Notes to the financial statements

1 Accounting Principles

General approach

The annual financial statements of Bellevue Group AG were prepared in accordance with the guidelines of the Swiss Code of Obligations. Balance sheet items are valued at historical costs.

Cash and cash equivalents, receivables and liabilities

Assets are recognized at acquisition costs and liabilities are recognized at their nominal value. Specific valuation adjustments are made for identifiable risks of loan losses.

Participations

Participations are recognized at acquisition costs less impairments necessary for commercial reasons.

Accruals and deferrals

Accruals and deferrals are expenditures of the current financial year, which are recognized as expenses in the subsequent financial year as well as revenues of the current financial year, which are recognized as income in the subsequent financial year.

Treasury shares

Treasury shares are recognized at acquisition cost and deducted from shareholders’ equity at the time of acquisition. In case of a resale, the gain or loss is recognized through the income statement as profit or loss. For treasury shares held by subsidiaries, a reserve for treasury shares is booked to the value of the acquisition price.

Waiver of cash flow statement, management report and additional disclosures in the notes

As Bellevue Group AG has prepared its consolidated financial statements in accordance with a recognized accounting standard (IFRS), it has decided to waive the disclosure of additional information on audit fees in the notes, the management report as well as a the cash flow statement in accordance with the law.

2 Notes to the financial statements

Cash and cash equivalent

Other short-term receivables

Other short-term receivables from group companies include short-term loans and bore interest of 1.50% in the financial year (2024: 1.50%). The recorded interest is shown in the position «Finance income».

Participations

¹⁾ The company was sold on September 30, 2025.
²⁾ The company was liquidated on August 18, 2025.

As a rule, participations are valued individually. For participations that are already managed and assessed together as an economic business unit within the company, the impairment test of the participations is performed analogously to the IFRS consolidated financial statements at the level of the economic business units.

Impairment of participations

During the financial year, Bellevue Private Markets AG sold its participation in adbodmer AG. As a result of the discontinuation of its operating activities, an impairment of the carrying amount of the participation was required as at December 31, 2025. Consequently, the investment in Bellevue Private Markets AG was impaired by CHF 7.5 mn.

Other short-term liabilities

Treasury shares

Treasury shares are held directly by the Company. All transactions are carried out at market prices.

Disposals and purchases of treasury shares also include any deliveries or returns of treasury shares as part of share-based payments, which are not cash-effective in such cases.

3 Additional Information

Company name, legal form and domicile

The Bellevue Group AG is a joint stock company under the Swiss Code of Obligations and is domiciled in 8700 Küsnacht at Seestrasse 16. As of January 1, 2025, the head office will be relocated to Theaterstrasse 12, 8001 Zurich, Switzerland.

Declaration on FTEs

The annual average of full-time employees has not exceeded 10 in the current financial year (previous year: not exceeded 10).

Information on shareholdings of members of the Board of Directors and the Group Executive Board 

¹⁾ The above table includes all participations across functions. 
²⁾ Gebhard Giselbrecht resigned from the Group Executive Board on June 2, 2025, and left Bellevue Group on August 31, 2025. Patrick Fischli and Fabian Stäbler resigned from the Group Executive Board on December 2, 2025.

Events after the balance sheet date

No events have occurred since the balance sheet date that would have a material impact on the information provided in the year 2025 financial statements and would therefore need to be disclosed.

Information on major shareholders

Based on the notifications received and published by Bellevue Group AG, each of the following parties owns significant voting rights:

4 Proposal to the Annual General Meeting

Upon approval of this proposal, the dividend of CHF 0.15 per registered share of CHF 0.10 will be paid less the federal withholding tax of 35%.