Federal Council takes note of report on RUAG International's achievement of targets in 2025
Bern, 24.03.2026 — At its meeting on 13 March, the Federal Council took note of the report by the Board of Directors of RUAG International Holding AG (RUAG International) on the achievement of targets in the 2025 financial year. The strategic goals set by the Federal Council were partially achieved. The Federal Council was also informed about the findings of the advisory group on the strategic development of Beyond Gravity (formerly RUAG Space). RUAG International's Board of Directors is to be largely renewed.
The Federal Council sets strategic goals for state-owned companies every four years. These companies must report annually to the Federal Council on their achievement of these goals. RUAG International's current strategic goals apply to the period 2024–27. When the strategic goals were defined, the Federal Council still anticipated the privatisation of RUAG International and its sole operating subsidiary, Beyond Gravity. However, in March 2025, Parliament decided that the federal government should retain control of Beyond Gravity. Of the strategic goals that could be assessed after this parliamentary decision, RUAG International achieved some of them in 2025.
Next steps following the decision not to privatise Beyond Gravity
On 1 July 2025, the Federal Council transferred responsibility for the management of RUAG International to the Federal Department of Defence, Civil Protection and Sport (DDPS), instructing it to prioritise the further development of Beyond Gravity. In doing so, the DDPS was to take into account broader security policy interests and coordinate with the Federal Department of Finance (FDF) and the Federal Department of Economic Affairs, Education and Research (EAER). To this end, the DDPS commissioned an external opportunity and risk analysis and set up a broad-based advisory group for the strategic further development of Beyond Gravity.
The analysis showed that Beyond Gravity is well positioned technologically. However, it highlighted a very high level of risk exposure in the area of launchers concerning two projects in the USA and Sweden.
The advisory group confirmed the fundamental direction of Beyond Gravity and recommended further development along four strategic benchmarks. Beyond Gravity is to: remain a globally active space company; continue to develop its profitable product portfolio; become the Armed Forces' primary space technology partner within a space ecosystem; explore alternative financing options, particulary joint ventures.
Based on the advisory group's work, the DDPS is expected to present the Federal Council with an adjustment to RUAG International's strategic goals for the period 2024–27 in the first half of 2026. This will form the basis for a legal framework for participation in the company.
Financial targets not achieved
RUAG International posted a significant financial loss. The operating result was particularly impacted by project adjustments in the launchers' division at the Beyond Gravity sites in the US and Sweden. Ongoing transformation and digitalisation processes also resulted in high costs. In addition, the company had to set aside reserves. Earnings before interest and taxes (EBIT) stood at CHF ‒114 million, while the net loss was CHF ‒119 million. The profitability target was therefore significantly missed.
Business outlook and challenges for Beyond Gravity
Beyond Gravity's volume of orders remains strong. The market environment in the global aerospace industry, which reached a record volume of approximately USD 626 billion in 2025, is developing positively in view of the increasing demand for rocket launches and the expansion of satellite infrastructure. Commercial activities now account for around 78 per cent of global value added. In this dynamic environment, Beyond Gravity has firmly established itself as a supplier of payload fairings. In addition, more than 800 satellites in space already use the company's technologies. However, the extremely dynamic market and rapid technological developments pose significant risks.
RUAG International's Board of Directors to be renewed
On 19 December 2025, Daniel Frutig-Meier was elected as a new regular member of the Board of Directors at an extraordinary general meeting. He will be appointed Chairman of the Board of Directors at the Annual General Meeting on 26 April 2026, succeeding Rainer Schulz, who is not standing for re-election.
Jürg Oleas and Andreas S. Spreiter will also not be standing for re-election. Déborah Carlson-Burkart is standing for re-election, while Michael Menking, Lutz Bertling and Astrid Schnidrig are standing for election for the first time.
Following this extensive renewal of the Board of Directors, the strategic management of RUAG International will be realigned with the strategic development of Beyond Gravity, which will operate as a subsidiary of RUAG International under the control of the Swiss Confederation.
Discharge of Board of Directors
The Federal Council has decided to grant discharge with reservations to Jürg Oleas for the last financial year. The limitation concerns the facts in connection with the ongoing investigations at RUAG MRO. The incidents under investigation date back to the time of the former RUAG Holding AG, during which Jürg Oleas was on its Board of Directors.