Foreword

In the 2025 financial year, we consistently advanced the sustainable development of Bellevue Group and set important strategic milestones for the future. We continue to view sustainability as an integral part of our long-term value creation. At the same time, we have adapted our objectives and instruments to a changing market environment, new regulatory requirements, and the ongoing development and internationalisation of our business model.

Against this backdrop, we fundamentally reviewed our existing climate strategy during the reporting year. The previous CO₂ targets were based on the organisational structure of 2020 and now only partially reflect current conditions. We therefore decided to formally conclude the existing strategy at the end of 2025 and, on this basis, develop a new, forward-looking target framework. From 2026 onwards, we will introduce a methodologically revised climate and environmental target system that takes into account our changed structure and evolved investment approach. In light of our international orientation, we will also establish systematic monitoring of our air travel in 2026 in order to manage and transparently report the associated emissions more effectively.

In 2025, commuting-related emissions were reduced by 68% (corresponding to 126 tonnes of CO₂ equivalents) as a result of relocating our headquarters to Zurich and implementing further measures such as flexible working models and increased remote work. The share of climate-friendly commuting increased from 49% to 68%, significantly above the Swiss average. Our long-term climate objective remains unchanged: to reduce the carbon footprint of our own business activities in order to support the goals of the international and Swiss community to achieve net-zero greenhouse gas emissions by 2050.

We also made important progress in the area of corporate culture in 2025. For the second time since 2022, we conducted an employee survey and gained valuable insights; the measures derived from it will be implemented from 2026 onwards. At the beginning of the reporting year, a new policy on education and training also came into effect, enabling us to systematically record and report training hours. During the reporting year, we invested a total of 1 224 hours in education and training. Furthermore, despite challenging conditions and developments, we succeeded in keeping the voluntary turnover rate close to our targeted range of 10%.

Last but not least, we revised and updated our Corporate ESG policies. Our active ownership approach remains a central element of our sustainability strategy. Through targeted engagement activities and the consistent exercise of our voting rights, we once again supported numerous companies on their path towards sustainable development during the reporting year. At the same time, we were able to slightly reduce financed CO₂ emissions at portfolio level compared to 2024.

The unchanged materiality analysis confirms that our key sustainability topics remain closely aligned with our corporate strategy. The year 2025 thus represents a phase of focused further development: we combined continuity in our long-term commitments with a willingness to review and refine existing approaches. In doing so, we laid the foundation to continue combining sustainable investing, corporate responsibility and long-term economic success in 2026.

Veit de Maddalena

Excecutive Chairman

Markus Peter

Chief Executive Officer Bellevue Asset Management