Slide 1: Bellevue Group half-year results 2025
Bellevue Group half-year results 2025 Zurich, July 24, 2025
Slide 2: A weak healthcare sector and the US dollar burden business development
EXECUTIVE SUMMARY A weak healthcare sector and the US dollar burden business development Market environment, market reality, and market opportunity • Healthcare sector remains under pressure: Historically low valuations, with investors remaining cautious • POTUS policies cause uncertainty: Tariffs a
Slide 3: Agenda
Agenda 1 Market update Markus Peter, CEO Bellevue Asset Management 2 Overview of H1 2025 Markus Peter, CEO Bellevue Asset Management 3 H1 2025 Results Stefano Montalbano, Group CFO 4 Priorities 2025 Veit de Maddalena, Executive Chairman 5 Questions & Answers A Appendix 3
Slide 4: Market update
Market update Markus Peter, CEO Bellevue Asset Management 4
Slide 5: European equities and industrial stocks recently favored
MARKET UPDATE European equities and industrial stocks recently favored Healthcare sector underperforming due to political uncertainties and weak USD Performance of selected equity indices Performance of GICS sectors (global) Absolute performance (Total return) H1 2025, in CHF Absolute performance (T
Slide 6: The Fed has maintained its interest rate policy so far this year
MARKET UPDATE The Fed has maintained its interest rate policy so far this year Overview of the development of the US Fed Funds Rate and market expectations US Fed Funds Rate (in %) US Fed Funds Rate expected development (in %) 6 4.5 5 4 Dec 2025 4 3.7% 3 3.5 Oct 2026 3.1% 2 3 1 0 2.5 Dec-21 Sep-22 J
Slide 7: Healthcare small & mid caps remain resilient
MARKET UPDATE Healthcare small & mid caps remain resilient Small and medium-sized companies demonstrate resilience in challenging markets with long-term catch-up potential Performance June 30, 2024 June 30, 2025 Performance December 31, 2019 June 30, 2025 Indexed, in USD Indexed, in USD 120 180 115
Slide 8: Substantial historic de-rating creates a compelling opportunity in the healthcare sector
MARKET UPDATE Substantial historic de-rating creates a compelling opportunity in the healthcare sector Valuation versus Global Equities Weighting in the S&P 500 Index (in %) Performance versus defensive sectors Healthcare vs. Global equities on 1-year fwd P/E Weight of the Healthcare sector in the S
Slide 9: Attractive valuation of healthcare versus overall market
MARKET UPDATE Attractive valuation of healthcare versus overall market Subsector US Biotech US Generics US Pharma US Medtech US Services MSCI World HC P/E 2025E 13 10 16 18 12 17 PEG 2025E 0.9 1.1 2.0 2.3 1.1 1.9 S&P 500 Index MSCI World Euro Stoxx 50 Nikkei ASX 200 NZX50 P/E 2025E 23 P/E 2025E 20 P
Slide 10: Catalysts for the global healthcare sector
MARKET UPDATE Catalysts for the global healthcare sector Multifaceted opportunities for HY2 Clearer political framework conditions in sight: Health policy uncertainty in the US likely to ease with Possible softening of proposed regulations: concrete political decisions • Most Favored Nation • US tar
Slide 11: Overview of H1 2025
Overview of H1 2025 Markus Peter, CEO Bellevue Asset Management 11
Slide 12: Key figures for H1 2025
OVERVIEW OF H1 2025 Key figures for H1 2025 Overview of key figures for H1 2025 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) reallocations and negative USD impact CHF 4.
Slide 13: Assets under management reduced by around 16%...
OVERVIEW OF H1 2025 Assets under management reduced by around 16%... Development of AuM base 2020 H1 2025 CHF mn Development of assets under management 14'000 12'793 • Assets under management down by 12'038 around 16% or CHF 939 mn compared 12'000 to 31.12.2024 10'000 9'413 • USD assets account for
Slide 14: ...out of the healthcare sector
OVERVIEW OF H1 2025 out of the healthcare sector Development of AuM base in H1 2025 Development of assets under CHF million management • Reduction due to client reallocations 139 (CHF 407 mn) and negative investment 5'755 performance (CHF 531 mn) 32 • Product performance contributed -524 -55 positiv
Slide 15: H1 2025 Results
H1 2025 Results Stefano Montalbano, Group CFO 15
Slide 16: Consolidated financial statements reflect the decline in average AuMs
H1 2025 RESULTS Consolidated financial statements reflect the decline in average AuMs Main components of Group net profit • Decline in operating income primarily Operating income Operating expenses Operating profit (CHF mn) (CHF mn) (CHF mn) due to lower average assets under management (AuM). Negati
Slide 17: Operating income driven by AuM
H1 2025 RESULTS Operating income driven by AuM Detailed development of operating income • Changes in operating income of CHF 11.4 Operating Income H1 2024 vs H1 2025 mn in absolute terms driven by: 36.4 − Decrease in income from asset management services by CHF 8.1 mn or 25.0 23% to CHF 27 mn due to
Slide 18: Asset Management service income declines with assets under management
H1 2025 RESULTS Asset Management service income declines with assets under management Development of income from asset management activities, 2020 H1 2025 AuM Development of income from asset CHF million 14'000 management services • Decline in revenues from asset 12'000 management services of around
Slide 19: Reduction in operating expenses
H1 2025 RESULTS Reduction in operating expenses Development of operating expenses and CIR • An entrepreneurial and performance-based Personnel expenses Other operating (CHF mn) compensation model, as well as a lower number of expenses (CHF mn) FTEs, lead to lower personnel expenses -13.3% • Thanks t
Slide 20: Priorities 2025
Priorities 2025 Veit de Maddalena, Executive Chairman 20
Slide 21: Investment performance and clients in focus for 2025
PRIORITIES 2025 Investment performance and clients in focus for 2025 Priorities 2025 • Continuous focus on investment performance and ongoing review of investment strategies in Product & investment light of medium- to long-term market drivers performance • Further active management of the product la
Slide 22: Performance of Bellevue investment strategies year-to-date 2025
PRIORITIES 2025 Performance of Bellevue investment strategies year-to-date 2025 Despite political headwinds, many healthcare strategies remain convincing USD weakness continued in H1 Specialized healthcare strategies (in USD) Specialized healthcare strategies (in CHF) Absolute performance H1 2025 Ab
Slide 23: Performance of Bellevue investment strategies H1 2025 (cont.)
PRIORITIES 2025 Performance of Bellevue investment strategies H1 2025 (cont.) Regional strategies and multi-asset solutions with compelling absolute and relative returns in 2025 Traditional and alternative investment strategies Absolute performance 2025 YTD, in base currency Bellevue Entr. Europe Sm
Slide 24: 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 June 30, 2025, in USD • M&A activity is gaining traction: In the first half of the year, 7000 three major acquisitions in the range of USD 10 15 bn were 6000 an
Slide 25: Bellevue Medtech & Services - Outperformance relative to the healthcare market
PRIORITIES 2025 Bellevue Medtech & Services - Outperformance relative to the healthcare market Total return (indexed) since inception 30 September 2009 30 June 2025, in USD 600 • Outperformance relative to the broader healthcare 500 market (MSCI World Healthcare) over 1, 3, 5, and 10 400 years, as w
Slide 26: Bellevue Entrepreneur Europe Small Style-agnostic with a strong track record
PRIORITIES 2025 Bellevue Entrepreneur Europe Small Style-agnostic with a strong track record Total return (indexed) since inception 30 June 2011 30 June 2025, in EUR 450 400 • Bellevue Entrepreneur Europe Small stands out not only 350 for its substance but also for its strong absolute and 300 relati
Slide 27: Bellevue Group Adapting to the market reality
PRIORITIES 2025 Bellevue Group Adapting to the market reality • Existing funds and mandates of Bellevue Asset Management Germany have been managed by the Multi Asset Team of Bellevue Asset Management Zurich since Reduction of complexity July 1, 2025 • Bellevue Asset Management Germany is becoming a
Slide 28: Questions & Answers
Questions &Answers 22 Bellevue | 2
Slide 29: Appendix
Appendix 3 Bellevue | 29
Slide 30: Bellevue specialized asset management
BELLEVUE Bellevue specialized asset management Company profile Established 1993 Market cap. Pure asset Differentiated CHF 103 mn manager with investment competencies Number of employees (in FTE) high specialization 84.3 AuM CHF 4.8 bn equity CHF 113 mn Entrepreneurial, with Profitable, well Shares h
Slide 31: 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 30.06.25 250 200 CHF 103 mn +42.2% Partners Group Holding 150 AG +29.2% 100 Polar Cap
Slide 32: Corporate Events & Contact
Corporate Events & Contact Corporate Events March 24, 2026 Annual General Meeting, AURA Zurich 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@irf-reputation.ch 32
Slide 33: 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 34: 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 34