Financial Report 2025

FINANCIAL REPORT 2025

Financial Report 2025

3

Comment on the Financial Report 2025

4

Balance Sheet

5

Income Statement

5

Statement of Changes in Equity

6

Cash Flow Statement

7

Notes

30

Report of the Auditors

2

Swiss TPH

Financial Report 2025

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).

Swiss TPH

3

Financial Report 2025

Balance Sheet

Notes

31.12.2025 CHF

31.12.2024 CHF

4.1

28,247,317

19,292,739

0

480,007

4.2

7,405,923

11,742,951

146,142

138,000

Other short-term receivables

4.3

4,734,302

3,918,302

Provision for bad debts

4.4

-103,000

-131,100

Prepayments and accrued income

4.5

10,495,265

7,564,808

Inventories

4.6

142,837

129,524

51,068,787

43,135,230

Assets Cash and cash equivalents Projects abroad Receivables from services R. Geigy-Foundation

Current assets Building

4.7

1,578,664

1,904,140

Equipment

4.7

7,592,990

9,055,217

Assets under construction

4.8

0

0

Long-term financial assets

4.9

2,060,429

60,278

Intangible assets

4.7

15,019

1,163,794

Non-current assets

11,247,101

12,183,429

Total assets

62,315,888

55,318,658

Payables from goods and services

2,349,502

2,831,694

Other payables

2,623,101

2,320,861

4,500

7,150

42,356,845

30,060,111

Liabilities and equity

Key deposit Accrued liabilities and deferred income

4.11

Short-term provisions

4.12

Current liabilities

2,332,862

2,399,860

49,666,810

37,619,676 1,290,606

Other long-term liabilities

4.13

1,129,836

Long-term provisions

4.14

2,052,762

3,099,678

Long-term deferred income

4.14

1,877,891

2,063,491

Long-term deferred income FER 28

4.14

2,345,769

4,246,409

Non-current liabilities

7,406,258

10,700,184

Total liabilities

57,073,068

48,319,860

6,998,799

7,619,045

Equity on January 1st Result of the year

-1,755,979

-620,246

Total equity at the end of the year

5,242,820

6,998,799

Total liabilities and equity

62,315,888

55,318,658

4

Swiss TPH

Financial Report 2025

Income Statement

Notes

2025 CHF

2024 CHF

Self-managed income from research, education and services

4.15

71,050,907

82,260,089

Core funding national and local government

4.16

22,761,000

23,065,000

Other operating income

4.17

1,176,345

1,169,550

Change in unbilled services

4.18

3,073,240

-1,606,136

98,061,492

104,888,502

Total operating income Personnel expenses

4.19

-59,796,783

-62,559,170

Material expenses

4.20

-4,756,838

-4,270,235

Depreciation of tangible assets

4.7

-2,170,897

-2,458,666

Amortization on intangible assets

4.7

-1,148,775

-1,198,675

Recognition of long-term deferred income

4.14

185,600

478,227

Recognition of long-term deferred income FER 28

4.14

1,900,641

1,900,692

Administrative expenses

4.21

-5,443,367

-5,361,095

Other operating expenses

4.22

-28,206,105

-32,527,932

-99,436,524

-105,996,855

-1,375,032

-1,108,353

-404,980

488,107

-1,780,013

-620,246

Total operating expenses Operating result Financial result

4.23

Ordinary result Extraordinary result

4.24

24,034

0

-1,755,979

-620,246

2025 CHF

2024 CHF

Equity as of 1 January

6,998,799

7,619,045

Result of the year

-1,755,979

-620,246

Equity as of 31 December

5,242,820

6,998,799

Result of the year

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 ra-

Notes

tio decreased to 8.4% in 2025 compared to 12.7% in 2024.

Swiss TPH

5

Financial Report 2025

Statement of Cash Flows for the Year Ended 31 December Notes

31.12.2025 CHF

31.12.2024 CHF

-1,755,979

-620,246

269,049

2,935,886

2,170,897

2,458,666

Cash flows from operating activities Result of the year Adjustments for non-cash income and expenses Depreciation of tangible assets

4.7

Depreciation of project investments

4.7

105,405

446,723

Amortization of intangible assets

4.7

1,148,775

1,198,675

44,127

52,745

Losses for bad debts Decrease (–) / Increase (+) in long-term provisions

4.14

-1,046,915

404,314

Decrease (–) / Increase (+) in long-term deferred income (incl. FER 28)

4.14

-2,086,241

-1,708,800

Decrease (–) / Increase (+) in short-term provisions

4.12

-66,998

83,562

Changes in operating assets and liabilities

12,930,25

-5,029,019

Increase (–) / Decrease (+) in receivables

3,920,665

-242,798

-2,930,457

872,491

Increase (–) / Decrease (+) in prepayments and accrued income

4.5

Increase (–) / Decrease (+) in inventories

4.6

Decrease (–) / Increase (+) in payables Decrease (–) / Increase (+) in accrued liabilities and deferred income Decrease (–) / Increase (+) in long-term liabilities and long-term deferred income

4.13

Cash inflow from operating activities

-13,314

– 3,718

-182,602

-591,741

12,296,735

-4,945,482

-160,770

-117,772

11,443,327

-2,713,380

Cash flows from investing activities Outflows for purchase of tangible assets

4.7

-488,599

-1,348,337

Inflows from disposals of tangible assets

4.7

0

0

Inflows from subsidies for fire protection measure

4.7

0

0

Outflows for purchase of intangible assets

4.7

0

0

Inflows from disposals of intangible assets

4.7

0

0

Out-/inflows for investment in financial assets

4.9

-2,000,151

2,258

Cash drain from investing activities

-2,488,749

-1,346,079

Cash inflow from financing activities

0

0

8,954,578

-4,059,459

-71,026

-23,739

Net de-/increase in cash and cash equivalents - thereof blocked by projects - thereof fully disposable

9,025,604

-4,035,720

Cash and cash equivalents at beginning of year

19,292,739

23,352,198

Cash and cash equivalents at end of year

28,247,317

19,292,739

- thereof blocked by projects

2,510,598

2,581,624

- thereof fully disposable

25,736,719

16,711,115

6

Swiss TPH

Financial Report 2025

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

Swiss TPH

7

Financial Report 2025 recognised in the income statement.

Fixed assets at costs less than CHF 5,000 are not capitalised.

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.

Asset category

Annual Useful life in depreciayears tion rate

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.

Land

0.0%

0

Buildings Allschwil / Basel

3.0%

33.3

Building installations Allschwil / Basel

5.0%

20.0

Furniture

10.0%

10.0

Impairment of Assets

Laboratory equipment

12.5%

8.0

Medical equipment

20.0%

5.0

Offices machines, communication systems

20.0%

5.0

Vehicles

20.0%

5.0

Tools, utensils

10.0%

10.0

Software / hardware

25.0%

4.0

Collections, books, movies

10.0%

10.0

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

Assets in leasing

8

Swiss TPH

Depending on contracts

Financial Report 2025 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: Due amount

Days past due

Provision

<CHF 30,000

>0

2%

>CHF 30,000

1 – 90

2%

>CHF 30,000

91 – 180

15%

>CHF 30,000

181 – 270

30%

>CHF 30,000

271 – 360

50%

>CHF 30,000

>360

100%

Payables

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 are recorded at their fair value, represented by the amount to pay.

Swiss TPH

9

Financial Report 2025

4. Notes on the Financial Statement 4.1 Cash and Cash Equivalents

2025 CHF

2024 CHF

Cash in hand

45,627

57,367

Post accounts

902,222

184,753

Bank accounts

24,788,869

16,468,995

Cash and cash equivalents projects abroad

2,510,598

2,581,624

Bank accounts in Basel and Baselland

1,102,345

1,175,234

9,794

5,906

Cash in hand Bank accounts abroad TOTAL

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 Services

2025 CHF

1,398,459

1,400,483

28,247,317

19,292,739

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.

Foreign currency

Exchange rate

2024 CHF

Foreign currency

Exchange rate

Open positions in CHF

4,493,324

7,078,090

Open positions in USD

1,604,139

2,024,789

0.7922

3,563,746

3,932,409

0.9062

Open positions in EUR

738,294

793,438

0.9305

500,000

532,793

0.9385

Open positions in GBP

10,639

9,983

1.0657

148,754

131,056

1.1350

Receivables from medical and diagnostic services

559,527

452,362

Medical services

89,439

55,141

Diagnostics

470,088

397,221

7,405,923

11,742,951

TOTAL

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

Staff advances Advances for project activities

increase in unbilled services towards the end of the year and the implementation of an effective dunning process.

2025 CHF

2024 CHF

49,500

54,000

4,401,884

3,532,348

Withholding tax

157,986

216,121

Basel based rent deposits

115,834

115,834

Fixed deposits Other receivables TOTAL

Other short-term receivables increased by CHF 0.8 million in 2025 compared to the previous year due to the increased number

10

Swiss TPH

0

0

9,098

0

4,734,302

3,918,302

of advances for projects to be implemented locally or for subcontractors within project assignments.

Financial Report 2025 4.4 Provision for Bad Debts

Provision in %

Amount CHF

2025 Provision CHF

Provision in %

Amount CHF

2024 Provision CHF

2% 3,663,925

73,278

2%

4,748,398

94,968

Amounts due >CHF 30,000 1 – 90 days 90 – 180 days

15%

0

0

15%

0

0

180 – 270 days

30%

0

0

30%

0

0

270 – 360 days

50%

0

0

50%

0

0

>360 days

100%

0

0

100%

0

0

2% 1,485,302

29,706

2%

1,806,577

36,132

Amounts due <CHF 30,000 >0 days TOTAL

102,985

131,099

Provision for bad debts (rounded)

103,000

131,100

Payments up to 7 February 2026 are included in the calculation.

4.5 Prepayments and Accrued Income

Advance payments projects

2025 CHF

2024 CHF

8,421,117

5,347,877

Prepayments pension funds

835,234

744,052

Overhead contribution for SNSF projects

594,860

585,522

Accounts paid in advance

644,054

887,357

10,495,265

7,564,808

TOTAL

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 4.6 Inventories

number in unbilled services for project activities.

2025 CHF

2024 CHF

Vaccines

142,837

129,524

TOTAL

142,837

129,524

The marginal increase in stocks for vaccines is due to preventive purchase

Swiss TPH

11

Financial Report 2025

4.7 Tangible and Intangible Assets Tangible assets

Land and Assets buildings under conwithout struction CIP (Land and Buildings)

Land and Laboratory Other buildings equipment equipment

Assets under construction (Equipment)

Equipment

1,164,022

697,071

1,861,094

6,068,262

4,587,054

0

10,655,316

1,653,351

697,071

2,350,422

292,627

368,523

661,149

9,973,079

6,526,868

0

16,499,947

172,907

67,558

0

240,464

1,065,593 -1,065,593

Net carrying amount 1 January 2024 Cost 1 January 2024 Additions Reclassifications

0

0

0

0

0

0

0

0

-398,408

-91,682

0

-490,090

3,011,571

0

3,011,571

9,747,577 6,502,744

0

16,250,321

1 January 2024

489,329

0

489,329

3,904,817

1,939,813

0

5,844,631

Annual depreciation*

618,103

0

618,103

1,081,013

759,550

0

1,840,563

Impairment

0

0

0

0

0

0

0

Reclassification

0

0

0

0

0

0

0

0

-398,408

-91,682

0

-490,090

1,107,431 4,587,422 2,607,681

0

7,195,104

5,160,155 3,895,062

0

9,055,218

Disposals 31 December 2024 Accumulated depreciation

Disposals 31 December 2024

0

0

1,107,431

0

1,904,139

0 1,904,140

Net carrying amount 31 December 2024 Net carrying amount 1 January 2025

1,904,139

697,071

1,904,140

5,160,155

3,895,062

0

9,055,217

3,011,571

0

3,011,571

9,747,577

6,502,744

0

16,250,321

Additions

0

0

0

225,273

157,921

0

383,194

Reclassifications

0

0

0

0

0

0

0

Disposals

0

0

0

-427,926

-265,998

0

-693,924

3,011,571

0

3,011,571 9,544,924 6,394,667

0

15,939,591

1 January 2025

1,107,431

0

1,107,431

4,587,422

2,607,681

0

7,195,104

Annual depreciation*

325,476

0

325,476

1,074,970

770,450

0

1,845,421

Impairment

0

0

0

0

0

0

0

Reclassification

0

0

0

0

0

0

0

0

0

Cost 1 January 2025

31 December 2025 Accumulated depreciation

Disposals 31 December 2025

-427,925

-265,998

0

-693,923

1,432,907

0

0 1,432,907 5,234,467

3,112,134

0

8,346,601

1,578,663

0 1,578,663 4,310,457 3,282,533

0

7,592,990

Net carrying amount 31 December 2025

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

12

Swiss TPH

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.

Financial Report 2025

Total without Projects

Projects

Total tangible assets

Software Software work in progress

Intangible assets

Total intangible assets

Total fixed assets register

2,362,469

0 2,362,470

14,878,880

6,418,739

0

0

0

0

0

0

0

-108,854

0

-108,854

-704,074

Net carrying amount 12,516,410

0

12,516,410

1 January 2024 Cost

18,850,367

3,625,134

22,475,503

1 January 2024

901,614

446,723

1,348,337

Additions

0

0

0

-490,090

-105,130

-595,220

19,261,890 3,966,727

23,228,620

Reclassifications Disposals 31 December 2024

6,418,739 28,894,242 0

1,348,337

6,309,885

0 6,309,886 29,538,506

Accumulated amortization 6,333,959

3,625,134

9,959,093

1 January 2024

4,056,270

0 4,056,270

14,015,363

2,458,666

446,723

2,905,389

Annual amortization* (see p.14)

1,198,675

0

1,198,675

4,104,064

0

0

0

Impairment

0

0

0

0

0

0

0

Reclassification

0

0

0

0

-490,090

-105,130

-595,220

-108,854

-704,074

8,302,535 3,966,727

12,269,262

Disposals

-108,854

0

31 December 2024

5,146,091

0 5,146,091 17,415,353

1,163,794

0 1,163,795 12,123,153

1,163,794

0

6,309,885

0 6,309,885 29,538,504

Net carrying amount 10,959,355

0

10,959,358

31 December 2024 Net carrying amount

10,959,358

0

10,959,358

19,261,890

3,966,727

23,228,620

383,194

105,405

488,599

1 January 2025

1,163,795

12,123,153

Cost

0

0

0

-693,924

-96,255

-790,179

18,951,160 3,975,877

22,927,040

8,302,535

3,966,727

12,269,262

2,170,897

105,405

2,276,302

0

0

0

0

0

0

-693,923

-96,255

-790,178

9,779,509 3,975,877

13,755,385

1 January 2025 Additions Reclassifications Disposals 31 December 2025

0

0

0

488,599

0

0

0

0

-855,529

0

-855,529

-1,645,707

5,454,357

0 5,454,357 28,381,397

1 January 2025

5,146,091

0

5,146,091

17,415,353

Annual amortization* (see p.14)

1,148,775

0

1,148,775

3,425,077

Impairment

0

0

0

0

Reclassification

0

0

0

0

0

-855,529

-1,645,707

Accumulated amortization

Disposals

-855,529

31 December 2025

5,439,338

0 5,439,338 19,194,723

Net carrying amount 9,171,652

0

9,171,654

31 December 2025

The recognition of long-term deferred income for «Belo Horizonte» and other investments has been presented as netting within operating expenses, in

15,019

0

15,019

9,186,673

accordance with the adoption to the Swiss GAAP FER 28.

Swiss TPH

13

Financial Report 2025

(*) 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 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 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 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 No

Project

Item

Date of purchase

Value in CHF

921.0

7826 - MCDI EGMVI 01.15 - 12.23

diaxxo Diaxxo Care device M2

01.05.2025

15,281

923.0 924.0

5920 - Novartis KALUMA 10.22-06.27

TITAN Freezer Haier ULT -86

01.06.2025

8,607

5805 - Genotyping 09.18-12.31

Labgene Biometra TOne 96G PCR machine

01.05.2025

6,616

925.0

7421 - NIH R01 02.15-03.25

SBT Instruments BactoBox

01.07.2025

14,871

926.0

3411 - RGS EchiStudyBTN 01.25-12.25

Ngangpa Mindray MX7 Ultrasound System

01.07.2025

15,521

927.0

5805 - Genotyping 09.18-12.31

Qiagen QIAxcel Connect

01.07.2025

44,508

Total Additions

105,405

2025 Disposals No

Project

Item

262.0

7700 - TBEU Management CC S. Gagneux

Tiefkühlschrank 793L -86°C

309.0

7300 - GRU Management

467.0

4000 - CDE EXS Management CC NCP

915.0

4038 - Roche CoDuBu - Follow up 01.2412.25

Hettich Tischzentrifuge

Total Disposals Total 2025

14

Swiss TPH

Date of purchase

Value in CHF

01.04.2011

16,743

Genepix 4000B USB with Genepix Pro 7.1

01.10.2012

50,215

Universal 320 R Tischzentrifuge (3)

01.06.2017

21,113

01.11.2024

8,183 96,255 9,150

Financial Report 2025 2024 Additions No

Project

Item

Date of purchase

Value in CHF

913.0

4038 - Roche CoDuBu - Follow up 01.2412.25

Axonlab 2xSpotchem

01.11.2024

13,728

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

01.11.2024

10,540

912.0

4416 - BAFU NIR 11.22-10.26

Dell Precision 7875 Tower

01.11.2024

8,183

01.09.2024

7,716

900.0

5805 - Genotyping 09.18-12.31

LifeTechno qPCR machine Quantstudio 5

01.05.2024

45,740

909.0

5805 - Genotyping 09.18-12.31

Agilent Tape Station (20K Teilbetrag von 906)

01.08.2024

20,000

910.0

5805 - Genotyping 09.18-12.31

Labgene Biometra TOne 96

01.09.2024

6,849

911.0

5805 - Genotyping 09.18-12.31

Labgene Biometra TOne 96G

01.09.2024

7,420

917.0

5805 - Genotyping 09.18-12.31

Qiagen QIAsymphony SP System

01.11.2024

135,163

918.0

5805 - Genotyping 09.18-12.31

Eppendorf epMotion 5075t NGS Solution

01.12.2024

109,605

897.0

7130 - SNF UniBS PRIMA COROVIA 01.2312.27

MSD MESO QuickPlex SQ 120MM (25K Teilbetrag von 898)

01.03.2024

25,000

908.0

7442 - Swiss TPH Research Fund SMOOTH 05.23-04.25

Agilent Tape Station

01.08.2024

6,000

895.0

7460 - SNF_Prima "SHE" 08.21-07.26

Leica okolab uno premixed controller & incubator

01.02.2024

11,719

907.0

7700 - TBEU Management CC S. Gagneux

Agilent Tape Station

01.08.2024

10,000

902.0

8042 - KfW OCEAC / PPSAC PH6 08.2307.26

Toyota Fortuner 7P Grey PPSAC

01.07.2024

Total Additions

29,061 446,723

2024 Disposals No

Project

Item

Date of purchase

Value in CHF

333.0

4014 - SNF/UniBS Sapaldia 5 18-22 (gesp.19.1.24)

Ultra-Tiefkühlschrank Brouwer DFU 830 Green Line

386.0

01.07.2013

16,482

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

01.02.2019

6,967

562.0

8526 - KfW MTN/NTD Phase I 09.17-12.23 (gesp. 18.3.24)

KIA Sportage MY2020

01.04.2020

40,044

599.0

3400 - HAHU-OH Management J. Zinsstag

HDE60086FV

01.03.2021

27,926

Total Disposals

105,130

Total 2024

341,593

Swiss TPH

15

Financial Report 2025

4.8 Assets under Construction Description

Category 01.01.2025

Renovation Reiseklinik Turmhaus

Tangible

Total

4.9 Long-Term Financial Assets

Employer contribution reserves of the pension fund

Change 31.12.2025 01.01.2024

Change 31.12.2024

0

0

0

697,071

-697,071

0

0

0

0

697,071

-697,071

0

2025 CHF

2024 CHF

60,429

60,278

Co-operative share wohnen&mehr

2,000,000

0

TOTAL

2,060,429

60,278

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 Short-term payables Carrying amount (Land and buildings, refer to note 4.7)

2025 CHF

2024 CHF

0

0

0

0

1,578,663

1,904,140

There is no existing mortgage in 2025 as Swiss TPH does not own any buildings.

4.11 Accrued Liabilities and Deferred Income

2025 CHF

2024 CHF

40,657,963

28,697,608

Swiss National Science Foundation projects - overhead

979,456

916,677

Provision for audit BDO

30,355

38,700

Overtime to be paid in the following year

25,027

30,164

Employer,s liability insurance

0

0

Extraordinary compensations paid in the following year

0

0

Projects

Other accrued liabilities TOTAL

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-

16

Swiss TPH

664,045

376,962

42,356,845

30,060,111

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.

Financial Report 2025 4.12 Short-Term Provisions Not compensated vacation Changes of provisions

Advances Court Cases

Research fund

Total

CHF

CHF

CHF

CHF

CHF

1,640,612

234,000

302,167

139,519

2,316,298

8,562

-30,000

105,000

0

83,562

Carrying amount as per 31.12.2024

1,649,173

204,000

407,167

139,519

2,399,860

Carrying amount as per 01.01.2025

1,649,173

204,000

407,167

139,519

2,399,860

-81,998

15,000

0

0

-66,998

1,567,176

219,000

407,167

139,519

2,332,862

Carrying amount as per 01.01.2024 Increase/decrease 2024

Increase/decrease 2025 Carrying amount as per 31.12.2025

New Provisions Not applicable Remaining Provisions Not compensated vacation: The provision for employee vacation credits was re-evaluated

Court Cases: Not applicable Research Fund: Not applicable Reversal of Provisions Not applicable

Advances: Advances granted to a partner institution for which a significant recovery exists were re-evaluated 4.13 Other Long-Term Liabilities

2025 CHF

2024 CHF

Swiss National Science Foundation projects - Overhead (long term)

1,129,836

1,290,606

TOTAL

1,129,836

1,290,606

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.

Swiss TPH

17

Financial Report 2025

4.14 Long-Term Provisions / Long-Term Deferred Income

Changes of long-term provisions Carrying amount as per 01.01.2024

Funds for collaborators in case of hardship

Potential taxes abroad

End of contract payments

SDCAlbania salary provision

Office SDC-TEMT Rwanda salary salary provision provision

Total

CHF

CHF

CHF

CHF

CHF

CHF

CHF

500,000

1,900,652

217,884

7,632

53,382

15,814

2,695,364

Increase 2024

0

485,706

0

11,920

0

4,866

502,493

Decrease 2024

0

0

-85,484

0

-12,694

0

-98,179

Carrying amount as per 31.12.2024

500,000 2,386,358

132,399

19,553

40,688

20,680

3,099,678

Carrying amount as per 01.01.2025

500,000

2,386,358

132,399

19,553

40,688

20,680

3,099,678

Increase 2025

0

0

9,587

8,057

0

0

17,645

Decrease 2025

-250,000

-801,783

0

0

-307

Carrying amount as per 31.12.2025

250,000

1,584,575

141,986

27,610

40,380

-12,469 -1,064,560 8,211

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.

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.

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.

According to local labour law in various project countries, such as the Democratic Republic of Congo, Cameroon, Tanzania, Albania and Rwanda, end of contract payments is to be borne by the employer.

The provision for potential taxes abroad is recognised for those countries where expa-

18

Swiss TPH

2,052,762

Financial Report 2025

Belo Horizonte deferred income R. GeigyFoundation

Turmhaus Belo HorizonInvestment te SolaranR. Geigylage Foundation R. GeigyFoundation

Guest House Total long- Belo HorizonR. Geigy- term deferred te long-term Foundation income deferred income subsidies FER 28

Changes of long-term deferred income

CHF

CHF

CHF

CHF

CHF

CHF

Carrying amount as per 01.01.2024

912,598

335,000

624,000

0

1,871,598

6,147,101

Increase 2024

0

0

0

670,119

670,119

0

Decrease 2024

-152,100

-33,500

-292,627

0.0

-478,227

-1,900,692

Reclassification 2024

0

0

-331,373

331,373

0

0

Carrying amount as per 31.12.2024

760,498

301,500

0

1,001,493

2,063,491

4,246,409

Carrying amount as per 01.01.2025

760,498

301,500

0

1,001,493

2,063,491

4,246,409

Increase 2025

0

0

0

0

0

0

Decrease 2025

-152,100

-33,500

0

0

-185,600

-1,900,641

0

0

0

0

0

0

608,398

268,000

0

1,001,493

1,877,891

2,345,769

Reclassification 2025 Carrying amount as per 31.12.2024

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.

Swiss TPH

19

Financial Report 2025 4.15 Self-Managed Income from Research, Education and Services

2025 CHF

2024 CHF

Medical services

9,636,139

9,578,158

Education

1,797,883

1,653,821

Research

31,808,159

39,186,952

Services

25,135,876

29,397,423

As per activity

Matching funds + OH SNSF-Projects Restricted Funds (i.e. SERI) 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

692,851

573,735

1,980,000

1,870,000

71,050,907

82,260,089

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:

2025 CHF

2024 CHF

4,000,000

4,000,000

Canton Basel-Stadt

4,178,000

4,000,000

University of Basel

7,083,000

6,923,000

Swiss National Government

7,500,000

8,142,000

Canton Basel-Landschaft

Swiss National Government (leading house activities)* Subtotal

0

0

22,761,000

23,065,000

0

0

22,761,000

23,065,000

1,980,000

1,870,000

Deferred income TOTAL Swiss National Government (leading house activities)* *Table 4.15: earmarked SERI funds restricted for projects

Overview of the Past Years

2025 CHF

2024 CHF

2023 CHF

2022 CHF

Canton Basel-Landschaft

4,000,000

4,000,000

4,000,000

4,000,000

Canton Basel-Stadt

4,178,000

4,000,000

4,000,000

4,000,000

National Government

7,500,000

8,142,000

8,219,800

8,100,900

6,923,000

6,769,000

6,608,000

23,065,000 22,988,800

22,708,900

University of Basel TOTAL

20

Swiss TPH

7,083,000 22,761,000

Financial Report 2025 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.

2026 CHF

2027 CHF

2028 CHF

2029 CHF

University of Basel

7,821,778

7,821,778

7,821,778

7,821,778

Based on the service mandate of the governments of the cantons of Basel-Stadt and Basel-Landschaft to the Swiss TPH for the

years 2025-2028, the following contributions of the cantons were granted.

Canton Basel-Landschaft

2025 CHF

2026 CHF

2027 CHF

2028 CHF

4,000,000

4,000,000

4,000,000

4,000,000

Canton Basel-Stadt

4,178,000

4,178,000

4,178,000

4,178,000

TOTAL

8,178,000

8,178,000

8,178,000

8,178,000

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-

Swiss Federal Government

2025 CHF

2026 CHF

2027 CHF

2028 CHF

7,500,000

7,700,000

8,250,000

8,550,000

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.

Earmarked SERI funds (table 4.15)

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.

2025 CHF

2026 CHF

2027 CHF

2028 CHF

Bilateral Cooperation

845,000

364,000

508,500

1,082,900

Ifakara Health Institute (IHI) in Tanzania

547,500

527,500

527,500

527,500

Centre Suisse de Recherches Scientifiques en Côte d’Ivoire (CSRS)

587,500

527,500

527,500

527,500

1,980,000

1,419,000

1,563,500

2,137,900

TOTAL SERI (SBFI)-LEADING HOUSE

Based on the service agreement for the years 2021 – 2024, the following contribu-

tions were granted for international cooperation with foreign partners.

Swiss TPH

21

Financial Report 2025

4.17 Other Operating Income

2025 CHF

2024 CHF

As per activity Medical Services

296,499

237,351

Education

287,224

255,608

Research

582,222

662,690

Services

10,400

13,900

1,176,345

1,169,550

2025 CHF

2024 CHF

-523,025

528,830

TOTAL

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 Education

-55,665

91,397

Research

-2,731,888

1,092,650

Services

237,339

-106,741

-3,073,240

1,606,136

2025 CHF

2024 CHF

Salaries

41,671,173

42,773,737

Allowances

1,302,569

1,331,649

Social insurance

5,723,078

7,068,030

Consultancies

6,953,419

6,580,480

TOTAL

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

Recruiting

26,480

34,351

Continuous education

1,444,234

1,471,961

Travel expenses

1,951,398

2,569,560

724,432

729,402

59,796,783

62,559,170

Other personal costs TOTAL

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 ex-

22

Swiss TPH

penses 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.

Financial Report 2025 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

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.

2025 CHF

2024 CHF

Helvetia Sammelstiftung (Employer contribution)

2,978,662

2,995,714

TOTAL

2,978,662

2,995,714

2025 CHF

2024 CHF

Members of the Board of Governors (CHF; expenses)

0

0

Heads

9

9

Pension benefit expenses

Compensation Board of Governors (Kuratorium)

No compensation is paid to the Board of Governors. Only defined trip allowances and boarding costs are paid.

Directorate salaries Members of the Directorate (CHF; salaries only)

1,322,966

1,367,794

Heads

7

7

FTE

6.8

6.8

2025 CHF

2024 CHF

Investments > CHF 5,000 with project funds (not capitalised)

105,405

446,723

Equipment < CHF 5,000

179,245

172,523

Expenses of the Directorate are paid according to the Manual for Employees.

4.20 Material Expenses As per nature

Consumables

4,433,673

3,621,603

Documentation

3,947

-1,693

Periodical publications

28,993

23,272

Books

5,575

7,807

TOTAL

4,756,838

4,270,235

Material expenses showed an annual increase of CHF 0.5 million (11.4%) and amounted to CHF 4.8 million in 2025.

Swiss TPH

23

Financial Report 2025 4.21 Administrative Expenses

2025 CHF

2024 CHF

2,376,163

2,292,841

As per nature Informatics Office material, printed matters

111,276

118,378

Phone, fax, internet

204,190

231,581

Postage

145,775

148,744

Audit fees headquarters

70,290

93,651

Audit fees projects

133,674

45,952

Consultancy fees

1,141,725

1,101,066

Expenses meetings, guests, seminaries

878,951

922,459

Donations, fees TOTAL

381,322

406,423

5,443,367

5,361,095

Informatics contains procurement for IT-equipment <CHF 5,000.

4.22 Other Operating Expenses

2025 CHF

2024 CHF

4,200,244

4,615,652

870,469

794,074

As per nature Maintenance and rent Maintenance, repair of equipment Vehicle costs

3,931

2,346

Insurance

97,708

113,800

Energy, disposal

1,214,117

1,275,743

Marketing and PR

122,672

206,567

Project expenditures abroad

21,696,966

25,519,751

TOTAL

28,206,105

32,527,932

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).

24

Swiss TPH

Maintenance and rent costs decreased by CHF 0.4 million. Energy costs were reduced (CHF 0.1 million) mainly through energy saving measures.

Financial Report 2025 Project expenditures abroad by donors SDC (Swiss Agency for Development and Cooperation)

2025 CHF

2024 CHF

10,763,972

11,421,308

EC (European Commission)

2,859,076

3,789,944

GF (Global Fund to Fight AIDS, Tuberculosis and Malaria)

1,085,898

1,334,295

Novartis

1,075,190

403,377

SERI (State Secretariat for Education, Research and Innovation)

852,749

1,575,967

Swiss TPH (institutional projects)

775,836

1,073,230

SNSF (Swiss National Science Foundation)

471,370

390,521

F. Hoffmann - La Roche AG

348,715

Basel Research Centre for Child Health

336,682

598,354

GAVI (The Vaccine Alliance)

296,497

36710.49

Firmenich

280,370

0

Other (co-financing of divers institutions)

278,754

492,669

Pact Inc. (USAID)

214,991

1,073,651

KfW (Kreditanstalt für Wiederaufbau)

198,773

190,201

Kanton Basel-Stadt für Tanzania

191,258

181,051

Good Ventures Foundation

182,529

0

EDCTP (European and Developing Countries Clinical Trials Partnership)

162,983

1,123,353

SNIS (Swiss Network for Intern. Studies)

153,166

174,202

Gates Foundation (former BMGF)

132,290

0

University Hospital Basel

128,500

80,000

BioMérieux

125,293

0

Universität Basel

107,366

0

Silicon Valley Community Foundation

78,338

0

GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit)

78,112

81,493

VKA Polymers

75,192

0

Stanley Thomas Johnson Foundation

72,013

0

Stifterverband für die Deutsche Wissenschaft

70,378

0

Velux Stiftung

68,596

0

Terre des hommes

65,179

0

ETH Zürich

61,567

0

Else Kröner Fresenius Stiftung

47,532

65,980

Sumaya Biotech GmbH & Co. KG

25,827

426,298

FIND

24,290

22,301

6,687

7,751

ICRC (Intern. Committee of Red Cross) R. Geigy-Foundation

999

2,341

Fondation Botnar

0

454,126

Uni Heidelberg

0

163,247

Eckenstein-Geigy-Stiftung

0

100,000

Uniscienta Stiftung

0

93,318

Elrha

0

71,352

Biovision

0

36,707

Health Effects Institute

0

33,939

UniSanté (University Medical Polyclinic Lausanne)

0

15,498

SAMW

0

6,566

21,696,966

25,519,751

Note: A donor is listed if more than CHF 40,000 is expensed in 2024 or in 2025.

Swiss TPH

25

Financial Report 2025

2025 CHF

2024 CHF

0

0

Southern Africa

2,017,424

2,499,095

Eastern Africa

3,445,515

6,025,117

Western Africa

2,763,192

3,424,140

Project expenditures abroad by geographical regions Northern Africa

Middle Africa

3,824,566

4,376,380

12,050,697

16,324,732

Southern Asia

396,341

29,183

South-Eastern Asia

84,599

10,479

Central Asia

18,828

0

Eastern Asia

0

0

Africa

Western Asia

131,979

14,293

Asia

631,747

53,955

Eastern Europe

7,026,512

7,105,761

Western Europe

1,786,139

1,644,160

Europe

8,812,650

8,749,921

Northern America

71,695

141,783

Northern America

71,695

141,783

South America

108,641

202,313

0

0

108,641

202,313

Oceania

21,535

47,047

Oceania

21,535

47,047

TOTAL

21,696,966

25,519,751

Central America Latin America and the Caribbean

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

26

Swiss TPH

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.

Financial Report 2025 4.23 Financial Result

2025 CHF

2024 CHF

0

0

Financial income Interests on bank- and post accounts Interests on fixed deposits and call money

111,243

351,247

Exchange rate differences (gains)

502,028

888,091

Total financial income

614,124

1,239,427

2025

2024

CHF

CHF

Card fees

-33,975

-28,474

Bank accounts fees

Financial expenses

-34,629

-28,884

Interest on mortgages

0

0

Interest on arrears

-2

-839

Other interests

0

-808

-950,497

-692,316

0

0

Total financial expenses

-1,019,104

-751,320

Financial result end of the year

-404,980

488,107

Exchange rate differences (losses) Miscellaneous

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 addi4.24 Extraordinary Result

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.

2025 CHF

2024 CHF

Extraordinary income

250,000

0

Extraordinary expenditures

-225,966

0

TOTAL extraordinary result

24,034

0

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.

Swiss TPH

27

Financial Report 2025

5. Commitments Total off-balance sheet leasing liabilities which cannot be withdrawn or expire within the next 12 months.

31.12.2025

31.12.2024

Item

1 year 2 – 5 years

Parking slots Building Allschwil

104,606

418,426

2,165,636 8,662,544

over 5 years 3,765,830

Parking slots

34,650,176

Building Allschwil Building Basel

Building Basel

236,280

945,120

826,980

Student housing Westfeld Basel

249,924

999,696

0

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 curUnderlying / Instrument Type Currency

Item

1 year 2 – 5 years

104,606

over 5 years

418,426

3,870,437

2,165,636 8,662,544

36,815,812

200,280

801,120

700,980

rencies, with a particular focus on the USD. The financial instruments are recognised on the balance sheet at fair value.

Nominal

Purpose

USD

Active Values (CHF)

Passive Values (CHF)

Foreign exchange forward transaction (Forward)

3,500,000 Hedging

0

15,346

Forex Put Option (purchased)

2,000,000 Hedging

5,950

0

Forex Call Option (sold)

2,000,000 Hedging

0

18,764

5,950

34,111

Total Forex derivatives

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

28

Swiss TPH

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).

Financial Report 2025

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

2025 CHF

Granting of Funds

2024 CHF

Strategische Unterstützung Swiss TPH

250,000

Strategische Unterstützung Swiss TPH

Msc Pamela Quispe

25,000

Scholarship for HCM

17,000

Emilie Pothin, Strengthening Vector Parametrisation

50,000

Symposium Women and Gender in Global Health

10,000

Julia Bohlius, Improving Cervical Cancer Screening

30,000

MBA Victoria Maro

1,500

Pema Wangchuk, Understanding Cystic Echinococcosis

20,000

Christian Nsanzabana, Mosquito Infection Platform

30,000

Frank Tenywa, Understanding Aedes Aegypti

22,500

Jasmina Saric, Science Diplomacy

250,000

Daniel Cobos, Investigating Cancer in the Ukraine

50,000

Christian Nsanzabana, Mosquito Infection Platform

100,000

Frank Tenywa, Understanding Aedes Aegypti

30,000

4,000

Zakaria Keita, Rabies Bites Management in Mali

50,000

25,000

Mar Velarde, Targeting Chagas in Switzerland

40,000

Ruffin Assaré, Human Strongyloidiasis in CI

20,000

Ruffin Assaré, Human Strongyloidiasis in CI

20,000

Aita Signorell, Treatment of Subclinical TB

25,000

Aita Signorell, Treatment of Subclinical TB

25,000

Unterstützung Projekte Stipendienfonds

32,396

Unterstützung Projekte Stipendienfonds

31,145

Sebastien Gagneux, Tuberkuloseforschung

10,000

Peter Steinmann, Sustainability of Health Systems

Total

533,896

Unterstützung Guest House Swiss TPH

670,119

Total

1,304,764

7. Risk Assessment

8. Approval of Financial StateSwiss TPH actively manages its risks related to the financial statement. A yearly ments 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.

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.

Swiss TPH

29

Financial Report 2025

30

Swiss TPH

Financial Report 2025

Swiss TPH

31

Kreuzstrasse 2, 4123 Allschwil, Switzerland + 41 (0)61 284 81 11 www.swisstph.ch