Sustainability strategy

Sustainability is an integral component of Bellevue Group AG’s business strategy and a central element of its long-term value creation. As an independent asset manager with an active and fundamentally driven investment approach, Bellevue Group understands sustainability not as a static system of objectives, but as a dynamic framework that must continuously evolve in alignment with the company’s strategic development, its business model, and its fiduciary duties towards clients and other stakeholders.

In line with the «triple bottom line» approach, Bellevue Group aims to achieve sustainable economic growth while at the same time taking responsibility for the environmental and social impacts of its business activities. Sustainability is embedded both at the corporate level and within the investment process, and is based on clearly defined values, transparent ESG guidelines, and binding governance standards that guide employees in their daily actions.

In the 2025 financial year, Bellevue Group initiated a significant strategic and organisational development process. This includes, in particular, the targeted enhancement of an even more fundamentally and research-driven investment approach, the adaptation of the business model to changing market realities, and the geographic expansion of the business, including the establishment of a presence in Asia. These measures are intended to strengthen the Group’s investment expertise and competitiveness over the long term. However, they are accompanied by structural changes that will sustainably influence the composition and key drivers of Bellevue Group’s operational environmental footprint.

Against this background, in the 2025 reporting year Bellevue Group conducted a comprehensive review of its existing climate strategy and the underlying target framework. The previous CO₂ strategy, including the reduction targets defined up to 2030, was based on the organisational and business structure as of 2020. In light of the initiated strategic development, the changed geographic focus, and the increasing importance of a more travel-intensive, fundamentally driven investment activity, Bellevue Group considers the previous target architecture no longer fully meaningful or suitable for steering purposes. The Group has therefore decided to formally conclude its existing CO₂ strategy as of the end of 2025. Target achievement and any deviations will be disclosed transparently and assessed in the context of the company’s strategic development. This step does not represent a withdrawal from the Group’s climate responsibility, but rather reflects responsible and methodologically sound management.

From the 2026 financial year onwards, a revised climate and environmental target framework will be developed, appropriately reflecting the changed structural conditions and the further-evolved investment approach of Bellevue Group. The objective is to define new, robust and steering-relevant climate targets for the medium and long term. This development will be aligned with recognised reporting and governance standards, in particular the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and the GRI Standards. Bellevue Group remains firmly committed to its long-term climate and environmental responsibility and will implement additional measures during the transition phase to enhance transparency and the manageability of its emissions. This includes, among other initiatives, the establishment of systematic monitoring of air travel in order to further develop the future climate strategy on a data-driven basis.

Having offset its CO₂ emissions by supporting top-quality climate projects in Switzerland, Bellevue was certified by Swiss Climate for the sixth consecutive year in 2025. We are also committed to achieving net zero by 2050.

Improving gender diversity and fostering inclusion

Bellevue Group values employee diversity and believes this is an integral part of its success as a business. Our approach is founded upon mutual respect and a collaborative work culture across languages, cultures and nationalities. This variety of perspectives and approaches, experiences, ideas and talents leads to innovation and underpins Bellevue’s success on a lasting basis – including its ability to attract qualified specialist personnel. Our goal of increasing the proportion of women on the Board of Directors to 30% was achieved in 2023. The proportion of women on the board as of December 31, 2025, was 50%. The targeted minimum proportion of women at executive management level remains 20%. This goal should be achieved by 2030 within the scope of our succession planning.

Anchoring sustainability throughout the investment process

Sustainability has been a core pillar of our investment culture for many years and shapes both our investment processes and our risk management. As a responsible market participant, our objective is to allocate capital with a view to long-term sustainability and thereby make a constructive contribution to a more resilient economy.

A significant step along this path was the launch of the Bellevue Sustainable Healthcare Fund in 2018. This fund follows strictly formalised ESG criteria and serves as a prime example of the comprehensive integration of environmental, social and governance aspects into our investment decisions. At the same time, we consider relevant ESG risks across all portfolios, apply clearly defined global norms and values-based exclusions, and assess each company from a holistic sustainability perspective.

Our analysis covers both the ESG quality of an investment and its contribution to the UN Sustainable Development Goals. Any potential negative impacts on sustainability factors are centrally monitored and transparently integrated into the overall assessment of a security. The relevant guidelines are set out in the internal working paper «Consideration of PAI».

A key focus lies on the systematic measurement of financed greenhouse gas emissions in accordance with PCAF standards. It is important to us to understand the emissions development of our investments transparently and to manage it responsibly. We publish the collected data in line with the recommendations of the TCFD, thereby continuously strengthening our climate-related disclosures. In addition, our portfolio managers actively engage with company management and relevant stakeholders in order to constructively support progress towards climate- and resource-efficient business models.

Looking ahead, we are actively supporting the redesign of the EU SFDR, which envisages a simplified and more clearly structured ESG classification system to replace the current Article 6, 8 and 9 categories. The objective of this further development is to make sustainability aspects more transparent, understandable and intuitive for end investors – an aim we explicitly endorse.

The regulatory adjustments will significantly influence the labelling and comparability of financial products in the future. Implementation is expected to extend over a period of one to two years, allowing us to manage the transformation carefully, with a focus on impact and with the objective of achieving even greater ESG clarity for our investors.

As a committed signatory to the UN Principles for Responsible Investment (UN PRI), Bellevue Asset Management AG is dedicated to continuously refining its ESG approaches and adapting them to new regulatory and market developments – in pursuit of a forward-looking, responsible and impact-oriented investment strategy.

Sustainability governance

Over the past years, Bellevue has strengthened its sustainability governance practices and its corporate sustainability framework and introduced new roles and responsibilities at management level as well as throughout the organization.

Sound sustainability governance is essential for ensuring that we continue to embed sustainability within our business practices and product offer, achieve steady progress towards our sustainability targets, and identify potential opportunities and challenges at an early stage.

• Responsibility for sustainability-related performance, the monitoring of sustainability-related developments and the adoption of sustainability policies and strategies lies with the Board of Directors. It is also responsible for approving the sustainability report.
• The Group Executive Board is responsible for developing and implementing measures to achieve the sustainability strategy and objectives defined by the Board of Directors. Further information about the members of the Board of Directors and the Group Executive Board can be found in the Corporate Governance report.
• A sustainability working group has also been tasked with overseeing the implementation and integration of sustainability policies across all areas of the business. This working group is headed by the CFO and includes representatives from various functions/departments, as shown in the diagram above. It monitors the latest developments on the sustainability front and forecasts their impact on Bellevue Group’s business model. It supports the Group Executive Board in formulating and developing the sustainability strategy. The sustainability working group meets at least once every quarter and reports to the Group Executive Board and the Board of Directors. It is additionally responsible for managing and implementing sustainability-related projects within the various business areas and functions and areas of activity.

Stakeholder engagement

We believe interaction with our stakeholders is crucial in identifying, analyzing, planning, prioritizing and implementing our 2030 sustainability goals, as well as the underlying objectives and measures. That is why we maintain regular contact with internal as well as external stakeholders.

In 2023, the following stakeholders were asked to participate in our double materiality assessment:

• Shareholders (interview and survey)
• Employees (survey)
• Clients/distribution partners (interview and survey)
• Suppliers (survey)
• Portfolio companies (survey)