The 2021 full year results show a strong start to the 2025 strategic cycle, with sales up 7.1% on a like-for-like basis and 5.7% in Swiss francs. All 2025 strategic focus areas are on track and contributing to the results. EBITDA increased by 6.0% to CHF 1,482 million, with a comparable EBITDA margin of 22.5% compared to 22.8% in 2020. Free cash flow increased by 3.9% to CHF 843 million, with a free cash flow of 12.6% of sales. The proposed dividend of CHF 66.00 per share is up 3.1% year-on-year. The sales portfolio performance shows strong growth in both divisions, with a CAGR of 2019-2021 of 5.5% and 6.6% respectively. The COVID-19 impact was lower impacted businesses accounting for ~84% of the portfolio and higher impacted businesses accounting for ~16%.
