Annual Report 2025

Employee benefits units

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At GEMINI, each affiliated company has its own employee benefits unit and decides on its benefits and financing. In 2025, all coverage ratios were above 100%. The interest rate was determined individually. All investment pools achieved results in line with the industry average.

Coverage ratio

As at the end of 2025, all active employee benefits units had a coverage ratio of over 100%.

Distribution of the coverage ratio of employee benefits units in %

%20252024202320222021
<901
90–94.992
95–99.99527
100–104.9922264886
105–109.996369919124
110–114.997280594359
115–119.995647291482
>12061462923131

Interest

The pension fund committees set the interest rate for 2025 based on the returns achieved. The administrative office calculates a provisional coverage ratio for each employee benefits unit at the end of October. This shows how the chosen interest rate affects the coverage ratio and includes guidance for the pension fund committees when deciding on the interest rate.

Investment results of the GEMINI Pools

Investment result in %

Pool 25Pool 35Pool 50Pool 0
GEMINI1.343.755.47.38
Benchmark1.683.85.547.54
Pictet BVG 25/40/60-2.64.265.81

GEMINI’s four investment pools achieved returns in line with the industry average in 2025.

The most popular choice, Pool 25, achieved a return of 3.75% as at the end of December 2025. Pool 35 achieved a return of 5.40%, and Pool 50 posted 7.38%. The conservative Pool 0 (excluding equities) recorded a return of 1.35%.

All figures refer to the time-weighted rates of return in the investment pools. The investment performance of the respective employee benefits units is calculated individually according to their money-weighted rate of return.

GEMINI’s four investment strategies

GEMINI strategies in %Pool 25Pool 35Pool 50Pool 0
Liquidity3335
Bonds CHF18.513.5638
Foreign currency bonds18.513.56
Swiss equities91217
Foreign equities1611.513
Foreign equities hedged11.520
Alternative Investments
Swiss real estate23232327
Foreign real estate555
Mortgages22230
Infrastructure555
Total100100100100

Return of investment categories in %

Investment categoryGEMINIBenchmark
Bonds CHF5.435.39
Foreign currency bonds-0.59-0.89
Swiss equities6.106.18
Foreign equities23.5224.25
Swiss real estate3.553.55
Foreign real estate-0.96-0.96
Alternative investments5.015.01
Infrastructure12.8012.80
Mortgages Switzerland3.863.86

Choice of investment strategy by employee benefits units in %

20252024202320222021
GEMINI Pool 255656555760
GEMINI Pool 352826262522
GEMINI Pool 5066643
GEMINI Pool 011223
Individual911111212
Total100100100100100
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