Climate change

Bellevue recognizes that climate change, if left unchecked, will have negative effects on the environment, on society and on the world economy. We actively support the transition to a low-carbon and climate-resilient economy and are committed to making a positive contribution to climate change mitigation. Bellevue has integrated sustainability and climate-related aspects into the risk management processes that govern its business operations and assesses the actual and potential impacts of climate-related risks and opportunities on its business activities and financial planning. These risks and potential impacts are reported to the Board of Directors on an annual basis.

Since Bellevue does not operate in a carbon-intensive industry, the impact of climate change on its business activities is rather small. Climate change does, however, have a major impact on investment product regulations and transparency requirements, and Bellevue must meet these requirements in order to continue offering attractive products going forward. Please refer to the material topic of «Responsible investment» for further information.

Climate Target Setting, Target Achievement and Methodological Development

In 2020, Bellevue Group AG defined a group-wide climate target to reduce CO₂ emissions per full-time equivalent (FTE) by 30% by 2030 compared to the base year 2020. This target was based on the Group’s organisational and business structure at that time. Between 2020 and 2024, the defined reduction target was continuously achieved.

In the 2025 reporting year, it was determined that the target could no longer be met. The deviation is primarily attributable to several structural and strategic developments that became particularly evident in 2025. The main drivers include:

the geographical expansion of the business, in particular the development of a new business area in Asia and the establishment of a location in Singapore,

the further development and professionalisation of the investment approach towards an even more fundamentally driven and research-oriented investment strategy, which required an intensification of in-person company visits, management meetings and participation in international investor and industry conferences,

the associated increase in intercontinental business travel, which, due to long distances and the use of business-class flights, has a disproportionate impact on the emissions footprint,

as well as organisational changes in the course of a reorganisation, which led to a significant reduction in the number of FTEs (–17% compared to 2023), thereby additionally affecting the «CO₂ emissions per FTE» metric.

At the same time, Bellevue Group AG achieved its short-term target of reducing absolute CO₂ emissions from commuting. Through targeted measures such as relocating offices to Zurich city centre, introducing flexible working models, increasing the use of remote work and promoting lower-emission mobility options, commuting-related emissions were sustainably reduced.

Against this backdrop, a company-wide climate risk and target analysis was conducted to assess whether the original reduction target continues to represent a meaningful, comparable and management-relevant metric. It became evident that the «CO₂ emissions per FTE» metric is only partially suitable in an environment characterised by structural growth, geographical expansion and more travel-intensive investment activities, as it no longer adequately reflects the actual development of emissions. Bellevue Group AG has therefore decided to formally conclude the original target period 2019–2025. The deviation from the target in 2025 is transparently disclosed and placed in the context of the company’s strategic development.

In the 2026 financial year, a revised target framework will be developed that appropriately reflects the changed business structure and the evolved investment approach. This adjustment does not represent a reduction in the Group’s climate ambition, but rather a necessary methodological development in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and the GRI Standards. Bellevue Group AG is fully aware of its responsibility and will implement further climate-related measures in 2026, including, among other initiatives, systematic flight travel monitoring.

Within its Sustainability Report, Bellevue publishes a dedicated chapter on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). This chapter summarises how Bellevue addresses climate change and manages the physical risks, transition risks and opportunities arising from the transition to a low-carbon and climate-resilient economy.

Emissions in our own operations

Bellevue has produced a greenhouse gas inventory since 2021. This is calculated in accordance with the requirements of the ISO 14064-1 standard and the accounting principles of the GHG Protocol. All figures comprise all «Kyoto greenhouse gases» (CO₂, CH4, N₂O, HFCs, PFCs, SF₆, NF₃) and are reported as units of CO₂e (CO₂ equivalent). Bellevue does not burn biomass to produce electricity and/or heat.

The normalized GHG inventory data for 2020 is used as a reference to assess the effectiveness of the measures implemented within the scope of our climate policy and to track improvements in the company’s carbon balance. Due to the far-reaching impact of the COVID-19 pandemic, the 2020 carbon balance was not chosen as the baseline carbon balance, instead the data from the commuting and business travel categories was normalized. Under commuting travel, the assumed share of teleworking was 0%. Under business air travel, it was assumed that the number of kilometers flown in the various travel classes is a linear function of air travel costs. The number of kilometers flow was extrapolated based on average air travel expenses for 2018 and 2019.

At Bellevue, the organizational boundaries are determined by operational control and the assets and activities subject to operational control are included within the system boundaries.

¹⁾ Baseline year: 2020 adjusted for COVID-19 effects (on commuting/remote work/business travel)
²⁾ Scope 1: Direct greenhouse gas emissions
³⁾ Scope 2: Indirect greenhouse gas emissions from externally sourced energy
⁴⁾ Scope 3: Energy supply (emissions arising from the use of energy not covered by Scope 1 or 2): Business travel (external vehicles), commuting, IT equipment, paper, print jobs, waste, water

Bellevue does not emit significant amounts of ozone-depleting substances, nitrogen oxides (NOx), sulfur oxides (SOx) or any other air pollutants.

As it is active in the financial sector, its Scope 1 and Scope 2 emissions are rather low. Areas of focus are heating, electricity and business travel with company cars. Most of its CO₂ emissions relate to Scope 3 emissions and are mainly attributed to business travel and commuting. In 2020 and 2021, action to prevent the spread of the coronavirus led to a sharp reduction in business air travel (air travel) and commuting travel. From 2022 on, CO₂ emissions in these two areas has increased significantly, but are still below pre-pandemic levels.

Bellevue has been working with Swiss Climate since 2020 to calculate its CO₂ emissions and develop measures to reduce them. Up to and including 2025, Bellevue has been certified with aclimate label from Swiss Climate (a pioneer with its exemplary, holistic CO₂ management at all levels). By purchasing CO₂ emission certificates equivalent to the amount of greenhouse gas emissions emitted each year, we support projects that save the same amount of emissions. This year, we chose to support a project focused on «climate protection and sustainable forest management in Switzerland.” The project ensures CO₂ sequestration and sustainable forest management in the Canton of Schwyz. It contributes to climate protection, preserves biodiversity in Swiss forests and enables the production of energy wood for renewable energy generation.

Since the first publication of its greenhouse gas inventory, Bellevue has striven to reduce its greenhouse gas emissions. Currently available data does not allow it to measure the direct impact of its efforts. These efforts can only be analyzed on an aggregate basis per category. The changes in the individual categories compared to the baseline year can be summarized as follows:

• Business travel
  The total distance travelled by air increased by 27% (corresponding to +135 t CO₂). Distances travelled by diesel/petrol cars decreased by 8% (corresponding to –4,295 km), resulting in a reduction of emissions by 6 t CO₂. The share of climate-friendly business travel declined from 11% (2024) to 8% (2025).
• Commuting travel
  Commuting-related emissions were reduced by 68% (corresponding to 126 t CO₂e) as a result of the introduction of remote working and the relocation of our headquarters to Zurich. The share of climate-friendly commuting increased from 49% to 68%, significantly above the Swiss average.
• Electricity
  Absolute electricity consumption was reduced by 65%, leading to a corresponding decrease in emissions. At the same time, a substantial share of energy consumption has been sourced from renewable energy since 2021. In the 2025 financial year, this share amounts to 87%.

Biodiversity and sensitive areas

Based on the defined screening criteria, Bellevue Group does not have operations located in or near biodiversity-sensitive areas that are assessed to potentially negatively affect local biodiversity without appropriate impact assessment, nor is the company involved in controversies with severe impacts on local biodiversity.

Mobility

All of our offices are easily accessible by public transit. Employees are requested to use public transit to commute to work. We actively encourage this by offering financial incentives. Employees must pay to use a parking space at company locations. Showers and changing rooms are available at company headquarters, which makes commuting to work by bicycle an attractive alternative. With the relocation of company headquarters from Küsnacht to Zurich City in 2025, access to public transportation will become even more attractive. We expect this will lead to a significant reduction in commuting emissions.

International contacts are important given our global investment strategies and distribution activities with employees at different locations. All locations have video conferencing infrastructure. Most of the meetings are through telephone and video conferencing instead of physical meetings to limit travel. Where possible and appropriate, we substitute air travel with public transportation such as train travel and coordinate joint site visits.

The Group Executive Board is regularly informed about the travel activities of the employees.

Key climate-relevant memberships

Bellevue is a member of various organizations and a signatory of various investor initiatives as part of its active engagement to promote sustainability for the benefit of the planet. The following memberships and collaborations are climate-relevant:

• Signatory of the United Nations Principles for Responsible Investment (UN PRI) (08-2019)
• Member of Swiss Sustainable Finance (11-2022)
• Certification by Swiss Climate (from December 2021)