Dear Shareholders,

As we reflect on 2024, it has been a year marked by growth, resilience, and achievement for Belimo. The company successfully delivered on its long-term strategic targets, showcasing its unwavering commitment to excellence and innovation. While the year brought political and economic uncertainties that affected some countries, it also highlighted our ability to adapt and thrive. In EMEA, key markets like Germany faced challenges, and the construction environment in China created a challenging backdrop for Asia Pacific. However, Belimo rose above these obstacles, achieving growth in all its market regions and an overall double-digit net sales increase for the Group. A standout contributor to this success was the Americas market region, which maintained its impressive growth trajectory. Now Belimo’s largest region in terms of absolute revenue, the Americas played a vital role in propelling the company’s remarkable overall performance.

Over and beyond that, Belimo's alignment with key growth megatrends remains a cornerstone of the company's success. These trends include energy efficiency, urbanization, and digitalization – including data centers and increasing proliferation of Artificial Intelligence (AI) applications. To further foster this alignment, Belimo has added Data Centers as its new strategic initiative, effective January 1, 2025. In addition, the pressing need to accelerate building renovations and improve indoor air quality standards significantly contributed to Belimo's achievements in 2024.

In 2024, Belimo achieved net sales growth of 13.1% in local currencies and 9.9% in Swiss francs as a new record of CHF 943.9 million. Earnings before interest and taxes (EBIT) amounted to CHF 181.1 million, with the EBIT margin increasing to 19.2%. Net income rose by 7.2% to CHF 146.7 million, and free cash flow (w/o term deposits) reached CHF 132.8 million.

Executing long-term investments aligned with our Group’s strategy remained a priority. During the year, we welcomed 356 new colleagues, invested CHF 72.9 million (7.7% of net sales) in research and development, and allocated CHF 58.7 million (6.2% of net sales) to capacity expansion projects.

Key product launches in 2024 were the expansion of Belimo's Control Valves portfolio with the JR butterfly control valve and the Belimo Assistant App 2. The app is providing a consistent and seamless user experience that empowers Belimo's customers to configure, commission, and operate paperless with improved efficiency. Furthermore, many projects in the R&D pipeline are in their final stage guaranteeing a firework of new product introductions in 2025.

Belimo's culture, its dedicated employees and their unwavering focus on creating value for customers are the foundation of the company's success. In 2024, Belimo implemented company-wide initiatives to strengthen Belimo’s unique culture, including a series of workshops centered on our core values: credibility culture, customer value, solution leadership, and operational excellence.

The Company remained steadfast in its mission to create healthier, more sustainable indoor environments. In 2024, the company took significant steps by joining the Science Based Targets initiative (SBTi) and launching Belimo Climate Foundation projects to deepen our environmental commitments. Furthermore, Belimo continues to uphold its dedication to the UN Global Compact and its initiatives. Additionally, for the first time, Belimo has achieved an industry-leading AAA ESG rating from MSCI in its latest assessment in November 2024.

Looking ahead, 2025 marks Belimo's 50th anniversary — a significant milestone in the company’s history. Throughout the year, Belimo will celebrate its remarkable journey through a series of local and global activities and events, reflecting on its evolution from humble beginnings to becoming the global leader in field devices for the automation of heating, ventilation, and air-conditioning systems. The story of Belimo is one of innovation, resilience, and growth. As Belimo approaches its 50^th anniversary, we continue building a stronger, healthier, and more energy-efficient future.

The Board of Directors is proposing a dividend of CHF 9.50 per share at the 2025 Annual General Meeting on March 24, 2025, which corresponds to an increase of CHF 1.00 compared to previous year.

On behalf of the Board of Directors and the Executive Committee of BELIMO Holding AG, we extend our deepest gratitude to you, our shareholders, for your trust and foresighted investment in a sustainable company.

Yours sincerely,