Notes to the Consolidated interim Financial Statements

1 Segment information

The Group Executive Board is the Groupʼs chief operating decision maker. Bellevue Group is exclusively focused on the asset management business and therefore reports only one reportable segment as of June 30, 2026. Until September 30, 2025, the reportable segment comprised the operating business units Bellevue Asset Management and Bellevue Private Markets, which were aggregated due to their similar economic characteristics. Accordingly, the results of both business units were monitored by the Group Executive Board both on a consolidated basis and separately. On September 30, 2025, a significant subsidiary of the Bellevue Private Markets business unit was disposed of. As a result, the relevance of the remaining activities of the Bellevue Private Markets business unit decreased significantly. Since then, the Group Executive Board and the Board of Directors no longer regularly review the Bellevue Private Markets business on a separate basis; in particular, no separate financial reporting is prepared.

The geographical breakdown of operating income is as follows:

Non-current assets for this purpose consist of property and equipment as well as goodwill and other intangible assets:

2 Details on the consolidated income statement

2.1 Revenues from asset management services

Management fees are generated from asset management mandates with listed investment companies, regulated funds in various countries, private equity funds or institutional counterparties. The fees are mostly collected on a monthly basis.

Various funds and mandates include performance fees. These are only taken into account when a formal claim exists and Bellevue Group has fulfilled its performance obligation. The definitions are set out in the respective legal documents and can be summarized as follows:

• Regulated funds: after the end of the calendar year
• Private equity funds: depending on the partnership agreement – in the case of distributions or closure of the fund
• Mandates: individual – quarterly or yearly

Other commission income includes transaction-related fees.

2.2 Net other income

2.3 Personnel expenses

2.4 Other operating expenses

2.5 Depreciation and amortization

2.6 Valuation adjustments and provisions

Following the sublease of part of the office premises at the headquarters in Zurich, an impairment of leasehold improvements was recognised as of June 30, 2026.

2.7 Tax

3 Details on the consolidated balance sheet

3.1 Financial assets

3.1.1 Fair value of financial instruments

The fair value of the other financial instruments, which are measured at amortised cost, does not differ significantly from their book value and are mainly short-term.

3.1.2 Valuation methods of financial instruments

No transfer between levels of the fair value hierarchy took place in the first half of 2026 or in the comparable period of the previous year.

Level 1 instruments

If a financial instrument is traded in an active market, its fair value is based on listed market prices. In the fair value hierarchy prescribed in IFRS 13, this type of financial instrument is classified as a level 1 instrument. The fair value of these positions corresponds to the current price (e.g. settlement price or closing price) multiplied by the number of units of the financial instruments held.

Level 2 instruments

If there is no active market, the fair value is determined on the basis of valuation models or other generally accepted valuation methods. The instruments categorised as Level 2 are regulated investment funds. These funds publish a daily net asset value (NAV), but there is no active market for the trading of fund units in these investment funds. The valuation of the single fund units is based on the published NAVs. The valuation of these published NAVs is mainly determined by the listed investments held by the investment funds and therefore by parameters that are directly or indirectly observable on the market.

Level 3 instruments

If at least one significant input cannot be observed directly or indirectly in the market, the instrument is classified as a level 3 instrument. These instruments include private-equity funds and contingent consideration.

The fair value of private equity funds is determined based on the last available net asset values, taking into account any value adjustments according to own assessment.

The fair value of contingent consideration arising from the disposal of subsidiaries is determined using a discounted cash flow model. The valuation is based on expected future cash flows, which are discounted using a risk-adjusted discount rate.

3.1.3 Level 3 financial instruments

Key assumptions for the valuation of level 3 financial instruments vary from investment to investment. The following table shows the effect on the valuation when these assumptions are changed:

3.1.4 Derivative financial instruments

Derivatives are used exclusively for economic hedging purposes and not as speculative investments. However, if derivatives do not meet the criteria for hedge accounting, they are classified as «Financial investments» and recognized at fair value through profit or loss for financial reporting purposes.

3.2 Trade and other receivables

3.3 Financial investments

3.4 Other assets

3.5 Goodwill and other intangible assets

Bellevue Group generally tests goodwill for impairment annually, based on the estimated recoverable amount of the cash-generating unit or group of cash-generating units to which the goodwill is allocated. If events or changes in circumstances indicate a possible impairment, the impairment test is performed more frequently. Further information on the determination of the recoverable amounts is disclosed in note 3.6 to the 2025 Annual Report. As of June 30, 2026 Bellevue Group did not identify any indications of impairment of goodwill.

The goodwill as of June 30, 2026 is fully attributable to the CGU group Bellevue Asset Management (Bellevue Asset Management AG, CHF 23.8 million and Bellevue Asset Management (Deutschland) GmbH, CHF 10.6 million).

The other intangible assets were amortized over a period of 5 to 15 years. In the first half of 2026, the remaining amortization expense of CHF 0.2 million was recognized; as of June 30, 2026, the other intangible assets were fully amortized.

3.6 Trade and other payables

3.7 Treasury shares

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.

4 Significant estimates, assumptions and judgments

4.1 Estimates, assumptions and the exercising of discretion by management

The preparation of the consolidated interim financial statements requires management to make assumptions and estimates that have an impact on the balance sheet values and items of the income statement in the current financial period. In certain circumstances, the actual values may diverge from these estimates. The main assumptions and estimates made in drawing up the condensed consolidated interim financial statements conformed to Group-wide accounting principles and were based on the assumptions applied on December 31, 2025.

5 Risk management and risk control

Bellevue Group’s activity is subject to multiple financial risks including market, credit, forex, liquidity and refinancing risks. The condensed consolidated interim financial statements do not include the full information on the above mentioned risks, which the consolidated financial statements are required to present. These interim financial statements should therefore be read in conjunction with the consolidated financial statements in the 2025 Annual Report.

6 Guarantees and contingent liabilities

7 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 interim consolidated financial statements as at June 30, 2026 and would therefore need to be disclosed.

8 Earnings per share

9 Approval of the condensed consolidated interim financial statements

The Board of Directors has approved the condensed consolidated interim financial statements at the meeting of July 21, 2026.

10 Accounting principles

10.1 Basis of presentation

The condensed consolidated interim financial statements of Bellevue Group AG, Zürich, have been prepared in accordance with International Accounting Standard (IAS) 34 «Interim Financial Reporting». As they do not contain all of the information and disclosures required in the consolidated annual report these interim financial statements should be read in conjunction with the consolidated annual financial statement for the year ended December 31, 2025. The condensed consolidated interim financial statements have been prepared in accordance with the accounting policies set out in the consolidated annual financial statements.

10.2 New standards and interpretations

The following new or revised standards and interpretations did not have any material effects on Bellevue Group when first applied on January 1, 2026, or were of no relevance to Bellevue Group:

10.3 International Financial Reporting Standards and interpretations which will be introduced in 2027 or later and other amendments

Bellevue Group has assessed the potential impact of the new standard listed below. The Group is not early adopting IFRS 18 and is currently evaluating its implications for the presentation of the financial statements and the related disclosures; based on the analysis performed to date, no material impact on the Group’s consolidated financial statements is expected. With respect to the other new and amended standards, the Group concluded that these will not have a material impact on Bellevue Group.

10.4 Foreign currency translation

The following exchange rates apply to the translation of significant currencies:

11 Alternative Performance Indicators (unaudited)