Our 2025

The pension fund business is geared to the long term. Decisions taken today contribute to financial security tomorrow. In an environment that continues to be dominated by armed conflict, economic volatility and technological change, PUBLICA’s task remains as it always has been: to offer good pension benefits to its active members and pension recipients.

2025 was a pleasing year for PUBLICA’s investments, which recorded a solid performance of 6.6%. The consolidated funded ratio rose to 108.1%. PUBLICA has taken a number of steps over recent years that have helped to achieve this. In 2022, we adopted changes to our strategic asset allocation that are having a positive impact on performance. Our Swiss real estate portfolio, for example, exceeded a gross market value of CHF 4 billion for the first time. We have
already embarked on the next scheduled revision of the strategic asset allocation, which will be completed in mid-2026.

The Swiss Parliament has adopted the revised Federal Personnel Act and PUBLICA Act, which will enable a clear separation of provisions on financing and benefits. In 2025, PUBLICA began revising its pension plan regulations and simplifying their language, so that they will be ready when the revised legislation comes into force. It will now be possible to offer risk benefits on a defined-benefit basis. The revision of the law has also created the basis for multiple strategic asset allocations for the open pension plans. The Board of Directors has decided to draw up two strategic asset allocations with differing return goals and risk budgets.

One of our strategic priorities is systematic progress on digital transformation. PUBLICA is therefore developing a chatbot for its website, creating an additional digital service that will make its online offering more user-friendly and enable active members and pension recipients to find documents and information more easily.

PUBLICA underwent changes of personnel at a number of levels. The Board of Directors, with seven new members, began its new term of office on 1 July. Three members of the Executive Board left PUBLICA. Their replacements have been appointed: Sandro Doudin (Head of Asset Management) and Mario Bertschi (Head of Pensions) have already taken up their posts. From 1 May 2026, the Executive Board will once again be complete, as Emmanuel Vauclair embarks
on his role as Director.

We wish to thank our staff for their dedication to ensuring continuity and quality even in times of change.

We hope you find this report an informative read.

Nicolas Schmidt, Chair of the Board of Directors, PUBLICA
Markus Zaugg, Acting Director, PUBLICA