Half-year Report 2025

We shape the future

Strong EBITDA

The Bell Food Group posted a good result in the first half of 2025. Net revenue grew organically by

4.4 percent to CHF 2.4 billion, while sales volume rose by 2.8 percent to 293.6 million tonnes. EBITDA increased by 5.4 percent to CHF 159.7 million. At CHF 66.2 million, EBIT was up 3.6 percent year-on-year. The half-year profit is CHF 45.7 million, up

0.7 % on the previous year.

Growth of 4.4 percent

Bell Switzerland once again increased its volumes for all product groups. We were able to master the challenges of raw material procurement thanks to our long-standing partnerships. Bell International gained market share in the sliced salami segment in Poland in particular. Hubers/Sütag further expanded its production of organic produce and live animals raised in accordance with the PAS (particularly animal-friendly stabling systems) guidelines, thus substantially increasing its sales volume once again. Hilcona enjoyed stable growth at a high level in spite of moderate market performance. The strategic adjustments had a positive effect on the business area Eisberg, which further increased its sales revenue. Hügli's food service sales channel trended positively in the first half thanks to attractive assortment concepts, while falling market volumes exerted pressure on the retail sales channel.

Change of focus of business area Eisberg

Eisberg is selling its companies in Poland, Romania and Hungary to the Eastern European company Green Factory in the second half of 2025. As a result of this strategic decision, Eisberg will in future focus on its core markets in the DACH region (Germany, Austria, Switzerland). Measures to enhance profitability were also formulated for Eisberg Austria.

Plant expansions on course

Bell Switzerland's investment programme is in its final phase. In Oensingen (CH), interior construction work is far advanced for the slicing centre, logistics centre and cattle slaughterhouse, and test operations have started for various plants. Commissioning of the new cattle slaughterhouse will start in the second half of the year. In April, an important milestone was reached with the start-up of the automatic high bay warehouse at Hilcona in Schaan (FL). After many years of planning, Hubers received the building permit for its plant expansion in the first half of the year. This will secure the future international growth of the poultry segment.

N6loectatiroen9svenue grew

oorfgwhaicnh 5i1carae plrloyducbtioyn lo4cat.io4ns percent and EBITDA increased by CHF 8.1 million in the first half of 2025.

Net revenue

in CHF million

2 316

2 403

2024

EBITDA

2025

in CHF million and as % of net revenue

Operational investments

in CHF million

152

6.5 %

2024

EBIT

6.6 %

2025

in CHF million and as % of net revenue

Employees

Number of FTEs as of 30/06/2025

2.8 %

2.8 %

(change from 30/06/2024)

0.7 %

64

2024 2025

Half-year result

in CHF million and as % of net revenue

2.0 %

1.9 %

45

2024 2025

We shape the future

Breakdown of net revenue by product group

Breakdown of net revenue by business area

29 %

42 %

Fresh meat, charcuterie

Bell Switzerland

Poultry, seafood

Convenience

Bell International Hubers/Sütag

Eisberg Hilcona

Hügli

46 %

48 %

11 %

10 %

14 %

15 %

8 %

12 %

8 %

11 %

9 %

8 %

2024 2025 2024 2025

Gross operating income

in CHF million and in % of net revenue

Operating cash flow

in CHF million

921

Operating free cash flow

in CHF million

2024

2025

-51

2024

10

2025

Equity

in CHF million and in % of total assets

Net financial liabilities

in CHF million

49.0 %

49.8 %

1 538

900

2024

2025

2024

2025

Breakdown of operating investments by business area

in CHF million

First half-year 2024 2025

Report by the Chair of the Board of Directors and the CEO of the Bell Food Group

Dear Shareholders

The Bell Food Group successfully held its own in the first half of 2025 and posted further organic growth. Net revenue improved thanks to the growth in volumes. The good half-year result is impressive in view of the challenging market environment and proves that we are moving in the right direction with our strategic thrusts.

The business area Eisberg saw strategic adjustments. The Board of Directors and the CEO have decided to sell the Eisberg companies in Poland, Hungary and Romania. This decision must be seen relative to the future potential, which is limited because of the already strong market position. As a result, Eisberg's decision to focus on the DACH region is a strategic step towards strengthening the long-term perspectives of the segment for convenience salads. Measures to enhance profitability were also formulated for Eisberg Austria and will be implemented progressively from the second half of the year onwards.

Successful first half of 2025

Net revenue adjusted for foreign currency effects increased by CHF 102.8 million to CHF 2.4 billion, which translates to operating growth of 4.4 percent. Thanks to a substantial growth in volumes, the business area Hubers/Sütag was the main driver of this positive development. All other business areas except for Hügli maintained or further improved their results from the high prior-year level. Gross profit rose by CHF 22.9 million to CHF 944.1 million. The gross profit margin declined slightly from 39.8 percent in the previous year to 39.3 percent, primarily because of further increases in the cost of raw materials for the meat ranges and the strong growth reported for the international poultry business.

Boosted by sales trends, personnel costs rose to CHF 499.0 million (previous year: CHF 487.7 million). Apart from salary adjustments, the increase also reflects a slightly higher headcount triggered by volume growth and the commissioning of new plants. The policy of disciplined cost management is bearing fruit: at CHF 285.4 million, overhead costs were stable (previous year: CHF 281.1 million). EBITDA increased by CHF 8.1 million year-on-year to CHF 159.7 million. Taking account of the initial start-up costs for the strategic investment projects included in the personnel and overhead costs, this development is very positive.

As expected, depreciation and amortisation increased to CHF 93.5 million (previous year: CHF 87.7 million) because of the ongoing strategic investments. EBIT improved slightly by CHF 2.3 million to CHF 66.2 million, thus reflecting solid growth. At 2.8 percent, the EBIT margin was stable and on a par with the previous year.

The financial result was CHF -8.2 million (previous year: CHF -6.4 million). This decline is explained by lower interest income compared to the previous year and higher financing costs relating to the bond of CHF 300 million that was refinanced at the beginning of 2025. Net income from associated companies declined marginally year-on-year to CHF 0.1 million. At CHF 58.0 million, earnings before taxes (EBT) were down slightly on the previous year. Tax expenses amounted to CHF 12.4 million (previous year: CHF 12.3 million), thus keeping pace with the earnings trend. At CHF 45.7 million, the half-year profit (previous year: CHF 45.3 million) was slightly higher than in the previous year, allowing us to fund the higher financing costs from the growth that was achieved.

The balance sheet as at 30 June 2025 reports an equity ratio of 49.8 percent and net financial liabilities of CHF 927.3 million. A bond for CHF 300 million was repaid in March 2025. A new bond for CHF 220 million was floated at the same time. The remaining funding requirement is covered by a committed credit line.

Net revenue

in CHF million

58.3

Organic growth

in %

Business area Bell Switzerland

The business area Bell Switzerland reported a good result for the first half of 2025. Net revenue and volumes rose considerably for all channels and product groups. At CHF 1 176.8 million (+CHF 58.3 million), net revenue was 5.2 percent higher than in the previous year. Sales volume grew by 2.4 million kilograms to 68.4 million kilograms (+3.6 %).

All product groups strengthened. The Easter business was good, while the barbecue season started on an average note. Personnel and overhead costs met expectations, while the higher raw material prices could mostly be passed on to the market. Product availability, however, is becoming an ever greater challenge. Increased price competition in the retail trade with demand shifting towards lower-priced product ranges and the slow rebirth of shopping tourism continued to exert pressure on margins.

Operational investments

in CHF million

59.1

30.9

Employees

Number of FTEs as at 30/06/2025

(Change from 30/06/2024)

3 749

1

Net revenue

in CHF million

4.1

Organic growth

in %

Business area Bell International

Bell International continued to do well at a high level. All country divisions improved on the good prior-year results. Currency-adjusted net revenue was stable (+CHF 0.0 million, +0.0 %) at CHF 245.6 million. At 26.0 million kilograms (-0.8 million kg), sales volume was down 2.8 percent on the prior-year period.

The country units in Poland and Spain performed well and gained further market share. The addition of more slicing lines to existing buildings in Spain not only expanded capacity in the growth segment of sliced charcuterie, but also increased the value chain penetration. Sales of Bell brand products trended very positively in Poland, while business was also satisfactory in France and Germany in the first half.

Operational investments

in CHF million

5.9

3.0

Employees

Number of FTEs as at 30/06/2025

(Change from 30/06/2024)

1 865

6

Net revenue

in CHF million

32.8

Organic growth

in %

Business area Hubers/Sütag

Hubers/Sütag did very well in the first half of 2025. Continued strong demand for poultry products led to substantial volume growth. Sales volume rose by more than 6.7 percent to 87.8 million kilograms (+5.5 million kg). At CHF 360.4 million (+CHF 39.5 million), net revenue adjusted for foreign currency effects was 12.1 percent higher than in the previous year.

Hubers/Sütag is the pioneer in sustainable organic poultry production in Europe, and has earned a strong position in the market with regard to sustainability and husbandry standards. Its growth can primarily be attributed to its head start with product ranges that meet higher animal welfare standards and its leading role in the production of slow-growing breeds.

Operational investments

in CHF million

18.2

9.1

Employees

Number of FTEs as at 30/06/2025

(Change from 30/06/2024)

2 096

24

Net revenue

in CHF million

11.2

Organic growth

in %

Business area Eisberg

The business area Eisberg grew in all markets. Currency-adjusted net revenue increased by 7.3 percent to CHF 196.6 million (+CHF 13.5 million). Sales volume rose by 2.5 million kilograms (+8.0 %) to

33.5 million kilograms. Floods and heavy rains in Spain gave rise to challenges in the procurement of imported raw materials in the first half of the year. Eisberg's strong network was a great help in guaranteeing delivery readiness at all times.

On 20 May 2025, it was announced that the Eisberg companies in Hungary, Poland and Romania would be sold to Green Factory. The authorities in Hungary, Romania and Poland granted their approval in July and early August 2025. The deconsolidation of the companies will take place on the respective acquisition dates, for Romania and Hungary on 1 August 2025 and for Poland expected at the end of September 2025. They have no impact on the financial figures presented in these half-year financial statements as of 30 June 2025. Measures to enhance profitability were also formulated for Eisberg Austria and will be implemented progressively from the second half of the year onwards.

On 1 June, Tobias Wölfle, previously the CFO of the business area Eisberg, became head of the business area Eisberg - replacing Mike Häfeli, who left the company of his own accord.

Operational investments

in CHF million

1.9

3.9

Employees

Number of FTEs as at 30/06/2025

(Change from 30/06/2024)

2 186

60

Net revenue

in CHF million

4.9

Organic growth

in %

Business area Hilcona

The business area Hilcona posted an encouraging result in a moderate market environment in the first half of 2025. Net revenue was CHF 278.3 million, up 1.8 percent on the prior-year figure. Hilcona further expanded its market share in the fresh-convenience segment in Switzerland.

Persistently subdued consumer sentiment supported the shift in demand towards lower-priced product ranges. On the other hand, the ultra-fresh product ranges in the upper price segment posted substantial growth. The vegetarian segment did very well, and the tofu and hummus ranges strengthened considerably. The categories for salads and ready-to-serve meals and the food service segment also trended very positively.

Operational investments

in CHF million

17.1

1.6

Employees

Number of FTEs as at 30/06/2025

(Change from 30/06/2024)

1 986

113

Net revenue

in CHF million

10.3

Organic growth

in %

Business area Hügli

The business area Hügli suffered a market contraction and failed to increase its net revenue. Net revenue adjusted for currency effects dropped by 3.4 percent to CHF 196.3 million (-CHF 7.0 million), while at 38.2 million kilograms (-4.3 %, -1.7 million kg), sales volume was down slightly on the previous year.

The food service and food industry sales channels were stable thanks to the successful implementation of assortment concepts across all brands. No calls for bids, moderate market momentum, aggressive pricing policies in the retail business and increased price sensitivity among end customers in the segment for health food and organic food stores resulted in an unsatisfactory performance for the retail segment. However, the systematic implementation of its own programme for efficiency and process improvements helped to stabilise the result when compared to the prior-year period.

Operational investments

in CHF million

6.7

1.6

Employees

Number of FTEs as at 30/06/2025

(Change from 30/06/2024)

1 524

66

Investments

Operational investments amounted to CHF 109.1 million in the first half of 2025 compared to CHF 140.9 million in the previous year. The investment programme of Bell Switzerland is proceeding according to plan. In Oensingen (CH), interior construction work has entered the final phase for the slicing centre, logistics centre and cattle slaughterhouse. Commissioning of the new cattle slaughterhouse will begin in the second half of the year. In the context of the facility development project at Hilcona in Schaan (FL), an important milestone was reached in April with the start-up of the automatic high bay warehouse. The commissioning of new facilities at different locations will generate additional start-up costs and depreciation.

Sustainability

We report on various levels about our sustainability engagement. In the interests of providing a holistic perspective and ensuring harmonisation, the Bell Food Group has reported for the second time on its progress in sustainability in the report of its majority shareholder Coop Group Cooperative, which was published at the end of May 2025 (progress report of the Coop Group).

Changes within the organisation

Xavier Buro, Chief Financial Officer and member of the Group Executive Board, left the Bell Food Group for personal reasons at the end of April. His tasks and projects will be handled internally until a new CFO is appointed.

Outlook

The commissioning of the new facilities at different locations will generate start-up costs and depreciation as planned, whereby most of the start-up costs will only be incurred in 2026/2027. Because of the national approval processes, the sale of Eisberg's companies in Eastern Europe will be finalised in the second half of 2025 (see also «Events after the reporting date» on page 16). Extrapolated to a full financial year, net revenue will subsequently decline by around CHF 90 million and the number of employees by around 700 FTEs.

We expect that we can progressively implement the measures formulated to enhance profitability at Eisberg Austria in the second half of the year.

Given the political and economic climate, the individual markets are likely to remain volatile. While inflation-driven cost increases are stabilising at a high level, competitive and margin pressure will continue. At the same time, market momentum is slowing down because of subdued consumer sentiment and shopping tourism is steadily increasing, even though pre-pandemic levels have not yet been reached.

Thanks to our strong position and broadly diversified range of products in all price categories, the Bell Food Group is very well equipped to master the upcoming challenges. We are therefore confident about the second half of 2025.

Joos Sutter

Chair of the Board of Directors

Marco Tschanz

CEO

Consolidated balance sheet

Consolidated income statement

Consolidated cash flow statement

Consolidated statement of changes in equity

1. Reclassification of translation differences from previous sales of group companies and parts of group companies with regard to the first application of Swiss GAAP ARR 30.25 (2022) 30.25 as of 1 January 2024.

   Notes to the consolidated financial statements

   Basis of accounting

   The principles governing consolidation, valuation, structure, and presentation comply in entirety with the entire Accounting and Reporting Recommendations (Swiss GAAP ARR). They apply to all companies included in the scope of consolidation. With the exception of the changes listed below, the consolidation and valuation principles are the same as for the consolidated financial statements 2023 as set out in pages 89-92 of the 2024 Annual Report.

   The half-year financial statements were prepared in compliance with the guidelines on interim financial reporting according to Swiss GAAP ARR 31.

   Scope of consolidation

   There are no material changes in the scope of consolidation compared with the 2024 Annual Report. Please refer to pages 20 and 21 of the half-year report for an overview of the significant shareholdings of the Bell Food Group.

   Foreign currency translation

   All company balance sheets in foreign currency are translated into Swiss francs at the closing exchange rate, while the income statements of these companies are translated at the average exchange rate. Translation differences between the opening and closing balance sheets and the differences arising from the use of different exchange rates in the balance sheet and the income statement are recognised without affecting profit and loss. On the disposal of foreign subsidiaries or associated companies, the cumulative currency differences recognised in equity are transferred to the income statement.

   Due to the first application of Swiss GAAP ARR 30.25 (2022) as of 1 January 2024, currency differences from previous sales of companies and parts of companies amounting to CHF 59.2 million were reclassified from currency differences to retained earnings in the previous year.

   Exchange rates
   			1stHY 2025	1stHY 2024
   Balance sheet		EUR 1	= CHF 0.9359	= CHF 0.9604
   		CZK 1	= CHF 0.0378	= CHF 0.0385
   		HUF 100	= CHF 0.2347	= CHF 0.2415
   		PLN 1	= CHF 0.2208	= CHF 0.2224
   		USD 1	= CHF 0.7996	= CHF 0.8979
   		GBP 1	= CHF 1.0973	= CHF 1.1354
   		RON 1	= CHF 0.1842	= CHF 0.1929
   Income statement		EUR 1	= CHF 0.9416	= CHF 0.9611
   		CZK 1	= CHF 0.0377	= CHF 0.0384
   		HUF 100	= CHF 0.2327	= CHF 0.2467
   		PLN 1	= CHF 0.2225	= CHF 0.2226
   		USD 1	= CHF 0.8630	= CHF 0.8886
   		GBP 1	= CHF 1.1183	= CHF 1.1244
   		RON 1	= CHF 0.1882	= CHF 0.1932

   Events occurring after the balance sheet date

   On 20 May 2025, it was announced that the Eisberg companies in Hungary, Poland, and Romania are to be sold to Green Factory. Various sections of this half-year report refer to the necessary approval of the sale by the relevant national authorities.

   On 20 May 2025, it was announced that the Eisberg companies in Hungary, Poland and Romania would be sold to Green Factory. The authorities in Hungary, Romania and Poland granted their approval in July and early August 2025. The deconsolidation of the companies will take place on the respective acquisition dates, for Romania and Hungary on 1 August 2025 and for Poland expected at the end of September 2025. They have no impact on the financial figures presented in these half-year financial statements as of 30 June 2025.

   Notes to the consolidated financial statements 1. Net revenue
   in CHF million	1stHY 2025	Share	1stHY 2024	Share
   Net revenue by country
   Switzerland, Liechtenstein	1 509.9	63 %	1 443.4	62 %
   Germany	462.2 19 %		454.5	20 %
   Austria	149.0 6 %		144.4	6 %
   Poland	69.8 3 %		65.7	3 %
   France	69.3 3 %		72.9	3 %
   Benelux	27.8 1 %		28.0	1 %
   Hungary	23.9 1 %		20.6	1 %
   Spain	22.4 1 %		18.5	1 %
   Romania	15.4 1 %		13.9	1 %
   Great Britain	13.1 1 %		17.0	1 %
   Czechia	11.3 0 %		10.9	0 %
   Italy	4.1	0 %	3.9	0 %
   Other countries	24.4 1 %		22.3	1 %
   Net revenue by country	2 402.6	100 %	2 316.0	100 %
   Net revenue by product group
   Fresh meat	517.8 22 %		481.0	21 %
   Charcuterie	483.6 20 %		481.1	21 %
   Poultry	603.6 25 %		560.3	24 %
   Seafood	121.0 5 %		121.6	5 %
   Convenience	666.7 28 %		662.2	29 %
   Other sales	9.9	0 %	9.9	0 %
   Net revenue by product group	2 402.6	100 %	2 316.0	100 %

   Seasonality

   The activities of the group are not subject to regular, half-yearly seasonal influences. However, major changes in raw material prices and exchange rates can have a certain impact on sales of a half-year.

   Notes to the consolidated financial statements

   2. Segment reporting
   	Volume		Net revenue		Operating investments1		Headcount
   1st half-year 2025	in million kg		in CHF million		in CHF million		FTE
   Bell Switzerland	68.4		1 176.8		59.1		3 749
   Bell International	26.0		245.6		5.9		1 865
   Hubers/Sütag	87.8		360.4		18.2		2 096
   Eisberg	33.5		196.6		1.9		2 186
   Hilcona	46.3		278.3		17.1		1 986
   Hügli	38.2		196.3		6.7		1 524
   Consolidation	-6.6		-51.4		-		-
   Bell Food Group	293.6		2 402.6		109.1		13 406
   1st half-year 2024
   Bell Switzerland	66.0		1 118.5		90.1		3 750
   Bell International	26.8		249.8		8.9		1 859
   Hubers/Sütag	82.3		327.6		9.1		2 120
   Eisberg	31.0		185.4		5.8		2 126
   Hilcona	45.4		273.4		18.7		1 873
   Hügli	39.9		206.6		8.3		1 590
   Consolidation	-5.7		-45.3		-		-
   Bell Food Group	285.6		2 316.0		140.9		13 318
   1 Investments in tangible assets/software.

   Notwithstanding the complementary recommendations for listed companies (Swiss GAAP ARR 31), the Board of Directors of Bell Food Group Ltd will not publish any detailed segment results in the interest of the company. The reasons are explained on page 102 of the 2024 annual report (note 15 Segment reporting).

   Notes to the consolidated financial statements 3. Treasury shares
   in CHF million	2025		2024
   	Number in pieces	Value	Number in pieces	Value
   Balance as of 01.01.	8 210	2.1	3 880	1.0
   Acquisitions	9 500	2.5	8 120	2.1
   Disposals	-3 456	-0.9	-3 014	-0.8
   Balance as of 30.06.	14 254	3.7	8 986	2.3

   The purchases of treasury shares were settled at an average transaction price of CHF 260.53 (previous year: CHF 260.73). The average transaction price of the disposals amounted to CHF 260.47 (previous year: CHF 259.00).

   1. Earnings per share

      Number of shares as of 30.06.

      Average time-weighted number of outstanding shares

      Half-year result in CHF thousands

      Earnings per share in CHF, diluted and undiluted

      2024

      2025

      6 285 712

      6 269 852

      45 666

      7.28

      6 285 712

      6 278 350

      45 348

      7.22

      For the calculation of the earnings per share, the treasury shares are not considered. No options, convertible bonds or similar are outstanding. Therefore, there is no difference between the diluted and undiluted earnings per share.

   2. Acquisition/disposal of companies and parts of companies

      2025

      No companies or parts of companies were acquired or sold in the first half of 2025. On 20 May 2025, it was announced that the Eisberg companies in Hungary, Poland and Romania would be sold to Green Factory. The authorities in Hungary, Romania and Poland granted their approval in July and early August 2025. The deconsolidation of the companies will take place on the respective acquisition dates, for Romania and Hungary on 1 August 2025 and for Poland expected at the end of September 2025. They have no impact on the financial figures presented in these half-year financial statements as of 30 June 2025.

      2024

      No companies or parts of companies were acquired or sold in the first half of 2024.

      Notes to the consolidated financial statements

   3. Significant shareholdings of the Bell Food Group

   Below, all significant shareholdings of the Bell Food Group are listed. Inactive companies or certain companies with insignificant impact on the consolidated balance sheet (share of the assets smaller than 2 %) or consolidated income statement (share of the annual profit smaller than 2 %) are not listed.

   2025

   2024

   
   
   

   in million Group share as of 30.06.

   Capital stock as of

   Company Domicile Sphere of activity 30.06.2025

   Bell Switzerland
   Bell Schweiz AG		Basel (CH)		Fresh meat, charcuterie, poultry, seafood			20.0	100.0 %	100.0 %
   Geiser AG		Schlieren (CH)		Fresh meat, charcuterie			0.5	100.0 %	100.0 %
   Bell International
   Bell Deutschland Holding GmbH		Seevetal (DE)		Management			0.0	100.0 %	100.0 %
   Bell Deutschland GmbH & Co. KG		Seevetal (DE)		Charcuterie			1.0	100.0 %	100.0 %
   Bell Schwarzwälder Schinken GmbH		Schiltach (DE)		Charcuterie			0.0	100.0 %	100.0 %
   Bell España Alimentación SL		Casarrubios del Monte (ES)		Charcuterie			0.6	100.0 %	100.0 %
   Bell Verwaltungs GmbH		Seevetal (DE)		Management			0.0	100.0 %	100.0 %
   Interfresh Food GmbH		Seevetal (DE)		Management			0.1	100.0 %	100.0 %
   Bell France Holding SAS		Teilhède (FR)		Management			20.0	100.0 %	100.0 %
   Bell France SAS		Teilhède (FR)		Charcuterie			1.2	100.0 %	100.0 %
   Bell Polska Sp. z o.o.		Niepołomice (PL)		Charcuterie			10.0	100.0 %	100.0 %
   Hubers/Sütag
   H.L. Verwaltungs-GmbH		Pfaffstätt (AT)		Management			0.3	100.0 %	100.0 %
   Hubers Landhendl GmbH		Pfaffstätt (AT)		Poultry			0.1	100.0 %	100.0 %
   Süddeutsche Truthahn AG		Ampfing (DE)		Poultry			6.2	100.0 %	100.0 %
   Brüterei Schlierbach GmbH		Pettenbach (AT)		Poultry			0.6	95.0 %	95.0 %
   Frisch Express GmbH		Pfaffstätt (AT)		Logistics			0.0	100.0 %	100.0 %
   VTE-Beteiligungs GmbH & Co. KG		Ampfing (DE)		Management			3.3	100.0 %	100.0 %
   Eisberg
   EISBERG Holding AG		Dänikon (CH)		Management			0.7	100.0 %	100.0 %
   Eisberg AG		Dällikon (CH)		Convenience			0.1	100.0 %	100.0 %
   Eisberg Österreich GmbH		Marchtrenk (AT)		Convenience			0.1	100.0 %	100.0 %
   Eisberg Hungary Kft. 1		Gyál (HU)		Convenience			167.0	100.0 %	100.0 %
   Eisberg Spółka z o.o. 1		Legnica (PL)		Convenience			3.5	100.0 %	100.0 %
   Eisberg srl 1		Pantelimon (RO)		Convenience			0.4	100.0 %	100.0 %
   E.S.S.P. España 2000 SL		Águilas (ES)		Convenience			0.0	100.0 %	100.0 %

   • CHF

   • CHF

   • EUR

   • EUR

   • EUR

   • EUR

   • EUR

   • EUR

   • EUR

   • EUR

   • PLN

   • EUR

   • EUR

   • EUR

   • EUR

   • EUR

   • EUR

   • CHF

   • CHF

   • EUR

   • HUF

   • PLN

   • RON

   • EUR

   1 On 20 May 2025, it was announced that the Eisberg companies in Hungary, Poland, and Romania were to be sold

   to Green Factory. The companies concerned are included in the consolidated financial statements as at 30 June 2025. For further information, see Events occurring after the balance sheet date on page 16.

   • Fully consolidated

   • Consolidation at equity

   Notes to the consolidated financial statements

   6. Significant shareholdings of the Bell Food Group (continuation)

   2025	2024
   100.0 %	100.0 %
   100.0 %	100.0 %
   100.0 %	100.0 %
   merged	100.0 %
   100.0 %	100.0 %
   100.0 %	100.0 %
   100.0 %	100.0 %
   100.0 %	100.0 %
   100.0 %	100.0 %
   100.0 %	100.0 %
   100.0 %	100.0 %
   100.0 %	100.0 %
   100.0 %	100.0 %
   100.0 %	100.0 %
   100.0 %	100.0 %
   29.3 %	29.3 %
   26.6 %	26.6 %
   33.3 %	33.3 %

   in million Group share as of 30.06.

   Capital stock as of

   Company Domicile Sphere of activity 30.06.2025

   Hilcona
   Hilcona Aktiengesellschaft	Schaan (FL)		Convenience			1.0
   Hilcona Gourmet S.A.	Orbe (CH)		Convenience			0.6
   Hilcona Feinkost GmbH	Leinfelden-Echterdingen (DE)		Convenience			0.0
   Hügli
   Hügli Holding Aktiengesellschaft 2	Steinach (CH)		Management
   Hügli Nährmittel AG	Steinach (CH)		Convenience			1.1
   Hügli Nährmittel Erzeugung Ges.m.b.H.	Hard (AT)		Convenience			0.8
   Hügli Nahrungsmittel GmbH	Radolfzell (DE)		Convenience			25.5
   Granovita S.A.	La Vall dʼUixó (ES)		Convenience			0.5
   Huegli UK Ltd.	Redditch (UK)		Convenience			0.0
   Bresc B.V.	Sleeuwijk (NL)		Convenience			0.0
   Ali-Big Industria Alimentare s.r.l.	Brivio (IT)		Convenience			0.1
   Hügli Food s.r.o.	Zásmuky u Kolína (CZ)		Convenience			80.0
   Hügli Food Élelmiszeripari Kft.	Budapest (HU)		Convenience			3.0
   Hügli Food Polska sp. z o.o.	Łódź (PL)		Convenience			0.1
   Hügli Food Slovakia s.r.o.	Trnava (SK)		Convenience			0.0
   Investments in associated companies
   Centravo Holding AG	Zürich (CH)		By-products			2.0
   GVFI AG	Basel (CH)		Meat trade			3.0
   Baltic Vianco OÜ	Sänna, Rõuge vald (EE)		Livestock trading			0.8

   • CHF

   • CHF

   • EUR

   • CHF

   • CHF

   • EUR

   • EUR

   • EUR

   • GBP

   • EUR

   • EUR

   • CZK

   • HUF

   • PLN

   • EUR

   • CHF

   • CHF

   • EUR

2. Merger of Hügli Holding Aktiengesellschaft with Hügli Nährmittel AG by 1 January 2025.

• Fully consolidated

• Consolidation at equity

Alternative performance measures First half-year 2025

In its annual reports, interim reports, and notices to investors and analysts, the Bell Food Group uses alternative performance measures that are not defined by the Accounting and Reporting Recommendations (Swiss GAAP ARR). It is the opinion of the Board of Directors and of the Group Executive Board that these indicators provide useful and relevant information about the Group's operating and financial performance. The alternative performance measures used by the Bell Food Group may not be comparable to similar indicators utilised by other companies. In this section, the alternative performance measures used by the Bell Food Group are explained and reconciled with the Swiss GAAP ARR key figures.

Performance

Development of volumes and income statement

The Bell Food Group compares the development of sales volume and selected income statement items to the previous year with regard to:

Exchange rate effects

The Bell Food Group calculates the exchange rate effects by translating the prior-year figures into CHF using the current average rates. The difference to the prior year's CHF values expresses the exchange rate effect.

Inorganic effects

Acquisitions and disposals of companies or parts of companies are summarised as inorganic effects. The effects of acquisitions on the current period are reported separately. The prior-year figures are adjusted for disposals. This adjustment is done on a pro rata basis from the date of acquisition or disposal.

The following inorganic effects are taken into account:

1st HY 2025: No company acquisitions or sales took place in the first half year 2025.

1st HY 2024: No company acquisitions or sales took place in the first half year 2024.

Organic development

Organic development refers to the change from the previous year after adjustment to account for exchange rate effects and inorganic effects. As exchange rate developments do not have any effect on sales volumes, organic development is only adjusted for inorganic effects. Organic development expressed as a percentage is calculated on the basis of the reported prior-year figures.

Sales volume

Sales volume is reported in kilograms and equals the volumes that were sold.

Sales revenue

Sales revenue equals the gross revenue from sale of goods, excluding other revenue and sales deductions.

in CHF million

Sales revenue Other revenue Sales deductions Net revenue

1stHY 2024

2 351.7

29.0

-64.7

2 316.0

Subtotals in the income statement

Various subtotals used in the income statement are not prescribed by the Accounting and Reporting Recommendations (Swiss GAAP ARR) for an income statement prepared in accordance with the nature of expense method and are therefore defined as follows:

Gross operating income is calculated as net revenue minus the cost of goods sold, including changes in inventory.

EBITDA is earnings before interest, taxes, depreciation, and amortisation.

EBIT is earnings before interest and taxes and is one of the Bell Food Group's core management ratios.

EBT is earnings before taxes.

Adjusted key performance indicators: EBITDA, EBIT, half-year result

To improve comparability with other periods, reported EBITDA, EBIT, and half-year result are adjusted for once-off effects in periods in which once-off effects occurred.

Once-off effects

The Bell Food Group defines once-off effects as expenses or income that are part of the operating result but only occur rarely. To improve comparability with other companies and periods, these indicators are adjusted for once-off effects. The tax consequences of once-off effects are not adjusted.

In the first half of 2025 and 2024, there were no once-off effects to be adjusted for. The reported key figures therefore correspond to the adjusted key figures.

Capital structure

Net financial liabilities

Interest-bearing liabilities are defined as debts or financial liabilities and can be current and non-current in nature. Cash and cash equivalents and securities held for trading (current) are deducted from the financial liabilities to obtain the net financial liabilities (net debt).

in CHF million

+ Current financial liabilities

+ Non-current financial liabilities

Financial liabilities

• Cash and cash equivalents

• Securities

  Net financial liabilities

  1stHY 2024

  304.1

  723.9

  1 028.0

  -128.0

  -

  900.1

  Equity ratio

  The ratio between total equity and total assets equals the equity ratio. In its financial reporting, the Bell Food Group also uses the term «self-financing» for equity. The equity ratio is also called the self-financing ratio.

  in CHF million	1stHY 2025	1stHY 2024
  Equity excl. minority interests	1 592.3	1 538.2
  Minority interests	0.2	0.2
  Equity	1 592.4	1 538.4
  Total assets	3 200.0	3 141.5
  Equity ratio	49.8 %	49.0 %

  Goodwill offsetting

  Under Swiss GAAP ARR, companies can choose how to treat goodwill on acquisitions:

  Capitalisation of goodwill and annual amortisation through profit and loss
  
  
  Offsetting of goodwill against equity
  
  

  The Bell Food Group capitalises goodwill and amortises it over a maximum of 20 years. Various companies offset goodwill against equity. To improve comparability with these companies, the Bell Food Group reports the following key indicators as if goodwill had been offset against equity. For this purpose, the remaining goodwill at the respective balance sheet date is deducted from total equity or total assets.

  EBIT and EBIT margin
  
  
  Result and result margin
  
  
  Equity and equity ratio
  
  

  1stHY 2025
  66.2
  10.7
  76.9
  -8.2
  0.1
  -12.4
  56.4
  1 592.4
  -78.3
  1 514.1
  3 200.0
  -78.3
  3 121.7
  3.2 %
  2.3 %
  48.5 %

  in CHF million 1stHY 2024

  EBIT

  + Goodwill amortisation

  63.8

  11.9

  EBIT before goodwill amortisation

  • Financial result

    + Net income from associated companies

  • Taxes

    Net profit before goodwill amortisation

    Equity

  • Goodwill offsetting

    Equity after goodwill offsetting

    Total assets

  • Goodwill offsetting

Total assets after goodwill offsetting

Key indicators with goodwill offsetting

EBIT margin Result margin Equity ratio

75.8

-6.4

0.2

-12.3

57.3

1 538.4

-100.8

1 437.6

3 141.5

-100.8

3 040.7

3.3 %

2.5 %

47.3 %

Operating investments

The Bell Food Group uses the term «operating investments» in its reporting. While investments in parts of the intangible assets (e.g. brands) are strategic or not directly operational in nature, the operating investments show the amount invested in the production capacities of the Bell Food Group. Operating investments therefore include investments in tangible assets and software.

Investments can be presented gross or net. Net investments are calculated by deducting the respective divestments from the investments in the various categories of non-current assets. The Bell Food Group uses a gross presentation in its reporting on operating investments.

The term «investments» is defined as additions to fixed assets in the balance sheet. However, a distinction must be made between investments in the balance sheet and investments in the cash flow statement of the Bell Food Group. While the investments in the balance sheet describe the addition to the corresponding category of non-current assets, the investments in the cash flow statement show the amount spent on investments in the form of cash and cash equivalents. Consequently, the investments from a balance sheet perspective usually differ from the investments in the cash flow statement because, for example, part of the investments of the current financial year will only be paid in the following year or investments of the previous year were paid in the current financial year.

As a result, the Bell Food Group distinguishes between operating investments from a balance sheet and a cash flow statement perspective. The terms «operating investments on the balance sheet» and «cash-effective operating investments» are also used as a proxy. The guidance on investments published by the Bell Food Group refers to operating investments on the balance sheet.

in CHF million

Goodwill

Trademarks, patents, and licences

1. Software

2. Prepayments and accumulated costs Other intangible assets

Intangible assets (balance sheet) Intangible assets (cash flow statement)

Undeveloped land Land and buildings Installations

Machinery and equipment Prepayments/assets under construction Other tangible assets

Tangible assets (balance sheet) Tangible assets (cash flow statement)

1. Software

2. Prepayments and accumulated costs Tangible assets

Operating investments (balance sheet) Operating investments (cash flow statement)

1stHY 2024

Investments

-

-

2.0

1.7

-

3.7

3.7

0.1

2.6

1.8

9.1

116.1

7.5

137.2

177.2

2.0

1.7

137.2

140.9

180.9

Liquidity

Operating cash flow before change in net current assets and operating free cash flow

The operating cash flow can be influenced by fluctuations of the net current assets and is therefore adjusted for this impact. For example, these fluctuations can be put down to pure reporting-date effects. Market-driven decisions - in particular regarding inventories - can also affect the multi-year comparison.

in CHF million

Operating cash flow

+ Change in net current assets

Operating cash flow before change in net current assets

- Operating investments

+ Divestment of tangible assets

+ Divestment of intangible assets

Operating free cash flow

1stHY 2024

127.3

0.9

128.2

-180.9

1.4

-

-51.3

Operating free cash flow is operating cash flow before change in net current assets less operating investments plus divestments of tangible and intangible assets. A positive operating free cash flow means that the operating investments were financed by the company's business activities and that the remaining amount is available for other investment and financing activities.

Free cash flow

Free cash flow represents the cash flow available for the settlement of obligations to providers of debt and equity. It is calculated from the operating cash flow less the cash flow from investing activities (no limitation to operating investments).

in CHF million

+ Operating cash flow

- Cash flow from investing activities

Free cash flow

Change in net current assets

The change in net current assets is composed of the following items:

in CHF million

Increase (-)/decrease (+) in receivables Increase (-)/decrease (+) in inventory

Increase (-)/decrease (+) in accrued income and prepaid expenses Increase (+)/decrease (-) in liabilities

Increase (+)/decrease (-) in accrued expenses and deferred income

Change in net current assets

1stHY 2024

127.3

-180.2

-52.8

1stHY 2024

-12.3

-46.4

-12.4

21.0

49.2

-0.9

Information about the shares of Bell Food Group Ltd

Share details

Trade SIX Swiss Exchange

Securities number 31 596 632

ISIN CH0315966322

Symbol SIX BELL; Bell N; Bell.SW

Legal entity identifier (LEI) 50670090YSFJ2732TD58

Product type Mid & Small Caps Swiss Shares

Index classification Swiss All Share Index TR, SPI® TR, SPI EXTRA® TR, SPI ex SLI® TR, SPI ESG Wgt. TR, SPI ESG TR

Current share price https://www.bellfoodgroup.com/en/investors/share-information/