Slides
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First half of 2026 Profitable growth : Improved operating result Media and financial analysts presentation Basel , 11 August 2026 BELL FOOD GROUP go
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Overview of first half of 2026
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«Our consistent efforts to strengthen our four strategic pillars are paying off: the sharp rise in the operating result provides an excellent foundation for sustainable, profitable growth.» Marco Tschanz, CEO 11 August 2026 Bell Food Group, first half of 2026 3
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Net revenue in CHF million 2 413 +0.4 % +11 million CHF Organic growth +1.9 % 11 August 2026 Bell Food Group, first half of 2026 4 +15.4 % EBIT growth EBITDA in CHF million 173 +8.4 % +14 million CHF EBIT in CHF million 76 +15.4 % +10 million CHF Net profit in CHF million 55 +21.3 % +10 million CHF The Bell Food Group posts the best half-year result in its history Overview of first half of 2026
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Strategic and operational direction is proving effective Profitable growth: EBITDA and EBIT rose significantly Successful further development of existing business areas is yielding results and boosting profitability 11 August 2026 Bell Food Group, first half of 2026 5 Overview of first half of 2026 Investment projects on course Commissioning of new logistics centre in Oensingen (CH) has started; expansion of Pfaffstätt (AT) poultry facility is proceeding according to plan All business areas made sustainable progress Additional market share gained and profitability increased Four strategic pillars are proving their worth The Bell Food Group is strengthening its market position in attractive categories and laying the foundations for sustainable success Successful integration of Hermann Wein’s site Business acquired from air-dried ham specialist Hermann Wein was integrated with effect from 1 February 2026
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Long track record of successful growth 11 August 2026 Bell Food Group, first half of 2026 6 Overview of first half of 2026 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 0 50 100 150 200 250 300 2022 2023 2024 2025 2026 0.0% 1.0% 2.0% 3.0% 0 20 40 60 80 100 120 140 2022 2023 2024 2025 2026 Net revenue in CHF million percentage organic growth EBIT in CHF million percentage margin EBITDA in CHF million percentage margin -20.0% -19.0% -18.0% -17.0% -16.0% -15.0% -14.0% -13.0% -12.0% -11.0% -10.0% -9.0% -8.0% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 0 500 1000 1500 2000 2500 3000 3500 4000 4500 2022 2023 2024 2025 2026 6.2 % 7.0 % 5.1 % 4.4 % 1.9 % 6.8 % 6.6 % 6.5 % 6.6 % 7.2 % 3.0 % 2.9 % 2.8 % 2.8 % 3.2 % 2 111 2 413 144 173 63 76 -6.5% 3.5% 0 20 40 60 80 100 2022 2023 2024 2025 2026 Net profit in CHF million percentage margin 1.9 % 2.1 % 2.0 % 1.9 % 2.3 % 40 55
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Strategic development and operational milestones
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Clear strategic priorities for profitable growth 11 August 2026 Bell Food Group, first half of 2026 8 Four strategic pillars Number one in the European raw ham market Regional specialities Switzerland’s market leader in meat, poultry, charcuterie and seafood Superior infrastructure Leading the way in poultry in the DACH region Organic pioneer Trendsetter in the convenience food market Innovation leader Leading in Food
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Market share gains through proximity to markets and customers Market share gains in various markets • Bell Switzerland is gaining market share in both the retail and food service sales markets • Hubers/Sütag is expanding its market leadership in Austria and Southern Germany thanks to its efficiency and reliability in delivery • Hilcona is growing at a rate that significantly outpaces general market growth, particularly in the Swiss retail market 11 August 2026 Bell Food Group, first half of 2026 9 Strategy implementation – market 60 million folded packs sold per year Bell is strongest meat brand in Switzerland close to food service market, with over 300 sales/culinary advisors Repositioning of product ranges at Eisberg and Hügli • Eisberg Austria focuses on profitable product ranges that drive volume • Hügli focuses on reducing complexity of product ranges and optimising recipes • Closure of UK plant and relocation of operations are proceeding according to plan Market position expanded in air-dried ham segment • Successful integration of acquired Freudenstadt (DE) site of Hermann Wein • Clear market leader in high-volume Black Forest ham • Folded pack: exclusive packaging solution in Europe
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Eisberg now also supplies German retail market with fresh bowls • Successful launch of Eisberg brand in German retail market • Three types of salad bowls already listed; expansion of distribution to follow • Establishing a presence in premium salad meal segment through high- quality ingredients • Freshly made bowls launched in Austria Distinctive market presence with wide product range and strong focus on innovation 11 August 2026 Bell Food Group, first half of 2026 10 Strategy implementation – innovation 20 000 products in range 2 000 new products per year widest and most comprehensive range of barbecue products in Switzerland Abraham regional concept «featuring meat from German farms» • Successful launch of Abraham brand’s regional concept in March 2026 • German air-dried ham specialities are produced using meat from region in which production site is located • Meat also comes from livestock reared in accordance with government’s «Stall + Platz» husbandry system BRESC expands its range of sauces with high-quality new products • Expansion of ranges of herb mixes, marinades, pestos, spreads and dips • Developed specifically for food service sector; can be freely measured out and combined • Perfect convenience accompaniment for salads, cold pasta dishes, bowls, street food, and meat, fish or vegetarian dishes
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Efficient and high-performance production based on modern infrastructure Hilcona doubles tofu production in Landquart (CH) • New production line in Landquart to double Hilcona’s tofu production capacity from June 2026 • This will significantly strengthen position in attractive Swiss tofu market • Hilcona will account for more than half of market volume in this segment going forward 11 August 2026 Bell Food Group, first half of 2026 11 67 sites, of which 47 are production facilities Around 80 % of staff in production and production-related areas 584 million kg high-quality food sold in 2025 Expansion of Hubers’ poultry facility in Pfaffstätt (AT) on track • Hubers is operating at full capacity; major plant expansion is proceeding according to plan and should be completed in Q2 2028 • This expansion will enable company to tap into further market growth • Availability of poultry products is crucial to growth in this highly significant market Commissioning of Bell Switzerland’s new logistics centre has begun • Highly automated central logistics centre in Oensingen (CH) completed • Ramp-up phase started in June 2026; normal operations scheduled to continue until end of 2027 • New infrastructure enables logistics services with a service profile that is unique in Switzerland Strategy implementation – production
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Responsible investment policy 11 August 2026 Bell Food Group, first half of 2026 12 Strategic investment planning Investments in new business 2027+ • Underpinned by business cases with specific requirements • Must generate additional EBITDA • Support organic growth - lower risk profile than inorganic growth - average ROI > 8 % • Alternatively, targeted inorganic growth Operating investments in CHF million 2022 2023 2024 2025 E2026 2027+ 280 300 Investments New business approx. CHF 170 million Replacement investments and modernisation
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Financial notes on first half of 2026
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Key message on organic growth 11 August 2026 Bell Food Group, first half of 2026 14 Financial notes on first half of 2026 Organic sales growth Driven primarily by Bell Switzerland, Hubers/Sütag and Hilcona business areas. Portfolio adjustments at Eisberg Austria and Hügli led to a contraction in sales. Inorganic effects For Bell International, through acquisition of Hermann Wein’s air- dried ham business in early 2026, and for Eisberg, through sale of its Eastern European subsidiaries in 2025. Qualitative growth Focus was on qualitative sales growth and targeted concentration on high-margin product portfolios. Stable revenue structure Market shares for retail (71%) and food service (29 %) remain stable; proportion of vegetarian products in total net revenue also constant at 19 %. Net revenue in CHF million 2 403 +47 +1.9 % –16 –0.7 % –20 –0.8 % 2 413 2025 Organic Inorganic FX 2026
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Focus on value creation across all business areas Net revenue Sales volume Organic growth Comments in CHF million in million kg Net revenue % Sales volume % Bell Switzerland 1 203 69.8 2.2 % 2.1 % Growth in all markets and product categories Bell International 274 29.9 0.5 % –1.2 % Focus on high-value-added product ranges Hubers/Sütag 381 88.4 8.3 % 0.7 % Further growth achieved at high level; Further improvements to the organic product range Eisberg 138 19.3 –4.3 % –3.3 % Portfolio adjustments in Austria Hilcona 290 47.0 4.1 % 1.4 % Retail business in Switzerland is biggest growth driver Hügli 181 36.3 –6.2 % –4.8 % Repositioning of sites and product ranges 11 August 2026 Bell Food Group, first half of 2026 15 Financial notes on first half of 2026
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Significant EBITDA growth in first half of 2026 Increase in gross profit margin By prioritising product ranges with high- value-added potential, all business areas were able to increase value creation and further boost their profitability. Consistent cost management Stable personnel and overhead costs combined with efficiency gains are leading to significant growth in EBITDA. 11 August 2026 Bell Food Group, first half of 2026 16 Financial notes on first half of 2026 – Income statement part 1 First half of 2026 CHF million First half of 2025 CHF million ∆ % Net revenue 2 413 2 403 11 0.4 % Currency effect –20 –0.8 % Inorganic –16 –0.7 % Organic 47 1.9 % Gross profit 951 944 7 0.8 % as % of net revenue 39.4 % 39.3 % 0.1 % 0.3 % EBITDA 173 160 14 8.4 % as % of net revenue 7.2 % 6.6 % 0.6 % 9.1 %
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Strategy is proving its worth and bearing fruit Best half-year result in company’s history Strategic and operational focus on attractive business segments with strong market positions, clear differentiation and sustainable growth potential is proving successful. 11 August 2026 Bell Food Group, first half of 2026 17 Financial notes on first half of 2026 – Income statement part 2 First half of 2026 CHF million First half of 2025 CHF million ∆ % EBIT 76 66 10 15.4 % as % of net revenue 3.2 % 2.8 % Financial result 8 8 Net income from associated companies –0 –0 Tax –13 –12 Half-year result 55 46 10 21.3 % as % of net revenue 2.3 % 1.9 %
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Strong balance sheet and sound financial position 11 August 2026 Bell Food Group, first half of 2026 18 Financial notes on first half of 2026 Net debt ratio 12 months rolling 2.2 x Previous year: 2.5 x • Financial liabilities reduced by CHF 65 million and EBITDA increased significantly • Net debt ratio within company’s own target range of <2.5 x • Bond of CHF 110 million due in October 2026 will be replaced by more flexible bank financing solution Tangible assets in CHF million 1 886 Previous year: CHF 1 859 million • Increase in tangible assets reflects investment in production capacity and efficiency • Industrial base strengthened specifically to support further growth and implementation of strategic priorities Net current assets in CHF million 524 Previous year: CHF 542 million • Decline is driven by higher inventories, as well as an increase in current liabilities and accrued expenses Equity ratio in % 50.4 Previous year: 49.8 % • Very solid balance sheet; goodwill is capitalised and amortised; if it were offset against equity, equity ratio would be 49.5 % • Majority shareholder Coop Group Cooperative has no plans to increase its stake
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Investments financed from own cash flow 11 August 2026 Bell Food Group, first half of 2026 19 Financial notes on first half of 2026 – Cash flow development and allocation Operating cash flow CHF 153 million Previous year: CHF 144 million Investments CHF –152 million Previous year: CHF –134 million ∆ NUV CHF 39 million Previous year: CHF –34 million Free cash flow CHF 41 million Previous year: CHF –24 million • Dividend payout of CHF 44 million almost entirely financed by free cash flow in the first half of the year • The Hermann Wein asset deal is already reflected in the free cash flow for the first half of 2026
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Major projects on schedule and within budget 11 August 2026 Bell Food Group, first half of 2026 20 Financial notes on first half of 2026 106 134 141 109 122 2022 2023 2024 2025 2026 Bell Switzerland CHF 22 million • New production and logistics infrastructure in Oensingen (CH) • More efficient processes through automation and digitalisation • Enhanced competitiveness through new production and logistics services Hilcona CHF 6 million • Third phase of facility development plan at Schaan site (LI) • Modernisation and expansion of production and logistics • Tapping into additional market potential Hubers/Sütag CHF 24 million • Expansion and upgrading of infrastructure at Pfaffstätt (AT) site • Increase in capacity and optimisation of processes • Exploiting growth potential Operating investments in CHF million CHF 52 million Investments Construction projects CHF 70 million Replacement investments and modernisation
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Outlook
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Optimistic outlook for full financial year 2026 Positive EBIT development EBIT for full-year 2026 expected to be between CHF 180 million and CHF 195 million, depending on extent to which various factors come into play. 11 August 2026 Bell Food Group, first half of 2026 22 Outlook Lower investment volume in current financial year Guidance amount of CHF 340 million for 2026 is not expected to be required. Thanks to cost savings and rigorous investment management, investment volume is expected to be around CHF 300 million. Introduction of medium-term guidance from 2027 financial year Upon publication of annual results in February 2027, medium-term guidance will be published for the first time, covering, among other things, organic growth, EBITDA and EBIT. Sound financial position Positive free cash flow is expected for full financial year, with net debt ratio within company’s own target range of <2.5 x. Optimistic outlook for 2026 Thanks to the operational progress made, Bell Food Group is sustainably improving its results, thus laying the foundations for future dividend increases.
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Capital Market Day planned for 2027 11 August 2026 Bell Food Group, first half of 2026 23 Agenda 2026/2027 21 April 2027 Annual General Meeting 2027 Basel 23/24 September 2027 Capital Market Day 2027 Venue to be defined 12 August 2027 Results for first half of 2027 Analysts' presentation, Basel 16 February 2027 Results for 2026 financial year Analysts' presentation, Basel
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Bell Food Group Ltd P .O. Box 4002 Basel Switzerland info@bellfoodgroup.com Disclaimer This document represents neither an offer for the sale of securities, nor calls for the purchase of the same. It is neither an offer, a public offering nor a prospectus within the meaning of Article 3 and 35 et seq. of the Federal Act on Financial Services (FinSa), nor is it a listing prospectus in the sense of the SIX Swiss Exchange listing rules. Copies of this document may not be sent in or out of jurisdictions or distributed in any other form where this is restricted or prohibited by law. Insofar as it has been established that this document represents an offer, a public offering, a prospectus, a basic information sheet or a similar communication pursuant to FinSa, it should be noted that Bell Food Group AG has exercised due diligence during the evaluation, summarising and presentation of information at its disposal. In addition, this document contains certain statements focusing on the future. Forward-looking statements, plans, objectives, estimations and strategies of this nature are subject to known and unknown risks, uncertainties and other factors that may lead to the actual results, the financial situation, development or other (potentially significant) aspect of the company relevant to investors deviating from those expressly or implicitly assumed and/or illustrated in these statements, plans, objectives, estimations and strategies. Against the background of these uncertainties, forward-looking statements, plans, objectives, estimations and strategies of this kind should not and cannot be relied upon. Bell Food Group AG assumes no liability, nor any responsibility, for the updating of such forward-looking statements, plans, objectives, estimations and strategies for investors or the broader public, or their adaptation to future events or developments.