Remuneration 2025
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 1.3 million in the year under review (2024: CHF 1.1 million). It consisted of a fixed remuneration and included social security and pension payments.
2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
in CHF 1 000 (gross), (audited) | Fixed remuneration | Social security and pension | Total fixed remuneration | Expense allowance | ||||
Patrick Burkhalter, Chair | 311 | 19 | 330 | 6 | ||||
Dr. Martin Zwyssig, Deputy Chair | 139 | 9 | 148 | 6 | ||||
Prof. Adrian Altenburger, Member | 139 | 9 | 148 | 6 | ||||
Sandra Emme, Member | 139 | 9 | 148 | 6 | ||||
Tom Hallam, Member2) | 93 | 10 | 103 | 5 | ||||
Urban Linsi, Member | 124 | 9 | 133 | 6 | ||||
Ines Pöschel, Member | 124 | 9 | 133 | 6 | ||||
Stefan Ranstrand, Member | 124 | 7 | 131 | 6 | ||||
Total1) | 1 193 | 82 | 1 275 | 47 | ||||
1) The remuneration is rounded to the nearest thousand. Due to rounding, amounts may not precisely add up to the totals provided.
2) Tom Hallam was elected to the Board of Directors at the AGM 2025.
2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
in CHF 1 000 (gross), (audited) | Fixed remuneration | Social security | Total fixed remuneration | Expense allowance | ||||
Patrick Burkhalter, Chair | 254 | 18 | 272 | 6 | ||||
Dr. Martin Zwyssig, Deputy Chair | 124 | 9 | 133 | 6 | ||||
Prof. Adrian Altenburger, Member | 124 | 9 | 133 | 6 | ||||
Sandra Emme, Member | 124 | 9 | 133 | 6 | ||||
Urban Linsi, Member | 124 | 9 | 133 | 6 | ||||
Ines Pöschel, Member | 124 | 9 | 133 | 6 | ||||
Stefan Ranstrand, Member | 124 | 9 | 133 | 6 | ||||
Total1) | 998 | 74 | 1 072 | 42 | ||||
1) The remuneration is rounded to the nearest thousand. Due to rounding, amounts may not precisely add up to the totals provided.
Approved versus Expected Total Remuneration for the Board of Directors
The AGM 2025 has approved CHF 1.55 million from the AGM 2025 to the AGM 2026. The remuneration until AGM 2026 is expected to be CHF 1.4 million and thus within the limits approved at the AGM 2025.
in CHF 1 000 (gross), (audited) | Expected for AGM 2025 - AGM 2026 | Effective for AGM 2024 - AGM 2025 | ||
|---|---|---|---|---|
Fixed remuneration in cash | 755 | 599 | ||
Fixed remuneration in shares | 503 | 399 | ||
Social security and pension | 98 | 73 | ||
Expense allowance | 48 | 42 | ||
Total compensation | 1 404 | 1 113 | ||
AGM approval year | 2025 | 2024 | ||
Total compensation approved | 1 550 | 1 400 | ||
Number of members of the Board of Directors | 8 | 7 |
Loans and Credit Facilities
In 2025 and 2024, 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, 2025, no credits or loans were outstanding (December 31, 2024: none).
Participation Rights and Options on such Rights
40% of the Board of Director’s fees were paid in non-discounted shares restricted for a period of three years. No other 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:
Number of shares, (audited) | December 31, 2025 | December 31, 2024 | ||
|---|---|---|---|---|
Prof. Adrian Altenburger | 1 158 | 1 085 | ||
Patrick Burkhalter | 71 643 | 71 475 | ||
Sandra Emme | 558 | 485 | ||
Tom Hallam1) | 1 063 | - | ||
Urban Linsi2) | 160 778 | 160 915 | ||
Ines Pöschel | 448 | 385 | ||
Stefan Ranstrand | 473 | 410 | ||
Dr. Martin Zwyssig | 158 | 585 | ||
Total | 236 279 | 235 340 |
1) Tom Hallam was elected to the Board of Directors at the AGM 2025.
2) Urban Linsi is a member of the disclosed shareholder group Linsi, which holds a total of 2 400 000 voting shares (2024: 2 400 000).
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 accordance with article 734e of the Swiss Code of Obligations and Art. 25ter of the Articles of Incorporation:
Other mandates, (audited) | Listed Company | 2025 | 2024 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
Patrick Burkhalter, Chair | BELIMO Automation AG1) | Member of the Board of Directors | X | X | ||||||
Dr. Martin Zwyssig, Deputy Chair | BKW AG | Member of the Executive Committee2) | X | X | X | |||||
Pension Fund BKW | Member of the Board of Directors | X | X | |||||||
BKW group companies3) | Member of the Board of Directors | X | X | |||||||
Prof. Adrian Altenburger, Member | Energie Wasser Bern | Member of the Board of Directors | X | X | ||||||
J. Willers Engineering AG | Member of the Board of Directors | X | X | |||||||
Artha AG | Member of the Board of Directors | X | X | |||||||
vyzn AG | Member of the Board of Directors | X | X | |||||||
Sandra Emme, Member | Zehnder Group AG | Member of the Board of Directors | X | X | X | |||||
Tom Hallam, Member4) | Azelis Group NV | Member of the Board of Directors | X | X | ||||||
Vibrant Ingredients LLC | Member of the Board of Directors | X | ||||||||
Urban Linsi, Member | Linsi Delco GmbH | Member of the Board of Directors | X | X | ||||||
La stizun GmbH | Member of the Board of Directors | X | ||||||||
Ines Pöschel, Member | Alcon Inc. | Member of the Board of Directors | X | X | X | |||||
dormakaba International Holding AG | Member of the Board of Directors | X | X | X | ||||||
Graubündner Kantonalbank | Member of the Board of Directors | X | X | X | ||||||
Reichle Holding AG | Member of the Board of Directors | X | X | |||||||
Stefan Ranstrand, Member | Trescal S.A. | Member of the Board of Directors | X | X | ||||||
EQT AB Group | Advisory Board or Other Member | X | X | X |
1) Subsidiary of the BELIMO Holding AG.
2) CFO BKW Group.
3) BKW group companies: BKW Building Solutions AG, BKW Energie AG, BKW Management AG, BKW Engineering AG, BKW Netzbeteiligung AG, Kraftwerke Oberhasli AG, BKW Infra Services AG.
4) Tom Hallam was elected to the Board of Directors at the AGM 2025.
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 7.3 million in the year under review (2024: CHF 5.7 million). This consisted of a fixed remuneration of CHF 3.4 million (2024: CHF 3.0 million) and a variable remuneration of CHF 3.9 million (2024: CHF 2.6 million).
Following the adaptations of the executive remuneration as of 2025, both base salary and target variable remuneration were adjusted to keep their remuneration fair and competitive. A like-for-like comparison of the target achievement and bonus payout with the payouts for financial year 2024 is not possible, because the compensation system was amended as of January 2025.
In 2025, the overall target achievement was 144.0% (previous remuneration system in 2024: 119.2%). The overall increase was due to the excellent achievement of the financial business objectives:
- Financial business objectives: The variable remuneration based on the financial business objectives of the Belimo Group reached 164% of the target variable remuneration.
- Non-financial strategic business objectives: The BSC Index 2025 contained 30 strategic business objectives structured around three initiatives for each of our four core values: Customer Value, Operational Excellence, Solution Leadership, and Credibility Culture. Due to the highly strategic nature of some of those objectives, they will not be published in detail. However, some examples of objectives include:
- reduce Greenhouse Gas Emissions according to SBTi approved targets (Science-based Targets Initiative)
- grow sensor business by 35%
- improve On Time Delivery (OTD) from 91% to 94%
- prepare all production and logistics/customization locations for ISO 45001 certification
- conduct Values training for all employees
- increase net sales growth in Asia Pacific
Each of these 30 objectives was rated on a scale of 1 to 5, where a rating of 1 corresponds to 0% and a rating of 5 to 120% objective achievement. The overall target achievement for the BSC Index was 97% in 2025.
Target Achievement 2025
Key Performance Indicator | Purpose | Achievement CEO and Heads of Division1) | Average Achievement Heads of Regions2) | |||
|---|---|---|---|---|---|---|
Net sales growth of the Belimo Group | Measures Group sales growth | 159% | 159% | |||
EBIT margin of the Belimo Group | Measures Group profitability | 148% | 148% | |||
ROCE of the Belimo Group | Measures Group efficient capital allocation | 200% | 200% | |||
Net sales growth of the Market Regions | Measures regional sales growth | n/a | 162% | |||
Cost Ratio of the Market Regions | Measures regional profitability | n/a | 175% | |||
Financial business objectives (weighted) | 164% | 165% | ||||
BSC Index | Measures non-financial strategic business objectives | 97% | 97% | |||
Non-financial strategic business objectives (weighted) | 97% | 97% | ||||
Overall target achievement (weighted) | 144% | 145% |
1) Lars van der Haegen, Elena Cortona, Sandra Pitt, Louis Scheidegger, Markus Schürch
2) Gary Economides, James Furlong, Adrian Staufer
In 2025, including social security, pension and other benefits, the variable remuneration amounted to 142% of the fixed remuneration for the CEO and ranged from 96% to 127% of the fixed remuneration for the other Executive Committee members.
20255) | ||||||||
|---|---|---|---|---|---|---|---|---|
in CHF 1 000 (gross), (audited) | CEO | Other members, Executive Committee | Total | Approved Remuneration by the AGM 2024 | ||||
Base salary | 570 | 2 108 | 2 678 | |||||
Social security and pension | 136 | 487 | 623 | |||||
Other benefits | 16 | 64 | 79 | |||||
Total fixed remuneration1) | 722 | 2 658 | 3 379 | |||||
Short-term cash incentive2) | 817 | 2 449 | 3 266 | |||||
…of which paid in mandatory shares3) | 228 | 673 | 901 | |||||
...of which paid in voluntary shares4) | 228 | 343 | 571 | |||||
EC Bonus Shares Regulation discount | 98 | 147 | 245 | |||||
Social security and pension | 112 | 319 | 430 | |||||
Total variable remuneration1) | 1 027 | 2 914 | 3 941 | |||||
Total1) | 1 749 | 5 573 | 7 321 | 7 500 | ||||
Expense allowance | 18 | 90 | 108 | |||||
1) The remuneration is rounded to the nearest thousand. Due to rounding, amounts may not precisely add up to the totals provided.
2) Annual variable remuneration for 2025 paid in April 2026.
3) 40% of target bonus, three-year restriction period.
4) Shares purchased voluntarily at a 30% discount, three-year restriction period.
5) The table includes one additional and new member as of January 2025, Sandra Pitt, CHRO.
2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
in CHF 1 000 (gross), (audited) | CEO | Other members, Executive Committee | Total | Approved Remuneration by the AGM 2024 | ||||
Base salary | 550 | 1 865 | 2 415 | |||||
Social security and pension | 140 | 427 | 567 | |||||
Other benefits | 10 | 54 | 64 | |||||
Total fixed remuneration1) | 700 | 2 346 | 3 046 | |||||
Short-term cash incentive2) | 525 | 1 452 | 1 977 | |||||
...of which paid in mandatory shares3) | 141 | 408 | 549 | |||||
...of which paid in voluntary shares4) | - | 185 | 185 | |||||
Employee Share Purchase Plan | 60 | 255 | 315 | |||||
Social security and pension | 101 | 255 | 356 | |||||
Total variable remuneration1) | 686 | 1 962 | 2 648 | |||||
Total1) | 1 386 | 4 308 | 5 694 | 7 300 | ||||
Expense allowance | 18 | 72 | 90 | |||||
1) The remuneration is rounded to the nearest thousand. Due to rounding, amounts may not precisely add up to the totals provided.
2) Annual variable remuneration for 2024 paid in December 2024 and March 2025.
3) 32% of target bonus, three-year restriction period.
4) Shares purchased voluntarily at a 30% discount, three-year restriction period.
In 2025 and 2024, the highest remuneration paid to a member of the Executive Committee was to Lars van der Haegen, CEO.
Loans and Credit Facilities
In 2025 and 2024, 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, 2025, no credits or loans were outstanding (December 31, 2024: none).
Participation Rights and Options on such Rights
40% of the Executive Committee’s target variable remuneration was paid in non-discounted shares restricted for a period of three years. Furthermore in 2025, under the EC Bonus Shares Regulation the CEO purchased additional voluntary restricted shares at a 30% discounted purchase price in the amount of CHF 228 000 and the members of the Executive Committee in the amount of CHF 342 869. The shares for 2025 based on these amounts will be allocated at the end of March 2026. In 2024 under the previous ESPP the market price of the BELIMO Holding AG share at the pre-defined purchase date was CHF 595.00.
Number of shares, (audited) | 2025 | 2024 | ||
|---|---|---|---|---|
Lars van der Haegen | - | 346 | ||
Other members of the Executive Committee | - | 1 463 | ||
Total | - | 1 809 |
The members of the Executive Committee (including related persons) owned the following numbers of shares of BELIMO Holding AG:
Number of shares, (audited) | December 31, 2025 | December 31, 2024 | ||
|---|---|---|---|---|
Dr. Elena Cortona | 823 | 823 | ||
Gary Economides | 2 364 | 2 364 | ||
James W. Furlong | 1 798 | 2 275 | ||
Sandra Pitt 1) | 386 | - | ||
Louis Scheidegger | 1 733 | 1 733 | ||
Dr. Markus Schürch | 1 415 | 1 415 | ||
Dr. Adrian Staufer | 970 | 970 | ||
Lars van der Haegen | 4 110 | 4 110 | ||
Total | 13 599 | 13 690 |
1) Sandra Pitt was appointed as a member of the Executive Committee with effect from January 1, 2025.
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. 25ter of the Articles of Incorporation:
Other mandates, (audited) | Listed Company | 2025 | 2024 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
Lars van der Haegen | Schweiter Technologies AG | Member of the Board of Directors | X | X | X | |||||
Elena Cortona | INTERROLL HOLDING AG | Member of the Board of Directors | X | X | X | |||||
Markus Schürch | Schuerch Investment AG | Member of the Board of Directors | X | X | ||||||
Pension fund of BELIMO Automation AG | Member of the Board of Directors | X | X | |||||||
Mobimo Holding AG | Member of the Board of Directors | X | X | X |
Gary Economides, Jim Furlong, Sandra Pitt, Louis Scheidegger, and Adrian Staufer have no other mandates with economic purpose.