Bellevue Group Ag · SIX:BBN
Bellevue — FY2025 Earnings Presentation
45 slides from Bellevue's earnings presentation, Feb 24, 2026
Slide 1: Bellevue Group Results 2025
Bellevue Group Results 2025 Presentation for investors, analysts and the media Zurich, February 24, 2026
Slide 2: Slight recovery in healthcare led to a Group profit of CHF 1.9 million
EXECUTIVE SUMMARY Slight recovery in healthcare led to a Group profit of CHF 1.9 million Market environment, market reality, and market opportunity • Performance of the healthcare sector lagging behind the overall market – signs of a trend reversal visible in Q4 2025 • Pharma deals with the US gover
Slide 3: Bellevue Group – Reset to market reality
EXECUTIVE SUMMARY Bellevue Group – Reset to market reality • Existing funds and mandates of Bellevue Asset Management Germany are managed BAM Germany a pure sales company by the Multi Asset Team of Bellevue Asset Management Zurich • Bellevue Asset Management Germany is now a pure sales company • Man
Slide 4: Agenda
Agenda 1 Market update Markus Peter, CEO Bellevue Asset Management 2 Summary of Fiscal 2025 Markus Peter, CEO Bellevue Asset Management 3 Results for Fiscal 2025 Stefano Montalbano, Group CFO 4 Priorities 2026 Veit de Maddalena, Exekutiver Verwaltungsratspräsident 5 Questions & Answers A Appendix 4
Slide 5: Market update
Market update Markus Peter, CEO Bellevue Asset Management 5
Slide 6: Constructive equity year – artificial intelligence as a structural driver
MARKET UPDATE Constructive equity year – artificial intelligence as a structural driver Healthcare sector temporarily under pressure due to political uncertainties, marked recovery in the fourth quarter Performance of selected equity indices Performance of GICS sectors (global) Absolute performance
Slide 7: Performance of Bellevue investment strategies 2025 (I)
MARKET UPDATE Performance of Bellevue investment strategies 2025 (I) USD weakness creates headwinds in the first half of the year, global healthcare funds slightly below the benchmark Global healthcare strategies (in USD) Global healthcare strategies (in CHF) Absolute performance 2025 Absolute perfo
Slide 8: Performance of Bellevue investment strategies 2025 (II)
MARKET UPDATE Performance of Bellevue investment strategies 2025 (II) BB Biotech with very strong performance, regional healthcare strategies clearly ahead of the benchmark Specialised healthcare strategies (in USD) Specialised healthcare strategies (in CHF) Absolute performance 2025 Absolute perfor
Slide 9: Performance of Bellevue investment strategies 2025 (III)
MARKET UPDATE Performance of Bellevue investment strategies 2025 (III) Convincing track record, led by Bellevue Entrepreneur Europe Small with an outstanding result Regional strategies and Multi Asset (in base currency) Regional strategies and Multi Asset (in CHF) Absolute performance 2025 Absolute
Slide 10: The market expects two interest rate cuts in the current year
MARKET UPDATE The market expects two interest rate cuts in the current year We assume that the cost of capital will remain higher in the short to medium term than over the past 10 years (3– 5%), despite further interest rate cuts US Fed Funds Rate (in %) US Fed Funds Rate – projection (in %) Reducti
Slide 11: Healthcare small & mid caps benefit from a more constructive environment
MARKET UPDATE Healthcare small & mid caps benefit from a more constructive environment Small and mid-sized companies – particularly in the biotech segment – with a clear upward trend Performance December 31, 2024 – December 31, 2025 Performance Dezember 31, 2019 – Dezember 31, 2025 Indexed, in USD I
Slide 12: The projected drivers for the global healthcare sector materialise
MARKET UPDATE The projected drivers for the global healthcare sector materialise over the course of the second half of the year Clearer political framework conditions: For the first time, a calculable framework for Possible easing of the planned regulations: pricing and reimbursement is emerging, re
Slide 13: The Pfizer deal brought generalist investors back into the healthcare sector
MARKET UPDATE The Pfizer deal brought generalist investors back into the healthcare sector Pfizer US government deal US government agreement with Lilly and Novo • MFN pricing rule for Medicaid (<5% of US drug sales) • Eli Lilly and Novo Nordisk signed an agreement in • Global pricing framework for n
Slide 14: Rapid transition from maximum uncertainty to greater clarity
MARKET UPDATE Rapid transition from a phase of maximum uncertainty to significantly greater clarity – further catch-up potential remains Valuation versus global equities Weighting in the S&P 500 Index (in %) Performance versus defensive sectors P/E ratio healthcare (18.1x) vs. global equities (20x)
Slide 15: M&A activity has increased significantly
MARKET UPDATE M&A activity has increased significantly Over USD 180 bn on the balance sheets of the largest industry players, with additional firepower through debt financing M&A firepower in the large cap biopharma and life science tools sector in USD bn USD 14.6 bn 20 18 USD 9.1 bn (+0.4 bn CVR) 1
Slide 16: Europe is on the verge of a cyclical rebound
MARKET UPDATE Europe is on the verge of a cyclical rebound Entering 2026 with tailwinds 2021-2024 2025/26 • Collapse of supply chains following COVID • Significant normalisation of supply chains • War in Ukraine • Inflation has reached its trough • Rising energy prices • The ECB is on a monetary eas
Slide 17: Historically attractive valuations of European small caps
MARKET UPDATE Historically attractive valuations of European small caps 12-month forward P/E Europe small caps vs. Europe large caps Europe small caps vs. US small caps 25 40 MSCI Europe Small (Net TR) MSCI Europe Large (Net TR) MSCI Europe Small (Net TR) MSCI US Small (Net TR) Average Average 35 Av
Slide 18: Summary of Fiscal 2025
Summary of Fiscal 2025 Markus Peter, CEO Bellevue Asset Management 18
Slide 19: Key figures 2025
SUMMARY OF FISCAL 2025 Key figures 2025 Overview of key figures for 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 5.3 bn CH
Slide 20: AuM decreased by around 9% compared to the previous year...
SUMMARY OF FISCAL 2025 AuM decreased by around 9% compared to the previous year... Change in AuM 2020 – 2025 CHF million Development of assets under management • Assets under management down 9% 14’000 12’793 or around CHF 0.5 bn compared to the 12’038 previous year 12’000 • Recovery in the second ha
Slide 21: ...primarily driven by a weak USD and client reallocations
SUMMARY OF FISCAL 2025 ...primarily driven by a weak USD and client reallocations Development of AuM base in 2025 CHF million Development of assets under management • Reduction due to client reallocations 356 • Product performance made a positive 5’755 195 contribution despite the strong 365 5’257 d
Slide 22: Results for Fiscal 2025
Results for Fiscal 2025 Stefano Montalbano, Group CFO 22
Slide 23: Consolidated financial statements 2025
RESULTS FOR FISCAL 2025 Consolidated financial statements 2025 Main components of Group net profit • Decline in earnings power due to a lower Operating income Operating expenses Operating profit (CHF mn) (CHF mn) (CHF mn) average AuM base -25.1% -15.1% -57.2% • Reduction of operating expenses by aro
Slide 24: Operating income driven by AuM
RESULTS FOR FISCAL 2025 Operating income driven by AuM Detailed development of operating income • Decline in income from asset Development of operating income 2024 vs 2025 management services by CHF 17 mn or 24% to 52.6 mn due to lower average 70.2 AuM 0.2 52.6 • Income from financial investments -1
Slide 25: Fixed cost base sustainably reduced
RESULTS FOR FISCAL 2025 Fixed cost base sustainably reduced Development of expenses and CIR • Entrepreneurial and results-based Personnel expenses Other operating Depreciation and compensation model and lower number of (CHF mn) expenses valuation adjustments (CHF mn) (CHF mn) FTEs lead to lower pers
Slide 26: Continued solid capital base and equity-financed balance sheet
RESULTS FOR FISCAL 2025 Continued solid capital base and equity-financed balance sheet As of December 31, 2025 (consolidated) Balance sheet (as of December 31, 2025) • Strong balance sheet position creates resilience for 33.8 117.0 challenging market phases CHF mn • Enables targeted investment in co
Slide 27: Priorities 2026
Priorities 2026 Veit de Maddalena, Executive Chairman 27
Slide 28: Our expertise
PRIORITIES 2026 Our expertise Clear areas of competence 1 Healthcare 2 Small & Mid Caps EU / Switzerland 3 Multi Asset & Fixed Income • A pioneer healthcare investor with 30-plus • First-mover in investments focused on owner- • Innovative solutions backed by modern years of experience managed compan
Slide 29: Access to the unique Bellevue healthcare investment platform
PRIORITIES 2026 Access to the unique Bellevue healthcare investment platform A broad range of investment solutions Closed-ended investment company with a successful track record that dates back Attractive platform of actively managed to 1993 healthcare UCITS funds with a broad spectrum of expertise
Slide 30: BB Biotech AG – 30+ years of value creation
PRIORITIES 2026 BB Biotech AG – 30+ years of value creation through disciplined investments in innovation Total return (indexed) since launch November 16, 1993 – December 31, 2025, in USD 7000 • Significantly accelerated M&A activity in 2025, with five 6000 takeovers in the BB Biotech portfolio alon
Slide 31: Bellevue Emerging Markets Healthcare – Attractive investment opportunities
PRIORITIES 2026 Bellevue Emerging Markets Healthcare – Attractive investment opportunities Total return (indexed) since launch May 31, 2017 – December 31, 2025, in USD 220 200 • The Bellevue Emerging Markets Healthcare achieved a 180 double-digit total return in the past year and 160 outperformed it
Slide 32: Bellevue Entrepreneur Europe Small – Style-agnostic with a strong track record
PRIORITIES 2026 Bellevue Entrepreneur Europe Small – Style-agnostic with a strong track record Total return (indexed) since launch June 30, 2011 – December 31, 2025, in EUR 450 400 • The Bellevue Entrepreneur Europe Small delivers not 350 only substance but also strong absolute and relative performa
Slide 33: Bellevue Global Macro (Lux) – Technology as the key to new opportunities
PRIORITIES 2026 Bellevue Global Macro (Lux) – Technology as the key to new opportunities Performance since launch (I-EUR) March 31, 2010 – December 31, 2025 220 • The Bellevue Global Macro (Lux) focuses on achieving 200 attractive performance with controlled risk, supported by active drawdown manage
Slide 34: Investment performance and clients in focus for 2026
PRIORITIES 2026 Investment performance and clients in focus for 2026 Priorities 2026 • Clear focus on investment performance and ongoing review of investment strategies against the backdrop of medium- to long-term market drivers Products & investment • Continued active management of the product land
Slide 35: Broadly diversified client network and clear strategic positioning
PRIORITIES 2026 Broadly diversified client network and clear strategic positioning Targeted new initiatives are proving promising in a persistently challenging market environment • Healthcare: Weak start to the year, sharp decline in demand following Liberation Day; recovery from Q3/Q4 supported by
Slide 36: Priorities for 2026 are aligned with our long-term targets
PRIORITIES 2026 Priorities for 2026 are aligned with our long-term targets Long-term targets and priorities 2026 Long-term targets Priorities 2026 • >60% of AuM exceed benchmark 1 Investment performance • >60% of AuM in 1st and 2nd quartile vs. peers 2 AuM base • Organic growth of 5-10% p.a. 1. Prod
Slide 37: Questions & Answers
Questions & Answers 22 Bellevue | 37
Slide 38: Appendix
Appendix 2 Bellevue | 38
Slide 39: Sustainability remains an important factor for Bellevue Group
APPENDIX Sustainability remains an important factor for Bellevue Group Highlights 2025 CO2 emissions (Scope 1, 2, 3) Sustainable investments 2) • Total CO2 emissions Bellevue • 64% sustainable Group: 731 t 1) investments • Financed emissions: CO2 • 86% investments with intensity of portfolio sustain
Slide 40: ESG Highlights 2025 – financed CO2 emissions
APPENDIX ESG Highlights 2025 – financed CO 2 emissions CO2 emissions at portfolio level – Carbon intensity Scope 1, 2, 3 according to PCAF methodology Financed emissions – CO2 footprint 1) Financed emissions – CO2 Intensity 2) Scope 1, 2, 3 Finanzierte Emissionen - CO2-Footprint • 492.4 t CO2 / USD
Slide 41: Significant proportion of long-term oriented shareholders
APPENDIX Significant proportion of long-term oriented shareholders Current developments and situation as of December 31, 2025 Attractive value creation leads to a Non-registered public stable shareholder base shareholders (n/a) • Continued strong commitment of anchor shareholders 14.7% • Reduction i
Slide 42: Bellevue – specialized asset management
APPENDIX Bellevue – specialized asset management Company profile Established 1993 Market cap. Pure asset Differentiated CHF 136 mn manager with investment competencies Number of employees (in FTE) high specialization for an attractive offering 72.8 AuM CHF 5.3 bn Shareholders’ equity CHF 117 mn Entr
Slide 43: Corporate Events & Contact
Corporate Events & Contact Corporate Events March, 24, 2026 Annual General Meeting 2026 July 23, 2026 Publication Half-year results 2026 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 44: 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 45: 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 45