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1 Financial Year 2025 Strong operating result for Bell Food Group Media & financial analysts’ presentation | 12 February 2026
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|12.02.2026 Seite 2 Bell Food Group Disclaimer This document does not constitute an offer to sell or a solicitation to buy securities. It is neither an offer, a public offer o r a prospectus within the meaning of Articles 3 and 35 et seq. of the Federal Act on Financial Services (FIDLEG) nor a listing prospectus within the meaning of the listing rules of SIX Swiss Exchange. Copies of this document may not be sent or otherwise distributed to or from jurisdictions where this is restricted or prohibited by law. If this document is to be considered an offer, a public offer, a prospectus, a basic information sheet or a similar communication as defined by the Financial Services and Markets Act (FIDLEG), it should be noted that Bell Food Group AG has evaluated, summarised and presented the information available to it with the necessary care. This document also contains certain forward-looking statements. Such forward-looking statements, plans, objectives, estimates and strategies are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, financial position, development or other aspects of the company relevant to investors to differ (possibly significantly) from those explicitly or implicitly assumed and/or presented in these statements, plans, goals, estimates and strategies. Given these uncertainties, one should not and cannot rely on such forward-looking statements, plans, targets, estimates and strategies. Bell Food Group AG accepts no liability and is under no obligation to update such forward-looking statements, plans, targets, estimates and strategies for investors or the general public, or to adapt them to future events or developments. Bell Food Group Financial Year 2025
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3Seite12.02.2026 | Agenda Bell Food Group Financial Year 2025
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|12.02.2026 Seite 4 Results For The 2025 Financial Year Media & financial analysts’ presentation Agenda Marco Tschanz, CEO • Overview of the 2025 financial year • Business Unit Development Sven Friedli, CFO • Financial notes for the 2025 financial year Marco Tschanz, CEO • Update on strategic directions • Forecast Question and answer session Bell Food Group Financial Year 2025
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5Seite12.02.2026 | Overview of the 2025 financial year Bell Food Group Financial Year 2025
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|12.02.2026 Seite 6 Strong Growth Across All Key Performance Indicators Overview of the 2025 financial year +4.5 % Organic growth net revenue Net Revenue in CHF million 4’885 EBITDA in CHF million 372 EBIT in CHF million 118 Net Profit in CHF million 70 +3.3 % +2.8 % +2.8 % +2.6 % Bell Food Group Financial Year 2025 Good growth momentum from previous years continues 4’885 360 172 127 reported adjusted +157 million +10 million +5 million +3 million
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|12.02.2026 Seite 7 Focusing on our own strengths Bell Food Group Financial Year 2025 Overview of the 2025 financial year We are pleased to inform you that long-term organic growth in net revenue and EBITDA continues, with en- couraging increases in EBIT and annual profit. The main growth drivers are Bell Switzerland and Huberst/Sütag. Development Organic Growth and EBITDA Acquisition of raw ham specialist Hermann Wein Medium-term relocation of production in Redditch (UK) to the existing plants in Radolfzell (Germany) and Zásmuky (Czech Republic), thereby consistently focusing on efficiency and sustainability Production optimisation in the Hügli business unit Focus on the German-speaking market with the sale of the Eastern European subsidiaries and the restructuring of the production site in Marchtrenk (AT) Strengthening competitiveness in the core market in the Eisberg business unit Acquisition perfectly complements existing activities and strengthens position as leading supplier of raw ham in Europe Modernisation and expansion of infrastructure in Switzerland progressing according to plan Cattle slaughterhouse in Oensingen (SO) and high-bay warehouse in Schaan (LI) successfully commissioned; ramp-up of Logistics and Slicer Centre scheduled for summer 2026
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|12.02.2026 Seite 8 43 % Meat & Charcuterie Consistent growth across all product groups Overview of the 2025 financial year 30 % Poultry & Seafood 27 % Convenience Breakdown of net proceeds by product group in % Previous year 28 %Previous year 29 %Previous year 43 % Bell Food Group Financial Year 2025
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|12.02.2026 Seite 9 Encouraging growth in food service and organic products Share of net revenue in % Retail 70 % Bell Food Group Financial Year 2025 Overview of the 2025 financial year Food service / Industry 30 % Vegetarian products 20 % Organic products 9 % 3’500 million 1’500 million 1’100 million 440 million 3’409 1’476 997 435 +3.4 % Revenue in CHF million Change in % +5.6 % +0.1 % +5.1 %
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|12.02.2026 Seite 10 Positive long-term development 2019–2025 Organic growth CAGR 2019–2025 EBITDA growth – Continuous growth achieved – Deviation in net proceeds and sales due to inflation – Performance improved and EBITDA increased in absolute terms – Relative margin depending on inflation CHF per kg sold Margin in % of net revenue 0.54 0.62 7.2 7.4 EBITDA in CHF million +70 360 290 Bell Food Group Financial Year 2025 Overview of the 2025 financial year Net Revenue Sales Fresh meat & charcuterie +3.0 % +0.4 % Poultry & Seafood +7.7 % +4.1 % Convenience +4.2 % +2.0 % Bell Food Group +4.6 % +2.3 %
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|12.02.2026 Seite 11 Growing meat market in Switzerland Source: Proviande Actual meat consumption is even higher, as shopping tourism is not reflected in these figures. Bell Food Group Financial Year 2025 340'000 360'000 380'000 400'000 420'000 440'000 460'000 480'000 Development of meat supply in tonnes in Switzerland 2000–2025* > 455’000* 381’265 2000 2005 2010 2015 2020 2025 387’659 427’ 426 431’ 975 447’ 482 Pork +0.9 % Poultry +8.1 % Seafood +2.0 % Beef +1.9 % Total 58.3 kg +2.8 % / +1.6 kg Per capita consumption in Switzerland (2024) Overview of the 2025 financial year *2025 estimate by Bell
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12Seite12.02.2026 | Business Unit Development Bell Food Group Financial Year 2025
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|12.02.2026 Seite 13 Leading position in domestic market further expanded Bell Switzerland Division – Net revenue and sales increased across all sales channels and product groups – Shifts in product ranges towards lower price points have further intensified competition. – Higher personnel and overheads, which were in line with expectations, well absorbed – Raw material availability remained tight: rising demand, declining livestock numbers and animal diseases made procurement more expensive; higher prices largely realised – Consolidation of catering platforms in Geneva and Zurich Net Revenue in CHF million 2’411 Organic growth in % +5.5 % Bell Food Group Financial Year 2025
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|12.02.2026 Seite 14 The #1 pre-school topic New product concept for families launched Bell Switzerland Division Bell Food Group Financial Year 2025
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|12.02.2026 Seite 15 Further expansion of value creation depth Bell International Division – All country divisions exceeded the previous year's strong results; focus on value creation pays off – All divisions made a positive contribution: – Bell Germany focuses on activities with higher added value – Bell Spain strengthens market position in domestic market and exports – Bell France with a focus on higher value- added product ranges – Bell Poland sees significant increase in added value thanks to growth in the branded goods segment Net Revenue in CHF million 532 Organic growth in % +1.4 % Bell Food Group Financial Year 2025
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|12.02.2026 Seite 16 Strong growth leads to very good results Hubers/Sütag division – Significant volume growth: high demand, growth through animal welfare ranges, leading in programmes with higher animal welfare and organic products – Capacities almost exhausted: Investment in Pfaffstätt (AT) with second slaughtering/cutting plant; construction started in 2025 and progressing according to plan – Expansion of integrated production: Target of around 600 fattening farms by 2033; new stables with high animal welfare standards, some with organic certification – Acquisition of the Böcker hatchery (Germany) on 1 January 2026, thereby strengthening position in the southern German poultry market Net Revenue in CHF million 735 Organic growth in % +13.0 % Bell Food Group Financial Year 2025
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|12.02.2026 Seite 17 Strategic focus on the German-speaking market Eisberg division – Encouraging development of Swiss business; potential in Austria and Germany not yet tapped – Range of convenience products to go expanded, particularly in the area of salad meals and cut fruit – Sale of companies in Hungary, Romania and Poland completed in the second half of 2025 – Future strategic focus on the German- speaking market – Operating concept for the Marchtrenk (AT) site revised to increase profitability in the long term Net Revenue in CHF million 351 Organic growth in % +3.9% Bell Food Group Financial Year 2025
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|12.02.2026 Seite 18 Market leadership expanded Hilcona division – Market share in fresh convenience foods in Switzerland further expanded and market leadership consolidated – Despite continuing strong demand for lower-priced ranges, significant growth in the upper price segment positioned ultra- fresh range – Particularly encouraging developments in the vegetarian sector: strong growth in tofu, hummus salads & meals, sandwiches and in food service – This fully automated high-bay warehouse boasts over 17,000 pallet spaces, representing a substantial enhancement in efficiency and operational effectiveness Net Revenue in CHF million 573 Organic growth in % +1.4% Bell Food Group Financial Year 2025
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|12.02.2026 Seite 19 Improved margins Hügli division – Solid growth in food service and industrial customers – Declining demand in retail due to market downturns – Efficiency project delivered cost reductions; clear production competencies and new units strengthen processes, synergies and focus on customers and innovation Net Revenue in CHF million 386 Organic growth in % -4.7% Bell Food Group Financial Year 2025
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20Seite12.02.2026 | Financial explanations regarding 2025 financial year Bell Food Group Financial Year 2025
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|12.02.2026 Seite 21 One-off special factors in the 2025 financial year Financial explanations regarding 2025 financial year in CHF million 2025 reported 2025 adjusted EBITDA Depreciation 371.6 –253.3 -11.3 +64.4 360.3 –188.9 EBIT 118.3 +53.2 171.5 Financial result -20.7 +4.1 –16.6 Profit from associated companies 0.7 - 0.7 Taxes –28.6 - –28.6 Annual result 69.9 +57.3 126.9 Bell Food Group Financial Year 2025 1 Special factors arising from the sale of the Eisberg companies in Poland, Hungary and Romania: - Gain on sale - Exit booking of accumulated currency reserves 2 Please find below details of value adjustments to property, plant and equipment in connection with the strategic focus of the Bell Food Group. 1 1 2
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|12.02.2026 Seite 22 Profit and loss statement (1/2) Financial explanations regarding 2025 financial year in CHF million 2025 reported 2025 adjusted 2024 reported +/- % Net Revenue Exchange rate impact Inorganic Organic 4‘885 4‘885 4‘728 +157 +3.3 Gross profit as a percentage of net revenue 1’893 38.8 % 1‘893 38.8 % 1‘880 39.8 % EBITDA as a percentage of net revenue 372 7.6 % 360 7.4 % 351 7.4 % Bell Food Group Financial Year 2025 –26 –30 +212 +4.5 Renewed organic growth Strongest growth drivers in 2025 Bell Switzerland and Hubers/Sütag Increase in EBITDA Consistent cost management and improved productivity offset volume- and inflation-related cost increases Further increase in gross profit Gross profit increased again; gross margin lower due to high growth in product groups with lower added value+13 +0.7 +10 +2.8
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|12.02.2026 Seite 23 Profit and loss statement (2/2) Financial explanations regarding 2025 financial year in CHF million 2025 reported 2025 adjusted 2024 reported +/- % EBIT as a percentage of net revenue 118 2.4 % 172 3.5 % 167 3.5 % +4.6 +2.8 Financial result –21 –17 –15 Profit from associated companies 1 1 0 Taxes –29 –29 –29 Profit after tax as a percentage of net revenue 70 1.4 % 2.6 % 2.6 % EBIT increased EBIT growth despite expected higher depreciation and amortisation Lower financial result due to interest rates Lower interest income and higher bond costs lead to a lower financial result Increase in annual profit Strong operating result leads to encouraging profit growth Bell Food Group Financial Year 2025 127 124 +3.2 +2.6
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|12.02.2026 Seite 24 Balance sheet key figures Financial explanations regarding 2025 financial year Equity ratio* 50.6% Previous year: 50.0 % Debt ratio* Previous year: 2.4x 2.3x − Very solid balance sheet; equity ratio significantly above own target of >40 % despite special factors in 2025 − Goodwill is capitalised and amortised; if offset against equity, the equity ratio would be a very solid 49.6 %. − Refinancing of a CHF 300 million bond in March 2025 leads to an increase in interest costs due to higher market interest rates − Financing made more flexible: Refinancing was carried out through a new bond and a committed credit line. − Debt ratio below own target of <2.5x − Bond maturing in October 2026 worth CHF 110 million to be refinanced Bell Food Group Financial Year 2025 *reported values
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|12.02.2026 Seite 25 Key figures: Cash flow and Investments Financial explanations regarding 2025 financial year Free Cashflow CHF 36 million Previous year: CHF –10 million Operating investments Previous year: CHF 299 million CHF 290 million − Strong cash generation in 2025 − All investments financed from operating activities − Construction projects in Switzerland progressing according to plan; investments of CHF 124 million in 2025. − A further CHF 166 million were invested in additional modernisation and replacement projects in 2025 Bell Food Group Financial Year 2025
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|12.02.2026 Seite 26 Forecast on investments in 2026+ Bell Food Group Financial Year 2025 − Investments averaging around CHF 300 million per annum planned for the current planning horizon 2021–2025, with possible fluctuations in the actual figures from year to year − In the 2025 financial year, operating investments totalled CHF 290 million, which was around CHF 60 million lower than planned. − Some investments have been postponed until 2026; as a result, the investment volume is expected to peak in 2026 at around CHF 350 million. − In the following years, a total annual investment volume of CHF 250 to 300 million is expected. Financial explanations regarding 2025 financial year 2021 2022 2023 2024 2025 2026 2027+ 290 350 300 250
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27Seite12.02.2026 | Focus on our own strengths Update strategic directions Bell Food Group Financial Year 2025
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|12.02.2026 Seite 28 Strengthening our core business Convenience and vegetarian products are growing Investing in efficiency and performance Inspire with a diverse range of meat and convenience products for retail and food service Meeting different customer needs with our brands Optimising the climate footprint of our product ranges Further reducing food waste at all stages Putting animal welfare first Preserving ecosystems Focus on our own strengths Successful business model Bell Food Group Financial Year 2025
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|12.02.2026 Seite 29 Securing profitability in core business in Switzerland Bell Switzerland Division: Modernisation and extension work in Oensingen (Switzerland) Bell Food Group Financial Year 2025 – New cattle slaughterhouse in Oensingen: replaces outdated facility, improves animal welfare, hygiene, productivity and sustainability; commissioning completed in 2025 – New logistics and slicing centre: centralization of slicing and logistics, highest hygiene standards, faster processes, longer shelf life; commissioning from 2026 – New frozen food centre in operation since 2024: Insourcing saves on rent, increases capacity and order picking; around 50% reduction in energy and personnel costs
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|12.02.2026 Seite 30 Tapping into growth potential for poultry in Austria Bell Food Group Financial Year 2025 Hubers/Sütag division: Expansion of production facility in Pfaffstätt (AT) – Pfaffstätt factory development plan (AT): Expansion of slaughtering and production capacities with a second slaughtering/cutting/filleting plant and turkey slaughtering line – Construction commenced in 2025; completion is expected by mid-2027 – Investment enables growth prospects in the German-speaking region to be tapped
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|12.02.2026 Seite 31 Further development of the Basel production site Bell Food Group Financial Year 2025 Bell Switzerland Division: Basel (CH) site development − In Basel, focus on the Neudorfstrasse area with the following infrastructure: − New charcuterie facility to replace existing facility by 2032 − Pork processing (slaughtering and cutting) − Seafood processing − Headquarters/Administration − Divestment of Elsässerstrasse site in Basel following completion of new buildings
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|12.02.2026 Seite 32 Strengthening the market position of raw ham – Bell Germany has taken over the production operations of Hermann Wein GmbH as part of an asset deal effective 1 February 2026. – Annual revenue around CHF 100 million – Integration into the organisation of Bell Germany – Acquisition strengthens position in the European raw ham market and perfectly complements existing activities – Strong brand position with the «Abraham» and «Wein» brands Bell Food Group Financial Year 2025 Bell International division: Acquisition of Hermann Wein raw ham production plant in Freudenstadt (Germany)
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|12.02.2026 Seite 33 Increased efficiency through optimisation of production structures Hügli division: Integration of production in the UK to Germany and Czech Republic Bell Food Group Financial Year 2025 – Optimisation of production structures through the medium-term relocation of production in Redditch (UK) to the existing plants in Radolfzell (Germany) and Zásmuky (Czech Republic) – Harmonise production programmes across sites, improve capacity utilisation and achieve economies of scale – It is planned to cease production operations in Redditch once the relocation is complete. – The local sales organisation will remain in place and continue its proven market development activities.
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34Seite12.02.2026 | Outlook Bell Food Group Financial Year 2025
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|12.02.2026 Seite 35 Positive outlook for further business development Bell Food Group Financial Year 2025 Outlook Long-standing ambition to continue the growth of recent years Organic growth and EBITDA development Depreciation Average investment level in the medium term around CHF 250 million p.a. (2025: CHF 290 million); future major projects financed from own cash flow; net debt ratio <2.5x (2025: 2.3x), may exceed this in the short term Investments/Cash Flow/Net Debt Ratio Planned start-up costs for commissioning the new infrastructure in Oensingen (Switzerland) of up to CHF 20 million, mainly in the period 2026–2027 Cost trends Higher operating depreciation in connection with investments made, amounting to around CHF 30 million by 2029; elimination of goodwill amortisation in the medium term (2025: CHF 21 million) Dividend Stable development; planned payout ratio of around 30 percent M&A Additions and adjustments focused on core activities and strengths are continuously reviewed.
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|12.02.2026 Seite 36 Confident about the current financial year Bell Food Group Financial Year 2025 Outlook The development of individual markets will remain volatile due to political and economic influences; competitive pressure will continue. General market development Consumer confidence trend Continue growth momentum; maintain focus on increasing added value; commissioning of Werkt in Oensingen; smooth integration of new Hermann Wein location Focus on meat segments Unpredictable weather conditions and the further spread of epidemics make the availability and quality of raw materials volatile. Prospects for procurement markets The overall economic situation and subdued consumer sentiment continue to contribute to a shift in demand towards low-priced entry-level ranges Focus areas Convenience segments Further strengthening competitiveness and optimising production structures; leveraging technology and innovation for further growth
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|12.02.2026 Seite 38 Important dates Agenda 2025 08 April General Meeting 2025 12 August Results First half-year 2026 11 February Results Financial year 2026 Basel Analyst presentation, Basel Analyst presentation, Basel Bell Food Group Financial Year 2025