Annual Report 2024 2025

Management of interest rate risk The Foundation is highly exposed to interest rate fluctuation, as it has to pay a floating interest rate on its two separate debts. Nevertheless, the organization entered into a cross- currency interest rate swap to hedge its exposure, leading the Foundation to pay a fixed rate. Management of liquidity risk The Foundation is exposed to this risk in the event of default of certain counterparts or refinancing problems. The liquidity is proactively supervised to ensure that the Foundation can cover its obligation at all times. Market risks The Foundation has a low exposure to market risks thanks to the diversity of its revenues. Change of accounting policies There was no change of Swiss GAAP RPC, either effective or published during the year. Annual Report 2024-2025 Financial Statements72