Dear Shareholders,

In 2025, Belimo proudly celebrated its 50^th anniversary — a milestone that reflects five decades of joint success with customers, solution leadership, growth, sustainability, and resilience. The strong financial results achieved during the year echo the successful trajectory of a company that has become both a market and innovation leader in field devices, enabling efficient heating, ventilation, and air conditioning (HVAC).

This success is rooted in a strong company culture and highly engaged employees who consistently deliver greater customer value. Recently, this was recognized by the Financial Times, ranking Belimo 7^th among 1 000 companies in its “Europe’s Best Employers” list.

In the past year, Belimo saw dynamic end markets in an economically and geopolitically challenging environment. Non-residential construction spending was slowing globally, while data center construction saw accelerated growth, and renovations gained momentum.

On this backdrop, Belimo progressed well with the implementation of its long-term growth strategy. As part of this, the Company is on track with expanding its facilities in Switzerland and the US, and inaugurated its CESIM® House in China in 2025. Moreover, Belimo’s RetroFIT+ initiative gained momentum in 2025, with partners identifying more project opportunities and achieving higher conversion rates. Belimo continued its considerable investment in research and development activities. In 2025, the Company launched the first products of its New Digital Generation, improving energy efficiency and increasing flexibility for customization. In Asia Pacific, Belimo further expanded its market reach and strengthened its regional capabilities. To best address the evolving data center vertical, Belimo not only expanded its global data center organization, but also implemented sector-specific innovations. All of this reaffirms Belimo’s strong positioning as a global market leader in innovation, customer centricity, quality, and lead times.

Leveraging its growth strategy and strong positioning globally, Belimo continued to successfully cater to the megatrends of urbanization, energy efficiency, and digitalization. Belimo accelerated growth with a sales increase of 23.3% in local currencies, driven by both the traditional HVAC business and data centers. This led to earnings before interest and taxes (EBIT) of CHF 232.9 million, with EBIT margin expanding 159 basis points to 20.8%. The return on capital employed (ROCE) amounted to a strong 36.3%.

The Group remained steadfast in its mission to create healthier, more sustainable indoor conditions. In compliance with Swiss legislation, Belimo reports on environmental concerns, CO₂ objectives, social matters, employee-related issues, adherence to human rights, and anti-corruption efforts. Furthermore, Belimo continues to uphold its dedication to the UN Global Compact and its initiatives.

In August 2025, the Science-Based Targets Initiative (SBTi) has validated Belimo’s new ambitious climate targets, which were committed in 2024. Belimo’s commitment to increase its contribution to global climate goals is underscored by its energy-efficient HVAC solutions, a comprehensive plan to decarbonize its business, and the Belimo Climate Foundation.

After fifteen years of dedicated service, Dr. Martin Zwyssig, deputy Chair of the Board and Lead of the Audit Committee, will not stand for re-election at the 2026 Annual General Meeting, as communicated last year. His long-standing commitment and valuable contributions have helped shape Belimo’s governance and strategic development. Belimo thanks Dr. Zwyssig for his valuable service and support throughout all these years. The Board has decided to propose Ines Pöschel, an existing Member of the Board, for election as the deputy Chair of the Board of Directors. It is further envisaged that Tom Hallam, who was elected to the Board of Directors at last year’s Annual General Meeting, will take over the Lead of the Audit Committee from Dr. Martin Zwyssig.

Due to personal reasons, Stefan Ranstrand will not stand for re-election at the upcoming Annual General Meeting. With his many years of experience as a CEO and his active contribution as a member of the Board of Directors, he has made a significant contribution to the long‑term success of Belimo. Belimo thanks him for his dedicated service and his valuable support over the years.

As part of its medium-term succession planning, the Board of Directors has decided to propose Dr. Karina Rigby (1970, US-American, resident in Germany) for election at the ordinary Annual General Meeting in 2026. Dr. Rigby graduated from the Massachusetts Institute of Technology (MIT), Cambridge, USA with Bachelor of Science and Ph.D. degrees in Materials Engineering. She brings more than 25 years of leadership experience in global industrial companies. She has held senior executive positions at Eaton Corporation and Siemens, where she consistently promoted value creation, operational excellence, and large-scale business transformation. With her extensive background as an international business executive and a results-oriented strategic leader, Dr. Rigby has successfully led businesses across a range of high growth global markets. Her deep understanding of the Americas region, the largest market region of Belimo, combined with her profound expertise in the vertical market of data centers, position her well to complement the Belimo Board of Directors.

The Board of Directors is proposing a dividend of CHF 10.0 per share at the 2026 Annual General Meeting. This reflects investments in Belimo’s ongoing capacity expansion program for future growth.

On behalf of the Board of Directors and the Executive Committee of BELIMO Holding AG, we would like to thank you, our esteemed shareholders, for your foresighted investment in a sustainable company.

Yours sincerely,