Hbm Healthcare Investments Ag Temp · SIX:HBMNE
Hbm Healthcare Investments Ag Temp — HBM Healthcare Investments — Investor Presentation (October 2026)
56 slides from Hbm Healthcare Investments Ag Temp's investor presentation, October 2026
Slide 1: HBM Healthcare Investments
MARKETING MATERIAL HBM Healthcare Investments U N IQUE IN VE ST M E NTS IN P RIVA T E A N D L ISTED L IF E SCIENCES COM PA NIES O CT O BE R 2 0 2 6
Slide 2: Profile
HBM Healthcare Investments Profile Swiss investment company with CHF 2.2 billion assets holding a global portfolio of emerging life sciences companies Unique Investments Portfolio Expertise Swiss-based, permanent Focusing on growth companies Dedicated investment capital, healthcare- companies in the
Slide 3: At a Glance
HBM Healthcare Investments At a Glance Registered Shares (CHF) Performance (CHF) 5Y 10Y Total assets 2’154 million Net return Return Return (including Net assets (NAV) 1’946 million distribution) 2026 2025 2024 2023 p.a. p.a. Market capitalisation 1’545 million NAV 9.1% 14.8% 15.0% -8.3% 0.6% 11.6%
Slide 4: Indexed Performance over 10 Years
HBM Healthcare Investments Indexed Performance over 10 Years 550 10Y Performance 500 Total return, distributions reinvested 450 245.3%, 13.2% p.a. 199.3%, 11.6% p.a. 400 186.8%, 11.1% p.a. 115.7%, 7.0% p.a. 350 100.7%, 7.2% p.a. 300 250 200 150 100 50 0 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-
Slide 5: Portfolio Highlights over the Last Years
HBM Healthcare Investments Portfolio Highlights over the Last Years Mineralys Therapeutics Closes $40 Million Series A Funding > 25 new private investments >25 IPOs / Listings >15 Trade & Asset Sales Positive clinical data 8 market approvals Upcoming catalysts in 2026 Data as of September 2026 5
Slide 6: Proven Track Record of More than 70 Trade Sales and IPOs in 10 Years
HBM Healthcare Proven Track Record Investments of More than 70 Trade Sales and IPOs in 10 Years $446m $350m $670m $1.5bn $279m $6.7bn €1.5bn $820m $8.0bn HKD 783m $1.9 bn Listing on IPO on IPO on IPO on Acquisition IPO on Acquisition Majority Acquisition Acquisition IPO on Acquisition NSE Nasdaq Nas
Slide 7: Largest Private Investments Over the Last Years
HBM Healthcare Investments Largest Private Investments Over the Last Years IPO Trade sale 2016 / 2017 2018 / 2019 I------------------------------------ 2020 – 2024 ---------------------------------- I 2025 / 2026 Data as of 31 August 2026 7
Slide 8: Investment Strategy
HBM Healthcare Investments Investment Strategy − Investment focus on companies with innovative platforms and drug Innovation candidates Private and − Portfolio of private and small-cap public companies (generally market Public capitalization below USD 2 bn) − Investments typically first made in a ve
Slide 9: Investment Approach
HBM Healthcare Investments Investment Approach Investment Approach − Fundamental long with private and public healthcare investments, with diversified portfolio Bellwethers − Strategy targets emerging and established leaders, Emerging Leaders both public and private, and stock selection is based Inv
Slide 10: Private Equity Investment Process
HBM Healthcare Investments Private Equity Investment Process # companies >700* ~200 ~25 10-15 per annum Investment Comprehensive Investment Deal Sourcing Initial Due Diligence Recommendation / Due Diligence Monitoring / Exit Decision • Appraisal of scientific, Monitoring activities • Company and • D
Slide 11: Public Equity Investment Process
HBM Healthcare Investments Public Equity Investment Process Idea Generation − Appraisal of scientific, technological, regulatory and political trends Due Diligence − Universe of >1,500 healthcare companies (approx. 15% are − Scientific and clinical review: Survey of scientific Idea covered by stock
Slide 12: Healthcare Sector
Healthcare Sector 12
Slide 13: Attractive Growth Sector with Strong Fundamentals and Drivers
HBM Healthcare Attractive Growth Sector Investments with Strong Fundamentals and Drivers Biotech Outperformed the Market Over Short & Long Term − Healthcare sector’s fundamentals remain intact and are supportive for further outperformance 6400 NASDAQ Biotechnology Index: +4138% (13% p.a.) S&P 500 In
Slide 14: Large Pharma Losing Weight: Opportunities in Small Caps and Biopharma VC
HBM Healthcare Large Pharma Loosing Weight: Investments Opportunities in Small Caps and Biopharma VC Healthcare Sector Looks a Lot Different Today 2001 2011 2025 Market cap: $2’022 billion Market cap: $2’351 billion Market cap: $8’167 billion 3% 1% 9% 8% 12% 7% 11% 5% 12% 44% 8% 20% 65% 79% 16% Phar
Slide 15: New and Changing Treatment Modalities - Today and Tomorrow
HBM Healthcare New and Changing Treatment Modalities - Investments Today and Tomorrow «Advanced cell therapies» (CAR-Ts, TILs; stem cells; various other cell types) Gene therapy «RNA therapeutics» (ASOs, RNAi, mRNA, Gene editing rSMs) Next-generation Small Molecules binders: bispecifics, ADCs, fragm
Slide 16: Latest Medical Breakthroughs and Approvals
HBM Healthcare Investments Latest Medical Breakthroughs and Approvals Company Indication Product (MOA) Highlights Ulcerative Colitis Obefazimod (miR-124 Placebo-adjusted clinical remission at Week 44 reached enhancer) 39.3% for the 25 mg dose and 40.3% for the 50 mg dose with 67 a novel mechanism 70
Slide 17: Transactions over $1bn in 2024-2026
$0bn $2bn $4bn $8bn $6bn $10bn $12bn $14bn $16bn J&J/Intra-Cellular 15 Novartis/Avidity Sun Pharma/Organon 12 12 Pfizer/Biohaven 12 AbbVie/Apogee 11 GSK/Nuvalent 11 Vertex/Crinetics Pfizer/Metsera Merck/Verona Pharma 101010 Merck/Cidara 9 9 Sanofi/Blueprint Genmab/Merus 8 8 Gilead/Arcellx 7 Merck/Te
Slide 18: Notable Biopharma LOEs of >$400bn from 2025-2033
HBM Healthcare Notable Biopharma LOEs Investments (“Loss of Exclusivity”) of >$400bn from 2025-2033 $90bn Otezla; $3bn $80bn Lynparza; $3bn Takhzyro; $2bn Tepezza; $3bn Dolutegravir; $3bn Imbruvica; $3bn Vyndaquel Calquence $70bn $6bn $5bn Trodelvy; $3bn Evenity; $2bn Reblozyl; $3bn Venclexta; $3bn
Slide 19: Pharma Favors Privately Held & Smaller Cap Companies for M&As
HBM Healthcare Pharma Favors Currently Privately Held & Investments Smaller Cap Companies for M&As Biotech acquisitions, by year & Biotech acquisitions, by year & Biotech acquisitions, by year & total value paid upfront percentage premium paid therapeutics category 45 35 45 40 30 40 35 35 25 30 30 2
Slide 20: Vivid Environment with High M&A Premiums
HBM Healthcare Investments Vivid Environment with High M&A Premiums 2025/26 Acquisitions 2022-24 Acquisitions Date Acquirer Company acquired Price Premium* Date Acquirer Company acquired Price Premium* 6.07.26 $10,000m 102% 14.10.24 $2,600m 54% 22.06.26 $10,900m 49% 10.04.24 $4,900m 67% 9.06.26 $10,
Slide 21: Investment Portfolio
Investment Portfolio 21
Slide 22: A Global Portfolio
HBM Healthcare Investments A Global Portfolio CellCentric Vicore Pharma Fore Bio Parabilis (FogPharma) Jazz Abivax Zymeworks Xenon Valo Health Synthon Monte Rosa Therapeutics Travere ArriVent BioPharma Argenx Curevo Harmony Biosciences Numab Swixx BioPharma / Mineralys Shape Memory Electra Axsome Th
Slide 23: Asset Allocation
HBM Healthcare Investments Asset Allocation in CHF million Cash, net 12%; 276 Public Equity 31%; 682 Public from Private Equity 21%; 463 Private Equity 25%; 547 Private Equity Funds 7%; 150 Other Assets 4%; 79 Other Liabilites -4%; -78 Financial Debt -5%; -99 -400 -200 0 200 400 600 800 Data as of 3
Slide 24: Diversified Investment Portfolio
HBM Healthcare Investments Diversified Investment Portfolio Electra Therapeutics 0.6% Shape Memory Medical 0.6% Valo Health 0.6% Asset Allocation Skio Co-Invest (Synthon) 0.7% Fore Biotherapeutics 0.7% in % total assets Cure Everlife Holdings 0.7% Tata 1mg 0.7% Numab Therapeutics Other Assets; 4% 0.
Slide 25: Portfolio Breakdown by Market Cap, Geography and Currency
HBM Healthcare Portfolio Breakdown Investments by Market Cap, Geography and Currency Market Capitalisation Geography Currency Others > CHF 10 billion 12% INR 5% 3% Europe Asia CHF * 17% 24% 7% CNY 8% CHF 2-10 billion 27% < CHF 2 EUR 9% billion 61% USD** 68% America 59% * / ** Net of foreign currency
Slide 26: Portfolio Breakdown by Sector, Therapy and Development Stage
HBM Healthcare Portfolio Breakdown Investments by Sector, Therapy and Development Stage Sector Breakdown Therapeutic Area Development Stage Digital Health Pre-Clinical Medical Devices & Medtech / 3% 2% Diagnostics 5% Diagnostics 5% Phase I Orphan 6% diseases 6% Oncology Digital Synthetic 30% Profita
Slide 27: Development of Asset Allocation
HBM Healthcare Investments Development of Asset Allocation 3’200 Public Equity Public from Private Equity Private companies Private Funds 2’800 Other assets Cash 355.5 CHFm Financial Liabilities Other liabilities 2’400 Cum. Dividend Cum. Share Buy-Back 673.4 CHFm 2’000 10% 4% 1’600 7% 34% 1’200 800
Slide 28: Significant Long-Term Value Creation & Capital Return to Shareholders
HBM Healthcare Significant Long-Term Value Creation & Investments Capital Return to Shareholders CHF million 2’200 CHF 2.17 billion cumulative net profit 2012-2026 1’800 57% Retained Net Profits 1’400 1’000 756 12% Cum. Share Buy-Backs 600 354 257 272 209 183 31% Cum. Cash Distributions 200 137 116
Slide 29: Development Stage of Lead Product
HBM Healthcare Investments Development Stage of Lead Product 100% 2% 6% 16% 80% 14% 60% 40% 62% 20% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Product(s) on the market and/or profitable Phase III Phase II Phase I Preclinical Data as of the
Slide 30: Portfolio by Development Stage of Lead Asset
HBM Healthcare Investments Portfolio by Development Stage of Lead Asset Well balanced portfolio from a risk perspective HBM book value in CHF m 110 170 Public Equity 100 160 Public from Private Equity 90 Private Equity 80 70 60 50 40 30 20 10 0 Phase I / Preclinical Phase II Phase III Market Profita
Slide 31: Largest Investments (1/2)
HBM Healthcare Investments Largest Investments (1/2) Market Book % of Company Capitalisation Owner- Value Total Company Core Business Stage Ticker (CHF m) ship (%) (CHF m) Assets Synthetic biology (long chain Profitable 688065 CH 4’111 4.1 169.01) 7.7 diacids, carbohydrates, special (ex private) enz
Slide 32: Largest Investments (2/2)
HBM Healthcare Investments Largest Investments (2/2) Market Book % of Company Capitalisation Owner- Value Total Company Core Business Stage Ticker (CHF m) ship (%) (CHF m) Assets Drug for the treatment of Profitable HRMY 1’308 3.7 63.2 2.9 narcolepsy (with and without (ex private) cataplexy) Develop
Slide 33: Selection of Largest Private Company Holdings
HBM Healthcare Investments Selection of Largest Private Company Holdings 92 Dren Bio 15 Tata 1mg − Protein-based technologies for pathogenic cells depletion − India’s leading online pharmacy, medicines app and health − Myeloid Engager discovery partnerships with Pfizer, Novartis platform and Sanofi
Slide 34: Selection of Largest Public Equity Investments
HBM Healthcare Investments Selection of Largest Public Equity Investments 169 Cathay Biotech 63 Harmony Biosciences − Synthetic biology company: long-chain dicarboxylic acids / bio- based diamine 5 & bio-based polyamide / polyesteramide − Narcolepsy (with and without cataplexy) − Profitable with rev
Slide 35: Strategic Fund Investments
HBM Healthcare Investments Strategic Fund Investments Sector Focus (Early Stage Genomics and Medical Devices) Geographic Focus (China and India) HBM Genomics 6 Dimension Capital Vintage: 2018 | Commitment: $25 m | TVPI 2.1x | Ownership: 5% Vintage: 2015 | Commitment: $22 m | TVPI 0.9x | Ownership: 1
Slide 36: Contribution to Net Asset Value
HBM Healthcare Investments Contribution to Net Asset Value Private and Ex Private Equity Positions Account for a Majority of Contribution NAV change per year 70% 60% 50% 40% 30% 20% 1.4% 10.2% 10% 7.8% 0% -1.6% -10% -20% 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23 23/24 24/25 25/26 P
Slide 37: Case Studies HBM Portfolio Companies
Case Studies HBM Portfolio Companies 37
Slide 38: Swixx BioPharma: Company Profile and Investment Rationale
Company Profile − Swixx BioPharma is the commercialization partner of choice for innovative pharma and biotech in those regions and countries they choose to exit or not to enter. Swixx Biopharma is the largest platform of scale with extensive market access capabilities, across CEE, CIS and Latam and
Slide 39: Financing History and Valuation
HBM Healthcare Investments Financing History and Valuation First investment: 2017 Total invested: EUR 34.8m Realized (dividends): EUR 38.2m Book value*: EUR 378.2m EUR million Multiple: 12.0x 450 Invested December 2024: 400 42 Book Value Swixx Biopharma Spin-off Swixx Healthcare (Russia and Belarus
Slide 40: Dren Bio: Company Profile and Investment Rationale
Company Profile − Discovery and development platform company for antibody-based therapies eliminating disease-causing cells in cancer and immunology/inflammation − Based in Foster City, California, USA − Founded and led by a team of experienced executives who previously worked at biotech companies i
Slide 41: ArriVent: Company Profile and Investment Rationale
Company Profile − Arrivent Bio is a public, clinical-stage biopharmaceutical company developing novel therapies for the treatment of lung cancer Investment Rationale − Exon 20 and atypical mutation EGFR mutated NSCLC patients comprise an estimated 22% - Invested before IPO in 2023: USD 12.0m for 3.0
Slide 42: Parabilis: Innovative Helicon Peptide Platform
Innovative Helicon Peptide Platform − Parabilis' Helicon peptide platform targets previously undruggable proteins like beta-catenin, a protein involved in several cancer types. Lead Asset Efficacy and Safety − Lead asset zolucatetide shows 100% tumor shrinkage and 74% response rate in desmoid tumor
Slide 43: Next generation Shingles vaccine: Amezosvatein
Next generation Shingles vaccine: Amezosvatein − Amezosvatein targets glycoprotein E (gE), a key antigen of the varicella-zoster virus. Its proprietary adjuvant, a TLR4 agonist, was specifically engineered to elicit a robust immune response while maintaining favorable tolerability and manufacturabil
Slide 44: Positions in Emerging Category Leaders (public)
HBM Healthcare Investments Positions in Emerging Category Leaders (public) (ex private) Book value: CHF 63.2m, shareholding: 3.7% Book value: CHF 53.3m, shareholding: 3.5% Book value: CHF 52.7m, shareholding: 0.2% ▪ Commercial stage biopharma company ▪ Late-stage drug Zanidatamab - a bispecific ▪ Ge
Slide 45: Healthcare & Biopharma Market Outlook
HBM Healthcare Investments Healthcare & Biopharma Market Outlook H1 2026 was a strong half for biotech. Although the markets rebounded it is not overheated. The dominant theme in the overall market still has been AI overall which comes at a price. Investors are quite constructive right now about hea
Slide 46: Main Catalysts for HBM Public Portfolio Companies
HBM Healthcare Investments Main Catalysts for HBM Public Portfolio Co’s Company Therapeutic area Phase Description of catalyst Immunology Approval Envudeucitinib (ESK-001), oral TYK2 inhibitor, moderate to severe plaque psoriasis Immunology IIb ESK-001, phase IIb LUMUS topline results in Systemic Lu
Slide 47: Expected Catalysts of Public Companies
HBM Healthcare Investments Expected Catalysts of Public Companies Phase I Phase II Phase III Approval KOMET-015, ph I Claseprubart, DT120 ODT, phase III Brelovitug, mAb Envudeucitinib, oral ALX2004, ph I dose combination data for Obefazimod, Crohn’s subcutaneous C1s topline results in GAD targeting
Slide 48: Reasons to Invest
HBM Healthcare Investments Reasons to Invest − Access to a well-diversified portfolio of private and listed healthcare companies with value increasing potential − Experienced investment team with specialized sector expertise and proven 1. Investment in the track record innovation and the growth of t
Slide 49: Appendix
Appendix 49
Slide 50: Investor Information
HBM Healthcare Investments Investor Informationen Share Information Largest shareholders Swiss security number 1.262.725 % Shareholder Notification German security number 984345 15-20 Nogra Pharma Invest S.à.r.l. / GG 18.12.2025 1978 SICAF SIF S.A. "GG ISIN CH0012627250 Strategic" / MGG STRATEGIC SI
Slide 51: Board of Directors
HBM Healthcare Investments Board of Directors Hans Peter Hasler (2009) Mario G. Giuliani (2012) Dr Elaine V. Jones (2021) Chairman Member Member Swiss Federal Commercial Diploma. Economist. Executive positions and Ph.D. in Microbiology. Formerly various Various international management directorships
Slide 52: Management
HBM Healthcare Investments Management Dr Andreas Wicki (2001) Erwin Troxler (2005) Jean-Marc Lesieur (2001) CEO CFO Managing Director HBM Cayman Economist and Swiss Certified Associate of the Chartered Institute of Doctorate in chemistry and Accountant. Bankers (ACIB trustee), a member of the bioche
Slide 53: Private Equity Team
HBM Healthcare Investments Private Equity Team Dr Alexander Asam, MBA (2007) Dr Priyanka Belawat (2007) Dr Chandra P. Leo, MBA (2007) Investment Advisor Investment Advisor Investment Advisor MBA from ASTON Business School, PhD in molecular biology and genetics from Doctor of Medicine from Freie Birm
Slide 54: Public Equity Team
HBM Healthcare Investments Public Equity Team Miranda Guo (2020) Mirjam Heeb (2019) Thomas Heimann (2010) Investment Advisor (Hong Kong) Investment Advisor Head Operations & Investment MSc in Biomedical Engineering from the MSc in Molecular Biology from the Solutions Chinese University of HongKong.
Slide 55: Disclaimer
HBM Healthcare Investments Disclaimer Marketing Material - for information purposes only For the avoidance of doubt, an investment in the investment vehicle concerns the acquisition of shares in the investment vehicle and not direct ownership of any underlying assets. This document constitutes marke
Slide 56: Contact Information
HBM Healthcare Investments Contact Information HBM Healthcare Investments Ltd Bundesplatz 1 6301 Zug Switzerland Phone +41 41 710 75 77 Fax +41 41 710 75 78 investor.relations@hbmhealthcare.com www.hbmhealthcare.com 56
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