Annual Report 2024

Remuneration 2024

Board of Directors

This section is audited pursuant to Article 728a of the Swiss Code of Obligations. Due to rounding, individual amounts may not exactly match the totals provided.

Remuneration, Loans, and Credit Facilities

The members of the Board of Directors received a total remuneration of CHF 1.1 million in the year under review (2023: CHF 1.0 million). It consisted of a fixed remuneration and included social security payments. Total remuneration increased slightly in comparison to the prior year figures because the remuneration of Ines Pöschel is now covering the full financial year.

The Annual General Meeting 2024 has approved CHF 0.35 million for the period of January 1, 2024, to the Annual General Meeting 2024 and CHF 1.4 million from the Annual General Meeting 2024 to the Annual General Meeting 2025. The remuneration until Annual General Meeting 2024 stayed within the limits approved at the Annual General Meetings 2023 and 2024. In the 2025 compensation report, we will report on the limit approved for the term from Annual General Meeting 2025 to Annual General Meeting 2026.

In 2024 and 2023, none of the members of the Board of Directors received any remuneration or loans from the Group other than those disclosed in this report. No allowances or loans were paid to related parties of the members of the Board of Directors, and no remuneration was assigned to former members of the Board of Directors or related parties.

As at December 31, 2024, no credits or loans were outstanding (December 31, 2023: none).

Participation Rights and Options on such Rights

No shares or options were granted to the members of the Board of Directors in the year under review.

The members of the Board of Directors (including related persons) owned the following numbers of shares of BELIMO Holding AG:

Activities in Other Undertakings

The following table lists the comparable functions in other companies with an economic purpose of the members of the Board of Directors in other companies in accordance with article 734e of the Swiss Code of Obligations and Art. 25^ter of the Articles of Incorporation:

Executive Committee

This section is audited pursuant to Article 728a of the Swiss Code of Obligations. Due to rounding, individual amounts may not exactly match the totals provided.

Remuneration, Loans, and Credit Facilities

The members of the Executive Committee received a total remuneration of CHF 5.7 million in the year under review (2023: CHF 5.3 million). This consisted of a fixed remuneration of CHF 3.0 million (2023: CHF 3.0 million) and a variable remuneration of CHF 2.6 million (2023: CHF 2.3 million). The base salary was slightly increased for one member of the Executive Committee, the other base salaries remained unchanged in comparison to prior year figures. The target variable remuneration was increased for all members of the Executive Committee. In 2024, the average target achievement was 119.2% (2023: 95.6%). The overall increase in achieving targets was due to the excellent achievement of the business objectives:

• Business objectives: The variable remuneration based on the economic performance of the Belimo Group reached 129% of the target variable remuneration and was thus considerably higher than the 86% achievement of the previous year, with an EBIT margin of 19.2% (2023: 17.8%) and sales growth in local currencies of 13.1% (2023: 7.2%).
• Individual objectives: An average of 105% (2023: 110%) was achieved, based on individual progress with respect to strategic initiatives and personal goals. The average target achievement of the Executive Committee per Belimo value was: credibility culture 107%, operational excellence 101%, solution leadership 105%, and customer value 104%.

Performance Achievement 2024

In 2024, the variable remuneration amounted to 98% of the fixed remuneration for the CEO and ranged from 83% to 89% of the fixed remuneration for the other Executive Committee members.

In 2024 and 2023, the highest remuneration paid to a member of the Executive Committee was to Lars van der Haegen, CEO.

In 2024 and 2023, none of the members of the Executive Committee received any remuneration or loans from the Group other than those disclosed in this report. No allowances or loans were paid to related parties of the members of the Executive Committee, and no remuneration was assigned to former members of the Executive Committee or related parties.

As at December 31, 2024, no credits or loans were outstanding (December 31, 2023: none).

Participation Rights and Options on Such Rights

In 2024, 1 809 shares (2023: 2 651 shares) were purchased by the members of the Executive Committee under the Employee Share Purchase Plan. The market price of the BELIMO Holding AG share at the pre-defined purchase date was CHF 595.00 (2023: CHF 441.20).

The members of the Executive Committee (including related persons) owned the following numbers of shares of BELIMO Holding AG:

In the periods following the inception of the Employee Share Purchase Plan, the number of shares held by the Executive Committee has developed as shown below.

The decrease in 2022 was attributable to the personnel changes within the Executive Committee.

Activities in Other Undertakings

The following table lists the comparable functions with economic purpose of the members of the Executive Committee in other companies in accordance with article 734e of the Swiss Code of Obligations and Art. 25^ter of the Articles of Incorporation:

Gary Economides, Jim Furlong, Louis Scheidegger, and Adrian Staufer have no other mandates with economic purpose.