Term Financial Assets
Employer contribution reserves or similar items are recognised as assets under longterm financial assets. The difference to the respective value of the prior year is recognised as personnel expenses in the result of the period.
Intangible Assets
Intangible assets are purchased computer software that is measured at cost less accumulated amortization and any accumulated impairment losses. Software is amortized over its estimated useful life of 4 years using the straight-line method.
Inventories
Inventories are valued at the lower of acquisition cost and fair value less cost to sell. Acquisition cost is calculated based on the weighted average purchase price.
Impairment of Assets
Assets in leasing Depending on contracts
At each reporting date, fixed and intangible assets are reviewed to determine whether they have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount. An impairment loss is recognised immediately in the income statement. Similarly, at each reporting date, inventories
are assessed for impairment by comparing the carrying account of each inventory item with its selling price less costs to complete and sell. If an item of inventory is impaired, an impairment loss is recognised immediately in the income statement.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement.
Receivables
An impairment of receivables is recognised if the carrying amount of the assets is less than the present value of the expected future cash flow. The provision for bad debts is calculated by categorising the debts as follows:
Provisions
Provisions are determined based on impartial and economically reasonable principles. Risks are taken into account adequately.
Government Grants
A government grant is compensation provided by a public institution for services provided or expenses incurred during an entity’s operating activities. Through this, the entity receives a specific economic benefit. Government grants can be related to assets or related to income.
Government grants are recognised when there is reasonable assurance that the entity complies with any conditions attached to the grant and the value can be estimated reliably.
Government grants related to assets are allocated to deferred income. The deferred income is recognised in the income statement over the useful life of the asset as a reduction of the depreciation expenses.
Government grants related to income are recognised in the income statement according to plan over the periods in which the entity recognises the related expenses. They are presented in the income statement under the heading “Core funding national and local government”. If, contrary to the original assumption, a government grant becomes repayable, this fact is accounted for as a change in accounting estimate.
Payables
Payables are recorded at their fair value, represented by the amount to pay.
4. Notes on the Financial Statement
4.1
Cash and Cash Equivalents
The cash and cash equivalents increased significantly by CHF 8.9 million or 46.4% from CHF 19.3 million in 2024 to CHF 28.2 million in 2025.
4.2 Receivables from
As at 31.12.2025, there was a significant reduction in the open positions of receivables from services, primarily due to a substantial
4.3 Other Short-Term Receivables
The primary reason for this was the increase in incoming cash from new grants in 2025, which is also reflected in deferred income in 2025.
Other short-term receivables increased by CHF 0.8 million in 2025 compared to the previous year due to the increased number
increase in unbilled services towards the end of the year and the implementation of an effective dunning process.
4.4 Provision for Bad Debts
Payments up to 7 February 2026 are included in the calculation.
4.5 Prepayments and Accrued Income
Swiss TPH recorded a high increase in prepayments and accrued income from 2024 to 2025. The increase amounted to CHF 2.9 million or 38.7% and is mainly due to higher number in unbilled services for project activities.
4.6 Inventories
The marginal increase in stocks for vaccines is due to preventive purchase
4.7 Tangible and Intangible Assets
Tangible assets
The depreciation and amortization costs decreased to CHF 3.3 million in 2025 from CHF 3.7 million in 2024. This is mainly due to lack of investments. The depreciation costs were offset by CHF 2.1 million through the recognition from long-term deferred income, CHF 0.3 million less than in 2024.
The recognition of long-term deferred income for «Belo Horizonte» and other investments has been presented as netting within operating expenses, in accordance with the adoption to the Swiss GAAP FER 28.
(*) Please note that certain investments in tangible and intangible assets were financed through government grants. In accordance with Swiss GAAP FER 28, those investments were capitalized on a gross basis and the government grants recognized as long-term deferred income.
The underlying tangible assets are depreciated over the useful life and the long-term deferred income is recognized over the same period as a reduction of depreciation expense.
Investments >CHF 5,000 with Project Funds (not capitalised)
The underlying intangible assets are amortized over the useful life and the long-term deferred income is recognized over the same period as a reduction of amortization expense.
The same accounting treatment is applied for investments financed through grants from the R. Geigy-Foundation.
The ownership of investments paid with project funds generally remains with the donor. Hence, these investments are not capitalised but recorded in the fixed assets register and disclosed below.
2025 Additions
2025 Disposals
7700 - TBEU Management CC S. Gagneux Tiefkühlschrank 793L -86°C
2024 Additions
913.0 4038 - Roche CoDuBu - Follow up 01.2412.25 Axonlab 2xSpotchem
914.0 4038 - Roche CoDuBu - Follow up 01.2412.25 Axonlab HemoScreen Analyzer
915.0 4038 - Roche CoDuBu - Follow up 01.2412.25 Hettich Tischzentrifuge
912.0 4416 - BAFU NIR 11.22-10.26 Dell Precision 7875 Tower
900.0 5805 - Genotyping 09.18-12.31 LifeTechno qPCR machine Quantstudio 5 01.05.2024
909.0 5805 - Genotyping 09.18-12.31
Agilent Tape Station (20K Teilbetrag von 906) 01.08.2024
910.0 5805 - Genotyping 09.18-12.31 Labgene Biometra TOne 96
911.0 5805 - Genotyping 09.18-12.31 Labgene Biometra TOne 96G
917.0 5805 - Genotyping 09.18-12.31 Qiagen QIAsymphony SP System 01.11.2024
918.0 5805 - Genotyping 09.18-12.31 Eppendorf epMotion 5075t NGS Solution
897.0 7130 - SNF UniBS PRIMA COROVIA 01.2312.27 MSD MESO QuickPlex SQ 120MM (25K Teilbetrag von 898)
908.0 7442 - Swiss TPH Research Fund SMOOTH 05.23-04.25 Agilent Tape Station
895.0 7460 - SNF_Prima "SHE" 08.21-07.26 Leica okolab uno premixed controller & incubator
907.0 7700 - TBEU Management CC S. Gagneux Agilent Tape Station
902.0 8042 - KfW OCEAC / PPSAC PH6 08.2307.26 Toyota Fortuner 7P Grey PPSAC 01.07.2024
2024 Disposals
333.0 4014 - SNF/UniBS Sapaldia 5 18-22 (gesp.19.1.24) Ultra-Tiefkühlschrank Brouwer DFU 830 Green Line 01.07.2013
386.0 4000 - CDE EXS Management CC NCP Ultra-Tiefkühlschrank Brouwer DFU 830 Green Line 01.10.2014 13,711
535.0 7728 - SNF Sinergia GHI/EP 2.18-1.23 (gesp.6.3.24) Biorack 4800 + Roller Base
562.0 8526 - KfW MTN/NTD Phase I 09.17-12.23 (gesp. 18.3.24) KIA Sportage MY2020 01.04.2020
599.0 3400 - HAHU-OH Management J. Zinsstag HDE60086FV 01.03.2021 27,926 Total Disposals
4.8 Assets under Construction
Description
4.9 Long-Term Financial Assets
Long-term financial assets saw a notable increase of CHF 2.0 million, reaching CHF 2.1 million. This growth is attributed to a financial contribution made to the wohnen&mehr co-operative share.
4.10 Mortgages
Mortgages in favour of third parties
refer to note 4.7)
There is no existing mortgage in 2025 as Swiss TPH does not own any buildings.
4.11 Accrued Liabilities and Deferred Income
Based on the accounts at the end of the year, the project leaders evaluated the accrued revenues and expenses (cost to complete) for their projects. These evaluations were taken into consideration by the Directorate on the approval of the financial statements. All the project-related deferred income is sustained based on existing project con
tracts. As per 31.12.2025, there is no indication for any losses from long-term projects, which would need to be recognised.
The increase of CHF 12.1 million (+32.0%) is primarily driven by higher grant cash inflow not yet recognised as income for project activities.
4.12 Short-Term Provisions
Not compensated vacation Advances Court Cases
New Provisions
Not applicable
Remaining Provisions
Not compensated vacation: The provision for employee vacation credits was re-evaluated
Advances: Advances granted to a partner institution for which a significant recovery exists were re-evaluated
4.13
Other Long-Term Liabilities
Court Cases: Not applicable
Research Fund: Not applicable
Reversal of Provisions
Not applicable
National Science Foundation projects - Overhead (long term)
The total overhead contribution of the Swiss National Science Foundation (SNSF) is paid in the year of grant allocation. The provision
allows the use of the contribution during the whole project period.
4.14 Long-Term Provisions / Long-Term Deferred Income
Following the decision made by the Executive Board on 19 March 2026, the regulations governing the hardship fund have been updated. The provision has been reduced from CHF 500,000 to CHF 250,000. This adaptation has been made considering the infrequent instances of its application in recent years.
The provision of CHF 250,000 is defined for personnel or their dependants in case of hardship. As outlined in the fund regulations, the allocation of fund assets is clearly defined.
The provision for potential taxes abroad is recognised for those countries where expa-
triates or local Swiss TPH staff are possibly supposed to pay income taxes. In 2025, Swiss TPH has adapted a new calculation method that takes decreased risk for deciding years into account. Consequently, the provision for taxes abroad has been reduced by CHF 0.8 million in 2025.
According to local labour law in various pro
ject countries, such as the Democratic Republic of Congo, Cameroon, Tanzania, Albania and Rwanda, end of contract payments is to be borne by the employer.
Swiss TPH has committed to covering CHF 10,000,000 of the investment costs for the new headquarters «Belo Horizonte». For this purpose, this amount was accrued in the period of 2017-2020. In 2022, the Investment Fund was increased to the total amount of CHF 11,216,798 by the contribution of CHF 1,216,798 through the R. Geigy-Foundation.
Swiss TPH early adopted Swiss GAAP FER 28 on 1 January 2023. Accordingly, the positions under long-term deferred income have been separated between «long-term deferred in-
come» and «long-term deferred income subsidies FER 28» to ensure the future traceability of the figures.
Of the annual depreciation costs, an amount of CHF 2,086,241 related to «Belo Horizonte» and other investments covered by long-term deferred income, was recognised.
The Fund for the planned «Guest House» investment in Allschwil remained unchanged.
4.15 Self-Managed Income from Research, Education and Services
As per activity
Matching funds + OH SNSF-Projects
Restricted Funds (i.e. SERI) 1,980,000 1,870,000 TOTAL
In 2025, Swiss TPH reduced its share of competitively acquired third-party funding. Self-managed income from research, education and services decreased to CHF 71.1 million in 2025, representing a decline of CHF 11.2 million or 13.6% compared to the previous year (CHF 82.3 million). The decline in revenue was primarily attributable to invoicing in foreign currencies with a strong Swiss franc and further global cuts to investment in global health and project funding.
4.16 Core Contributions from National and Local Government
In addition to the income generated competitively through research grants and service mandates, Swiss TPH receives funding from the local and the national
governments as well as from the University of Basel through a performance agreement:
*Table 4.15: earmarked SERI funds restricted for projects
Existing Agreements on Core Funding
Within the scope of the bi-cantonal contract concerning the common ownership of the University of Basel between the cantons of Basel-Stadt and Basel-Landschaft, Swiss TPH was granted a contribution of CHF 7,083,000 (2024: CHF 6,923,000) for the period of 2025 for structural professor-
ships within the curriculum of the University of Basel.
Based on the new performance agreement between the University of Basel and the Swiss TPH (in force as of 1 January 2026), the following subsidies have been agreed from 2026 onwards.
Based on the service mandate of the governments of the cantons of Basel-Stadt and Basel-Landschaft to the Swiss TPH for the
Based on the “decree regarding the application of Swiss TPH of 30 June 2023 for a federal contribution according to Art. 15 of the Federal Law on the Promotion of Re -
years 2025-2028, the following contributions of the cantons were granted.
As a founding member of the Centre Suisse de Recherches Scientifiques en Côte d’Ivoire (CSRS) and the Ifakara Health Institute (IHI) in Tanzania, Swiss TPH acts as the Leading House on behalf of SERI and administers the following funds based on the performance agreement for the years 2025-2028.
search and Innovation (FIFG) for the years 2025-2028”, the following contributions were approved:
Based on the service agreement for the years 2025-2028, the following contributions were granted for international cooperation with foreign partners.
Health Institute (IHI) in
Centre Suisse de Recherches Scientifiques en Côte d’Ivoire (CSRS)
Based on the service agreement for the years 2021 – 2024, the following contributions were granted for international cooperation with foreign partners.
4.17 Other Operating Income
As per activity
Medical
582,222 662,690
Services 10,400 13,900
TOTAL 1,176,345 1,169,550
Other operating income is income which is not related directly to grant and project contracts such as royalties, consultancies, cafeteria, reimbursed travel cost, etc.
4.18 Change in Unbilled Services
As per activity
Medical Services -523,025 528,830 Education -55,665 91,397
-2,731,888 1,092,650
237,339 -106,741 TOTAL -3,073,240 1,606,136
The increase in unbilled services (CHF 3.1 million) in 2025 was due to invoicing specifications of some work orders in progress.
4.19 Personnel Expenses
As per nature
Personnel expenses decreased by 4.4% or CHF 2.8 million from CHF 62.6 million in 2024 to CHF 59.8 million in 2025. The reduction was mainly driven by lower salary costs (minus CHF 1.1 million), with 19 fewer fulltime equivalent positions on the payroll and social insurance costs (minus CHF 1.3 million). This last item includes CHF 0.8 million in reversals of provisions for taxes abroad due to new calculation method. Travel expenses have shown a decrease of CHF 0.6 million in comparison with 2024. In contrast, short-term consultancy fees increased due to an increase in demand for project implementation activities, resulting in an additional expense of CHF 0.4 million. All expenses and costs are recognised in the Income Statement. In respect of accruals for overtime and vacation refer to notes 4.11 and 4.12.
Pension Funds
Swiss TPH’s pension plan is a pension scheme according to the federal law on occupational pension schemes (BVG) and is part of the “Helvetia Sammelstiftung für Personalvorsorge”, contract number 30935. The funding consists of employers, contributions, employees, contributions and of an
benefit expenses
Sammelstiftung (Employer contribution)
annual interest (1.25% since 1 January 2024). This pension plan is part of a collective plan with reinsurance arrangements (full insurance within the framework of a collective insurance contract), the Swiss TPH is not the risk bearer and therefore no additional payment obligations can arise in case of a deficit.
Board of Governors (Kuratorium) Members of the Board of Governors (CHF; expenses)
No compensation is paid to the Board of Governors. Only defined trip allowances and boarding costs are paid.
Expenses of the Directorate are paid according to the Manual for Employees.
As per nature
> CHF 5,000 with project
Material expenses showed an annual increase of CHF 0.5 million (11.4%) and amounted to CHF 4.8 million in 2025.
4.21 Administrative Expenses
Informatics contains procurement for IT-equipment <CHF 5,000.
4.22 Other Operating Expenses
Other operating expenses decreased by 13.3% (CHF 4.3 million) from CHF 32.5 million in 2024 to CHF 28.2 million in 2025. This decrease has been substantially contributed by lower local project expenditures on project activities (CHF 3.8 million).
Maintenance and rent costs decreased by CHF 0.4 million. Energy costs were reduced (CHF 0.1 million) mainly through energy saving measures.
Note: A donor is listed if more than CHF
The main local expenditures, which include the expenditures of Swiss TPH projects and local offices abroad, were incurred in the following countries: Albania, Benin, Burkina Faso, Burundi, Cameroon, Ivory Coast, Chad, Democratic Republic of Congo, Gambia, Guinea, Kenya, Kosovo, Liberia, Mali, Moldova, Niger, Rwanda, Senegal, South Africa, Tanzania and
Ukraine. The majority of local project expenditures, totalling CHF 21.7 million in 2025 versus CHF 25.5 million in 2024, were spent in Africa (CHF 12.0 million, a decrease of CHF 4.3 million). The local expenditures in the region of Europe remained at CHF 8.8 million in 2025, the same as in 2024.
The financial result for 2025 was negatively impacted by the significant weakness of the dollar and the volatile financial market due to geopolitical events throughout the reporting year. This resulted in a financial loss of CHF -404,980, compared to a profit of CHF +488,107 in 2024. Interest income generated on fixed deposits and in addi-
tion, foreign currency holdings converted into Swiss Franc during favourable market situations could offset further financial losses. This is one of the active risk mitigation measures taken by Swiss TPH management to reduce currency exposure.
In 2025, Swiss TPH reports an extraordinary result of CHF +24,034 compared to CHF 0 in 2024. The extraordinary income of CHF 250,000 resulted from the reversal of the provision for hard ship fund indicated in table 4.14.
An adjustment to the accounting method for leasing liabilities related to the Building in Allschwil resulted in expenses amounting to CHF 225,966 being recorded under extraordinary expenses for the years 2022–2024.
5. Commitments
Total off-balance sheet leasing liabilities which cannot be withdrawn or expire within the next 12 months.
31.12.2025
Item 1 year 2 – 5 years over 5 years
Parking
Building
Building
Student
housing
Westfeld
Basel
Swiss TPH has employed derivative financial instruments as part of its active risk management strategy to mitigate currency risks arising from projects and financing in foreign cur-
31.12.2024
Item 1 year 2 – 5 years over 5
Parking
Building
Building
A forward foreign exchange contract is used to secure a fixed exchange rate (0.7806) for the sale of USD 3,500,000.00 as of 31 March 2026.
In addition, Swiss TPH entered a combination of a purchased put option (strike price
rencies, with a particular focus on the USD. The financial instruments are recognised on the balance sheet at fair value.
0.7400) and a sold call option (strike 0.7925) to hedge the USD exchange rate risk for USD 2,000,000.00 as of 26 June 2026, within a defined range (zero-cost collar structure).
6. Related Party Transactions
The purpose of the R. Geigy-Foundation is to support Swiss TPH in different projects. The following list shows the granting of funds.
Granting of Funds
Strategische Unterstützung
Msc Pamela Quispe
Emilie Pothin, Strengthening Vector Parametrisation
Julia Bohlius, Improving Cervical Cancer Screening
Pema Wangchuk, Understanding Cystic Echinococcosis
Christian Nsanzabana, Mosquito
Frank Tenywa, Understanding Aedes Aegypti
Jasmina Saric, Science Diplomacy 4,000
Peter Steinmann, Sustainability of Health Systems 25,000
Ruffin Assaré, Human Strongyloidiasis in CI
Aita Signorell, Treatment of Subclinical TB 25,000
Unterstützung Projekte Stipendi-
Unterstützung
for HCM
Women and Gender in Global Health
Victoria Maro
Daniel Cobos, Investigating Cancer in the Ukraine
Christian Nsanzabana, Mosquito Infection Platform
Frank Tenywa, Understanding Aedes Aegypti
Zakaria Keita, Rabies Bites Management in Mali
Mar Velarde, Targeting Chagas in Switzerland
Ruffin Assaré, Human Strongyloidiasis in CI
Aita Signorell, Treatment of Subclinical TB
Unterstützung Projekte Stipendienfonds 31,145
Sebastien Gagneux, Tuberkuloseforschung 10,000
Unterstützung Guest House Swiss TPH 670,119
Total 1,304,764
7. Risk Assessment
Swiss TPH actively manages its risks related to the financial statement. A yearly risk assessment considers the probability of occurrence, and the severity of damages of the identified risks and appropriate measures are defined. The risk assessment is performed by the Directorate and then subsequently reviewed and approved by the Board of Governors.
8. Approval of Financial Statements
These financial statements were prepared and approved by the management of Swiss TPH as representatives of the Board of Directors. They are subject to final approval by the Board of Governors (Kuratorium) on 07 May 2026.
Kreuzstrasse 2, 4123 Allschwil, Switzerland
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