Bellevue Group Ag · SIX:BBN
Bellevue — H1 2026 Earnings Presentation
36 slides from Bellevue's earnings presentation, Jul 23, 2026
Slide 1: Bellevue Group Half-Year Results 2026
Bellevue Group Half-Year Results 2026 Zurich, July 23, 2026
Slide 2: Bellevue Group reports a first-half Group profit of CHF 1.8 mn
SUMMARY Bellevue Group reports a first-half Group profit of CHF 1.8 mn Market environment, our performance, and market opportunity • Healthcare: Lagged the broader equity market in the first half. Signs of a trend reversal emerging toward the end of Q2 2026 Our market • Biopharma: A more constructiv
Slide 3: Agenda
Agenda 1 Market update Markus Peter, CEO Bellevue Asset Management 2 Overview of H1 2026 Markus Peter, CEO Bellevue Asset Management 3 H1 2026 results Stefano Montalbano, CFO 4 Priorities 2026 Veit de Maddalena, Executive Chairman of the Board of Directors 5 Questions & answers A Appendix 3
Slide 4: Market update
Market update Markus Peter, CEO Bellevue Asset Management 4
Slide 5: Equity markets stay on track despite geopolitical risks
MARKET UPDATE Equity markets stay on track despite geopolitical risks Japan and emerging markets in particular are gaining momentum – AI remains the dominant structural driver Performance of selected equity indices Performance of GICS sectors (global) Absolute performance (total return) 2026 year-to
Slide 6: Diverging performance across healthcare sub-sectors
MARKET UPDATE Diverging performance across healthcare sub-sectors Medtech shows clear underperformance Total return 2026 year-to-date (indexed, in CHF) Selected healthcare subsectors at a glance 120 Significant capital flowed out of the healthcare sector into the information 15.0% technology sector,
Slide 7: Performance of Bellevue investment strategies H1 2026 (I)
MARKET UPDATE Performance of Bellevue investment strategies H1 2026 (I) Biotech remains compelling, specialized healthcare strategies lag Global healthcare strategies Specialized healthcare strategies Absolute performance 2026 year-to-date, in CHF Absolute performance 2026 year-to-date, in CHF BB Bi
Slide 8: Performance of Bellevue investment strategies H1 2026 (II)
MARKET UPDATE Performance of Bellevue investment strategies H1 2026 (II) Bellevue Entrepreneur Europe Small delivers another highly compelling track record in its 15th anniversary year Regional strategies and multi-asset Absolute performance 2026 year-to-date, in base currency Bellevue Entr. Europe
Slide 9: Healthcare small & mid caps rise significantly
MARKET UPDATE Healthcare small & mid caps rise significantly Small and mid-cap companies – particularly in the biotech segment – show a clear upward trend Performance December 31, 2025 - June 30, 2026 Performance December 31, 2019 - June 30, 2026 Indexed, in USD Indexed, in USD 125 180 120 +19.1% 16
Slide 10: M&A activity remains above average
MARKET UPDATE M&A activity remains above average Announced acquisition transactions worth more than USD 130 bn since the start of the year USD 14.6 bn USD 8.0 bn USD 10.6 bn USD 3.9 bn USD 4.7 bn USD 10.9 bn (+0.5 bn CVR) USD 9.1 bn (+0.4 bn CVR) USD 12.0 bn USD 10.0 bn USD 10.0 bn USD 4.8 bn USD 3.
Slide 11: Healthcare recovery has begun – further catch-up potential remains
MARKET UPDATE Healthcare recovery has begun – further catch-up potential remains Valuation versus global equities Weighting in the S&P 500 Index (in %) Performance versus defensive sectors P/E healthcare (18.2x) vs. global equities (18.9x) Weight of the healthcare sector in the S&P 500 (in %) Relati
Slide 12: European small caps – access to the megatrends of the next decade
MARKET UPDATE European small caps – access to the megatrends of the next decade Leading niche providers benefit from strong pricing power and long-term growth prospects AI winners Sovereignty Deglobalization Expansion of AI infrastructure, provision of Strengthening European competitiveness in Local
Slide 13: Valuations of European small caps remain at attractive levels
MARKET UPDATE Valuations of European small caps remain at attractive levels Europe small vs. Europe large Europe small vs. US small 28 45 MSCI Europe Small (Net TR) MSCI Europe Large (Net TR) MSCI Europe Small (Net TR) MSCI US Small (Net TR) Average Average 40 Average Average 24 35 12m forward P/E 1
Slide 14: Overview of H1 2026
Overview of H1 2026 Markus Peter, CEO Bellevue Asset Management 14
Slide 15: Key figures H1 2026
H1 2026 AT A GLANCE Key figures H1 2026 Overview of key figures for H1 2026 compared with the prior period Development of key figures • Operating income +4.4% to CHF 26.2 mn: a higher financial result Assets under management Operating income Operating expenses offset lower management fees; AuM at CH
Slide 16: Assets under management at H1 2025 level despite strong sector rotation
H1 2026 AT A GLANCE Assets under management at H1 2025 level despite strong sector rotation Development of assets under management 2022 – H1 2026 CHF mn Development of assets under management 10’000 9’413 • Decrease of 8.7%, or CHF 456 mn, versus 9’000 12.31.2025 8’000 6’933 • Nearly unchanged versu
Slide 17: Net new money outside healthcare positive
H1 2026 AT A GLANCE Net new money outside healthcare positive Development of assets under management in H1 2026 CHF mn Development of assets under management • Decrease mainly attributable to client 5’257 98 reallocations within healthcare strategies 92 32 4’801 • Encouraging net new money inflow of
Slide 18: H1 2026 results
H1 2026 results Stefano Montalbano, CFO 18
Slide 19: Higher Group result versus the prior period
FINANCIAL RESULTS H1 2026 Higher Group result versus the prior period Main components of the Group result • Operating income +4.4% to Operating income Operating expenses Operating result (CHF mn) (CHF mn) (CHF mn) CHF 26.2 mn: a higher financial result offset lower management fees +4.4% -5.4% +98.8%
Slide 20: Operating income above prior-year period
FINANCIAL RESULTS H1 2026 Operating income above prior-year period – driven by the positive performance of BB Biotech and an improved financial result Detailed development of operating income • Operating income rose by CHF 1.1 mn to Operating Income H1 2025 vs H1 2026 CHF 26.2 mn, driven by: 26.2 −
Slide 21: Operating expenses reduced – cost/income ratio improved
FINANCIAL RESULTS H1 2026 Operating expenses reduced – cost/income ratio improved Development of operating expenses and CIR • Lower cost base thanks to cost-reduction measures Personnel expenses Other operating (CHF mn) initiated in the prior year; total operating expenses expenses (CHF mn) down 5.4
Slide 22: Priorities 2026
Priorities 2026 Veit de Maddalena, Executive Chairman of the Board of Directors 22
Slide 23: Our expertise
PRIORITIES 2026 Our expertise Clear areas of competence 1 Healthcare 2 Small & mid caps Europe / Switzerland 3 Multi Asset & Bonds • A pioneer in healthcare investing with more • A pioneer in investing with a focus on owner- • Innovative solutions based on state-of-the-art than 30 years of experienc
Slide 24: BB Biotech AG – Positioned for the next phase of the biotech cycle
PRIORITIES 2026 BB Biotech AG – Positioned for the next phase of the biotech cycle 1 The biotech sector continues to gain momentum Innovation momentum remains strong. Upcoming patent expirations at major pharmaceutical companies support demand for biotech innovation and drive M&A activity. 2 A more
Slide 25: Bellevue Medtech & Services
PRIORITIES 2026 Bellevue Medtech & Services A new earnings base creates compelling upside potential The key points at a glance Correction in the Bellevue Medtech & Services fund due to «multiple compression» (falling share prices amid stable to slightly negative Valuation correction offers attractiv
Slide 26: 15 years of successful investing in European small & mid caps
PRIORITIES 2026 15 years of successful investing in European small & mid caps A proven investment philosophy across different market phases ~11% p.a. ~5x Top quartile A fivefold increase in the capital originally Annualized net return since launch Vs. peer group – outperformed the invested benchmark
Slide 27: Bellevue Global Macro – Flexibility in every market phase
PRIORITIES 2026 Bellevue Global Macro – Flexibility in every market phase The next generation of multi-asset investing Extensive sources of Active management State-of-the-art analysis return Broader diversification across markets, An intelligent combination of systematic models Use of quantitative r
Slide 28: Investment performance and clients in focus for 2026
PRIORITIES 2026 Investment performance and clients in focus for 2026 Priorities 2026 • A clear priority on investment performance, along with ongoing review of investment strategies in light of medium- to long-term market drivers Products & investment • Continued active management of the product lan
Slide 29: Priorities 2026 are aligned with our long-term goals
PRIORITIES 2026 Priorities 2026 are aligned with our long-term goals Long-term goals and priorities 2026 Long-term goals Priorities 2026 • >60% of AuM outperform their benchmarks 1 Investment Performance • >60% of AuM in the 1st and 2nd quartile of the peer universe 2 AuM base • Organic growth of 5-
Slide 30: Questions & answers
Questions & answers » Bellevue | 30
Slide 31: Appendix
Appendix 2 Bellevue | 1
Slide 32: Bellevue – specialized asset management
BELLEVUE Bellevue – specialized asset management Company profile Year founded 1993 A pure-play asset Differentiated Market capitalization manager with a high investment capabilities CHF 92 mn degree of specialization Number of employees (in FTE) 69.5 Client assets CHF 4.8 bn Equity CHF 117 mn Entrep
Slide 33: Access to the unique Bellevue healthcare investment platform
BELLEVUE Access to the unique Bellevue healthcare investment platform A broad range of investment solutions A closed-end investment company with a successful track record since 1993 An established platform of actively managed healthcare UCITS funds with Listed on the SIX Swiss Exchange and broad exp
Slide 34: Corporate calendar & contact
Corporate calendar & contact Corporate calendar March 18, 2027 Annual General Meeting, AURA Zurich Investor Relations Stefano Montalbano CFO Bellevue Group Phone +41 44 267 67 00 ir@bellevue.ch Media Relations Samuel Brandner Dynamics Group Phone +41 43 268 32 24 samuel.brandner@bellevue.ch 34
Slide 35: Disclaimer
Disclaimer This document was prepared by Bellevue Group AG (“Bellevue”) . The opinions expressed herein are those of Bellevue at the time of writing and may change at any time. This document is for information purposes only and for use by the recipient. It does not constitute an offer or solicitatio
Slide 36: 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 36