Annual Report 2025 0041 44 318 75 75 info@transitgas.ch www.transitgas.ch
2 Annual report - 2025 Index REPORT ON THE 54th BUSINESS YEAR 2025 The Company The Company 6 The Shareholders The Shareholders 10 Structure of the Swiss gas industry 13 Sustainability Funding of projects to promote sustainability Social Environmental Investment (SEI) 16 Expansion of in-house solar power generation 19 Emissions reduction 20 Research and Innovation Hydrogen – H2 24
3 Digitalisation Digitalisation 28 Gas Transportation Gas Transportation 32 Gas flows 2016 – 2025 36 HSE HSE,Gesundheit, Sicherheit und Umwelt 42 Human Resources Human Resources 46 Company Organs 48 Finance Finance 54
4 Annual report - 2025 The Company 01
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Annual report - 2025 6 The company’s purpose comprises the construction, operation and maintenance of a natural gas transmission system extending from the northern to the southern border of Switzerland. Since 2017, it has also operated in the reverse flow direction. The company has leased its facilities to FluxSwiss Sagl and Swissgas AG under lease agreements. The available transmission capacity is allocated accordingly based on a fixed allocation key. Transitgas AG operates and further develops this transmission system. The metering station in Wallbach (Germany) is owned and operated by the company, while the metering stations in Oltingue (France) and Masera (Italy) are operated in coordination with adjacent transmission system operators (TSOs). Transitgas AG was founded on 25 June 1971 and was entered in the Commercial Register of the Canton of Zurich on 28 June 1971. The company is headquartered in Zurich. SHAPING THE FUTURE Transitgas AG continuously reviews its role within the energy system, with the aim of contributing to a secure, sustainable and future-proof energy supply for Switzerland. The Company 01
7 The associated delivery stations, which enable the withdrawal of natural gas to meet Swiss demand, are operated by Swissgas and the respective regional companies. In pursuing its corporate purpose, the company may take all necessary measures, including the acquisition, management and disposal of real estate, as well as participation in other companies in Switzerland and abroad. In addition, Transitgas AG operates a telecommunications network alongside the transmission system for its own operational data. Where appropriate, this network may also be utilised by third parties, and the company may further develop and commercialise it. The company may establish branch offices in Switzerland and abroad. The sale of natural gas within Switzerland, however, is barred. Against the backdrop of developments in energy policy and efforts to reduce CO₂ emissions, Transitgas AG continuously reviews its role within the energy system. In this context, topics such as the integration of renewable gases, particularly hydrogen, as well as the digitalisation of infrastructure, are becoming increasingly important. The company was incorporated for an indefinite period. Following the capital reduction of 27 June 2018, the share capital amounts to CHF 10,000,000, divided into 46,000 fully paid registered Class A shares with a nominal value of CHF 100 each and 54,000 fully paid registered Class B shares with a nominal value of CHF 100 each. The shareholders of Transitgas AG are Swissgas AG (51%), FluxSwiss Sagl (46%), and Uniper Global Commodities SE (3%). The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
8 Annual report - 2025 The Shareholders 02
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Annual report - 2025 10 The Shareholders Swissgas AG, a Swiss joint-stock company for natural gas based in Zurich, holds a 51% stake in the share capital of Transitgas AG. The company was founded on 7 April 1971. Its share capital amounts to CHF 60 million. Swissgas has the following shareholders: Gaznat SA, Lausanne, Ganeos AG, Zurich, Gasverbund Mittelland AG, Arlesheim, Erdgas Zentralschweiz AG, Lucerne, and the Association of the Swiss Gas Industry, Zurich. The purpose of the network operator company Swissgas is to ensure the security of supply on the transportation side and guarantee competitive network operations, as well as safeguard related interests at home and abroad. Additionally, Swissgas has been operating the Swiss coordination centre for gas pipeline transmissions for years. Swissgas is the majority shareholder of Transitgas, markets transportation capacities and operates the three entry points Wallbach, Oltingue and Griespass to supply Switzerland. Furthermore, Swissgas operates its own 260-kilometre-long high-pressure network from the intake or customs measurement stations along the Transitgas system all the way to the transfer stations into the regional networks. In 2025, Swissgas transported approximately 22.95 TWh of gas into Switzerland and approximately 0.13 TWh in transit through Switzerland. 02
11 FluxSwiss Sagl with its registered office in Paradiso (Lugano, TI), holds 46% of the share capital of Transitgas AG. FluxSwiss commercialises approximately 90% of the capacity of the Transitgas pipeline and is owned by Fluxys Europe (50.65%), EIP Gas Invest (formerly EIP Gas Invest II) (36.56%), Swiss Gas Invest (7.89%) and Swissgas (4.9%). Headquartered in Belgium, Fluxys is a fully independent energy infrastructure group with almost 1,500 employees active in gas transmission and storage and liquefied natural gas terminalling. Through its associated companies across the world, Fluxys operates 28,000 kilometres of pipeline and liquefied natural gas terminals, totalling a yearly regasification capacity of 485 TWh. As an essential infrastructure partner, Fluxys is building an efficient, reliable, and affordable energy system that is steadily becoming carbon neutral. Through its infrastructure, Fluxys currently transports natural gas and carbon-neutral biomethane to provide energy security during the transition. At the same time, Fluxys is preparing for the future: an energy landscape in which renewable and low-carbon molecules, CO₂ capture and storage, and electricity complement each other. In this way, Fluxys is creating an open system with inflows and outflows to and from other regions and building a bridge to a low-carbon energy future. The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
12 Annual report - 2025 Uniper Global Commodities SE (UGC),Düsseldorf, has a 3% stake in the share capital of Transitgas AG. The Düsseldorf-based company Uniper is a European energy company with a global reach and operations in more than 40 countries. With around 7,000 employees, the company plays a central role in ensuring a secure energy supply in Europe – particularly in its core markets of Germany, the United Kingdom, Sweden and the Netherlands. With 18.5 gigawatts of generation capacity, Uniper forms the backbone of reliable power generation. As a leading gas trader and one of the most important LNG importers in northwestern Europe, Uniper strengthens security of supply with a broad procurement portfolio. Through investments in renewable energy, hydrogen and other forms of lowcarbon energy sources, Uniper is also driving the transformation of the energy system. In its home market of Germany, Uniper supplies around 1,000 cities, towns and industrial companies with energy and services. In addition, Uniper is Germany’s largest operator of gas storage facilities and hydropower plants.
13 Structure of the Swiss gas industry The Swiss gas industry is characterised by a multi-level structure. Local and regional gas supply firms are organised through regional companies, which in turn hold interests in national procurement and infrastructure companies. These include, among others, Swissgas AG, FluxSwiss and other partner companies along the gas transport and procurement value chain. Irrespective of these shareholding relationships, Transitgas AG operates the Transitgas pipeline, which plays a key role in the European gas transmission system between northern and southern Europe. The illustration provides an overview of the main shareholding relationships and the interconnections within the Swiss gas industry. TRANSITGAS AG Gas Supply Companies FluxSwiss Regional Gas Companies Swiss Gas Invest EIP Gas Invest Gaznat SA Gasverbund Mittlêlland AG GVM Erdgas Zentralschweiz AG EGZ Verband der Schweizerischen Gasindustrie VSG Swissgas AG Fluxys Uniper Ganeos AG 51% 46% 3% The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
14 Annual report - 2025 Sustainability 03
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16 Annual report - 2025 Sustainability 03 Through its SEI funding programme, Transitgas AG promotes sustainable development in the areas of society, environment and the economy. Following expansions of scope, the programme is now designed to support up to four projects per reporting year as of 2025. The focus is on initiatives that make a measurable contribution to environmental sustainability, promote regional value creation and generate long-term impact. In the 2025 reporting year, two projects were selected due to their exceptional fit with the funding programme’s objectives. Funding of projects to promote sustainability Social Environmental Investment (SEI) Transitgas AG supports the ‘Bienenzauber’ event, which is dedicated to the protection of wild bees and farmed honeybees and to raising public awareness of biodiversity, pollination and CO₂ sequestration. The event promotes knowledge sharing, strengthens regional environmental education and highlights the essential role bees play in climate protection and food security. Project ‘Bienenzauber’, Lucerne Sustainability begins with a commitment to nature, the environment and future generations. Through targeted projects, we create added value for society and the region. Image source: Luzerner Bienentage, Claudia Kleinholz
17 In the Grimsel region, Transitgas AG supports the sustainable refurbishment of the historic Gelmer Hut. A key element of the project is the renewal and optimisation of the small hydropower plant, which will ensure a resource-efficient supply of energy for the hut located at an altitude of 2,412 metres. Through this modernisation, operations will become more environmentally friendly, efficient and self-sufficient in the long term. Energy-efficient refurbishment of the Gelmer Hut, including the overhaul of the small hydropower plant Through these commitments, Transitgas AG is sending a clear signal in support of sustainability in the regions along its transportation system. The selected projects combine environmental impact with strong regional roots and social value. Thanks to the optimised funding concept, going forward Transitgas AG will be able to support even more targeted initiatives that make a meaningful contribution to sustainable development and generate visible impact. The small hydropower plant will ensure a resource-efficient energy supply for the hut, located at 2,412 metres above sea level — sustainable, efficient and independent. The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources Image source: SAC-Sektion Brugg
18 Annual report - 2025 In 2025, Transitgas AG supported the activities of the association Rehkitzrettung Schweiz. For many years, the organisation has been committed to protecting young roe deer fawns from the dangers of mowing operations through the use of drones and thermal imaging cameras. In addition, the organisation trains drone pilots and rescue teams and provides the necessary infrastructure for rescue operations. Thanks to the support of Transitgas AG, this important and effective animal welfare initiative was further strengthened, and regional rescue teams were able to enhance their activities. Commitment to animal welfare: Supporting Rehkitzrettung Schweiz Image source: Rehkitzrettung Oberhasli Strengthening Regional Rescue Teams This support helped consolidate effective animal welfare work and strengthen regional rescue teams in carrying out their activities.
19 With the commissioning of an additional photovoltaic system at the Ruswil station, the company took another important step during the reporting year to bolster its sustainable energy supply. The system was successfully brought into operation in mid-June and has an installed capacity of 204 kWp. The expected annual electricity production amounts to approximately 202,000 kWh. This is equivalent to the yearly electricity demand of more than 40 average Swiss households (according to the Swiss Federal Office of Energy, approximately 5,000 kWh per household per year). In just its first months of operation, the system already generated around 100,000 kWh of solar power. A large share of the electricity produced is used directly on site to supply the station’s infrastructure. By increasing on-site consumption of renewable energy, the company reduces its reliance on externally sourced electricity while also lowering associated CO₂ emissions and increase its energy autonomy. The installation in Ruswil complements the photovoltaic system that has been successfully operating at the Wallbach site since 2022. Through the continuous expansion of its own renewable electricity generation, the company is actively contributing to the energy transition and underlining its long-term commitment to sustainable and resource-efficient business development. Expansion of in-house solar power generation AT A GLANCE 204 installed capacity kWp 202’000 expected annual electricity production kWh approx. 40 more than covers the annual electricity needs of average Swiss households 100’000 kWh approx. already in the first months of operation The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
20 Annual report - 2025 In 2025, Transitgas AG made consistent progress in its efforts to reduce greenhouse gas emissions. As a responsible infrastructure company, Transitgas pursues a systematic approach to identifying, monitoring and minimising emissions in order to sustainably achieve its defined climate targets. Regular inspections for potential leakages are a key element of the emissions reduction concept. In addition to ongoing routine inspections, the entire Transitgas AG infrastructure – consisting of highpressure pipelines, the compressor station, as well as metering and valve stations – undergoes a comprehensive annual tightness test conducted by an independent, specialised and certified service provider. In 2025, these inspections again identified minor leakages, for example at individual points among the more than 20,000 detachable pipe connections. Any detected fugitive emission sources were immediately sealed or included in the maintenance programme. In connection with maintenance work involving the replacement of insulating joints, Transitgas AG engaged external service providers to transfer the natural gas contained in the affected pipeline sections using mobile compressors. The use of these compressors is today standard procedure for all projects requiring the lines to be emptied. Emissions reduction Technician during the measurement of fugitive emissions
21 Sustainability: responsibility for nature, the region and the future of energy.
Annual report - 2025 Research and Innovation 04
24 Annual report - 2025 Research and Innovation 04 Transitgas AG regards hydrogen as a key pillar for the long-term de-fossilisation of the energy system, both to ensure seasonal energy security and to enable sector coupling between different energy carriers. Against this backdrop, the company has spent several years systematically preparing for a possible future role in hydrogen transportation. Building on the scenarios analysed in the previous year regarding the parallel supply of natural gas and hydrogen, the work intensified in 2025. The options under consideration include both the repurposing of existing high-pressure pipelines and the construction of dedicated parallel hydrogen pipelines. The objective remains the development of viable solutions for a potential national supply system and hydrogen transit through Switzerland in cooperation with all relevant stakeholders. The repurposing concept developed by Transitgas served as the basis for launching specific material tests to assess the hydrogen compatibility of the existing infrastructure. Initial tests on a representative pipeline section met the material resistance requirements defined by the applicable standards and would allow repurposing in accordance with the concept. Further testing and the evaluation of additional pipeline sections are still pending. Hydrogen – H2 H2 Hydrogen as a strategic energy vector Defossilisation a long-term role in the energy system Energy supply seasonal energy and sector coupling Infrastructure conversion or parallel pipeline systems Material tests initial inspections meet regulatory standards The objective remains to develop viable solutions for a potential nationwide supply and for transit through Switzerland — in collaboration with all relevant stakeholders.
25 Hydrogen Infrastructure Options and Evaluation Path H2 2025 Focus Scenarios, material testing and route options Possible tunnel options for Transitgas AG regarding parallel hydrogen pipelines between the Ruswil compressor station and Italy 2025 DEVELOPMENT ROADMAP 1 Scenarios further developed Parallel natural gas and hydrogen supply 2 Options assessed Repurposing existing high-pressure pipelines 3 New-build option examined Dedicated, parallel hydrogen pipelines 4 Material tests initiated Initial sections meet regulatory standards The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
Annual report - 2025 Digitalisation 05
28 Annual report - 2025 Digitalisation 05 Digitalisation has remained a key enabler for the secure and reliable fulfilment of our mandate in 2025. The focus was placed on expanding a highly available ICT infrastructure, the targeted further development of our Operational Technology (OT), and the responsible introduction of new digital working tools. The 24/7 operation of our ICT and OT systems was ensured without interruption for the entire year. Development and commissioning of the highly available private cloud infrastructure A key milestone in 2025 was the development and successful commissioning of our new highly available private cloud infrastructure. This solution provides the foundation for a stable, scalable and future-ready ICT operation. It is particularly noteworthy that uninterrupted 24/7 operations were maintained throughout the entire implementation phase, with no limitations on services or capabilities. The project represents a significant contribution to enhancing system resilience and operational continuity. Renewal of the SCADA computing infrastructure and the OT network In the area of Operational Technology (OT), preparations were made in 2025 for the awarding and launch of the comprehensive renewal of the SCADA computing infrastructure and the OT network. This strategic initiative represents a key prerequisite for the longterm security, availability and maintainability of our control systems. At the same time, it ensures that our OT environment complies with the requirements of the Swiss ‘Minimum Standard for the Security of Information and Communication Technology (ICT) in the Gas Supply Sector’ and continues to meet the growing expectations regarding resilience, cybersecurity and regulatory compliance. Private Cloud Long-term digital infrastructure GenAI Targeted further development 24/7 ICT and OT ensured OT Trained and responsibly managed
29 Targeted stepwise introduction of Generative Artificial Intelligence (GenAI) Another key focus area was the targeted and well-governed introduction of Generative Artificial Intelligence (GenAI) in selected fields of application. The emphasis was placed not on the technology itself, but on its tangible benefits for the organisation and its employees. All implementations were carried out in compliance with security, data protection and internal company requirements and following a stepwise approach that remains ongoing. Through clear guidelines and dedicated training, we ensure that GenAI is used responsibly, securely and in line with the company’s established policies. Outlook The ongoing convergence of Operational Technology (OT) towards Information Technology (IT) will continue to shape developments in the years ahead. The increasing use of virtualisation technologies within OT environments opens up new opportunities in terms of standardisation, efficiency and operational reliability. At the same time, valuable synergies are emerging between ICT and OT, particularly in areas such as centralised data storage and cross-system backup and restore procedures. This development not only strengthens the resilience of our infrastructure but also makes a significant contribution to its efficient and integrated operation. We are convinced that the measures implemented in 2025 provide a sustainable foundation for the continued digital development of Transitgas AG and will create long-term added value for shareholders, employees and partners. The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
Annual report - 2025 Gas Transpor- tation 06
32 Annual report - 2025 Gas Transportation 06 The transport capacities of the Transitgas system are divided between the two shareholders Swissgas AG and FluxSwiss Sagl. They manage the transport capacity for approximately 18 billion normal cubic metres from Wallbach, Germany and approximately 8 billion normal cubic metres from Oltingue, France. Since 2017, a transport capacity of approximately 13 billion normal cubic metres per year has been available in the reverse flow from Gries Pass (Italy) to Switzerland, Germany and France. Furthermore, transport capacities of approximately 8 billion standard cubic metres per year are provided between France and Germany.
34 Annual report - 2025 Injections into Transitgas are shown as positive, withdrawals from Transitgas as negative. 2024 2025 Δ 1Billion Nm³ TWh 1Billion Nm³ TWh % IMPORTS from Germany through Wallbach 0.891 10.230 2.563 29.529 188% France through Oltingue 6.367 72.792 7.184 82.446 13% Italy through Gries Pass 0.012 0.136 0.000 0.000 0% Imports Total 7.270 83.158 9.747 83.16 34% EXPORTS to Germany through Wallbach -0.140 -1.543 -0.205 -2.358 52% Germany through Oltingue 0.000 0.0000.000 0.000 Italy through Gries Pass -5.429 -62.103 -7.826 -89.891 44% Exports Total -5.569 -63.646 -8.031 -92.249 44% Delivered to Switzerland -1.707 -19.519 -1.713 -19.694 0% Transitgas own consumption -0.001 -0.005 -0.009 -0.102
35 Feed-in to Switzerland in 2025: 9.747 Billion Nm3 Withdrawals from Transitgas in 2025: [1 Billion Nm3 per Jahr] 9.747 Milliarden Nm3 Oltingue (F) 7.184 Wallbach (D) 2.563 0.000 Gries Pass (I) Entry Oltingue (F) Entry Wallbach (D) Entry Gries Pass (I) Exit Oltingue (F) Exit Wallbach (D) Exit Gries Pass (I) Exit Schweiz 9.744 Milliarden Nm3 Gries Pass (I) 7.826 Schweiz 1.713 Wallbach (D) 0.205 Oltingue (F) 0.000 The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
36 Annual report - 2025 Gas flows 2016 – 2025 In 2025, the total volume of natural gas delivered at the injection points from the adjacent TSOs amounted to 9.747 billion Nm³. Compared to the previous year, this represents an increase of 34%. 80% of the transported gas flowed to Italy, corresponding to an increase of 44% compared to 2024. 18% was taken out in Switzerland to cover the domestic demand and 2% was redelivered to Germany. A large amount of the gas redelivered to Italy was imported from France. In addition to the consistently high level of gas imports from France, gas transports via the DE-CH border interconnection point Wallbach towards Italy increased significantly compared to 2024, especially during the Italian gas storage injection season and in November/December 2025 due to higher consumption in connection with the weather. In 2025 there was no physical reverse flow from Italy to Switzerland. During periods of low consumption in Italy, particularly on weekends, natural gas imports via France/Oltingue were increasingly routed towards Germany/Wallbach.
37 Import through Oltingue (F) Import through Wallbach (D) Import through Gries Pass (I) Export through Gries Pass (I) Export through Wallbach (D) Export through Oltingue (F) Export Switzerland (CH) Gas transport quantities 2016 - 2025 [1 Billion Nm3 per Year] 15.00 10.00 5.00 0.00 -5.00 -10.00 -15.00 2020 2024 2016 2017 2108 2019 2021 2022 2023 2025 The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
38 Annual report - 2025 1.200 1.000 0.800 0.600 0.400 0.200 0.000 2024 2025 Jan Feb Mär Apr May Jun Jul Aug Sep Oct Nov Dec Monthly gas feed-in 2024 / 2025 [1 Billion Nm3 per Month]
39 Die Gesellschaft Die Aktionäre Nachhaltigkeit Forschung und Innovation Digitalisierung Erdgastransport Finance Personal HSE Securing gas flows. Guaranteeing energy supply.
40 Annual report - 2025 HSE Health, Safety & Environment 07
42 Annual report - 2025 HSE Health, Safety & Environment 07 Transitgas AG operates an integrated Health, Safety and Environment (HSE) management system, which has been certified since February 2010 in accordance with the internationally recognised standards ISO 45001 (Occupational Health and Safety) and ISO 14001 (Environmental Management). The management system provides the organisation with appropriate tools for the prevention of workrelated injuries and occupational illnesses. The aim is to provide the workforce with safe and healthy workplaces. Transitgas AG systematically identifies and avoids work-related hazards and minimises health and safety risks through the implementation of effective preventive and protective measures. Providing safe and healthy workplaces Systematically identify and prevent hazards, and minimise risks through effective prevention and protective measures. Inspection – First Aid Materials Occupational Health and Safety ISO 45001 ISO 14001 Environmental Management SINCE FEBRUARY 2010 Certified Management System RECERTIFIED June 2024, extended for a further three years
43 Furthermore, the management system provides a structured framework for handling environmental impacts, ensuring environmental protection and responding appropriately to changing environmental conditions in line with socio-economic requirements. Standards relating to human rights, health, safety and sustainability are taken into account as an integral part of all procurement activities. This includes new procurement projects and tenders, ongoing supplier performance management, and the onboarding process for new suppliers. The HSE system enables Transitgas AG’s business activities to be understood transparently, effectively managed and continuously improved through a process-oriented approach to occupational health and safety and the environment. The ISO certifications confirm that Transitgas AG meets all requirements arising from applicable legal provisions and the underlying normative frameworks. In June 2024, the existing HSE management system was successfully recertified in accordance with ISO 14001:2015 and ISO 45001:2018, thereby extending the certification for a further three years. Transitgas AG is committed to sustainable climate protection out of conviction. By participating in the programme run by the Energy Agency for Industry (EnAW), the company is committed to actively reducing CO₂ emissions and improving energy efficiency. The corresponding target agreement is recognised by the federal government, the cantons and industry partners. Transitgas AG is making consistent progress towards the goal of achieving carbon neutrality by 2035. Fire Safety Training 2025 The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
44 Annual report - 2025 Human Resources 08
46 Annual report - 2025 Human Resources 08 Staff development Transitgas AG places great importance on promoting and supporting its employees in their professional development through ongoing training and education. This ensures that the required know-how is continuously developed, expanded and maintained. In 2025, a total of 2,252 hours of training and continuing education were completed. Workforce The geographical distribution of our staff of 55 employees in 2025 was as follows: 55 Employees (75%) Ruswil 41 (13%) Zürich 7 (7%) Meiringen 4 (5%) Oberwald 3 Training builds expertise. Local presence strengthens operational reliability. Staff development remains a key factor in ensuring safe and reliable operations.
47 Anniversaries during the reporting year 20 years of service: Walter Zwanzger (Electric & Instrumentation) Reto Grau (Mechanician) Giuseppe Calà (Dispatching Operator) Ariel Frutiger (Teamleader OC Pipeline South) Gabriela Häfliger (Services Ruswil & Purchase Administration) 15 years of service: Anuscha Ramezanian (Project Manager Plant Engineering & Construction) 10 years of service: Rosario Tosto (Technical Archive) Retirement in 2025 Congratulations! The Board of Directors and Management would like to thank all employees for their service and commitment over the past year. The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
Annual report - 2025 Company Organs Beat Badertscher* Attorney at Law, Zürich CHAIRMAN Stephan Marty* Swissgas AG, Zürich DEPUTY CHAIRMAN Peter Verhaeghe* Fluxys, Brüssel Zippora Segessenmann* Swissgas AG, Zürich MEMBER Caterina Mattle* Energy Infrastructure Partners AG, Zürich Gilles Verdan Gaznat SA, Vevey Andreas Bolliger Ganeos AG, Zürich Steve Turner Fluxys, Brüssel Arthur Janssen Gasverbund Mittelland AG, Arlesheim Gerhard König Energy Infrastructure Partners AG, Zürich Gérard Kimus Fluxys, Brüssel BOARD OF DIRECTORS, BOARD COMMITTEE Christian Janzen UNIPER Global Commodities SE, Düsseldorf OBSERVER 48
RESIGNED FROM THE BOARD OF DIRECTORS AND BOARD COMMITTEE: Jvo Grundler* EIP, Zürich Etienne Schön EIP, Zürich *also, in the Board Committee Ruedi Rohrbach* Swissgas AG, Zürich 49 on June 30, 2025 on July 15, 2025 on October 01,2025
Annual report - 2025 50 TECHNICAL COMMITTEE Rafael Van Elst Fluxys, Brüssel CHAIRMAN Raoul Raffagli FluxSwiss Sagl, Paradiso (Lugano) MEMBER Marco Marcon FluxSwiss Sagl, Paradiso (Lugano) Sebastian Hoff Fluxys, Brüssel Peter Massny Swissgas AG, Zürich André Martin Gasverbund Mittelland AG, Arlesheim Patrik Schmid Ganeos AG, Zürich Yann Benoit Gaznat SA, Aigle RESIGNED FROM THE TECHNICAL COMMITTEE: -------------------------------------------
Die Gesellschaft Die Aktionäre Nachhaltigkeit Forschung und Innovation Digitalisierung Erdgastransport Finance Personal HSE 51 Ennio Sinigaglia CEO Danilo Angelini Head of ICT and Digitalization AUTHORIZED SIGNATORIES Michaela Böhm Head of Finance & Administration EXTERNAL AUDITORS Florian Linder Head of Technics Rachel Ott Head of HR & Communication Deloitte AG, Zürich
Finance 09
Annual report - 2025 54 Finance 09 Report on the Audit of the Financial Statements We have audited the financial statements of Transitgas AG (the Company), which comprise the balance sheet as at 31 December 2025 and the profit and loss statement, the cash flow statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the financial statements for the year ended 31 December 2025 comply with Swiss law and the Company’s articles of incorporation. Opinion We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the provisions of Swiss law, and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Basis for Opinion
55 Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on EXPERTsuisse’s website at: https://www.expertsuisse.ch/en/audit-report. This description forms an integral part of our report. Auditor’s Responsibilities for the Audit of the Financial Statements The Board of Directors is responsible for the preparation of the financial statements in accordance with the provisions of Swiss law and the Company’s articles of incorporation, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Board of Directors’ Responsibilities for the Financial Statements The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
56 Annual report - 2025 DELOITTE AG Jan Meyer Licensed Audit Expert ExpertAuditor in Charge Dominic Kronenberger Licensed Audit Zurich, 17 February 2025 Report on Other Legal and Regulatory Requirements In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists, which has been designed for the preparation of the financial statements according to the instructions of the Board of Directors. Based on our audit in accordance with Art. 728a para. 1 item 2 CO, we confirm that the proposal of the Board of Directors complies with Swiss law and the Company’s articles of incorporation. We recommend that the financial statements submitted to you be approved. Finance 09
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58 Annual report - 2025 BALANCE SHEET AS PER 31 DECEMBER Notes 31.12.2025 31.12.2024 Assets Cash 3.1 17’683’328 23’276’764 Trade receivables shareholders 2’005’932 1’933’314 Other current receivables third party 518’537 972’720 Inventories 3 3 Accrued income and prepaid expenses 3.2 614’083 263’226 Total current assets 20’821’883 26’446’029 Shareholdings 1 1 Tangible fixed assets 3.3 994’801 489’037 Intangible fixed assets 3.4 3’714’600 3’848’674 Technical equipment, thereof 3.5 34’171’664 30’133’306 Gas Pipeline and related equipment 28’271’634 25’368’034 Work in progress 5’900’030 4’765’272 Land 3’480’954 3’480’954 Total non-current assets 42’362’020 37’951’972 Total assets 63’183’903 64’398’001
59 Notes 31.12.2025 31.12.2024 Liabilities Trade creditors 998’450 914’214 Other current liabilities 704’070 536’886 Deferred income and accrued expenses 3.6 3’928’691 5’545’626 Total current borrowed capital 5’631’211 6’996’726 Long-term interest-bearing liabilities - - Provisions 3.7 6’042’610 6’031’192 Total long-term borrowed capital 6’042’610 6’031’192 Share capital 3.0 10’000’000 10’000’000 Capital Contribution Reserve 33’000’000 33’000’000 Statutory retained earnings 6’129’082 6’129’082 Voluntary retained earnings 2’381’000 2’241’000 Total shareholders’ equity 51’510’082 51’370’082 Total Liabilities 63’183’903 64’398’000 The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
60 Annual report - 2025 PROFIT AND LOSS STATEMENT FOR THE FINANCIAL YEAR Notes 2025 2024 Income from lease agreement 21’448’268 17’977’576 Other income 1’224’572 1’333’666 Total operating income 22’672’840 19’311’242 Staff costs (7’998’749) (7’281’036) Electricity (343’492) (392’721) Maintenance costs (7’150’036) (5’445’108) General and administrative costs (1’632’293) (1’706’666) Depreciation on fixed asset items (2’641’307) (2’557’370) Total operating expenditure (19’765’877) (17’382’901) Operating profit 2’906’963 1’928’341
61 Extraordinary income - 840’684 Extraordinary expense 3.8 - (63’046) Total extraordinary income - 777’638 Direct taxes (666’400) (709’300) Annual profit 2’381’000 2’241’000 Annual profit before tax 3’047’400 2’950’300 Notes 2025 2024 Financial income 236’019 338’032 Financial expenses (95’582) (93’711) Total financial result 140’437 244’321 The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
62 Annual report - 2025 CASH FLOW STATEMENT FOR THE FINANCIAL YEAR Notes 31.12.2025 31.12.2024 Annual profit 2’381’000 2’241’000 Depreciation on fixed assets items 2’641’307 2’557’370 Amortisation on CAP cost (204’766) - Net increase (decrease) in provisions 3.7 11’418 (171’453) Decrease / (increase) in trade receivables shareholders (72’617) 8’035 Decrease / (increase) other current receivables third party 454’183 16’123 Decrease / (increase) in accrued income and prepaid expenses (146’091) 102’874 Increase / (decrease) in trade payables and other short-term liabilities 251’419 (359’542) Increase / (decrease) in accrued expenses and deferred income 3.6 (1’616’935) 76’697 Cash inflow from operating activities 3’698’918 4’471’103 (Purchase of) property, plant and equipment (7’051’355) (8’747’890) Disposal of property, plant and equipment - 94’316 Cash outflow from investment activities (7’051’355) (8’653’574)
63 Notes 31.12.2025 31.12.2024 Distribution of profits to shareholders (dividends) (2’241’000) (2’190’000) Cash outflow from financing activities (2’241’000) (2’190’000) Net (decrease) / increase in cash (5’593’437) (6’372’471) Cash As at January 1 3.1 23’276’765 29’649’236 As at December 31 3.1 17’683’328 23’276’764 Changes in cash (5’593’437) (6’372’471) The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
64 Annual report - 2025 NOTES TO THE FINANCIAL STATEMENTS 2025 Transitgas AG (“the Company”), was founded on 25 June 1971 and was entered in the Commercial Register of the Canton of Zurich on 28 June 1971. The Company is headquartered at Franklinstrasse 27, 8050 Zurich. The purpose of the Company is to construct, maintain and operate a natural gas transport system which stretches from the northern to the southern border of Switzerland, as well as transfer usage of this transport system to FluxSwiss Sagl and Swissgas AG or one of their subsidiaries under a lease agreement. The company has leased its facilities to FluxSwiss Sagl and Swissgas AG for use. Available transport capacity is allocated to FluxSwiss Sagl and Swissgas AG according to a fixed distribution key. The Company builds and operates this transport system, with multiple transfer stations, on Swiss territory. It can take all measures related to achieving its corporate purposes, acquire, manage and dispose of real estate and participate in other companies both at home and abroad. In addition, the Company itself can build a telecommunication network along this transport system or permit a third party to undertake such construction. The company can establish branches at home and abroad. However, distribution of natural gas in Switzerland is precluded. Share capital amounts to CHF 10’000’000, grouped into 46’000 fully paid-up registered shares of CHF 100 each in class A and 54’000 fully paid-up registered shares of CHF 100 each in class B. The number of full-time equivalents did not exceed 50 (p/y: 50) on an annual average basis. 1. GENERAL INFORMATION In order to identify risks and opportunities as early as possible,Transitgas AG regularly reviews factors that may affect the entire business environment, both internally and externally. This review is based on the financial data determined for the financial statements according to the Swiss Code of Obligations and the key risk indicators in accordance with regulatory requirements. A key component of this is the design and further development of the internal control system, which is used to address identified risks with the relevant, appropriate control measures and minimise the likelihood of them occurring. The appropriate use of risk management and control processes, which guarantee the identification, assessment, management, monitoring and communication of single risks and risk areas, ensures that all risks can be taken into account accordingly. One of the main objectives is to gain an understanding of the risks early on and reduce any potential risks of health, safety and environment. Risk assessment
65 2. KEY ACCOUNTING AND VALUATION The present annual accounts for Transitgas AG have been prepared in accordance with the regulations of Swiss financial reporting law and are presented in Swiss Francs (CHF). The main accounting and valuation principles used, which are not already specified by the Code of Obligations, are described as follows. Principles of financial reporting Financial reporting under the Code of Obligations requires certain estimates and assumptions to be made by management. These are made continuously and are based on past experience and other factors. The results subsequently achieved may deviate from these estimates. Main actual items in the annual accounts, which are based on the estimates and assumptions made by management, are as follows: A. Tangible fixed assets B. Technical equipment C. Intangible fixed assets D. Provisions Estimates and assumptions made by management The currency in which Transitgas AG operates is Swiss Francs (CHF). Transactions in foreign currencies are converted into the currency in which the Company operates (CHF) at the exchange rate on the day the transaction takes place. Monetary assets and liabilities in foreign currencies are converted into the currency in which the Company operates at the exchange rate on the balance sheet date. Any profits or losses resulting from the exchange are recorded in the profit and loss account. Non-monetary assets and liabilities at historical costs are converted at the foreign exchange rate at the time of the transaction. Any foreign exchange profits are deferred in the balance sheet as not having an effect on net income. Foreign exchange losses, on the other hand, are recorded in the profit and loss account. Foreign currency items The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
66 Annual report - 2025 Related parties include members of the Board of Directors and Transitgas AG shareholders. Transactions with related parties take place under proper market conditions (dealing at an arm’s length). Related parties The cash item includes cash holdings, bank deposits and fixed deposits due within 90 days after the balance sheet date. Cash Trade receivables are recorded at their original net invoice amount. Value adjustments are carried out for receivables for which specific risks have been identified. Trade receivables Inventories are fully expensed in direct expenses (at acquisition cost). Inventories Technical equipment mainly refers to the gas pipeline with its related equipment and work in progress on technical equipment. They are recorded at acquisition cost, reduced by the cumulated straight-line depreciation, determined according to its expected useful life. For technical equipment purchased before 2019, the expected useful life is defined in line with the duration of the lease agreement currently ending as of 30 September 2021, with the exception of the long term investments Reverse Flow and Obergesteln which are depreciated until 30 September 2033. For technical equipment purchased from 2019 on, the expected useful life is defined according to the technical life of the assets (10 to 40 years). If there is any evidence of an overstatement, the accounting values are reviewed and adjusted where necessary. Technical equipment
67 Tangible assets mainly refer to installations, vehicles, office furniture and IT equipment. They are recorded at acquisition cost, reduced by the cumulated straight-line depreciation, determined according to their expected useful life. Useful lives are established as follows and are reviewed each year: Tangible fixed assets Installation and furniture Vehicles and IT equipments 1-3 years 1-3 years If there is any evidence of an overstatement, the accounting values are reviewed and adjusted where necessary. Intangible assets consist of software of the Company and CO2 certificates. Software is recorded at acquisition cost, reduced by the cumulated straight-line depreciation, determined according to their expected useful life. Under the CO2 act, Transitgas AG is required to participate in the Swiss emissions trading system (CH-EHS) and to monitor and report its yearly emissions.The CH-EHS is set up under the ‘cap-andtrade’ principle. Each year a certain amount of emission allowances are allocated free of charge to the respective companies participating. These allowances are limited and determined in advance by an absolute emissions limit (cap). If an company is not able to fully offset its obligations with freely allocated emission allowances it needs to acquire these through the CH-EHS. Free emission allowances allocated by the Swiss Federal Office for the Environment (BAFU are initially recorded at their nominal value (zero). Acquired emission allowances for the purpose of the own usage are initially recognised at their acquisition cost under intangible fixed assets. A provision is recognised when the CO2 emissions exceed the free emission allowances initially allocated. If there are already acquired emission allowances, the provision is built at the acquisition cost of the acquired emission allowances. If the CO2 emissions are also exceeding the acquired emission allowances, that part of the provision is built at the current fair value of emission allowances. Useful lives are established as follows and are reviewed each year: Intangible fixed assets Software CO2 Emission rights If there is any evidence of an overstatement, the accounting values are reviewed and adjusted where necessary. 1-3 years according to effective utilisation The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
68 Annual report - 2025 Land mainly relates to uncultivated land. It is recorded at acquisition cost and not depreciated. Accounting values are checked and adjusted where necessary. Land Provisions are liabilities of uncertain timing or amount. They are recognised when Transitgas AG has a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions Income from lease fees represents the income of Transitgas AG during the year. Revenue recognition Leasing and rental contracts are accounted for in accordance with legal ownership. Expenses as a lessee or tenant are recorded correspondingly as expenditure in the relevant period. Leasing transactions
69 3.INFORMATION RELATING TO ITEMS ON THE BALANCE SHEET AND PROFIT AND LOSS STATEMENT 3.0 Shareholders equity 31.12.2025 31.12.2024 Share capital 10’000’000 10’000’000 Capital Contribution Reserve 33’000’000 33’000’000 Statutory retained earnings 6’129’082 6’129’082 Voluntary retained earnings 2’381’000 2’241’000 Total shareholders’ equity 51’510’082 51’370’082 In the shareholders meeting dated 27 June 2018 based on the audit report according to Art 732 OR prepared by Deloitte AG dated 9 May 2018 following share capital reduction was decided: Reduction of the nominal value of 46’000 (class A) registered shares and 54’000 registered shares (class B) from 1’000 to 100 CHF The reduction was repaid in part with 30 MCHF. The remaining part of 60 MCHF was allocated to the capital contribution reserve. 2019: payout out of capital contribution reserve to shareholders amounting to 11 MCHF 2020: payout out of capital contribution reserve to shareholders amounting to 8 MCHF 2021: payout out of capital contribution reserve to shareholders amounting to 4 MCHF 2022: payout out of capital contribution reserve to shareholders amounting to 4 MCHF The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
70 Annual report - 2025 3.1 Cash 31.12.2025 31.12.2024 of which in CHF 17’650’033 22’751’277 of which in EUR 5’266 352’093 of which in USD 28’029 173’120 Total 17’683’328 23’276’764 3.2 Accrued income and prepaid expenses 31.12.2025 31.12.2024 due from shareholders (lease agreement) 204’766 - Other accrued income and prepaid expenses 409’318 263’226 Total 614’083 263’226 3.3 Tangible fixed assets 31.12.2025 31.12.2024 Office equipment and construction office Zürich 1’336’296 1’336’296 IT equipment 3’033’313 2’419’699 Vehicles 196’671 196’671 Installations 1’097’964 1’097’964 less accumulated depreciation and value adjustments (4’669’444) (4’561’594) Total 994’801 489’037
71 3.4 Intangible fixed assets 31.12.2025 31.12.2024 Software 1’367’516 1’367’516 less accumulated depreciation and value adjustments (1’367’513) (1’367’513) CO2 Certificates 4’219’875 4’219’875 less consumption CO2 (505’278) (371’204) Total 3’714’600 3’848’674 3.5 Technical equipment 31.12.2025 31.12.2024 Gas pipeline and related equipment 1’698’883’490 1’693’580’507 less accumulated depreciation and value adjustments (1’670’611’856) (1’668’212’473) 28’271’634 25’368’034 Work in progress 5’900’030 4’765’272 Total 34’171’664 30’133’306 3.6 Deferred income and accrued expenses 31.12.2025 31.12.2024 due to third parties 3’928’691 3’428’228 due to group companies - - due to shareholders - 2’117’398 Total 3’928’691 5’545’626 The Company Sustainability Research and Innovation Digitalisation Gas Transportation Finance The Shareholders HSE Human Resources
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