Slide 1: Media and Financial Analysts Conference: Financial Results 2025
Media and Financial Analysts Conference: Financial Results 2025 February 23, 2026 1/47
Slide 2: Agenda
Agenda 1 Business & Market Review Lars van der Haegen, CEO 2 Financials 2025 Dr. Markus Schürch, CFO Introducing new Head of Belimo Americas 3 Sarah Bencic Outlook 2026 4 Dr. Markus Schürch, CFO 5 Q&A and Apéro Riche Media and Financial Analysts Conference | 2026-02-23 2/47
Slide 3: Celebrated 50 years with strongest result ever
Celebrated Celebrated … with … with 50 50 years years strongest strongest Belimo … Belimo … result ever result ever Media and Financial Analysts Conference | 2026-02-23 3/47
Slide 4: Summary
Summary Accelerated growth both in traditional HVAC 2026 Outlook business and in data centers in 2025 Expect mid-teens Financial +23% +29% 36% 10.00 % sales growth growth Sales growth EBIT growth ROCE Dividend (LC) in LC per share Continue strategy New Digital Expanded Higher Expanded Belimo Generat
Slide 5: Dynamic end markets in 2025
Dynamic end markets in 2025 Rapidly expanding Slowing non-residential Economic and geo- data centers (DC) construction political uncertainties Belimo with increasing DC sales share Global non-residential construction New US Geopolitical Slowing spending YoY in EUR 2 tariffs tensions global GDP ~17%
Slide 6: Despite environment Belimo continued to execute on its Growth Strategy
Despite environment Belimo continued to execute on its Growth Strategy RetroFIT+ Grow APAC Data Centers ▪ Partners identified more ▪ Expanded market reach ▪ Expanded global DC opportunities with higher and strengthened organization conversion rates organization Customer ▪ Progressed with targeted Va
Slide 7: Strategic execution enabling Belimo to cater growth megatrends
Strategic execution enabling Belimo to cater growth megatrends Population Urban life- Rising demand for: living in cities styles Pleasant room climates 55% 68% 90% Today 2050 1 Indoors, density Healthy environments Urbanization Safety in buildings Buildings HVACs consume consume Belimo 40% 40% Sales
Slide 8: Media and Financial Analysts Conference | 2026-02-23
Media and Financial Analysts Conference | 2026-02-23 8/47
Slide 9: Media and Financial Analysts Conference | 2026-02-23
Media and Financial Analysts Conference | 2026-02-23 9/47
Slide 10: Media and Financial Analysts Conference | 2026-02-23
Media and Financial Analysts Conference | 2026-02-23 10/47
Slide 11: Focus: Capacity expansion on-track
Focus: Capacity expansion on-track Hinwil expansion to be completed by H2’26 On-track to double 2 capacity New operations building adding 69’600 bin and 4’234 pallet storage locations; logistics 2’350m , 2 operations 3’819m Including further ® strengthening of Inaugurated Belimo China CESIM House he
Slide 12: Megatrends and strategy execution driving strong growth
Megatrends and strategy execution driving strong growth 10.3% sales CAGR 05-25 2025 in local currencies 1,200 23% 32 % Sales growth in LC 2nd phase of Growth 1,100 EBIT margin Strategy: +13.8% 30 ▪ 23% sales growth CAGR 21-25 13% 1,000 Sales in CHF m in LC, representing 1st phase of Growth 28 900 12
Slide 13: … with acceleration across all geographies
… with acceleration across all geographies Sales growth in local currencies Hoffmann Group, Munich: ~750 pressure independent EMEA 12.0% control valves and 5.9% ~400 fire & smoke actuators enabling 2024 2025 energy efficiency 4 Embarcadero Center, San Francisco: 31.8% RetroFIT+ with the Americas Bel
Slide 14: Belimo Future is built on Megatrends
Belimo Future is built on Megatrends Generate innovation and customer value across building and HVAC trends ▪ Connected buildings Technology ▪ Integrated planning, installation and commissioning ▪ Next-generation building automation ▪ Safe buildings Society ▪ Healthy indoor spaces ▪ Mixed-use and fl
Slide 15: Changes to the Board of Directors
Changes to the Board of Directors As part of medium-term succession planning and renewal of the body Dr. Karina Rigby Education ▪ 1997: Ph.D. in Materials Engineering, Massachusetts Institute of Technology Proposed for election at (MIT), USA ; 1992: Bachelor of Science in Materials Engineering, MIT;
Slide 16: Media and Financial Analysts Conference | 2026-02-23
Media and Financial Analysts Conference | 2026-02-23 16/47
Slide 17: Agenda
Agenda 1 Business & Market Review Lars van der Haegen, CEO 2 Financials 2025 Dr. Markus Schürch, CFO Introducing new Head of Belimo Americas 3 Sarah Bencic Outlook 2026 4 Dr. Markus Schürch, CFO 5 Q&A and Apéro Riche Media and Financial Analysts Conference | 2026-02-23 17/47
Slide 18: Accelerated sales growth in 2025
Accelerated sales growth in 2025 Sales development Sales by region In CHF m APAC +23.3% +18.7% 13% EMEA 38% Sales in LC Sales in CHF +12.5% CAGR Growth 20-24 in LC Americas 49% accelerating in 2025 Acceleration Sales by business line driven by Damper 1 121 traditional HVAC Control actuators 859 944
Slide 19: High-quality growth driven by volume & mix
High-quality growth driven by volume & mix Sales growth bridge 2025 YoY 3.6% 0.1% 23.3% 19.5% ▪ Volume driven by 18.7% megatrends and -4.5% growth strategy Out- ▪ Mix driven by product growing and customer mix, markets particularly in data centers vertical ▪ Pricing compensating for FX Volume Price
Slide 20: Sales growth across all geographies
Sales growth across all geographies EMEA Americas APAC In CHF m +25% +10% in LC: +32% in LC: +12% 544 +23% 390 429 434 in LC: +29% 120 147 2024 2025 2024 2025 2024 2025 ▪ Strong growth despite challenging non- ▪ Driven by data centers and traditional ▪ Driven by data centers and high growth resident
Slide 21: Sales growth across all business lines
Sales growth across all business lines Damper Control Sensors actuators valves & Meters In CHF m +10% +26% in LC: +14% in LC: +31% 432 476 591 +20% 468 in LC: +25% 44 53 2024 2025 2024 2025 2024 2025 ▪ Strong demand for Fire & Smoke and ▪ Benefited from accelerating data center ▪ Customers consolida
Slide 22: Data Centers (DC) with increasing sales share
Data Centers (DC) with increasing sales share Belimo sales in CHFm 562 559 474 470 Shift to liquid cooling ongoing in 2025 Non DC ~16% ~18% DC 10-11% 12-13% H1’24 H2’24 H1’25 H2’25 Data Centers accounting for slightly less than half of Belimo’s sales growth in 2025 Media and Financial Analysts Confe
Slide 23: Accelerated EBIT growth and improving margin …
Accelerated EBIT growth and improving margin … EBIT in CHFm / % of sales +29% 233 +14% CAGR 20-24 in CHF 181 145 152 152 20.8% 108 19.2% 18.0% 17.8% Profitable 19.0% Growth 16.3% 2020 2025 ▪ Strong 20.8% EBIT margin, up +159bps driven by operating leverage, innovation and favorable mix, partly offse
Slide 24: … despite continued growth investments
… despite continued growth investments Investing in innovation R&D spending R&D spending up In CHF m / % of sales +3.5% to CHF 76m; 76 73 76 6.7% reflecting 62 strong sales 54 56 growth and Belimo 7.7% 6.7% having passed 7.3% 7.3% 8.9% 8.1% peak investments into new digital 2020 2025 portfolio Enabl
Slide 25: Sequential sales increase in H2 despite seasonality
Sequential sales increase in H2 despite seasonality CHFm H1'25 H2'25 1 FY'25 Net sales 562 559 1121 ▪ Sequentially increased H2 sales in LC, Material expenses incl. ∆ inventories (216) (228) (444) despite business seasonality; supported by % of sales -38.4% -40.8% -39.6% strong momentum EBITDA 147 1
Slide 26: Net income growth acceleration
Net income growth acceleration Net income in CHF m / % of sales +24% 182 +14% CAGR 20-24 in CHF 147 ▪ Net income rose by 24%, 137 driven by EBIT growth 123 16.2% 116 ▪ Partly offset by a net foreign 15.5% exchange impact and slightly 87 15.9% 15.1% 14.5% higher tax rate 13.1% 2020 2025 1) Based on Y
Slide 27: Cash flow transitorily impacted by business growth
Cash flow transitorily impacted by business growth Cash flows Focus on 2025 2020-25 cash flow CF from operating activities FCF w/o term deposits 271 195 185 Impacted by 157 ∆NWC and 153 Capex to cater 133 185 126 future growth -67 106 113 111 -19 93 99 25 124 99 56 -86 2020 2025 EBITDA ∆ NWC Taxes &
Slide 28: Strong capital return and balance sheet
Strong capital return and balance sheet Capital return supported by Sound asset-light set-up balance sheet ROIC ROCE 1 ROE Asset-light Net liquidity Equity ratio production 2 (incl. term deposits) 36% 30% 28% 71% Internal Internal Assembly Logistics & 69 customization 2025 88% External suppliers 202
Slide 29: Dividend reflecting ongoing capacity expansion
Dividend reflecting ongoing capacity expansion Dividend per share in CHF / Pay-out ratio (%) 10.0 9.5 8.5 8.5 8.5 ▪ Proposed CHF 10.00 7.5 7.5 dividend, representing 67.7% pay-out ratio (PY 106.4% 79.6%) and 1.3% yield 1 5.0 90.4% 85.1% ▪ Total proposed payment of 76.3% 79.6% CHF 123m reflecting 76.
Slide 30: Strong development of key figures over five years
Strong development of key figures over five years 2021 2022 2023 2024 2025 Sales growth in LC 16.6% 11.9% 7.2% 13.1% 23.3% ▪ Accelerating top and bottom line EBIT margin 19.0% 18.0% 17.8% 19.2% 20.8% FCF in % of sales 6.0% 10.8% 15.8% 9.8% 11.0% ▪ FCF reflecting capacity expansion FCF (w/o term depo
Slide 31: ESG progress on-track
ESG progress on-track Scope 1&2 emissions in tCO2e 1) Scope 3 emissions per product sold in kg CO2e 1) 2030 2050 2030 2050 SBTi validated scope 2022 2024 2025 target target 2022 2024 2025 target target 1-3 climate targets 2327 2329 1956 -90% 66 61 57 -97% -42% -51.6% -16% -14% Belimo enhancing energ
Slide 32: 2025 conclusion
2025 conclusion Accelerated sales growth of 23% in LC, supported by strategy execution in traditional HVAC business and data centers EBIT margin expanded 159bps, supported by operating leverage and mix Executing on Growth Strategy Strong capital return (ROCE 36%) and sound balance sheet Dividend of
Slide 33: Next dates
Next dates Annual General Meeting 2026 March 23, 2026 Ex-Dividend Date March 25, 2026 Dividend Payment March 27, 2026 Publication of Semiannual Report 2026 July 20, 2026 Investor Event in Hinwil, CH Building Tomorrow, Inauguration New Facility and Product Insights September 1, 2026 Media and Financi
Slide 34: Agenda
Agenda 1 Business & Market Review Lars van der Haegen, CEO 2 Financials 2025 Dr. Markus Schürch, CFO Introducing new Head of Belimo Americas 3 Sarah Bencic Outlook 2026 4 Dr. Markus Schürch, CFO 5 Q&A and Apéro Riche Media and Financial Analysts Conference | 2026-02-23 34/47
Slide 35: Introducing new Head of Belimo Americas
Introducing new Head of Belimo Americas Well-planned transition effective March 1, 2026 Sarah Bencic Background ▪ 2021-25: General Manager of Building Management Head of Americas & Systems Americas (23-25) and North America (21-23) Member of the EC at Honeywell ▪ 2014-21: Global portfolio management
Slide 36: Strong growth track record accelerated in 2025
Strong growth track record accelerated in 2025 12.7% sales CAGR 15-25 of Growth powered by Americas in local currencies multiple drivers in 2025 +31.8% Sales in CHF m Sales in LC Core HVAC momentum: >50% of growth RetroFIT+, strong customer +16.6% CAGR support and technology promotion 20-24 in LC ge
Slide 37: Growth supported by strong competitive advantages …
Growth supported by strong competitive advantages … 50 <20% ~7% #1 years market share in R&D quality Proven pureplay Global leader Innovation leader Swiss quality dedicated to niche market; in damper actuators and Significant investments in focusing on durability, Lever agile in identifying and cont
Slide 38: … which are levered across HVAC verticals
… which are levered across 30 HVAC verticals Amusement, Hotels and Public access Offices Retail sports, and Education restaurants buildings recreation Health and Pharma, biotech, Production Government Military Chemicals social services and medtech buildings Semiconductor Food and Greenhouses Infrast
Slide 39: Solution Leadership and Customer Value efforts driving momentum
Solution Leadership and Customer Value efforts driving momentum Awareness efforts driving adoption Examples Energy ValveTM growth stemming from Solution accelerated data center deployment and energy Leadership saving retrofit opportunities in core HVAC Sensors & Meters adoption driven by continued c
Slide 40: RetroFIT+ gaining momentum
RetroFIT+ gaining momentum Case Study: The Paramount Group Successfully completed initial project Future opportunities ▪ The Paramount Group completed Potential for RetroFIT+ RetroFIT+ projects in three key buildings Adoption projects in additional in New York City to align these buildings buildings
Slide 41: Dedicated Data Center organization drives collaboration
Dedicated Data Center organization drives collaboration Belimo Data Center Team ▪ Partners directly with data center owners and technology providers Research Data Center Owners / M&E to inform decisions Organizations Technology Providers Consultants ▪ Participates in key research organizations to co
Slide 42: Robust Americas Outlook 2026
Robust Americas Outlook 2026 Expect continued double-digit growth in LC ▪ Adoption of more advanced solutions and customer value offerings, including RetroFIT+, to drive growth in traditional HVAC verticals Growth ▪ Continued momentum in both installed data center capacity and the percentage of the
Slide 43: Agenda
Agenda 1 Business & Market Review Lars van der Haegen, CEO 2 Financials 2025 Dr. Markus Schürch, CFO Introducing new Head of Belimo Americas 3 Sarah Bencic Outlook 2026 4 Dr. Markus Schürch, CFO 5 Q&A and Apéro Riche Media and Financial Analysts Conference | 2026-02-23 43/47
Slide 44: Outlook 2026
Outlook 2026 Mid-teens % sales growth and EBIT margin above 20% Sales growth in mid-teens % in local currencies: supported by growth megatrends, continued strategic execution and momentum in data centers and RetroFIT+ EBIT margin above 20%: Impacted by FX fluctuations; expect positive effects from f
Slide 45: Q&A
Q&A
Slide 46: Investor Relations
Investor Relations Stephan Gick stephan.gick@belimo.ch +41 43 843 48 12 ir@belimo.ch www.belimo.com/ch/en_GB/about/invest or-relations Media and Financial Analysts Conference | 2026-02-23
Slide 47: Disclaimer
Disclaimer This presentation contains comments relating to future developments which are based on assumptions § and estimates of BELIMO Holding AG. Although the Company assumes the expectations of these forward-looking statements to be realistic, they contain risks. These can lead to the actual resu