Slide 1: Bellevue Group Results 2024
Bellevue Group Results 2024 Presentation for investors, analysts and the media Zurich, February 25, 2025
Slide 2: Summary 2024 and outlook 2025
EXECUTIVE SUMMARY Summary 2024 and outlook 2025 Overview of market environment, operating results and milestones in 2024, outlook for 2025 • Healthcare sector still one of the sectors with the lowest investment performance in 2024 Market environment • At current levels, the healthcare sector offers
Slide 3: Agenda
Agenda 1 Market environment Gebhard Giselbrecht, Group CEO 2 Summary of Fiscal 2024 Gebhard Giselbrecht, Group CEO 3 Results for Fiscal 2024 Stefano Montalbano, Group CFO 4 Priorities 2025 Gebhard Giselbrecht, Group CEO 5 Questions & Answers A Appendix 3
Slide 4: Market environment
Market environment Gebhard Giselbrecht, Group CEO 4
Slide 5: Fed pivot reached in September 2024
MARKET ENVIRONMENT Fed pivot reached in September 2024 Overview of the development of the US Fed Funds Rate and market expectations US Fed Funds Rate (in %) US Fed Funds Rate market expectations (in %) 6 6 5 5.5 5 4 4.5 3 4 2 3.5 1 3 0 2.5 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Aug-24 Feb-
Slide 6: There was again no way around US technology stocks in 2024
MARKET ENVIRONMENT There was again no way around US technology stocks in 2024 Healthcare sector with positive returns, but no significant upswing to date Performance of selected equity indices Performance of GICS sectors (global) Absolute performance (Total return) 2024, in CHF Absolute performance
Slide 7: Various factors speak in favour of a rebound in the healthcare sector
MARKET ENVIRONMENT In addition to the good fundamental development, various factors speak in favour of a rebound in the healthcare sector Weight of the healthcare sector in the S&P 500 Index P/E valuation of healthcare vs. global equities December 31, 2004 December 31, 2024 December 31, 2014 Decembe
Slide 8: Small & Mid Cap Healthcare clearly positive, further catch-up potential
MARKET ENVIRONMENT Small & Mid Cap Healthcare clearly positive, further catch-up potential Small and medium-sized companies with pleasing development since Q4 2023 Performance October 31, 2023 - December 31, 2024 Performance December 31, 2019 - December 31, 2024 Indexed, in USD Indexed, in USD 160 1
Slide 9: Summary of Fiscal 2024
Summary of Fiscal 2024 Gebhard Giselbrecht, Group CEO 9
Slide 10: The difficult market environment is reflected in the key figures
SUMMARY OF FISCAL 2024 The difficult market environment is reflected in the key figures Overview of key figures for 2024 compared to the previous year Development of the most important key figures • Lower AuM base due to client Assets under management Operating income Operating profit (EBTDA) 1) rea
Slide 11: AuM reduced by around 17% compared to the previous year...
SUMMARY OF FISCAL 2024 AuM reduced by around 17% compared to the previous year... Change in AuM 2019 20 February 2025 CHF million Development of assets under management • Assets under management down 17% 14'000 12'793 or around CHF 1.2 bn compared to the 12'038 previous year 12'000 10'599 • Healthca
Slide 12: ...with customer reallocations as the main drivers
SUMMARY OF FISCAL 2024 ...with customer reallocations as the main drivers Development of AuM base in 2024 CHF million Development of assets under management 607 • Reduction due to client reallocations 6'933 • Gross new money won of around 178 CHF 785 mn shows that our investment 5'755 expertise cont
Slide 13: Asset Management service income declines with assets under management
SUMMARY OF FISCAL 2024 Asset Management service income declines with assets under management Operating income from asset management activities, 2018 2024 Development of income from asset CHF million 14'000 management services 160.0 • Decline in revenues from asset 141.1 12'000 management services of
Slide 14: Results for Fiscal 2024
Results for Fiscal 2024 Stefano Montalbano, Group CFO 14
Slide 15: Consolidated financial statements reflect the difficult year 2024
RESULTS FOR FISCAL 2024 Consolidated financial statements reflect the difficult year 2024 Main components of Group net profit • Underproportional decline in total Operating income Operating expenses Operating profit (CHF mn) (CHF mn) (CHF mn) operating income of around 14% due to improved financial
Slide 16: Operating income driven by AuM
RESULTS FOR FISCAL 2024 Operating income driven by AuM Detailed development of operating income • Changes in operating income of CHF 11.7 Development of operating income 2023 vs 2024 mn in absolute terms driven by: 81.9 • Decrease in income from asset 1.3 70.2 management services by CHF 12.2 mn -0.8
Slide 17: Sustainable reduction in expenses
RESULTS FOR FISCAL 2024 Sustainable reduction in expenses Development of expenses and CIR • Entrepreneurial and results-based Personnel expenses Operating expenses Depreciation and compensation model and lower number of (CHF mn) (CHF mn) valuation adjustments (CHF mn) FTEs lead to lower personnel ex
Slide 18: Consistent solid capital structure and equity-financed balance sheet
RESULTS FOR FISCAL 2024 Consistent solid capital structure and equity-financed balance sheet As of December 31, 2024 (consolidated) CHF million Balance sheet (as of December 31, 2024) 119 26.8 118.5 CHF mn CHF mn cash equity 77 -42 73.0% 8.5% Equity ratio* Return on equity 37 * Balance sheet without
Slide 19: Attractive dividend of CHF 0.70 proposed for the 2024 financial year
RESULTS FOR FISCAL 2024 Attractive dividend of CHF 0.70 proposed for the 2024 financial year Dividend proposal 2024 and historical development of the dividend Surplus equity Proposed dividend of CHF 0.70 per share CHF million • Attractive dividend of CHF 0.70 per share 37 despite difficult market en
Slide 20: Priorities 2025
Priorities 2025 Gebhard Giselbrecht, Group CEO 20
Slide 21: Focus on investment performance and clients in 2025
PRIORITIES 2025 Focus on investment performance and clients in 2025 Priorities for 2025 • Steadfast focus on investment performance and close monitoring of investment strategies in Products & investment relation to mid-/long-term market drivers focus • Continued active management of product landscap
Slide 22: BB Biotech AG flagship strategy with a more than 30-year track record
PRIORITIES 2025 BB Biotech AG flagship strategy with a more than 30-year track record Total return (rebased) since launch November 16, 1993 December 31, 2024, in USD 7000 • Sector volatility remained high in 2024 and BB Biotech's small- and mid-cap focus led to an underperformance 6000 vs. the NBI a
Slide 23: High-volume healthcare funds with an established track record
PRIORITIES 2025 High-volume healthcare funds with an established track record Bellevue Medtech & Services Bellevue Digital Health Equity fund with a focus on the medtech and healthcare services sector Equity fund with a focus on the digitalisation of the healthcare sector Performance since inception
Slide 24: Expanded range of attractive equity strategies in the healthcare sector
PRIORITIES 2025 Expanded range of attractive equity strategies in the healthcare sector Bellevue Diversified Healthcare Bellevue AI Health Equity fund with a focus on the entire healthcare sector Equity fund with a focus on generative AI in the healthcare sector Performance since inception (in USD)
Slide 25: Return opportunities in European small & mid caps and Global Macro
PRIORITIES 2025 Return opportunities in European small & mid caps and Global Macro Bellevue Entrepreneur Europe Small Bellevue Global Macro Equity fund investing in owner-managed entrepreneur companies in Europe Absolute return strategy with daily liquidity Performance since inception (in EUR) Perfo
Slide 26: Bellevue Private Markets: Market environment, strategy & investments in 2024
PRIORITIES 2025 Bellevue Private Markets Market environment, strategy & investments in 2024 Developments in Private Markets • -sourced and self-managed direct investments in SMEs within the DACH region Focus & strategy • business models and with a strong financial foundation (margins and balance she
Slide 27: Return to Zurich City, expansion in Asia, modernization of infrastructure
PRIORITIES 2025 Return to Zurich City expansion in Asia modernization of infrastructure Sales activities in 2024 and 2025 Active management of Head office moved back to More than 1,100 client meetings and more UK-based investors in Zurich City, Swiss sales BB Biotech and team enlarged, and a than 70
Slide 28: Highlights 2024
PRIORITIES 2025 Highlights 2024 CO2 emissions (Scope 1, 2, 3) Sustainable investments 1) • Total CO2 emissions Bellevue • 74% sustainable Group: 603 t investments • Financed emissions: CO2 • 93% investments with intensity of portfolio sustainable characteristics investments: 524.6 t Stewardship Inve
Slide 29: Priorities for 2025 are aligned with our long-term targets
PRIORITIES 2025 Priorities for 2025 are aligned with our long-term targets Long-term targets and priorities 2025 Long-term targets Priorities 2025 • >50% of AuM exceed benchmark 1 Investment performance • >50% of AuM in 1st and 2nd quartile vs. peers 2 AuM base • Organic growth of 5-10% p.a. 1. Prod
Slide 30: Questions & Answers
Questions &Answers » Bellevue | 30
Slide 31: Appendix
Appendix 2 Bellevue | 1
Slide 32: Consolidated financial statements 2024
APPENDIX Consolidated financial statements 2024 Consolidated income statement CHF 1,000 1.1.-31.12.2024 1.1.-31.12.2023 Change Revenues from asset management services 69 581 81 793 - 12 212 Income from financial investments 379 - 915 + 1 294 Net other income 213 1 013 - 800 Operating income 70 173 8
Slide 33: Consolidated financial statements 2024 – Alternative Performance Indicators
APPENDIX Consolidated financial statements 2024 Alternative Performance Indicators CHF 1,000 1.1.-31.12.2024 1.1.-31.12.2023 Change Operating income 70 173 81 891 - 11 718 Personnel expenses - 39 944 - 43 823 + 3 879 Other operating expenses - 13 539 - 14 362 + 823 Operating expenses - 53 483 - 58 1
Slide 34: Consolidated financial statements 2024 – Key figures (1/2)
APPENDIX Consolidated financial statements 2024 Key figures (1/2) 1.1.-31.12.2024 1.1.-31.12.2023 Change Consolidate income statement Cost/Income ratio 76.2% 71.1% - Earnings per share (in CHF) 0.69 1.15 - 40.0% 31.12.2024 31.12.2023 Change Asset under management (in CHF million) Total managed asset
Slide 35: Consolidated financial statements 2024 – Key figures (2/2)
APPENDIX Consolidated financial statements 2024 Key figures (2/2) 31.12.2024 31.12.2023 Change Dividend Ordinary dividend per share (in CHF) 0.70 1.15 - 39.1% Dividend yield 6.2% 4.7% - Staff (FTEs) Number of staff (at cutoff date) 85.6 94.4 - 9.3% Number of staff (annual average) 88.2 98.8 - 10.7%
Slide 36: Performance of the Bellevue investment strategies 2024
APPENDIX Performance of the Bellevue investment strategies 2024 Various healthcare funds convince, strong influence from USD development Specialized healthcare strategies (in CHF) Specialized healthcare strategies (in USD) Absolute performance 2024 Absolute performance 2024 Bellevue Medtech & Servic
Slide 37: Performance of Bellevue investment strategies 2024 (continued)
APPENDIX Performance of Bellevue investment strategies 2024 (continued) Regional strategies and multi-asset solutions with positive returns in a volatile environment Traditional and alternative investment strategies Absolute performance 2024, in base currency StarCapital Multi Income (EUR) 10.1% Bel
Slide 38: ESG Highlights 2024 financed CO2 emissions
APPENDIX ESG Highlights 2024 financed CO 2 emissions CO2 emissions at portfolio level Carbon intensity Scope 1, 2, 3 according to PCAF methodology Financed emissions CO2 footprint1 Financed emissions CO2 Intensity2 Scope 1, 2, 3 t CO2 / mn CHF invested • 524.6 t CO2 / million turnover asset-weighted
Slide 39: Shareholder base
APPENDIX Shareholder base Structure of the shareholder base as of December 31, 2024 Attractive value creation leads to stable Non-registered shareholder base public shareholders (n/a) • Strong commitment of core shareholders 12.0% • Reduction in the proportion of managment and employees to 9.1% 35.1
Slide 40: Bellevue Group AG share price performance
APPENDIX Bellevue Group AG share price performance Bellevue Group share price performance in comparison (BBN SW) Total return in CHF (5 years) Indexed to 100 (in %) 300 Market capitalization as of Bellevue Group AG 31.12.24 250 200 CHF 151 mn +63.0% Partners Group Holding 150 AG +20.5% 100 Polar Cap
Slide 41: Bellevue specialized asset management
APPENDIX Bellevue specialized asset management Company profile Established 1993 Market cap. Pure asset Differentiated CHF 151 mn manager with investment competencies Number of employees (in FTE) high specialization for an attractive offering 85.6 AuM CHF 5.8 bn equity CHF 118.5 mn Entrepreneurial, w
Slide 42: Corporate Events & Contact
Corporate Events & Contact Corporate Events March, 18, 2025 Annual General Meeting 2025 July 24, 2025 Publication Half-year results 2025 Investor Relations Stefano Montalbano CFO Bellevue Group Phone +41 44 267 67 00 ir@bellevue.ch Media Relations Jürg Stähelin IRF Phone +41 44 244 81 51 staehelin@i
Slide 43: Disclaimer
Disclaimer This document was produced by and the opinions expressed are those of Bellevue Group AG («Bellevue») as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation
Slide 44: Bellevue Group AG, Theaterstrasse 12, 8001 Zurich
Bellevue Group AG Theaterstrasse 12 8001 Zurich T +41 44 267 67 00 info@bellevue.ch info@bellevue.ch www.bellevue.ch 44