2025 Sustainability Report

Letter from the Chair and the CEO

During a year of major geopolitical, economic, environmental and social uncertainty, we continued to execute on our commitment to sustainability, which we view as a matter of fundamental long-term importance.

In keeping with BCV’s mission as Vaud’s cantonal bank, we play an active role in the life of our Canton. We help strengthen the local economy, as the bank of choice for half of Vaud’s people and businesses. Our business model, which combines prudent risk management and long-term growth, generates steady profitability and allows us to make a significant contribution to our Canton’s public finances.

In 2025, we made concrete progress on our corporate social responsibility (CSR) priorities. With regard to the environment, we reduced our greenhouse gas emissions by 35% between 2019 and 2025 through a range of measures. For example, in 2025 we implemented a commuting plan that encourages staff to take public transportation and use their cars less, and we connected our head office in Lausanne to the district heating network.

In addition, we are committed to reducing our indirect environmental impacts relating to the companies and activities we finance and the client investments we manage. We have set climate targets for our mortgage lending and asset management businesses, and as part of our efforts in this area, we offer our clients preferential terms on loans for energy-saving renovations and provide a range of socially responsible investment products.

We also contribute to life in Vaud through our active sponsorship policy. In 2025, we again backed over 850 associations and events in areas ranging from business and the economy to sports, the arts, social causes, and the environment. For example, we helped finance the rewilding of the Broye river, the 750th anniversary celebrations of Lausanne Cathedral, and the Swiss Federal Gymnastics Festival, which took place in Lausanne. Last year also marked the 30th anniversary of the BCV Foundation, which has awarded over CHF 11m in grants and prizes to major academic research projects, cultural programs, and charitable and social initiatives in Vaud.

As a benchmark employer, we strive to achieve equity in the workplace and foster diversity and equal opportunity. Our efforts are paying off: the proportion of senior leadership roles held by women rose from 10% to 20% between 2015 and end-2025, and our aim is to increase it further, to 25% by 2030. The PLURI’elles network, created and led by some of our female employees, supports women’s personal and professional development at BCV and holds events and workshops on those themes. The network has enjoyed considerable success among our staff and has become a key partner for women’s career advancement.

Our ongoing CSR efforts have earned us very solid ratings from the main agencies that assess companies’ performance on environmental, social, and governance (ESG) issues. We are often assigned the second-highest score on their respective scales, which places BCV among the top-ranked Swiss cantonal banks. For example, MSCI ESG has given us an AA rating, putting us in the Leader category. We also have high ratings from two Swiss ESG agencies: A– from Ethos and B+ from Inrate.

CDP, the organization that runs the world’s leading environmental disclosure platform, assigned us an A– rating on climate issues in 2025. This score represents an upgrade from 2024 and reflects our in-depth work in this area, most notably setting carbon-reduction targets aligned with Switzerland’s aim of achieving net zero by 2050.

We further enhanced our sustainability policy and sustainability reporting last year, as part of our focus on continuous improvement in these areas. We will submit the present sustainability report to our Shareholders’ Meeting in April 2026, in line with recent practice; the 2025 report was approved by 99.7% of shareholders.

Our CSR priorities for 2026 build on the progress we have made in the last few years. First, we will extend our climate targets to include non-residential mortgage loans. Second, we plan to publish an active ownership report describing the dialogue we conduct with the companies we invest in on behalf of our clients, as well as how we exercise our voting rights at those companies’ shareholders’ meetings. Finally, we will continue to reduce our environmental footprint, encourage diversity at all levels of responsibility, and play an active role in our community.

We know we can only hit our high bar for economic, social, and environmental impact by working together with our customers, employees, and a broad range of local stakeholders. We take our responsibilities toward our Canton seriously, and we fully intend to continue moving forward on our CSR ambitions.

Pascal Kiener

CEO

Eftychia Fischer

Chair of the Board of Directors

BCV Group

BCV Group is headed by Banque Cantonale Vaudoise (BCV), the regional bank of Vaud Canton in Switzerland. Founded in 1845, BCV has grown into the Canton’s leading bank – today, half of the people and businesses in Vaud bank with us. The Bank offers a comprehensive range of financial products and services through its retail banking, private banking, corporate banking, and asset management and trading businesses.

As a Swiss cantonal bank, BCV’s focus is on the Canton of Vaud. We are headquartered in Lausanne and have a dense network of nearly 60 branches throughout the Canton, using our unrivaled local presence and deep knowledge of our home region to best meet the needs and expectations of our customers. BCV is majority-owned by the Canton of Vaud, so our consistently strong financial results serve to bolster our Canton’s public finances.

Our vision is long-term and holistic. In line with our corporate mandate, we integrate the principles of sustainability into the way we run our business. Our holistic vision also means that our connection with Vaud is about more than just banking. For example, we sponsor over 850 events and associations throughout the Canton every year.

In addition to BCV, BCV Group includes the following subsidiaries:

Piguet Galland & Cie SA, a private bank that provides comprehensive wealth advisory services and personalized investment solutions to private and institutional clients based primarily in Switzerland. It has its head office in Yverdon-les-Bains and five other branch offices across French-speaking Switzerland, in Geneva, Lausanne, Nyon, Neuchâtel, and La Chaux-de-Fonds.
Gérifonds SA, which is the investment fund administrator for BCV and 12 other fund managers and has a subsidiary in Luxembourg. At 31 December 2025, Gérifonds managed 134 funds, 96 of which were registered in Switzerland and 38 in Luxembourg, with combined assets under management of CHF 23.8 bn.
Société pour la Gestion de Placements Collectifs GEP SA, which manages and administers Fonds Immobilier Romand (FIR), a listed, Swiss-registered real-estate fund launched in 1953 and open to private investors. According to FIR’s most recent annual report, the fund had a portfolio of 4,652 residences in 165 buildings, mostly in the Lake Geneva region.

In 2025, BCV Group reported revenues of CHF 1.15bn and net profit of CHF 430m, with total assets of CHF 61.6bn. Our parent company, BCV, is the largest bank in Vaud, the second-largest Swiss cantonal bank, the third-largest Swiss bank by market capitalization, and Switzerland’s fourth-largest universal bank. BCV Group had 2,269 employees (2,083 full-time equivalents) at 31 December 2025.

About this report

Our sustainability report details how corporate social responsibility (CSR) is embedded into and guides the Group’s activities. It offers a broad, transparent view of our efforts and achievements in economically, socially, and environmentally sustainable development, as well as in ethics and corporate governance. The report is intended for people and institutions interested in learning more about how BCV Group addresses these issues.

Throughout this report, “BCV” and “the Bank” refer to the parent company, while “BCV Group” and “the Group” refer to the Group as a whole. Unless otherwise specified, “Executive Board” and “Board of Directors” refer to those governing bodies at the parent company.

We published a sustainability report in French for BCV every two years from 2007 until 2019; in 2019 we started publishing that report (in both French and English) every year in accordance with the Global Reporting Initiative (GRI) Standards.¹ The GRI Standards are the worldwide reference for reporting on sustainable development issues. As of 2023, the report covers all BCV Group entities.

This report has been reviewed and approved by BCV’s Executive Board and Board of Directors.

It was prepared in compliance with Articles 964a, 964b, and 964c of the Swiss Code of Obligations² and with the Swiss Federal Ordinance on Climate Disclosures, which sets out requirements for the climate disclosures that must be made by companies based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).^3,4 This report will be submitted for approval at BCV’s Annual Shareholders’ Meeting as the Group’s “report on non-financial matters.” BCV Group has prepared this report in accordance with the GRI Standards, for the period from 1 January 2025 to 31 December 2025.⁵

Information in this report was the subject of a limited assurance engagement by PricewaterhouseCoopers SA. The limited assurance report, prepared under the International Standards on Assurance Engagements ISAE 3000 and ISAE 3410,⁶ can be found starting on page 160.

Detailed information on the basis of preparation for this report can be found in the “Basis of preparation” appendix starting on page 142.

Additional information on BCV can be found in our annual report, which contains an overview of the Bank, including its mission, business sectors, risk management, corporate governance, and financial statements. Further information on how BCV Group manages its risks can be found in BCV’s Final Basel III Accord – Pillar 3 report. Our annual report, sustainability report, and Pillar 3 report are available on our website at www.bcv.ch.

Contact point

Corporate Social Responsibility

info.rse@bcv.ch

021 212 27 43

¹ GRI, GRI Standards

² The content index on pages 152 and 153 maps the information in this report to the corresponding reporting requirements in Article 964b.

³ TCFD, Task Force on Climate-related Financial Disclosures

⁴ The content index on pages 154 and155 maps the information in this report to the corresponding TCFD recommendations.

⁵ The reporting period for Fonds Immobilier Romand ran from 1 July 2024 to 30 June 2025.

⁶ International Auditing and Assurance Standards Board, ISAE 3000, 2013, and ISAE 3410, 2012

Our main contributions to the Sustainable Development Goals in 2025¹

Prioritizing the work-life balance and well-being of our employees

Employees can change their work percentage at any point during their career
Employees have the option of working annual-ized hours and purchasing extra vacation days
Parental leave well in excess of the legal minimum
Generous occupational pension benefits and the flexibility to choose when to retire
Two independent, confidential support services to help in the event of conflict, harassment, bullying, or personal issues

Making it about more than just banking: BCV in the Vaud community

Over 1% of net profit allocated to Vaud associations and events
Support for over 850 associations and events across the Canton, in areas ranging from business and the economy to sports, the arts, social causes, and the environment
BCV Generosity Program, under which more than 50 employees volunteered in 2025 to help vulnerable people and promote biodiversity
Funding for projects led by the Jura Vaudois Nature Park and Broye Source de Vie to support biodiversity in Vaud Canton

Promoting employee skills development

Nearly 6,800 days’ worth of training delivered by our training center
Job training for 109 trainees, including apprentices and high school graduates
Partnership with 42 Lausanne, an entirely tuition-free school of computer programming

Fostering equal opportunity

Compliance with Swiss equal pay legal requirements, and Fair-ON-Pay certification in recognition of our equal pay practices over the long term
40% women in our workforce, with a target of 25% for senior leadership positions held by women by 2030 (20% in 2025)
Policy of fostering equal opportunity, which includes encouraging women’s representation at each level of responsibility
Particular focus on gender balance in our trainee selection process
20 days of fully paid paternity leave, two times the legal minimum

¹ Except where noted, the information in this section applies to BCV, the parent company.

Serving the people and businesses of Vaud

Leading bank in Vaud, with half of the Canton’s people and SMEs among our customers
Most widely accessible bank in Vaud thanks to our dense retail network
Most recommended bank in the Canton of Vaud for the eighth year in a row

Maintaining our financial solidity over the long term

Moderate risk profile in keeping with our mission as Vaud’s cantonal bank
10-year total shareholder return of 145% – considerably higher than the Swiss banking sector index
Rated AA (stable) by Standard & Poor’s and Aa2 (stable) by Moody’s
Rated AA by MSCI ESG, C by ISS ESG, and A– by Ethos
Analysis and management of climate-related risk, and climate disclosures made in accordance with TCFD recommendations
Low exposure to climate-related risk

Backing local businesses

Leading bank for Vaud businesses, with CHF 13.9bn in loans granted
Over 150 new businesses financed
Over 65 business successions financed
Small business loans from CHF 20,000
CHF 500,000 in annual funding for the Foundation for Technological Innovation (FIT)

Promoting responsible investing

Documentation of clients’ socially responsible investing (SRI) expectations
Thematic investment products that aim to make a positive change in the economy, society, or the environment, available to all customers through our ESG Ambition product range (AuM of CHF 338m at end-2025)
Goal of aligning part of our assets under management with the target of net-zero by 2050
Pursuing an active ownership approach (through shareholder engagement and proxy voting) with the funds and companies we invest in on behalf of our clients
Goal of fully decarbonizing Fonds Immobilier Romand’s buildings by 2050
Physical gold products that feature certified or traceable gold

Lending responsibly

Zero financing for projects relating to coal mines or coal-fired power plants, and decreased exposure to coal in our trade finance business in line with the Paris Agreement
Zero financing of transactions involving crude oil, residual fuel oil, shale gas, or unsustainable logging, fishing, or agricultural activities
Zero financing for organizations associated with violations of internationally recognized human rights standards
Environmental and social issues fully integrated into our training courses on lending

Helping drive the energy transition through our lending activities

Target of reducing the carbon footprint1 of our residential mortgage book at a pace consistent with the Swiss government’s pathway to a net-zero buildings sector by 2050
Green Bonus offer for our personal banking customers: zero interest for the first 12 months on mortgage loans used to finance green renovations or the purchase of properties that meet strict energy standards
One third of our mortgage lending is for properties that meet high energy-efficiency standards (physical intensity of less than 10 kg CO2e/m2)
Green Bonus offer to support Vaud SMEs in their energy transition, with zero interest for six months on capital expenditure loans, as well as a partnership with SuisseEnergie’s PEIK energy audit program
Topic of energy-saving renovations incorporated into our mortgage advice

Reducing the climate impact of our operations

2030 target for cutting our absolute greenhouse gas (GHG) emissions by 35% relative to 2019 levels achieved five years early
Solar panels installed at seven of our sites, including our administrative center in Prilly
Eight sites connected to the district heating network, including our head office in Lausanne, together representing around a third of BCV’s annual heating consumption
Investments (CHF 1.4m in 2025) to improve our buildings’ energy efficiency
Promoting green commuting through initiatives such as subsidies for eco-friendly transport and parking spaces for bikes
The equivalent of BCV’s carbon footprint offset through the funding of climate-protection projects

1 Calculated for scope 1 and 2 emissions in kg CO2e/m2

Forging partnerships in support of a sustainable economy

Partnership with Swiss SRI specialist Ethos Foundation
Member of Swiss Sustainable Finance and signatory to the United Nations-supported Principles for Responsible Investment (PRI)
Certified B Corp™ status for Piguet Galland & Cie SA, a BCV Group private bank
Participation in Climate Action 100+, an investor-led initiative to ensure companies cut their GHG emissions
Member of the Partnership for Carbon Accounting Financials, a global organization of financial institutions working to implement a harmonized approach to GHG emissions accounting
Member of swisscleantech, an organization that defends the interests of the green economy

Our ESG ratings

AA

MSCI ESG

C

ISS ESG

Medium

Sustainalytics

A–

Ethos

B+

Inrate

A–

CDP, climate issues

CSR at BCV

BCV Group has adopted a double materiality approach to assess our impact and define our stance on sustainability issues. This approach considers our impacts on society, the environment, and the economy, as well as the risks that could arise in these areas.

The dimensions of CSR

Corporate social responsibility (CSR) refers to how companies carry over the notion of sustainable development into their operations. The concept of sustainable development was first defined in the 1987 United Nations (UN) Report of the World Commission on Environment and Development, also known as the Brundtland Report, as “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” This is the definition that is still used today.

According to the UN, one element of sustainable development is ending poverty in all its forms. This entails promoting sustained and equitable economic growth, raising basic standards of living, fostering equitable social development and inclusion, and promoting the integrated and sustainable management of natural resources.¹

At BCV, we believe it’s essential to uphold internationally recognized human rights,² in line with the UN Guiding Principles on Business and Human Rights.³ The Principles call on companies to:

avoid causing or contributing to adverse human rights impacts through their own activities, and address such impacts when they occur
seek to prevent or mitigate adverse human rights impacts that are linked to their operations, products, or services.

CSR entails considering the impact companies have on their community, the environment, and the economy, while taking into account stakeholder expectations.

For banks, there are two broad types of CSR-related impacts:

direct impacts, which relate to their day-to-day operations (such as the amount of energy they use), their supply chains, and their employees’ work conditions
indirect impacts, which relate to the companies and activities they finance or invest in through their banking products and services.

¹ UN Development Programme, The SDGs in Action

² UN, Guiding Principles on Business and Human Rights: Implementing the United Nations “Protect, Respect and Remedy” Framework, 2011

³ UN, International Bill of Human Rights, 1966; International Labour Organization, ILO Declaration on Fundamental Principles and Rights at Work and its Follow-up, 1998

Stakeholder expectations and material topics

Our Group’s actions impact all our stakeholders, whether directly or indirectly. In order to adapt our CSR approach accordingly, we identify our main stakeholders and consider what their expectations are. This lets us pinpoint trends early on so that we can detect and remedy any potential misalignments and spot opportunities. We do this by engaging with our stakeholders through a number of channels, including bilateral meetings, surveys, and reviews of customer feedback, as outlined in the diagram below.

We continually adapt our CSR strategy and measures to take into account our stakeholders’ expectations.

In accordance with the Global Reporting Initiative (GRI) Standards, this chapter lists the stakeholders that have a significant influence on BCV’s activities. The stakeholders listed here pertain to the Group’s parent company, but given the parent company’s predominance in the Group, the following discussion applies to both the parent company and the Group.

Our stakeholders and how we engage with them

Vaud Cantonal Government and Parliament

Regular contact with the Vaud Cantonal Government and the Vaud Ministry of the Economy, Innovation, Employment, and Patrimony as part of our information-exchange agreement
Responding to BCV-related questions that Vaud’s Cantonal Parliament submits to the Cantonal Government (e.g., motions that ask or require the government to legislate)
Annual meetings with the Vaud Cantonal Parliament’s business delegation

Employees

Employee engagement surveys
Twice-yearly performance reviews
Information sessions at various management levels

Customers

Market research and satisfaction surveys
Systematic analysis of customer feedback

Shareholders (apart from the Canton of Vaud)

Annual Shareholders’ Meeting
Regular meetings with professional investors and financial analysts

Sustainable development interest groups

Regular contact with the main interest groups and agencies, including taking part in their surveys and filling out their assessment forms

Supervisory and federal authorities

Regular meetings with the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB)

Cultural, sports, social, and environmental associations

Numerous exchanges about sponsoring and donations

Suppliers and partners

Formalized, regular processes for managing relationships with our main suppliers

In the matrix below, we have mapped out BCV’s material topics based on how important they are to our stakeholders and how big of an impact we can have on each topic.

The matrix is in line with the GRI Standards, which call for weighting material topics based on the following two dimensions:

the topic’s importance to stakeholders, or the extent to which it will influence their decisions
the significance, or scope, of the Bank’s economic, environmental, and social impacts in that area.

In 2019, we put together a working group, led by BCV’s head of CSR, to determine our stakeholders’ expectations and identify the material topics associated with those expectations. This corresponds to steps A and B in the following diagram. The working group’s members include employees who have daily contact with various stakeholders and are therefore most aware of what our stakeholders need from us. The material topics are reviewed every year by the Executive Board and the Compensation, Promotions and Appointments Committee.¹

After identifying the material topics, we assess the positive and negative impacts – both actual and potential – of each one along our entire value chain (step C in the following diagram). Then we determine the degree of each impact based on its scope, severity, irremediable character, likelihood, and whether it is direct or indirect (step D in the following diagram). The material topics are positioned along the y-axis of the materiality matrix based on their degree of impact.

The Executive Board and the Compensation, Promotions and Appointments Committee review the materiality matrix every year. The full sustainability report is then sent to the Executive Board and the Board of Directors for review and approval.

Regardless of their weighting, all of these topics are important to us, and we re-evaluate them annually. Each material topic is discussed in this report, where we present the topic, explain the principles that we apply, and describe the actions we are taking in that area. These topics are also listed in the GRI content index beginning on page 156.

¹ The Compensation, Promotions and Appointments Committee is a committee of the Board of Directors. More information on CSR governance at BCV can be found starting on page 25.

Our process for determining our economic, social, and environmental impacts

BCV’s materiality matrix and material topics in 2025

¹ Renamed for greater clarity (previously “Close ties and accessible services”)

Our mission and CSR strategy

CSR is firmly embedded in our mission

As part of BCV’s mission as a cantonal bank, we aim to maintain our position as the bank of choice for the people and businesses of Vaud Canton and as a key player in the Swiss banking sector. And as a responsible corporate citizen, we are committed to working for the sustainable development of society.

Corporate social responsibility at BCV goes all the way back to our founding, in 1845, when the people of Vaud petitioned the Cantonal Parliament to create a cantonal bank to serve the local economy and contribute to its development.

The Cantonal Act Governing BCV (LBCV) states that our corporate mandate is to offer a comprehensive range of banking services to the local community, to contribute to the development of all sectors of the Vaud economy and to the financing of the Canton’s public-sector institutions and entities, and to provide mortgage financing in Vaud.¹

Since 2007, the LBCV has also specified that our Bank is to be guided by the principles of economically, environmentally, and socially sustainable development.

Half of Vaud’s residents and businesses bank with BCV, meaning we have an important responsibility when it comes to our Canton’s economy. Accordingly, our business model focuses on the local economy, prudent risk management, and long-term growth in order to deliver steady profitability.

Clear priorities in our CSR strategy

Our CSR strategy is a direct product of the Bank’s mission to contribute to the sustainable development of Vaud Canton, as well as of our business model and our stakeholders’ expectations. It is defined by our Executive Board and approved by the Board of Directors, and sets out our priority focus areas concerning sustainability:

committing to preserve the environment and continuing our efforts to reduce the environmental footprint of our operations
as a benchmark employer, working to achieve equity in the workplace and fostering diversity and equal opportunity
fulfilling our social responsibility by playing an active role in the community
playing a major role in financing the energy transition in Vaud Canton through our lending activities
guiding our customers towards investments that incorporate environmental, social, and governance (ESG) criteria and endeavoring to bring portfolios into line with the goals of the Paris Agreement, the Swiss government, and the Vaud climate plan.

In addition, our CSR strategy includes a comprehensive climate strategy, which is discussed in the section starting on page 21.

In 2025, alongside our regular communications on our CSR activities, BCV employees completed an online training course on our Bank’s CSR strategy and priorities.

¹ Cantonal Act Governing the Organization of Banque Cantonale Vaudoise (LBCV) of 20 June 1995

How CSR is embedded in our organization

Biodiversity and nature

In our lending activities, we primarily provide financing for companies and real estate in Vaud Canton (78% of our total lending). Because Switzerland has stringent standards for protecting the environment, particularly with respect to pollution, this helps limit the risk of financing projects that could have a negative environmental impact.

For our trade finance business, we apply an approach that takes into account the social and environmental issues associated with the financed commodities. This approach is described starting on page 96 of this report.

With regard to our asset management activities, we have conducted an initial analysis of the biodiversity dependencies and impacts of a representative portfolio of stocks. We have used the findings of this primarily qualitative analysis to obtain an initial snapshot of the biodiversity exposures and impacts of some of the Bank’s assets under management.

We also promote biodiversity through our sponsorship activities, including “Terre Vaud Eau” – a BCV initiative to back projects led by environmental organizations in our Canton. Projects are selected based on the extent to which they help preserve biodiversity in land and freshwater habitats. More information on BCV’s range of initiatives to protect the environment can be found on pages 129 and 130.

Sustainability a priority for our subsidiaries

BCV Group subsidiaries have adopted an approach to sustainability that is aligned with the parent company’s objectives. For instance, GEP SA, which manages the Swiss real-estate investment company Fonds Immobilier Romand (FIR), is focused on environmental concerns and aims to actively help achieve the Swiss government’s target of net-zero emissions by 2050. FIR’s climate targets are discussed starting on page 82.

Piguet Galland & Cie SA, a private bank, became a certified B CorpTM in 2023, making it the fifth Swiss bank to receive this demanding certification.¹ It is also involved in Swiss Triple Impact – an initiative bringing together over 100 Swiss organizations committed to taking concrete action toward a sustainable future. As part of this initiative, Piguet Galland has set four broad objectives in the areas of socially responsible investing, cutting greenhouse gas (GHG) emissions, and training staff.²

Gérifonds SA administers funds that incorporate ESG criteria, which requires subject-matter expertise and entails making sure that fund contracts contain the appropriate information. Gérifonds furthermore addresses sustainability in the areas of gender equality, waste reduction, and increasing the share of renewable energy.

¹ B Corp Certification is awarded by the not-for-profit B Lab based on an impact assessment in five areas: governance, workers, community, environment, and customers. More information on Piguet Galland’s B Corp Certification is available here: Piguet Galland & Cie SA - Certified B Corporation - B Lab Global.

² B Lab Switzerland, Swiss Triple Impact, Piguet Galland & Cie SA (in French)

Our main sustainability risks

Article 964b of the Swiss Code of Obligations requires organizations to report on their main risks regarding environmental matters, including their goals in the area of GHG emissions, social issues, employee-related issues, respect for human rights, and combating corruption.¹

A list of BCV Group’s main risks in these areas is established every year based on the global risk assessment reviewed by the Executive Board Risk Management Committee. The list is prepared by the head of CSR in association with the Risk Management Department for review by the Executive Board and the Compensation, Promotions and Appointments Committee.

The table below lists the main sustainability risks for BCV Group over a three-year horizon.

Main sustainability risks	Sections of this report
Risk of controversy about the Group's CSR strategy (for example, if stakeholders aren't aligned with the Group's strategic ambition)	Stakeholder expectations and material topics Our mission and CSR strategy Responsible investing Responsible lending Corporate citizenship
Risk of controversy about how the Group's CSR strategy is implemented (for example, if stakeholders accuse the Group of not acting in a manner that is consistent with its stated goals, i.e., accusations of greenwashing)	Sustainability governance and organizational structures at BCV Responsible selling Responsible investing Responsible lending Basis of preparation
Risk of an accidental violation of the requirement to ensure that the financial products suggested by BCV are suitable for the client's risk profile (as set out in the Swiss Financial Services Act (FinSA))	Responsible selling
Risk of violations of the BCV Group Code of Professional Conduct (for example, in the event of insider trading, employee fraud leading to the misappropriation of funds, or the theft of confidential data)	Our values and code of conduct Anti-corruption measures and managing conflicts of interest Compliance with laws and regulations (whistleblowing)
Risk of an accidental violation of the Group's rules against money laundering	Due diligence and tax compliance
Risk of a cyberattack (i.e., system hacking or malware) that results in a data leak	Data protection Cybersecurity
Criticism following an incident of banking identity theft (that doesn't result from a failure of the Bank's IT security systems) with a significant financial impact for Group customers	Cybersecurity Competitive products and services
Risk of credit loss on a counterparty that is highly exposed to risks associated with the energy transition	Climate-related risk Responsible lending Managing climate-related risk

¹ In this report, these risks are also referred to as “sustainability risks.”

Climate-related risk

The socioeconomic impacts of the physical hazards caused by climate change and of the transition to a low-carbon economy are increasing and can affect all economic agents, including the financial sector and banks.

At BCV, we integrate climate-related risk into our risk management framework in order to protect our own interests and those of our customers. In keeping with the recommendations of supervisory authorities (i.e., FINMA and the Basel Committee), we consider the physical hazards caused by acute and chronic climate events and the transition to a low-carbon economy – which is being driven in particular by changing legislation and societal expectations and by economic and technological developments – to be risk factors that could impact all categories of risk to which we are exposed: strategic and business risk, credit risk, market risk, and operational risk.

As a full-service bank with solid local roots, BCV is exposed to climate-related risk factors in various ways. The main sources of exposure taken into account are:

our lending activities, including mortgage financing and corporate financing, as well as trade finance
our trading and investment activities, i.e., client-driven investments and proprietary assets
our operations, in particular the buildings we use for our banking activities.

For each source of exposure, we use a specific approach to assess and monitor the associated climate-related risk factors at different time horizons: 0–3 years (short term), 3–10 years (medium term), and >10 years (long term).

Overall exposure to climate-related risk factors

BCV’s exposure to climate-related risk is low. That stems from the fact that BCV operates primarily in Vaud Canton, which has a strongly services-oriented economy; the transition to a low-carbon economy has less of an impact on the services sector. In addition, BCV does not have significant operations in regions that are particularly exposed to physical hazards.

Based on current estimates, the potential impact of climate-related risk factors is well below that of the main risk factors for our banking activities, such as a rise in interest rates, a sharp increase in the value of the Swiss franc, or a marked decline in immigration in the Canton of Vaud.

A summary of our overall exposure to climate-related risk factors is set out below for each of our business activities and our operations. More detailed information about our exposures, mitigation measures, methodologies, and monitoring approach is set out in the appendix "Managing climate-related risk" starting on page 132.

Exposure to climate-related risk factors in lending activities

BCV’s lending activities mainly comprise mortgage financing and corporate financing in the Canton of Vaud and, to a limited extent, trade finance. The mortgage lending business has little exposure to transition risk (relating to regulatory changes in heating and construction standards, for example) and very limited exposure to physical risk (i.e., through loans on properties in regions subject to natural hazards). Our exposure to carbon-related assets as defined in the framework developed by the TCFD – i.e., the proportion of loans granted to companies operating in one of the four non-financial sectors highlighted by the TCFD (energy, transportation, materials and buildings, and agriculture and food) – is considered low, and this exposure is not concentrated in any one sector. The overall impact of climate-related risk factors on potential credit losses at the Bank is considered very low and well below that of other risk factors affecting lending, such as a rise in interest rates, a sharp increase in the value of the Swiss franc, or a marked decline in immigration in the Canton of Vaud.

Exposure to climate-related risk factors in client investments

As part of our asset-management activities, we make investments at the request of our individual and institutional clients. The value of these client-driven investments may be affected by climate-related risk factors, such as stricter laws on GHG emissions, adverse public-image trends for certain business sectors or companies, changes in the value of resources, and extreme weather events like storms and heatwaves. These client-driven investments are considered to have only a low overall exposure to market risk factors related to the energy transition. This is based on the results of the PACTA climate compatibility test run by the Swiss Federal Office for the Environment, in which BCV took part in 2024 for the third time. The 2024 test showed that our portfolios have low overall exposure to the most carbon-intensive sectors of the economy and are less exposed than an aggregate portfolio of all banks participating in the test.

With regard to our asset management activities, BCV could be affected by controversies such as accusations of greenwashing. To mitigate this risk, we have introduced control processes and systems along our entire asset-management value chain, in accordance with FINMA guidelines and the recommendations of Asset Management Association Switzerland (AMAS), Swiss Sustainable Finance (SSF), and the Swiss Bankers Association (SBA).

Exposure to climate-related risk factors in our operations

With regard to our operations, and in particular the buildings we use for our banking activities, we have very little exposure to climate-related risk. We have taken various measures over the past several years to reduce our carbon footprint, especially when it comes to heating our buildings. We also encourage employees to commute using public transportation or by walking or biking.

1 Task Force on Climate-related Financial Disclosures, Implementing the Recommendations of the TCFD, 2021, Table 4

Climate strategy

Introduction

The states that have ratified the Paris Agreement, including Switzerland, have committed to hold the increase in the global average temperature to well below 2°C above pre-industrial levels. The Paris Agreement also aims to increase adaptability to the adverse effects of climate change and to make finance flows consistent with a pathway toward low GHG emissions and climate-resilient development.

In Switzerland, the aim of achieving net-zero GHG emissions by 2050 is enshrined in the Climate and Innovation Act, which was approved in a referendum in June 2023. Specifically, the act states that Swiss companies must achieve net-zero in terms of their scope 1 emissions (GHG emissions generated by their operations, in particular by burning fuels and during operational processes) and scope 2 emissions (GHG emissions generated by purchased energy, such as electricity and heating) by 2050. In addition, Switzerland’s ordinance on climate disclosures requires companies over a certain size (including BCV) to publish a transition plan that is comparable with Swiss climate targets, following a “comply or explain” approach.

Vaud Canton’s constitution states that protecting the climate and promoting biodiversity are among the goals of the cantonal government (Article 6). It also states that the cantonal government must ensure that the companies in which it holds a majority stake reduce their impact on the climate, in accordance with the Swiss federal government’s commitments. Vaud Canton also has its own climate plan, the aim of which is to achieve net zero by 2050. In support of that goal, the Canton drafted new energy legislation in 2025,¹ which is expected to come into effect in early 2027.

As a responsible company that seeks to address climate issues, and in accordance with our mission (described on page 16), we support the target of achieving net-zero by 2050 and intend to do our part to help reach it.

GHG emissions

As a company operating in the financial sector, BCV’s carbon footprint² consists of direct GHG emissions related to its operations (scope 1, 2, and 3, excluding category 15) and indirect GHG emissions resulting from its lending and investment activities (scope 3, category 15).³

1 Vaud Canton, Energy Legislation (in French)

2 This chapter relates to the parent company.

3 Scope 3 emissions are all emissions not included in scope 1 or 2 that occur in the reporting company’s value chain. Category 15 of scope 3 relates to the reporting company’s lending and investment activities.

As the chart below shows, our direct emissions (4,167 metric tons of CO2 equivalent (tCO2e) in 2025) are far lower than our indirect emissions; however, direct emissions are the ones over which we have the most control. Our indirect emissions are much higher (840,418 tCO2e in 2025), but our ability to reduce them depends on outside factors, particularly the broader economic environment, public policy, technological changes, and our clients’ choices.

GHG emissions associated with our operations and lending and investment activities (in tCO2e), by scope and emissions category, 2025

Note on methodology:

The indirect emissions shown in the above chart – that is, scope 3, category 15 emissions – comprise the scope 1 and 2 emissions from properties and companies in which BCV invests or that are financed by BCV. Scope 3 emissions from these properties and companies are not included in the chart.
For client investments, emissions are calculated for assets in our discretionary management solutions¹ and investment funds, excluding double-counted assets, cash holdings, and alternative investments.
Emissions related to sovereign bonds are not included for reasons of methodological consistency.²
Emissions are calculated for the above categories where methods and data are available. Detailed information on each emissions category is provided in the course of the report.
Emissions associated with our business loan portfolio are included in our scope of reporting for the first time in 2025.
Emissions associated with the trade finance business are not included in the above chart because there is no accepted GHG emissions calculation method.
More information about emissions calculation methods can be found starting on page 146.

¹ BCV’s discretionary management solutions comprise asset management agreements with institutional and personal banking clients. They do not include full advisory, occasional advisory, or execution-only agreements.

² This asset class is subject to a specific methodology for GHG emissions accounting, under which the GHG emissions of countries are not assigned a scope but are calculated based on production and consumption figures. More information on the method used to calculate these emissions is given on page 148.

Climate targets

Switzerland’s target of reducing GHG emissions generated within the country to zero by 2050 is a cornerstone of its Climate and Innovation Act (Article 3),¹ which was approved by referendum in June 2023. Meeting that target will require a transition in the national economy for which significant investment will be needed, but the Swiss financial system is capable of providing the associated financing. According to a study carried out by the SBA in collaboration with the Boston Consulting Group (BCG), the transition will require a total investment of CHF 387.2bn over the next 30 years, i.e., an average of CHF 12.9bn per year (2% of gross domestic product), 83% of which could be financed by banks.²

The energy transition in Switzerland and particularly in Vaud Canton therefore represents an opportunity for BCV as a lending institution.

More broadly, a rapid and orderly reduction in global GHG emissions would reduce physical and transition risks, which would be desirable both for society at large and for BCV’s lending and asset management activities. We therefore wish to help limit global warming and intend to work toward achieving the Swiss target of net zero emissions by 2050.

That ambition is aligned with our stakeholders’ expectations and legal requirements in Switzerland and Vaud. It is also fully aligned with our mission as a cantonal bank to help achieve the sustainability targets set by the Swiss and Vaud governments, and with our CSR strategy. It is also relevant for our business strategy in terms of limiting physical risks, anticipating transition risks, and seeking new financing opportunities.

Climate targets for the GHG emissions associated with our operations

Absolute GHG emissions associated with our operations pertain to our buildings, business travel and commuting, and procurement. We assess our carbon footprint every year, which gives us an overview of our long-term impacts and enables us to take measures to reduce our footprint.

We aim to reduce our carbon footprint in line with Switzerland’s target of achieving net zero emissions by 2050. Our interim target is to reduce our absolute GHG emissions³ by 35% between 2021 and 2030 compared to a 2019 baseline.

To meet those targets, we have created a roadmap setting out the measures to be implemented for our buildings (offices and branches), and we are rolling out an employee business travel and commuting plan. We are limiting the amount of printing we do, and we are constantly improving the energy efficiency of our IT equipment (data center and hardware). We also support projects that help mitigate global warming and take a long-term, holistic approach to sustainability.

More information about this target and efforts to achieve it can be found in the “Reducing the environmental impact of BCV’s operations” section of this report starting on page 120.

Climate targets for mortgage lending

Our ambition is to play a major role in financing Vaud Canton’s energy transition, and we are taking action wherever we can to support the transition to a resilient, low-carbon economy, in line with the target of achieving net-zero by 2050.

Accordingly, we aim to reduce the carbon footprint of our residential mortgage book⁴ at a pace consistent with Switzerland’s pathway to a net-zero building sector by 2050.⁵ That will entail a 99% reduction by 2050 versus 2022 levels, with interim reductions of 42% by 2030 and 87% by 2040.

Whether we are able to reach these targets depends on external factors, as explained in the “External factors that may affect our climate strategy” section below.

To help achieve our targets, we have introduced various initiatives, such as preferential terms on loans for energy-saving renovations. We also provide practical information and guidance for customers who are considering energy renovation projects. And we actively train our employees to address this issue in the financing advice they give customers.

Additional information on this topic can be found starting on page 88.

¹ Swiss Federal Council, Swiss Federal Climate and Innovation Act (in French), September 2022

² SBA and BCG, Sustainable Finance: Investment and Financing Needed for Switzerland to Reach Net Zero by 2050, 2021

³ Calculated for scope 1, 2, and 3 emissions (excluding category 15); category 15 of scope 3 comprises lending and investment activities, which are discussed separately.

⁴ Calculated for scope 1 and 2 emissions in kg CO₂e/m²

⁵ Swiss Federal Council, Switzerland’s Long-Term Climate Strategy, January 2021

Climate targets for trade finance

In our trade finance business, we are committed to reducing our financing of coal-related transactions in line with the Paris Agreement-compatible scenario (as defined by the International Energy Agency).¹ This equates to a linear reduction of 6.5% per year for thermal coal and 3.3% per year for metallurgical coal relative to the 2021 targeted baseline.

Additional information on this topic can be found in the “Responsible lending” section, starting on page 96.

Climate targets for client investments

In our role as an asset manager, we want to contribute to achieving the target of net-zero emissions by 2050. We strongly believe that we have a role to play in supporting the transition to a resilient, low-carbon economy, and we are taking action wherever we can to achieve that target.

Accordingly, we are aiming to have 28% of assets in our discretionary management solutions² and investment funds aligned with the target of net zero emissions by 2050.³That will entail reducing the carbon footprint⁴ of these assets by 50% by 2030, 90% by 2040, and 100% by 2050, compared with 2022 levels.

We are aiming to gradually expand our portfolio of assets under management following this trajectory. Whether we are able to reach these targets depends on external factors, as explained in the “External factors that may affect our climate strategy” section below.

In line with these targets, we engage with the funds and companies we invest in on behalf of our clients, through shareholder dialogue and by exercising our voting rights. In our view, this approach can be a major driver of positive change in society as a whole. Alongside that approach, we are developing our range of investment products, training our advisors on sustainability topics and raising awareness among clients by asking them about their expectations regarding sustainability.

More information about these targets and efforts to achieve it can be found in the "Responsible investing" section, starting on page 66.

¹ IEA, World Energy Outlook 2024, October 2024

² BCV’s discretionary management solutions comprise asset management agreements with institutional and personal banking clients. They do not include full advisory, occasional advisory, or execution-only agreements.

³ According to the International Energy Agency’s Net Zero by 2050 scenario.

⁴ Calculated for scope 1 and 2 emissions, in tCO₂e/CHF million invested (for equities and bonds) and in kg CO₂e/m² (for indirect real estate investments)

External factors that may affect our climate strategy

Our success in achieving our targets for client investments and increasing the scope of the targets depends on factors outside of our control. These factors include actions taken by states to achieve the goals of the Paris Agreement, and they also include the choices of our clients, who decide how much weight should be given to sustainability issues in the management of their assets.

As an asset manager, we are bound by our fiduciary duty and must act in the best interests of our clients, bearing in mind both their financial goals and ESG expectations.

Similarly, achieving our lending targets depends to a large extent on progress made in Switzerland and Vaud in terms of carbon reduction. Reaching the target of net-zero GHG emissions by 2050 requires a transformation of the Swiss economy. Regulators and federal and cantonal governments will need to put in place the rules and incentives needed to prompt industries, consumers, and property owners to move in this direction.

If factors outside of BCV’s control show adverse developments in terms of achieving net zero by 2050, there is a risk that the Swiss economy’s GHG emissions will diverge from that path. If the divergence becomes too large, we could be forced to review the targets in our climate strategy. We will reassess those targets at least every five years with regard to the pace of carbon reduction in Switzerland and worldwide, as well as with regard to legal requirements and the expectations of our stakeholders.

Sustainability governance and organizational structures at BCV

The parent company’s Board of Directors exercises Group supervision over the subsidiaries, subject to the nontransferable and inalienable powers of the subsidiaries’ boards of directors.

The following measures have been put in place to ensure that the Group’s stance on environmental, social, and governance issues is implemented consistently across the organization:

Members of the parent company’s Executive Board as well as parent-company department heads sit on the boards of directors of the subsidiaries.
The subsidiaries submit an annual report to the parent company’s Board of Directors describing their key issues and the measures they are taking.
The heads of various functions at the parent company coordinate efforts and hold regular discussions with subsidiary representatives.

BCV’s sustainability policy, available on our website, describes the guidelines and principles we have adopted in our business lines and operations.1 The policy covers our material topics with regard to sustainability, which are determined by taking into account stakeholder expectations and our main ESG impacts and risks. It was put forward by the Executive Board for review by the Compensation, Promotions and Appointments Committee, and then submitted to the Board of Directors for approval. The CSR Committee reviews the policy every year and submits any changes to the aforementioned bodies for approval.

1 BCV, Sustainability Policy, March 2026

CSR governance and organizational structures at BCV

The Bank’s CSR positioning and our efforts in this area are governed at the highest level of our organization, as shown in the diagram on the previous page. A discussion of the duties of each governing body follows.
BCV has set up a CSR organizational structure consisting of:
a CSR Committee, which submits recommendations to the Executive Board on the objectives and approaches the Bank should adopt on all CSR-related topics, in particular those relating to climate. The Committee is chaired by the CEO and includes the heads of our Credit Management, Asset Management & Trading, and Private Banking divisions, as well as the heads of CSR, human resources, and communications.
a head of CSR, who reports directly to the CEO and oversees implementation of the CSR strategy across the Bank.
designated CSR representatives at each of the Bank’s business lines, who are in charge of further embedding sustainability into their operations and helping coordinate efforts across the Bank. They report on their progress to the CSR Committee.
The CSR Committee and the Compensation, Promotions and Appointments Committee track progress on the climate targets annually and perform a thorough review at least once every five years. Any suggested updates to the targets will be put before the Board of Directors for approval.
The Compensation, Promotions and Appointments Committee conducts reviews of the Bank’s progress on CSR projects during the year. This Committee also reviews the Bank’s material topics and the main economic, social, and environmental impacts as part of the process of preparing the sustainability report, in accordance with GRI Standards (more information on how we identify material topics is given in the section starting on page 13). The list of Committee members appears on page 90 of our annual report.
In addition, the Executive Board and the Board of Directors submit a report every year to the Vaud Cantonal Government on how we executed on our mission as a cantonal bank. More information on that mission and on the Cantonal Act Governing BCV is given on page 16.
The CSR Committee is responsible for identifying and assessing sustainability-related opportunities and working with BCV’s different divisions to determine the measures we will adopt in each business line. It helps identify sustainability risks – particularly those that may affect our reputation or that arise from changes in the expectations of our stakeholders, especially our customers – and ensures that appropriate measures in this regard are taken. Additionally, the Committee monitors regulatory and market developments in the area of sustainability. The CSR Committee meets around ten times a year for three to four hours at a time.
Every year, the CSR representatives provide the CSR Committee with a description of the projects and initiatives they have planned for the following year, in order to implement the CSR strategy, ambitions, and objectives submitted by the CSR Committee to the Executive Board and approved by the Board of Directors. The CSR Committee comments on these roadmaps, approves them, and reviews progress on them either once or twice a year, depending on the specific issues being addressed.

Governance and organizational structures for sustainability risks

The Bank manages climate-related risks according to the same basic principles of governance and organization as all other risks (see Section 3.1, “Risk management objectives and governance,” of BCV’s Final Basel III Accord – Pillar 3 report). Under these principles, risk-monitoring authority is assigned to the Board of Directors, while the Executive Board and the Executive Board Risk Management Committee (EBRMC) are given responsibility for managing and assessing risks, and the Risk Management Department for developing and implementing risk-assessment methods and controls.
The Board of Directors establishes BCV’s fundamental risk-management principles and decides the strategy it will pursue in taking on risk (the target risk profile). Every year, the Board of Directors approves a Risk Management Policy and Strategy (RMPS) that explains how climate-related risk factors are taken into account in BCV’s risk assessments and how responsibilities in this area have been assigned. It is also responsible for high-level oversight of the Bank’s risk profile and setting reporting requirements. As part of this, it monitors the Bank’s main risk factors and exposures, including those related to the climate. Part of that involves reviewing a risk report each quarter and reviewing an assessment of the Bank’s main risks each year.
The Audit and Risk Committee, a committee of the Board of Directors, ensures that risk management at BCV is implemented and operational, as decided by the Board of Directors. This includes reviewing the risk report and the assessment of the Bank’s main risks. The Committee also oversees the limited assurance procedures for our sustainability report.
The Executive Board is responsible for ensuring that risk-management procedures are implemented and operational, and for monitoring the Bank’s risk profile. It also reviews the RMPS before the document is submitted to the Board of Directors for approval. The Executive Board monitors and assesses the Bank’s main risk factors and exposures, including those related to the climate, by reviewing the risk report each quarter and the assessment of the Bank’s main risks each year. The Executive Board supervises the EBRMC in monitoring and reporting these risks.
The EBRMC is responsible for implementing the risk-management principles, processes, methods, and systems set out in the RMPS and updating them as appropriate, bringing any important decisions to the Executive Board for approval. The EBRMC also ensures that the Bank’s main risk factors and exposures are taken into account. This entails approving the Bank’s methods for evaluating climate-related risk factors (e.g., the method for estimating the GHG emissions associated with the Bank’s lending activities), reviewing the risk report every six months to examine the loan book’s exposure to climate-related risk factors, and occasionally reviewing the Bank’s climate-related risk exposure arising from its business activities and operations.
The Risk Management Department is responsible for developing and improving the Bank’s risk oversight principles and methods, monitoring the Bank’s risk profile, and providing the risk report. As part of this, it ensures that the Bank’s main risk factors and exposures, including those related to the climate, are taken into account. The Risk Management Department develops methods for assessing the Bank’s exposure to climate-related risk factors, including methods for estimating the GHG emissions associated with the Bank’s lending activities. Every six months, it includes in the risk report an update on the loan book’s exposure to climate-related risk factors, and it assesses the Bank’s climate-related risk exposure arising from its business activities and operations. The Chief Risk Officer (CRO), who heads the Risk Management Department, is also responsible for overseeing and monitoring risk management at Group subsidiaries. This entails making sure that subsidiaries take into account their main risk factors and exposures, including those related to the climate.

Ways our governing bodies were involved in 2025

Our Executive Board and Board of Directors each convened to discuss BCV’s approach to purchasing carbon credits (see the “Climate-protection projects” section on page 125).

In addition, the Executive Board and the Compensation, Promotions and Appointments Committee each convened to:

review BCV’s material topics, materiality matrix, and sustainability risks (as discussed starting on page 14)
discuss implementation of the CSR strategy based on the 2025 CSR roadmap.

The EBRMC approved the Bank’s methods for evaluating the transition risks associated with our corporate loan book and reviewed an impact assessment of those risks. The EBRMC also reviewed an analysis of the requirements of FINMA Circular 2026/1, “Nature-related financial risks,” and the steps BCV should take in response.

Main sustainability partnerships and initiatives

BCV participates in the annual survey by CDP, an international non-profit organization that runs the primary global environmental-disclosure system for companies, cities, states, and regions. It encourages companies to report on their environmental impacts, reduce their GHG emissions, preserve water resources, and protect forests.

BCV is a signatory to the UN-supported Principles for Responsible Investment (PRI), which seek to promote a sustainable financial system. The PRI are the most comprehensive and widely recognized standards for responsible investment.

BCV has entered into a partnership with Ethos Foundation, a leading Swiss SRI specialist, to create a center of expertise in sustainable finance in Switzerland. Under the partnership, a range of funds covering the main asset classes is managed by BCV Asset Management and advised by Ethos.

BCV is a signatory to Climate Action 100+, an investor-led initiative to encourage the world’s largest corporate GHG emitters to take necessary action on climate change.

BCV is a signatory to the Partnership for Carbon Accounting Financials (PCAF). This global partnership, founded in the Netherlands in 2018, brings together businesses (mainly financial institutions) to implement a harmonized approach for accounting for the GHG emissions associated with their operations. This approach to accounting and reporting is designed to help financial institutions measure and assess the GHG emissions associated with their lending and investments.

BCV is a member of Swiss Sustainable Finance, which aims to strengthen Switzerland’s position as a hub for sustainable finance by raising awareness, further developing skills, and supporting concrete action.

BCV is a member of swisscleantech, an organization that promotes a climate-compatible economy by rallying the efforts of policymakers, businesses, and society.

BCV has served as a coalition leader for Enterprise for Society (E4S) since the organization’s founding. E4S is a joint venture of the University of Lausanne – through the university’s Faculty of Business and Economics (HEC) – the Institute for Management Development (IMD), and the Swiss Federal Institute of Technology in Lausanne (EPFL), and operates under the stewardship of EPFL’s College of Management of Technology. It was set up in 2019 to help develop solutions to pressing societal challenges, such as climate change, and spearhead the transition towards a resilient, sustainable, and inclusive economy.

A positive, long-term economic impact

Long-term value creation, solidity, and financial performance

Our business strategy is guided by our ultimate goal of creating value for shareholders, customers, and employees. Our business model is that of a universal bank with solid local roots.

To fulfill our mission of contributing to the economic development of our Canton, we must ensure that our foundations are solid and that our vision for BCV leads to robust, steady profitability going forward. Our strategy therefore targets sustainable growth coupled with a moderate risk profile, in keeping with our mission. That means we do most of our business within the Canton of Vaud and take a selective approach to volume growth.

Our operations focus on our four core businesses: Retail Banking, Private Banking, Corporate Banking, and Asset Management & Trading. At the same time, we are active in selected areas where we have proven expertise – specific markets that offer strong potential in terms of both growth and profitability. The Bank does not have a proprietary trading business.

Our solid financial position, which has been recognized by Standard & Poor’s and Moody’s – the two leading credit rating agencies – means we can take a long-term approach, running the Bank with a calm sense of purpose.

One of the many ways we create value is through the long-term strength of our share, which is well above average for the Swiss banking industry. Over the past ten years, the BCV share generated a 145% total return for our shareholders, far exceeding the 12% average return posted by the Swiss banking sector.¹

The bulk of this value flows to the Canton of Vaud, our majority shareholder, with 66.95% of our share capital.

In 2025, we distributed CHF 378.7m to shareholders for the prior year (versus CHF 370.1m in 2024), and the amount we paid out in taxes and dividends to the Canton of Vaud and Vaud municipalities works out to CHF 731 for every household in our home region – the same as in 2024. These payouts boost our Canton’s public finances, helping fund policies and initiatives that make a positive difference in our community.

Our risk management practices comply with the very highest standards, and our Common Equity Tier 1 (CET1) capital ratio of 18.0% is well above the regulatory requirement.

¹ As measured by the SP Banks index until 31 December 2024, and the SPI Banks index since 1 January 2025. Returns are calculated using data from LSEG Workspace.

201-1 Direct economic value generated and distributed (parent company) (in CHF millions)
Financial year	2021	2022	2023	2024	2025
Direct economic value generated (operating profit, personnel costs, and extraordinary income and expenses)	741.3	752.4	844.9	844.7	831.7
Direct economic value distributed (personnel costs, taxes, and dividends)	684.8	692.5	757.1	785.8	789.2
Economic value retained	56.5	59.9	87.8	58.9	42.5

Amount paid out to Vaud Canton and municipalities in taxes and dividends (in CHF)
Payout year	2021	2022	2023	2024	2025
Equivalent amount per household	626	649	654	731	731

Contributing to Vaud’s economic development

Financing the Canton’s economy

We are the leading bank in Vaud. We contribute to the economic development of our Canton by providing loans and financial services to local residents, public-sector entities, and businesses, especially SMEs. Half of the Canton’s people and SMEs bank with us.

As part of our role in meeting demand for mortgage lending, our loan book covers all areas of the Canton. We are the lender of choice for real-estate professionals and help ensure that the supply of housing is aligned with demand over the long term. We take a responsible approach, seeking to reduce the risk of overheating in this naturally cyclical market.

Over 29,000 companies in Vaud turn to BCV for their banking needs, and we welcomed around 2,500 new business clients in 2025, over half of which had been operating for less than 18 months.

More local businesses come to us for financial services than to any other bank. And our corporate loan book stands at CHF 13.9bn, which equates to a market share of around 40%.

We provide financing to every sector of the Vaud economy, with a loan book that reflects the economic structure of the Canton and the financing needs of the various sectors of its economy.

Real-estate professionals and construction firms account for 43% of our lending. For every loan we grant, we assess the application on its merits and do not apply sector-specific pricing or lending policies.

We offer loans starting as low as CHF 20,000 to small businesses. In addition, last year we granted a total of CHF 24m in loans (excluding Covid-19 bridge loans) guaranteed by French-speaking Switzerland’s regional cooperative (versus CHF 20m in 2024). More information on our products and services for corporate clients can be found starting on page 54 of this report.

203-2 Significant indirect economic impacts (in CHF millions)
	2021	2022	2023	2024	2025
Total lending to companies in Vaud	11,824	12,475	13,037	13,670	13,950
Lending guaranteed by French-speaking Switzerland’s regional cooperative (excluding Covid-19 bridge loans)	28	25	23	20	24
Annual funding for the Foundation for Technological Innovation (FIT) and Innovaud	0.55	0.55	0.55	0.55	0.55

Helping stakeholders better understand the Canton’s economy

We regularly publish reports, share insights in the media, and hold events to help our clients and the wider public make sense of the local economy and business conditions in the Canton.

Economic trends and analysis

We contribute to a quarterly report on Vaud’s GDP, as well as a publication on business indicators from the Commission Conjoncture Vaudoise. Throughout last year, these publications kept readers abreast of the state of the Canton’s economy, including the impact of geopolitical tensions on local business conditions.
We contribute to an annual report on the GDP of French-speaking Switzerland, published jointly by the region’s cantonal banks in conjunction with the Forum des 100, an annual conference organized by Swiss newspaper Le Temps. Last year’s issue examined the effects of the new US trade policy on the region’s economy. After two decades of exceptional economic growth, French-speaking Switzerland is feeling the impact of the policy shift. Since one fifth of the region’s exports are to the US, higher tariffs will drag on GDP growth.

Events

We hold various in-person and online events for our customers covering key economic and financial trends. Last year, these events – including Conjoncture & Perspectives, Rendez-vous de la Finance, 5 à 7 de la Finance, Les Pros de l’Immobilier, and Rendez-vous des Entrepreneurs – drew around 3,600 attendees (versus 3,500 in 2024).

Other appearances and publications

We also share information, analysis, and advice with the people and businesses of Vaud on the economy, financial markets, and cybersecurity through other channels:

We send out newsletters to our clients and local businesses, covering financial markets and the latest economic developments.
Three times a month, our experts write articles for the newspaper 24 Heures, sharing information and practical advice for people looking to make sense of the business environment and manage their finances. Our specialists also make regular guest appearances on the “Votre argent” and “Votre argent – Spécial PME” segments broadcast on La Télé Vaud Fribourg.
We publish extensive economic news and insights at pointsforts.ch, our dedicated platform for this type of content, including 112 articles and videos last year alone (versus 97 in 2024). Topics in 2025 included heating options for Vaud homeowners and strategies for how export-focused SMEs can deal with tariffs.
BCV employees are also invited to share expert insights at events run by our partners, such as “Innovation CRUNCH Time” (a week-long workshop given by the Vaud School of Business and Engineering), a webinar on business financing run by GENILEM, and Global Entrepreneurship Week Lausanne.

Energy transition

Last year, we continued actively sharing information to help individuals and businesses reduce their energy consumption and cut their greenhouse gas emissions. Steps we took included promoting SuisseEnergie’s “Chauffez renouvelable” program – which provides free sustainable heating consultations to homeowners – and running a contest for five Vaud-based businesses to receive a free PEIK energy audit.¹ More details about how we’re helping our clients navigate the energy transition can be found on pages 91, 92 and 94 of this report.

¹ SuisseEnergie, Energy Audits for SMEs (in French)

Promoting innovation and sustainability in Vaud

BCV backs innovation in Vaud Canton by contributing to the Foundation for Technological Innovation (FIT) and Innovaud, the Vaud Cantonal Government’s agency for promoting innovation and investment. We commit CHF 500,000 annually to FIT, which provides funding to Vaud-based startups. Our backing for Innovaud, which supports startups, scaleups, SMEs, and large corporates that are based in Vaud or looking to set up here, amounts to CHF 50,000 each year.

FIT, which the Bank has supported since its inception in 1994, is a member of the Innovaud network. This non-profit foundation provides grants and loans to startups in Vaud and the rest of French-speaking Switzerland in order to stimulate the local economy and encourage innovation. The program is only open to companies less than three years old, making FIT one of the first sources of external capital for early-stage ventures. Its experience and expertise also lend credibility to fledgling businesses, opening the door to a larger pool of investment sources.

To date, FIT has disbursed over 600 grants and loans for a total of CHF 80m. Over 350 of the recipient firms over the years are still active today and have created around 6,000 jobs. In the last 12 years, FIT-backed companies have raised over CHF 3bn in funding. The foundation provides support to startups across a wide range of industries – from life sciences, digital health, food and nutrition, and clean technology to ICT, aerospace, and cybersecurity. It also supports startups that aim to provide solutions to environmental, social, energy, and healthcare challenges facing society today.

In early 2023, FIT launched FIT Impact, an initiative backed by BCV. The program supports low-tech startups with a positive social impact emerging from universities and other higher-education institutions in Vaud.

Through our financial contribution to FIT, we are playing our part in bringing fresh faces and new ideas onto the local business scene, as well as helping start-ups and ventures with a positive social impact get off the ground. And our backing for innovation goes beyond financial support: a BCV representative serves as vice chair of the FIT board, and several BCV employees sit on the various FIT selection committees.

The Bank is also active on the entrepreneurship scene in Vaud more generally, working with organizations that champion local innovation, organize events, award prizes, and provide other networking, learning, and knowledge-sharing opportunities. For instance, every year since 2016, startups have had the opportunity to pitch to potential investors at events we run in conjunction with FIT. Last year, we took part in the Scale-up Vaud Gala Dinner organized by Innovaud, as well as in the 30th anniversary celebrations of GENILEM, an organization that has helped young people start innovative businesses in all sectors of the economy since 1995. BCV is a founding member of GENILEM.

We also provide financial backing for initiatives such as the Venture startup competition and the PERL Awards for entrepreneurship.

Within Vaud’s higher education system, BCV supports the Enterprise for Society Center (E4S), a joint initiative led by the University of Lausanne’s Faculty of Business and Economics (HEC), the Institute for Management Development (IMD), and the College of Management of Technology at EPFL. The Bank has served as a coalition leader for E4S since its inception in 2019. E4S was founded with the mission of helping society overcome its challenges – especially climate change – and of spearheading the transition toward a more resilient, sustainable, and inclusive economy.

Through our commitment to E4S, we seek to play our part in achieving that mission. As part of this, we support the E4S-led Master of Science in Sustainable Management and Technology program, which is geared toward training up the next generation of leaders in sustainability and responsible management and saw its first cohort of students graduate in 2023.

The partnership has also given us the opportunity to collaborate on academic research. For instance, the Bank has backed the “green value” research project, which aims to determine how energy efficiency affects the valuation of residential rental properties.¹ The project is timely, as owners are rethinking their approach to energy efficiency in light of changing climate policies and legislation, technological advances, and economic trends.

BCV and E4S also ran a joint event for large firms on recent developments in non-financial reporting.

¹ E4S, Anticipating the Energy Discount: A Valuation Framework for Real-Estate Investors, January 2026.

Ethics and corporate governance

Our values and code of conduct

We believe that one of the keys to our long-term success is having a common culture built around four core values – close ties, professionalism, performance, and responsibility. At BCV Group, we live these values every day. They’re what set us apart from our peers. And they underpin everything we do, including how our employees interact with customers and colleagues.

All new hires are made aware of our Code of Professional Conduct, which is available on our website.¹ It sets out the behavior that is expected of our Group’s entities, their governing bodies, and each and every staff member. The principles contained in the Code are applicable to any action or decision taken by BCV Group employees in a professional context. As well as setting out our core values, the Code details the principles of professional ethics to which we adhere. It includes sections on good corporate governance, compliance with laws and regulations, identifying and managing conflicts of interest, anti-corruption measures, transparency toward customers, health and safety, and privacy and personal data protection.

The Code also incorporates the principle of sustainable economic development, which is at the heart of our corporate mission, and reaffirms our commitment to integrating environmental, social, and governance (ESG) criteria into all our business activities – including wealth management, asset management, and lending – and our operations.

Given how important these values are to us, the parent company has set up a long-term training program designed specifically to reinforce them across the organization. BCV’s values are also an integral part of employee performance reviews.

¹ BCV, BCV Group Code of Professional Conduct, December 2021

Close ties

Our employees use their on-the-ground presence and their knowledge of the local community to fully appreciate and understand the needs and expectations of our customers.

Professionalism

Every employee is committed to delivering the best possible service to customers. To achieve this, they draw on the best practices in their respective fields of expertise and constantly seek to expand their skills and knowledge.

Performance

At BCV Group, we set ourselves ambitious goals across the board. Our people are results-oriented. They systematically seek pragmatic and effective solutions to the challenges that arise every day.

Responsibility

Our employees demonstrate responsible professional behavior. This includes taking responsibility for their actions, being conscientious in their work, and being loyal to the Group.

Corporate governance

In addition to BCV (the parent company), BCV Group comprises the following wholly or almost wholly owned subsidiaries: Piguet Galland & Cie SA, Gérifonds SA, and Société pour la Gestion de Placements Collectifs GEP SA. The parent company’s Board of Directors and Executive Board also serve as the Board of Directors and Executive Board of the Group, which is not a holding company. At the operational level, each of the subsidiaries reports to a BCV division according to the type of business in which it engages. Upon the recommendation of the parent company’s Executive Board, the parent company’s Board of Directors submits proposals to the subsidiaries’ boards of directors concerning the appointment of, as a general rule, the majority of the members of those boards (including the chair), and the appointment of their CEOs.

The parent company’s Board of Directors determines the strategic role of the subsidiaries within the Group and the general principles that apply to the Group as a whole. Subsidiaries have control systems in place and report periodically to the parent company.

BCV Group applies corporate governance standards and best practices. The parent company follows the recommendations contained in the Swiss Code of Best Practice for Corporate Governance whenever they are compatible with its status as a corporation organized under public law.

BCV Group entities adhere to a strict separation of functions policy, and the powers and duties of their various committees are formally documented. The legal, regulatory, and internal-policy requirements that apply to our activities are set out in in-house directives and procedures. Each entity’s internal control system, which falls under the responsibility of the entity’s executive board and board of directors, ensures that these requirements are properly implemented. A detailed description of the parent company’s governance arrangements and internal control system can be found on page 73 of our 2025 Annual Report.

Members of the Board of Directors

BCV’s Board of Directors comprises seven non-executive members. None of the members performs any other functions within BCV Group, and all are independent members within the meaning of FINMA Circular 2017/1 “Corporate governance – banks.”

Three members are elected by shareholders.

Four members are appointed by the Vaud Cantonal Government (VCG).

Although they are given appointment letters, they are deemed independent, as they receive compensation for BCV board-related activities from the Bank alone and do not receive any specific instructions from the VCG.

All candidates for the Board of Directors, including those appointed by the VCG, are proposed by the Board (on the recommendation of the Compensation, Promotions and Appointments Committee) on the basis of their skills, knowledge, and professional experience. Other selection criteria include areas of expertise and a deep understanding of the business environment and overall context in Vaud, as well as consideration of the Board’s gender balance.

No political contributions

BCV Group does not make any political donations, nor does it provide support of any other kind to any political party or organization. We do not take positions on political issues, except for matters that concern the Group’s business activities or that could have a material impact on our business environment. We do, however, encourage our employees to get involved in the community, including in organizations of a political nature, and nearly 100 staff members hold public office alongside their work at BCV.

Membership in industry organizations

BCV is a member of several business and finance industry associations. In 2025, as in 2024, we paid CHF 1.2m in membership fees to these organizations.

The Bank engages with sustainability issues through its membership in the Swiss Bankers Association (SBA) and the Association of Swiss Cantonal Banks (ASCB), two umbrella organizations whose mandates include representing the interests of the Swiss banking industry and Swiss cantonal banks, respectively. BCV’s CEO sits on the boards of directors of both the SBA and the ASCB, and staff represent the Bank on various working groups within both associations. BCV’s position on climate and other sustainability matters is in alignment with the approach taken by these two industry organizations. The Bank paid a combined CHF 840,000 in annual membership fees to the SBA and the ASCB in 2025 (versus CHF 827,000 in 2024).

BCV is also a member of the Asset Management Association Switzerland (AMAS). Although the Bank does not hold a seat on the AMAS board of directors, it is represented on the association’s working groups on sustainable finance.

In its June 2020 position paper entitled “Sustainable Finance in Switzerland: From Pioneer to a Premier International Hub,” the SBA declared its support for the transition to a sustainable economy and argued that sustainable finance represents an opportunity for the Swiss banking industry.¹

The industry body has issued two self-regulations on sustainable finance, which lay down binding rules on sustainability issues for members offering mortgage advice² and investment advisory and portfolio management services,³ respectively. Both regulations took effect on 1 January 2023, with transitional periods to allow banks to adjust their internal processes. The two documents are reviewed – and, where necessary, updated – on a regular basis. In 2024, for instance, the document previously titled “Guidelines for the Financial Service Providers on the Integration of ESG Preferences and ESG Risks into Investment Advice and Portfolio Management” was revised and renamed “Guidelines for the Financial Service Providers on the Integration of ESG Preferences and ESG Risks and the Prevention of Greenwashing in Investment Advice and Portfolio Management.”

By incorporating sustainability considerations into advisory discussions with personal banking clients, the SBA and its members aim to help advance progress toward the Paris Agreement climate goals and further cement Switzerland’s position as a leading global hub for sustainable finance.

The ASCB, in a sustainability position statement,⁴ writes that Swiss cantonal banks view economic, social, and environmental sustainability as an overarching guiding principle; in line with their founding mandates as cantonal banks, they act responsibly within their industry and contribute to the economic development of their respective cantons. The ASCB further states that the cantonal banks see themselves as contributors to sustainable development and as stewards of the communities they serve, that they support the targets laid down in the Swiss Climate and Innovation Act, and that they engage actively in discussions on the implementation of these targets and contribute to the development of relevant standards and classification systems.⁵

¹ SBA, Sustainable Finance in Switzerland: From Pioneer to a Premier International Hub, June 2020

² SBA, Guidelines for Mortgage Providers on the Promotion of Energy Efficiency, June 2022

³ SBA, Guidelines for the Financial Service Providers on the Integration of ESG Preferences and ESG Risks and the Prevention of Greenwashing in Investment Advice and Portfolio Management, May 2024

⁴ Paraphrase of the ASCB position statement (in French)

⁵ Swiss Federal Council, Swiss Federal Climate and Innovation Act (in French), September 2022

On its website, AMAS states that its aim is “to establish Switzerland as a leading hub for sustainable finance,” indicating that this goal “is in line with the Federal Council’s financial centre strategy and the commitment of the financial industry as a whole to play an active role in the transition to a more sustainable and globally carbon-free economy in order to achieve the 2050 climate targets.” AMAS further asserts that asset managers “play an intermediary role between the real economy and investors and can influence and collaborate with business enterprises in their transition to more sustainable business models.”¹

1 AMAS, Our Goals

Supporting associations for a sustainable economy

BCV is a member of Swiss Sustainable Finance, which aims to strengthen Switzerland’s position as a hub for sustainable finance by providing information and training and by catalyzing growth.

We are also a member of swisscleantech, an organization that engages in political and private-sector advocacy to help achieve Switzerland’s target of reaching net-zero by 2050.

The Bank is not represented on the boards of directors of Swiss Sustain able Finance or swisscleantech. We support their work by contributing to their initiatives and participating in their events.

No profit shifting

The Group’s presence outside Switzerland is limited to the Luxembourg subsidiary of Gérifonds, which creates, structures, and manages funds registered in Luxembourg.

BCV Group pays taxes in the jurisdictions in which it operates. In 2025, the Group paid CHF 73.9m in taxes (versus CHF 74.9m in 2024), for an average tax rate of 15% relative to operating profit. Of this, 99.8% was paid in Switzerland in the form of direct federal tax and cantonal and municipal taxes (versus 99.7% in 2024). The remaining 0.2% was paid in Luxembourg.

Compliance with laws and regulations

At BCV Group, we constantly analyze our strategic decisions, internal operating framework, and day-to-day business activities to ensure that they comply with the law, external and internal regulations, and the ethical standards set out in our Code of Professional Conduct.

As explained on page 40 of this report, the Code of Professional Conduct sets out the principles that govern BCV Group’s relationship with the authorities and the wider community, as well as with its employees. In particular, it emphasizes the importance of:

complying with laws and regulations, and of the procedure employees should follow if they have any doubts
identifying and managing conflicts of interest
protecting confidential data relating to our customers, BCV Group, and employees
reporting any behaviors, events, or incidents that violate the law, regulations, or the Code of Professional Conduct (i.e., whistleblowing); the Code specifies that the Group has a procedure in place to keep such reports fully confidential and protect any employee who makes a report in good faith.

BCV Group entities have systems in place for monitoring changes in the regulatory environment, while their business lines and support functions are responsible for identifying and analyzing regulatory developments that could affect their specific activities. This information is compiled into periodic reports for the parent company’s Board of Directors, Audit and Risk Committee, and Executive Board.

In addition, Group employees are required to regularly complete training courses on applicable laws and regulations.

Due diligence and tax compliance

BCV Group has invested considerable resources in the areas of:

compliance with the various sanction regimes that it is required to follow
monitoring of market abuse
the fight against money laundering and the financing of terrorism
investor protection
tax compliance.

In all our business activities, we prioritize high-quality client relationships, and we do not enter into client relationships if the inherent risk is not aligned with the Group’s risk tolerance in terms of money laundering, the financing of terrorism, market abuse, economic sanctions, or tax compliance.

Economic sanctions

To the best of its knowledge, BCV Group complies with the various sanction regimes that it is required to follow as a result of its business activities. In this, we give priority to the sanctions imposed by the Swiss State Secretariat for Economic Affairs (SECO), the US Office of Foreign Assets Control (OFAC), the United Nations, the European Union, and the UK Office of Financial Sanctions Implementation (OFSI).

Market abuse

BCV Group’s systems for monitoring market abuse are designed to identify instances of insider trading and market manipulation.

Money laundering and terrorist financing

By accepting funds and executing payment and financing transactions, banks are exposed to the inherent risk that one or several of their clients may be directly or indirectly involved in money laundering or the financing of terrorism. Banking supervision rules therefore require banks to have systems in place to detect signs of these activities. Determining the economic background of client funds and the purpose of transactions is a central component of the due diligence process, which consists of monitoring client relationships and transactions made through the Bank.

BCV’s client advisors take initial responsibility for identifying money-laundering and terrorist-financing risks relating to both client relationships and transactions. The Compliance Department sets out the framework to be followed within BCV, provides tools for implementing that framework, and supports and monitors the work of the Bank’s advisors.

BCV Group systematically identifies all parties involved in each client relationship. Client relationships are classified into money-laundering and terrorist-financing risk categories, in line with the regulatory requirements set out in the Swiss Anti-Money Laundering Act (AMLA). These categories are then used to determine the extent of monitoring and the appropriate escalation process for each relationship. Client relationships showing signs of an increased risk of money laundering or terrorist financing must go through an approval process. This involves various levels of management, such as the Compliance Department. We categorize client relationships based on volume and exposure as well as regulatory criteria.

Dedicated software, configured for each of the Bank’s business lines, is used to detect transactions that present a high risk of money laundering or terrorist financing. High-risk client relationships and transactions go through an internal review process, which includes strict rules on supporting documentation, and all transactions presenting a high level of risk must be approved by the Compliance Department.

More details about our policies and processes for managing compliance risk can be found on pages 68 and 69 of our 2025 Annual Report.

Investor protection

The Swiss Financial Services Act (FinSA) seeks to increase protection for clients of financial service providers by imposing additional requirements meant to safeguard investors. The requirements include rules of conduct that financial service providers must follow with respect to their clients, particularly in terms of providing information, carrying out checks, and ensuring proper documentation. Those rules are applicable to the Bank’s advisory and discretionary management activities.

Our client advisors and the Compliance Department conduct regular checks within BCV Group to ensure that we are adhering to the rules of conduct regarding investor protection.

At BCV Group, we view these obligations as an opportunity to further enhance the transparency and protection that our clients already enjoy. More information on investor protection can be found on pages 50 and 51 of this report.

Tax compliance

Our policy is designed to prevent undeclared funds from entering BCV Group. It operates on the premise that customers are responsible for completing their tax returns, paying their taxes, and complying with all other legal and regulatory requirements that apply to them. We require non-residents to supply a self-certification form confirming that they comply with their tax obligations in their tax jurisdiction(s) and, in some cases, we may ask clients residing in Switzerland to supply a document of this type.

BCV Group complies with the requirements of the OECD Standard for Automatic Exchange of Financial Account Information in Tax Matters. We also comply with the Foreign Account Tax Compliance Act (FATCA) agreement between Switzerland and the United States. We constantly monitor the regulatory landscape and update our tax compliance directives, processes, and documents as needed.

In addition, BCV strives to make filing taxes as easy as possible for its customers. All BCV customers can request a full tax statement, while those who reside in Switzerland and bank digitally can download their tax documents directly from BCV-net and BCV Mobile. We also offer an electronic tax statement that allows customers to import their tax data directly from BCV’s digital banking system into their online cantonal tax returns. This feature, which we developed in coordination with the Vaud cantonal tax authorities, makes the whole process faster and more convenient while reducing the risk of manual filing errors.

Anti-corruption measures and managing conflicts of interest

Managing conflicts of interest

BCV Group’s governing bodies and employees follow the principles and rules set out in our code of conduct. In doing so, they demonstrate that compliance with the industry rules of conduct and respect for the values of BCV Group are an integral part of our corporate culture.

As a financial services provider, BCV Group may, in the course of doing business, encounter potential or actual conflicts between its own interests and those of its customers or employees. As such conflicts cannot be fully avoided, the Group has established a set of guiding principles for managing them effectively and with the necessary transparency. Any potential conflict of interest will be handled by refusing to provide the corresponding service or by informing the client or third party concerned, in an appropriate manner, of the existence and nature of the conflict of interest and of the resulting risks. This information will be provided in writing and with the details needed for the person in question to make an informed decision about the service associated with the conflict of interest.

BCV Group has drawn up an internal framework to help identify and manage potential and actual conflicts of interest. The framework sets out the basic principles on managing conflicts of interest, as well as the organizational measures and monitoring processes we employ to limit and control the associated risks.

Any use by an employee of confidential information obtained in a professional capacity about BCV Group, our customers, or third parties for the employee’s own benefit or that of a third party is prohibited and may constitute a criminal offense.

BCV’s approach to managing conflicts of interest is described in the Bank’s Code of Conduct. We have also published a comprehensive document on our policy for managing conflicts of interest regarding financial services, which is available on our website.¹

¹ BCV, Information on BCV’s Policy for Managing Conflicts of Interest regarding Financial Services, January 2026

Anti-corruption measures

BCV Group annually evaluates and monitors corruption risks, which can be closely related to the risk of money laundering and sanctions. Our strict control framework enables us to take appropriate measures, up to and including termination of a banking relationship.

BCV Group takes a zero-tolerance approach to all acts of active and passive corruption (bribing someone else or accepting a bribe). Employees may not offer, promise, or grant any advantage in any form that could lead to behavior contrary to the law or their professional obligations. And employees may not – for their own benefit or that of a third party – solicit, be promised, or accept from any party internal or external to BCV Group any direct or indirect advantage that has any bearing on their function.

For example, BCV employees are prohibited from offering and accepting gifts with a value of more than CHF 200 per person, or invitations to cultural or sports events or seminars where the price of admission is worth more than CHF 500 per person. BCV Group subsidiaries have similar policies in place.

Our anti-corruption rules are set out in the Code of Professional Conduct, which applies across BCV Group as a whole, as well as in the directives and employee regulations of each BCV Group entity. Any violation may result in disciplinary measures, up to termination. The most serious cases may be reported to the authorities. Furthermore, an anti-corruption clause must be included in any contract subject to foreign law; the clause aligns with the anti-corruption provisions applicable to all contracts concluded under Swiss law.

The Group has also put in place training and awareness-raising measures in this respect. For example, new parent-company hires at all levels, from apprentices to managers, must take part in an onboarding program that covers corruption and conflicts of interest. And while employed at BCV, staff periodically receive refresher training that is updated in line with current needs and requirements. Members of the Executive Board also undergo such training.

As in 2024, there were no confirmed cases of corruption among BCV Group’s employees or governing bodies in 2025.

Data protection

At BCV Group, we take every precaution to protect the personal data of our customers and employees. And we know our customers’ trust depends on our ability to keep their personal data secure and use it appropriately. A failure on this front could cause both financial losses and reputational harm to our customers and to the Group itself.

Switzerland’s revised Federal Act on Data Protection (FADP) came into effect on 1 September 2023. The FADP represents a major overhaul of the first Federal Data Protection Act, which dated back to 1992, and brings Swiss law more closely into line with European Union law. The FADP introduces stricter rules on the processing of personal data.

For instance, companies are now required to:

apply the principles of “privacy by design,” which requires privacy and data protection to be hardwired into products and services starting from the design phase, and “privacy by default,” which requires products and services to have the highest possible level of data protection enabled when they are released (i.e., without any intervention from users)
carry out a data protection impact assessment before starting a processing activity that presents a high risk to data subjects’ personality rights or fundamental rights
inform data subjects before collecting any of their personal data (not just their sensitive personal data, as was the case previously)
keep a register of personal data processing activities, including information about how the companies process personal data, so they can handle information requests more promptly
notify the Federal Data Protection and Information Commissioner of any personal data security breach that presents a high risk to the data subject’s personality rights or fundamental rights.

We have drawn up a series of documents outlining our data protection policy, which is based on this legal framework.

Our Code of Professional Conduct sets out the principles and rules applicable to all BCV Group staff with regard to privacy and data protection. If we are required to collect personal data about our customers or employees, whether by law or by circumstances, we handle such data in compliance with the FADP. And whenever we share data with authorized third parties, we adhere to the law and our General Conditions.

BCV Group has a range of organizational and technical measures in place to prevent personal data from being viewed, used, modified, or destroyed by unauthorized persons. We centrally manage access to customers’ data and apply the need-to-know principle when deciding who can view the data.

Further details can be found in our Data Privacy Notice, which is available on the BCV website and applies to all BCV Group companies.¹

The notice describes customers’ data-protection rights and informs data subjects of the types of personal data we process and how we use that data. It states that data subjects have the right to:

access their personal data
have their personal data corrected if inaccurate or incomplete
oppose or request to limit the processing of their personal data
request the deletion of their personal data (if there are no overriding interests that require the ongoing collection of personal data).

¹ BCV, Data Privacy Notice from BCV Group Companies, January 2024

Priority cybersecurity threats for BCV Group

We have identified a number of cyber and other security threats, grouped into three categories:

hacking and other attempts to gain unauthorized access to IT systems, which can take two forms: malware and similar intrusions, which use malicious software to try to infect our systems, and denial-of-service or mass-mailing attacks, which seek to prevent authorized users from accessing these systems
customer data theft and breaches of confidentiality, which can originate from within or outside the Group
identity theft, whereby a fraudster steals a customer’s identification details or misappropriates tools used by the customer, such as payment software.

To protect against cyber and other threats, Group entities regularly test and update their security systems to make sure their safeguards and measures remain effective and adequate over time.

Cybersecurity

Cybercrime is continuing to increase and represents a major risk for companies, including BCV. Because cybercrime is an especially pressing concern for the Group, the parent company and subsidiaries have appropriate measures in place to address potential threats, including cyberattacks, fraud, and other security risks.

Our IT systems, data, and operations are safeguarded by a security system designed to assess, identify, prevent, and counter threats, particularly those related to cybercrime. The system is monitored around the clock, 365 days a year. For this, we work closely with specialized partner firms and with Swiss government agencies in charge of combating cybercrime, such as the National Cyber Security Centre (NCSC).

BCV’s information security management system is certified to ISO/IEC 27001. This international standard describes how information security should be integrated and managed within institutions and sets out technical, physical, and organizational requirements for implementing, maintaining, and continually improving information security management systems. The Bank’s system fully complies with all aspects of the standard.

Because the methods used by cybercriminals are changing constantly, we regularly review and upgrade our system, and we use penetration testing and other measures to test our capacity to withstand cyberattacks.

The Bank’s business continuity system is certified to ISO 22301. This standard aims to help organizations to enhance their resilience to various unforeseen disruptions and keep their operations and services running. It helps in identifying risks, preparing for emergencies, and improving recovery time.

The business continuity and operational resilience measures we have put in place are designed to reduce the likelihood that a disruptive event will occur, lessen the impact if such an event happens, ensure an effective response, and keep the Bank’s critical services running should we experience a major operational incident. Our process for responding effectively to such incidents includes a phased, tiered recovery plan.

The Bank runs regular, full-scale exercises to make sure its systems and processes are robust:

We test our business continuity plans once a year.
We hold crisis-management sim-ulation exercises at least once every two years as a way to train essential continuity staff and improve our procedures.

Since preparedness starts with awareness, we post regular messages and run campaigns to keep employees alert to cyber threats, covering subjects such as data leak prevention and security when working remotely. Phishing, whereby cybercriminals target employees with fake emails, poses a particular threat, and we have responded with an ongoing prevention campaign. Measures include:

social engineering tests, where we check how alert employees are to cyberattacks by sending them fake phishing emails
additional training for staff who fall victim to these simulated attacks.

Major banks in Switzerland and worldwide are experiencing a rising tide of fraud attempts against their customers. In response, we have strengthened our automatic fraud detection system and we now display more information on this topic on the homepages for BCV’s online banking services. A dedicated page on our website features tips and advice explaining how customers can stay safe online and what to do if they think they may have fallen victim to a scam.¹

We have also rolled out new account security features that customers can switch on and off themselves in the BCV Mobile app. For instance, customers can allow web-browser access from within Switzerland only or block it completely. In addition, customers who think they may have fallen victim to a scam can call us at any hour of the day or night to block their accounts or cards.

We regularly share information and advice with the general public and our customers – especially our business clients, who are highly vulnerable to cyberattacks. Last year, our experts wrote further articles on cybersecurity for the Swiss daily newspaper 24 Heures. We will continue our outreach efforts in 2026.

¹ BCV, Cybersecurity

Responsible selling

At BCV Group, we recognize that our customers come to us for products and services tailored to their needs. We also know that they rely on us to provide reliable financial advice and to be open and transparent with them.

Some of the steps BCV is taking on this front are detailed below:

Our advisors are trained to speak to customers about the financial risks associated with our various products and services – including in lending, financial planning, and our occasional and full advisory and discretionary management services.¹
We have clearly defined governance structures and processes in place to make sure that we advertise responsibly, transparently, and factually. Our advertising is checked by our Marketing and Communications Committee, which includes a member of the Executive Board, the communications director, and various business-line representatives. The head of Corporate Social Responsibility is also consulted. Advertising is then approved by the relevant division head and the Bank’s CEO before release.
On our website, we clearly explain how customers can submit a complaint or comment over the phone, by email, or using the online contact form.² On this same page, we inform customers of their right to refer their case to the Swiss Banking Ombudsman – a free, independent information and mediation service dealing with complaints brought by customers against banks headquartered in Switzerland – and we provide the relevant contact details. More information about our customer-feedback process can be found in the section of this report entitled “Our culture of service quality” (starting on page 60).

¹ Throughout this report, the term “discretionary management” refers to portfolio management within the meaning of FinSA. Likewise, the terms “occasional advisory” and “full advisory” refer to investment advice within the meaning of FinSA.

² BCV, Making a Complaint

The following sections describe some of the ways we strive to offer top-quality, customer-centric products and services.

Transparent fees

For several years now, we’ve published brochures for our personal and business customers summarizing the fees that apply to our various products and services (accounts, credit and debit cards, occasional and full advisory services, discretionary management service, etc.).¹ We always give customers at least 30 days’ notice of any changes to our fees and conditions.

Occasional and full advisory services and discretionary management service: putting our clients first

Clients opening securities accounts with BCV are made aware of the financial risks associated with investing and receive a free digital copy – or, upon request, a paper version – of “Risks Involved in Trading Financial Instruments,” a guide published by the SBA.²

The Bank complies with the requirements of FinSA, which aims to protect the clients of financial service providers. For our full and occasional advisory services and our discretionary management service, we always check that our recommendations are in line with the client’s investment profile, taking into account their financial circumstances and objectives, knowledge and experience, investment horizon, and risk tolerance. Our advisors receive regular training on the rules and procedures they need to follow in this regard. We have also published a brochure for clients explaining how we comply with our FinSA obligations.³

The Bank also complies with the SBA’s guidelines on integrating ESG preferences and risks into investment advice and portfolio management.⁴ We undertake to document investors’ expectations in the area of socially responsible investing (SRI) and to recommend investment solutions that best align with those expectations. To do that, we ask them about their preferences in this area and offer a range of solutions in line with best market practice for both our full and occasional advisory services and our discretionary management service. The SRI approaches we implement in our investment solutions are described in our SRI policy,⁵ which is available on our website. More details on our SRI approach and products can be found starting on page 66 of this report.

In our discretionary management service, we research and select investment solutions that represent the best fit for each client. And for the investment funds in the portfolios we manage for personal banking clients, we subscribe share classes with the lowest fees.

In our occasional and full advisory services, the Bank recommends various investment universes depending on the service category. Each universe comprises a mix of in-house and third-party products selected on the basis of qualitative and quantitative criteria.

Our fee structure for full advisory agreements is based on an annual advisory fee that does not depend on the number of client transactions. This helps hardwire truly independent advice into our business processes.

BCV has chosen not to include or recommend investments in cryptocurrencies or crypto-linked vehicles under its occasional or full advisory agreements and discretionary management agreements.

¹ BCV, BCV Account Terms and Conditions, BCV Corporate Banking Account Terms and Conditions, Fees for Financial Services for Clients affected by the Swiss Financial Services Act (FinSA), January 2024

² SBA Risks Involved in Trading Financial Instruments, June 2023

³ BCV, General Information on the Swiss Financial Services Act (FinSA), June 2024

⁴ SBA, Guidelines for the Financial Service Providers on the Integration of ESG Preferences and ESG Risks into Investment Advice and Portfolio Management, October 2023; Guidelines for the Financial Service Providers on the Integration of ESG Preferences and ESG Risks and the Prevention of Greenwashing in Investment Advice and Portfolio Management, May 2024

⁵ BCV, Socially Responsible Investment (SRI) Policy, January 2026

Meeting the needs of local residents and businesses

Access to financial services and close ties with our customers

At BCV, we aim to maintain our position as the bank of choice for the people and businesses of Vaud, where our activities are focused (78% of our lending is in the Canton). Making financial services accessible and maintaining close ties with our customers are at the heart of our business model, giving us a competitive edge in a mature and well-served market (in 2024, the banking penetration rate in Switzerland was 98.4%).¹

Concretely, we have the following strategic priorities:

offering financial products and services suited to a wide range of customers
keeping the public informed on financial topics
providing a multichannel customer experience: operating the largest branch network in Vaud while continuously expanding access via our remote and digital support channels.

Offering financial products and services suited to a wide range of customers

BCV offers a broad range of financial products and services tailored to the needs of local residents and businesses. Our offering is designed to meet customers’ needs at every stage of life or business development. We also provide financial services for very small businesses, and we seek to work with customers who are running into difficulties and help them find solutions.

Our special focus on service quality reflects our commitment to continually improving customer satisfaction. As part of this, we offer various ways for customers to submit a complaint or comment: over the phone, by email, or using the online contact form. We also inform customers of their right to refer their case to the Swiss Banking Ombusdman.² More information about our culture of service quality can be found starting on page 60 of this report.

¹ World Bank, World Development Indicators

² The Swiss Banking Ombudsman is a free, independent information and mediation service that deals with complaints brought by customers against banks headquartered in Switzerland.

Always there for our personal banking customers

We offer a full range of personal banking products – including current, savings, and retirement accounts, mortgage loans, and wealth-management services – that are designed with competitive, attractive features tailored to the needs of our customer base.

We make investment solutions available to a broad demographic, including through our BCV Start Invest savings plan, which lets our personal banking customers invest in funds starting from CHF 50 a month.

Customers can also invest in a wide range of funds through a Pillar 3a individual retirement account. In line with applicable rules, these accounts are reserved for salaried and self-employed individuals subject to Swiss social security obligations. A Pillar 3a account is designed to make up for any shortfall in income in retirement.

We do not provide leasing services, consumer loans, or other unsecured loans directly to individuals. Instead, we refer customers to our partner Cembra, which specializes in those types of loans.

In mortgage lending, we offer preferential rates on loans for energy-efficient properties and renovations. More details can be found in the “Responsible lending” section of this report (starting on page 87).

We also distribute insurance products through our partnership with Retraites Populaires.

Working with local businesses

Our products and services cater to the needs of companies at every stage of their development. We welcomed around 2,500 new business clients in 2025, and over half of them had been operating for less than 18 months.

For budding entrepreneurs and new business owners, we run a regular series of seminars and offer discounted hour-long advice sessions in collaboration with the Vaud Chamber of Commerce and Industry (CVCI), GENILEM, and Star’Terre. We also hold events for Vaud-based companies such as a webinar on business finance, which drew 75 attendees last year.

In 2025, we provided around CHF 65m in financing to get 150 businesses off the ground in Vaud Canton (versus CHF 90m in 2024), helping create around 450 new jobs. Also last year, around 750 businesses took advantage of our free services for companies less than two years old.

BCV offers loans starting as low as CHF 20,000 to small businesses, and last year we granted a total of CHF 24m in loans (excluding Covid-19 bridge loans) guaranteed by French-speaking Switzerland’s regional cooperative (versus CHF 20m in 2024). More information on our lending activities, including guaranteed loans, can be found in the section entitled “Contributing to Vaud’s economic development” (starting on page 33 of this report).

Through partnerships with select organizations, we help back innovative businesses and ventures with a positive social impact. More information about our work in this area can be found on pages 36 and 37 of this report.

BCV provided more than CHF 90m in financing to help make over 65 business successions happen in 2025 (versus more than CHF 80m in financing for around the same number of business successions in 2024), thereby helping to ensure that companies, expertise, and jobs remain in the Canton. Our business succession team is backed by in-house specialists in financing, asset management, and pensions. And our deep connection with the local community means that for every succession that we’re involved in, we can bring to bear unique insights into the businesses of our home region and the people who run them.

We also partner with the main Vaud business associations and local companies to offer BCV clients special deals to help them manage their businesses. For example, they can get discounts on PayEye QR bill readers from Crealogix, Worldline payment terminals, and the bexio online accounting software.

Last year, we continued our partnership with the PEIK energy audit program offered by SuisseEnergie (an energy-efficiency and renewable-energy initiative backed by the Swiss federal government) to support our corporate clients in their energy transition. The Bank has contributed to the cost of these audits for 50 companies in Vaud Canton since 2023. Under the arrangement, corporate clients that carry out a PEIK energy audit can also take advantage of our Green Bonus capital expenditure loans to finance the recommended energy-saving measures, with zero interest for the first six months (more details can be found on page 94 of this report).

Our digital services are designed with the needs of our business clients in mind. In 2023, the Bank’s digital-banking offering for business customers was highly rated in a study conducted by think tank e.foresight and the Institute for Financial Services Zug, part of Lucerne University of Applied Sciences and Arts.

Working with clients in difficulty

In line with our mission, we work actively and individually with businesses and individuals that, for one reason or another, run into temporary difficulties. Specialized staff work with these clients in order to find solutions that will help them restore their financial stability. Naturally, continuing the business relationship is only possible if the individual or company can be reasonably expected to return to a sustainably sound financial position without any distortion of competition. Our procedures in this respect follow clearly defined rules that meet the highest ethical standards. We have shown that we can manage difficult cases effectively by looking for constructive solutions and working proactively on a case-by-case basis.

Serving the region’s pension funds

We are the partner of choice for our region’s pension funds. Nearly three-quarters of all pension funds in Vaud are clients of our Asset Management Department. The collective occupational pension fund AVENA Fondation BCV Deuxième Pilier manages pension assets for over 18,000 members covered under more than 1,200 pension plans. And we handle all administrative, accounting, and technical tasks for 17 other independent occupational pension funds, representing over 20,000 members.

Our Asset Management Department provides valuable advice and support – including on socially responsible investing (SRI) strategies – for our pension fund clients. Since 2018, we have integrated environmental, social, and governance (ESG) criteria into portfolios without compromising on expected risks or returns, as our business and institutional clients expect.

We are constantly refining our range of investment solutions for business and institutional clients in this increasingly important area. Since 2024, we have asked all our clients about their expectations in terms of incorporating ESG criteria into their investments. More details of our SRI approach can be found in the “Responsible investing” section of this report (starting on page 66).

Last year, 66 people attended the Bank’s specialized courses for pension board members, receiving legally mandated training on asset management, pensions, actuarial concepts, the legal framework and governance (versus 72 people in 2024). We also hold events in conjunction with Ethos, where our clients learn more about SRI and sustainability.

Keeping the public informed on financial topics

We share analyses and insights through various channels to keep local residents and businesses informed about and aware of the key financial dimensions of their lives. The information we share is intended to help individuals and companies make sense of the issues affecting them and plan ahead with financial peace of mind. More information about our efforts in this area can be found on pages 34 and 35 of this report.

Helping young people manage their money

BCV and other cantonal banks back FinanceMission, a Swiss-wide initiative supported by educators to promote financial literacy and teach teenagers how to manage their money.¹

The Association of Swiss Cantonal Banks (ASCB) also backs MoneyHaxx,² an online platform that gives young people tips on how to manage their money, their budget, and day-to-day spending, providing guidance at a time in their lives when they are gradually gaining their financial independence. In addition, the www.jeunesetbudget.ch website helps parents support their children with financial matters.

Risk-management support for corporate clients

Our business lines work together to help businesses and institutional clients – SMEs, large corporates, real-estate professionals, and public-sector entities – understand and manage interest-rate and exchange-rate risks.

Last year, as in 2024, our trading-floor experts and corporate banking advisors held around 300 client meetings on these topics. Also last year, our trading-floor team ran five workshops on exchange-rate risk management, which were attended by around 80 clients, most of them representing SMEs. All these events were designed to help corporate clients assess their risk exposures and talk through their options for mitigating these risks.

¹ FinanceMission, FinanceMission (in French)

² MoneyHaxx, MoneyHaxx (in French)

Providing a multichannel customer experience

At BCV, we give our customers the opportunity to bank with us in whatever way is convenient for them: they can come into a branch to do their day-to-day banking and receive financial advice, as well as access a wide range of services remotely, for instance by speaking with an advisor from the comfort of their own home or taking advantage of our ever-growing digital offering. Being close to our customers also means being increasingly accessible and in step with changing lifestyles.

Under our multichannel strategy, we aim to:

maintain our physical presence throughout the Canton, while ensuring that our branches and our remote and digital support channels keep pace with technological advances and changing customer needs
make banking with us a seamless, user-friendly experience across all our channels
continually expand our self-service digital offering.

We believe that our customers should be able to choose how they interact with us – whether they want to work with an advisor in person or remotely, or manage their affairs by themselves online.

Maintaining the largest branch network in Vaud

With nearly 60 branch offices, we have a particularly dense on-the-ground presence throughout the Canton, meaning local residents and businesses – including those in rural areas – can always access our banking services when they need them. BCV’s in-branch advisors have a deep, ground-level understanding of the community they are embedded in, from local businesses to municipal authorities and other key local players, and they put that knowledge to work for our customers.

Our branch network is a cornerstone of our customer service proposition. Last year, the network handled 765,000 customer contacts (versus 800,000 in 2024), underscoring the importance of our branches in building and maintaining client relationships.

Continuously expanding access via our remote and digital support channels

BCV’s Customer Service Center is open every weekday from 7:30am to 7:30pm. In addition to getting day-to-day banking advice by telephone or mail, personal banking customers can make a videoconference appointment with an advisor to discuss their loan or investment needs. Our Customer Service Center handled 660,000 customer contacts across all channels in 2025 (versus 725,000 in 2024). This decrease is due to changes we’ve made under our multichannel strategy, such as developing tools to help customers do their banking on their own (by making more products and services available for self-service sign-up, rolling out a chatbot, etc.) and streamlining the user experience on our digital platforms. It also reflects the work we’ve done to support users of our digital banking services.

We also have a small business hotline, which offers remote advisory and day-to-day banking services to business customers on weekdays between 8:00am and 6:00pm. The hotline handled around 73,000 calls in 2025.

Our secure online banking platform can be accessed 24/7 via BCV-net on a browser and BCV Mobile on an iOS or Android device. Customers are increasingly taking advantage of our digital services, mostly via the BCV Mobile app, with 355,000 regular users in 2025 – over 5% more than in 2024. We expect this number to keep rising as we continue to increase the number of products and services that customers can sign up for digitally. Last year, we added a number of new features to BCV-net and BCV Mobile to make these platforms easier to navigate and even more secure. For instance, we made it possible for customers to complete the account-opening process directly in the app, and rolled out multibanking, a feature that lets customers view accounts held with other participating banks in BCV-net and BCV Mobile. We also redesigned the “Cards” section of our online banking platform.

Video tutorials are available in BCV Mobile to help customers get the most out of the in-app experience.

Our culture of service quality

Service quality is one of the first things customers look for in a bank. This has been confirmed by market research, and it’s something we know from our own experience. Service quality is also a key factor in whether customers recommend their bank to friends or family.

Putting customers first

Continually improving customer satisfaction has been a strategic priority at BCV since 2015, when we launched our “Smile” program. Under this program, we aim to differentiate ourselves from the competition through customer-centric processes and behaviors, impeccable customer service, and operational excellence.

As part of our commitment to customer service, we regularly reach out to the people of Vaud to hear their views on how we’re doing. In 2025, BCV was the most recommended bank in the Canton for the eighth consecutive year, according to annual surveys of representative samples of Vaud residents.¹ Our ambition is to retain this number-one position going forward.

¹ Source: YouGov Switzerland – Swiss Brand Observer, survey on brands in Switzerland, 2025 (survey of a representative sample of 1,596 Vaud residents aged 15 to 79 years on whether they would recommend a brand without hesitation)

Steps we’ve taken

We have a cross-functional service quality team with responsibility for implementing the many measures introduced under the “Smile” program. Since the program’s launch, all BCV employees have completed a one-day training course at the EHL Hospitality Business School, the world’s top-rated hospitality management school. This course focuses on the importance of service quality at BCV and spotlights best practices in customer care and communication. We subsequently provide periodic refresher training for staff members across all business lines. In 2025, our employees worked through case studies based on actual feedback in which customers outlined their needs, preferences, and pain points. The exercise was an opportunity to reflect on where things were going well and where systems and processes could be improved.

At BCV, we see customer feedback as a key element to improving our products, services, and processes. We have a customer feedback center that can be accessed across all our channels via a dedicated email address (feedback@bcv.ch). We also carry out customer satisfaction surveys and systematically follow up on complaints. In 2025, we received 530 customer complaints that couldn’t be handled on the spot (60 fewer than in 2024). Of those complaints, 87.2% were processed within the target deadlines (versus 92% in 2024).

In addition to our service-quality team, we have an extensive service-quality measurement system in place that comprises over 100 qualitative and quantitative metrics for both client-facing and non-client facing teams. Those metrics draw on an extensive series of customer surveys, as well as on operational indicators and mystery-shopping results. Analyzing our performance in this way gives us a clear, accurate picture of where we stand in terms of service quality.

The number of people coming into our branches continues to rise even as customers increasingly choose to bank online. In fact, branch footfall has increased steadily since 2021, notably by 6% last year. Despite the uptrend, we have kept down wait times in our branches. On average, in 2025, BCV customers waited 6.2 minutes to speak to an advisor –1.3 minutes less than in 2024. Also last year, customers waited 3.8 minutes on average to see a teller, which was 0.3 minutes less than in 2024. Those strong numbers translated directly into our customer satisfaction score, which came in at 3.7 out of 4 – higher than our 2024 score of 3.6 out of 4.

We aim to provide the same high standard of service to customers who choose to contact us by phone. Our long-term target is to achieve a call answer rate in excess of 90% across the Bank, including at our call centers. Unlike in 2024, when our answer rate came in slightly below target at 88%, we exceeded our target last year with a rate of 92.6%, despite little change in overall call volumes (2.9% fewer calls in 2025 than in 2024).

Our online and mobile banking platform continues to grow in popularity. Service uptime across our digital services again exceeded 99% last year. Our customers particularly like BCV Mobile, which is the fourth highest-rated banking app in Switzerland, with a score of 4.6 out of 5 in the App Store. We regularly review and refine our approach to protecting our customers against a rising tide of increasingly sophisticated fraud attacks. As well as fine-tuning our fraud detection systems (more information can be found starting on page 49), we are working hard to keep customers informed, including through warning messages that appear when they log in to our online banking system.

In addition, around 5.5 million withdrawals were made from BCV ATMs in 2025. Service uptime for our ATMs was 99%, in line with the 2024 figure).

Net Promoter Score

At BCV, we regularly check in with customers to gauge their satisfaction. One metric we track is our Net Promoter Score (NPS), which tells us how likely our customers are to recommend our Bank. In 2025, our NPS was +37 on a scale that ranges from −100 to +100. This score shows that customers are satisfied with our customer service and continue to place their trust in us.

Service quality
	2021	2022	2023	2024	2025
Net Promoter Score (NPS)	+32	+33	+38	+40	+37

Responsible investing

Proprietary assets

We do not have a proprietary trading business, have a portfolio of shareholdings, or acquire stakes in companies that are unrelated to our activities. The only proprietary assets we hold are those needed to meet our regulatory requirements as a bank, as well as a small number of assets in connection with our historical role in Vaud Canton’s economy. These assets include:

financial investments held primarily to build up our liquidity reserves, which are made up of investment-grade bonds authorized by the Swiss National Bank, such as:
bonds issued by Swiss mortgage-bond institutions
bonds issued by other European mortgage-bond institutions
bonds issued by local governments, multilateral institutions, fully state-owned enterprises, and companies

shareholdings in companies directly related to our activities, such as SIX and TWINT
small shareholdings in companies with a historical link to Vaud Canton or the Bank.

More information about our proprietary assets can be found in our 2025 annual report (on pages 142 and 143).

Greenhouse gas (GHG) emissions associated with our proprietary assets

Bonds issued by Swiss mortgage-bond institutions are the Bank’s biggest category of proprietary assets by volume, amounting to CHF 4.421bn in 2025 (versus CHF 3.806bn in 2024). The scope 1 and 2 GHG emissions¹ associated with these bonds are negligible, as indicated in the table on the following page, because the emissions of the buildings underlying the mortgages are accounted for in the scope 3 emissions of the central mortgage-bond institutions. The scope 3 carbon intensity of these bonds was broadly stable in 2025, at 11.47 metric tons of CO₂ equivalent (tCO₂e) per CHF million invested (versus 11.97 tCO₂e per CHF million invested in 2024).

While sovereign debt makes up a small percentage of the Bank’s proprietary assets by value (CHF 371m in 2025 and CHF 237m in 2024), the absolute emissions associated with this category amounted to 32,601 tCO₂e in 2025 (versus 15,968 tCO₂e in 2024).This results in a carbon intensity of 87.83 tCO₂e per CHF million invested in 2025, an increase from 2024 (67.4 tCO₂e per CHF million invested). These figures are not readily comparable with those for other asset classes because sovereign debt is subject to a specific methodology for GHG emissions accounting. As a result, these emissions are not included in the table below and are reported separately here.²

The absolute emissions shown in table 305-3 consist primarily of scope 3 emissions, which were up 17% in 2025. However, the scope 3 carbon intensity is largely unchanged (18.50 tCO₂e per CHF million invested in 2025, versus 18.09 tCO₂e per CHF million invested in 2024). The increase in scope 3 absolute emissions mainly reflects growth in our portfolio as a result of decisions we made in managing our liquidity reserves.

We do not set climate targets for our proprietary assets, mainly because we have very little leeway in their selection. This portfolio is not held to generate income for the Bank. Instead, it is held in order to meet our regulatory requirements for liquidity reserves and collateral provision, for which strict criteria are set by the Swiss National Bank for repo transactions and by financial markets for collateralizations.

However, we have set climate targets for our asset management business (starting on page 67) and mortgage lending business (starting on page 89), which represent much larger asset categories for the Bank and for which we have greater scope to take action.

¹ These emissions were calculated based on MSCI data. There is currently no PCAF-recognized method for calculating the GHG emissions associated with mortgage bonds.

² The GHG emissions of countries are not assigned a scope but are calculated based on production and consumption figures. More information on the method used to calculate these emissions is given on page 137.

Scope of proprietary assets included in GHG emissions calculation (in CHF millions)
	2022	2023	2024	2025
Total proprietary assets	4,898	5,222	6,319	7,682

Excluded from GHG emissions calculation:
– Shareholdings¹	–216	–216	–216	–217
– Other²	–1,142	–1,101	–1,516	–2,115

Included in GHG emissions calculation:

– Assets in PCAF asset class "Listed Equity and Corporate Bonds" (see Table 305-3 below)	3,302	3,693	4,350	4,979

– Sovereign debt (see section above)	239	212	237	371

1 Shareholdings are not included in the scope of calculation because they account for only a small portion of the Bank's proprietary assets, and because emissions data is not available for most of the shareholdings. The values given are based on the carrying value for this asset class. 2 The "Other" category comprises bonds issued by local governments, multilateral institutions, and fully state-owned enterprises. Not enough data is currently available to calculate these issuers' carbon intensity.

305-3 GHG emissions associated with proprietary assets for PCAF asset class “Listed Equity and Corporate Bonds"
	Volume (in CHF millions)	Proportion included in calculation	Scope 1 and 2 absolute emissions (tCO₂e)	Scope 3 absolute emissions (tCO₂e)	Scope 1 and 2 carbon intensity (tCO₂e/ CHF million invested)	Scope 3 carbon intensity (tCO₂e/ CHF million invested)	Scope 1 and 2 PCAF quality score¹	Scope 3 PCAF quality score¹
Swiss mort- gage-bond institutions²	4,421	100	28	50,713	0.01	11.47	3.2	3.2
Other issuers³	557	81	5,129	39,481	11.3	86.97	2	2.5
2025 total	4,979	98	5,157	90,195	1.04	18.5
2024 total	4,350	98	6,980	76,991	1.64	18.09
2023 total	3,693	98	8,015	76,667	2.22	21.25
2022 total	3,302	97	7,691	54,878	2.4	17.1

1The PCAF quality score ranges from 1 (highest quality data) to 5 (rough estimates). Scores close to 1 indicate that reliable data was provided by the issuers.

2This category comprises bonds issued by the Mortgage-Bond Bank of Swiss Mortgage Institutions and the Central Mortgage-Bond Institution of Swiss Cantonal Banks.

3This category comprises bonds issued by other European mortgage-bond institutions and corporate bonds.

Managing our clients’ assets

We aim to offer our clients a wide range of responsible investment solutions in line with best market practice while generating competitive returns over the long term.

To best serve the interests of our clients, we consider it our fiduciary duty to incorporate socially responsible investing (SRI) approaches into our investment policy. These approaches include the integration of environmental, social, and governance (ESG) criteria, positive screening, best-in-class selection, active ownership, and negative screening.

We steer our clients toward investments that incorporate ESG criteria and endeavor to bring portfolios into line with the goals of the Paris Agreement, the Swiss federal government, and the Vaud climate plan.

To avoid the risk of greenwashing, we place a premium on transparency, access to information, and training. We also ask our clients about their expectations in the area of SRI.

We have set specific climate targets (see page 67) and engage with the funds and companies we invest in on behalf of our clients, both through shareholder dialogue and by exercising our voting rights.

Partnership with the University of Lausanne

In 2019, we entered into a partnership with the University of Lausanne (Unil) to fund a research project on ESG investing.

In 2025, researchers from the Center for Risk Management (CRML) at Unil’s Faculty of Business and Economics (HEC) continued to investigate sustainability issues in the Swiss real-estate market. In an initial study published in March 2025,¹ they analyzed over 20,000 buildings in Switzerland and identified their sustainability characteristics. The researchers found significant regional differences and outlined solutions for putting the real-estate sector on the path to net zero by 2050. In a second study published in May 2025,² the researchers analyzed a new database of building permits to get a better grasp of how the energy transition is playing out in the Swiss real estate sector. At the same time, CRML experts continued to update and build out the PRESS scores³ and PRESS Index they had previously created. Those metrics are intended to help investors evaluate the ESG profiles of Swiss real estate vehicles and track their financial performance. At BCV, we use that data to assess ESG risks and opportunities in our real-estate investments.

With regard to equity investments, researchers at CRML have examined the challenges associated with net zero strategies.⁴ The research defined several approaches for building equity portfolios that follow an emissions reduction trajectory consistent with the target of net zero by 2025. The study also explored some of the challenges associated with recent EU regulatory developments in this area. In another paper,⁵ CRML experts studied the sovereign debt market, which accounts for a considerable portion of institutional investors’ portfolios, and investigated to what extent countries’ commitments to cutting GHG emissions, recently updated at COP30, can be used to construct sovereign bond portfolios consistent with the net zero by 2050 target.

Principles for Responsible Investment

We are a signatory to the United Nations-supported Principles for Responsible Investment (PRI), which have over 5,000 signatories from nearly 100 countries.

There were 344 new signatories in 2024 and 2025, and it is estimated that PRI signatories represented total assets under management of USD 139.6tn in 2025 (versus USD 128.4tn in 2024).

Being part of this knowledge community has enabled us to strengthen our SRI approach. Our 2025 PRI transparency report⁶ sets out our SRI ambitions and provides an overview of our SRI governance, our SRI approach, and the concrete measures we have taken to make our investment solutions more socially responsible. We improved our performance on several of the topics covered in the report questionnaire in 2025.

1 CRML, The Building Stock of Swiss Real Estate Investment Vehicles: Characteristics and ES Scores, March 2025

2 CRML, Retrofitting the Future: The Costs, Timelines, and Strategies Shaping Swiss Real Estate, May 2025

3 CRML, PRESS Scores (Public Real Estate Sustainability Switzerland).

4 Alessandrini, F., Jondeau, E. and Vallée L.-S., “Performance and challenges of net-zero strategies in the context of the EU regulation,” Green Finance, 2025, 7(3), p. 545-583

5 Alessandrini, F., Jondeau, E. et Vallée L.-S., “From Pledges to Portfolios: Integrating Countries’ Climate Commitments into Sovereign Bond Investments,” Swiss Finance Institute Research Paper, No. 25-22, February 2026

6 The public report is available on the PRI website.

BCV’s approach to responsible investing

ESG criteria

We use several core SRI approaches to incorporate sustainability factors into our investment selection and management processes: active ownership, ESG integration, best-in-class selection, positive screening, and negative screening. These approaches are applied to the various asset classes in BCV-managed investment solutions (i.e., Swiss and foreign equities, corporate and sovereign bonds, and indirect real estate). We also offer thematic investment solutions focused on companies that address environmental and social challenges.

Additional information can be found in our SRI Policy,¹ which describes our principles for incorporating ESG criteria into our investment solutions.

Climate targets for client investments

Our efforts to help reach Switzerland’s target of net-zero by 2050 also encompass our asset management activities. We believe our Bank has a role to play in driving the transition to a resilient, low-carbon economy, and are taking action where we can to achieve that goal. We aim to have 28% of the assets in our discretionary management solutions² and investment funds aligned with the net zero target.³ That will entail reducing the carbon footprint⁴ of those assets by 50% by 2030, 90% by 2040, and 100% by 2050, relative to 2022 levels.

Those reduction targets apply to the assets in our actively managed equity funds and our discretionary management agreements for indirect real estate.

These climate targets are designed to get us on a credible path to net zero, consistent with industry best practices and scientific research on climate change, and are based on the “Net Zero by 2050” scenario set out by the International Energy Agency (IEA). That scenario describes the trajectory needed to limit global warming to a maximum of 1.5°C and includes intermediate targets for 2030 and 2040.

We have set the net-zero-by-2050 objective for our discretionary management solutions and investment funds because those are products for which we make investment decisions directly, while adhering to the terms of the management agreements with our clients and to our investment policy for each product. We plan to gradually expand the scope of managed assets that are on the path to net zero by updating this objective at least every five years. That said, the measures we are taking to reach these targets (see section starting on page 67) extend beyond this scope; for example, they are applied in our full advisory service. The progress we have made on our climate targets is discussed on page 76.

Carbon intensities are calculated for scope 1 and 2 GHG emissions⁵ in two ways: for equity investments, in tCO2e per CHF million invested; and for indirect real estate, in kilograms of CO²e per square meter (kg CO²e/m²). While we believe it is important to include the scope 3 GHG emissions associated with client investments into the calculation of our climate targets, the data currently available for companies’ scope 3 emissions is not reliable enough to set long-term climate targets. As soon as high-quality data becomes widely available, we will study the possibility of setting climate targets that include a portion of scope 3 emissions where they are material. We will also work to improve the transparency of reported scope 3 emissions data (i.e., the breakdown by business sector and where they occur along the value chain – upstream or downstream).

In line with the climate targets discussed above, we engage with the funds and companies we invest in on behalf of our clients, through shareholder dialogue and by exercising our voting rights (see pages 70 and 71). In our view, this approach can be a major driver of positive change within society as a whole and encourage effective ESG risk management in the companies we invest in, consistent with our fiduciary duty. In addition, we are expanding our range of investment products, training our advisors on sustainability issues, and building awareness among our clients by asking them about their expectations regarding sustainability.

All these steps are geared towards supporting the transition to a low-carbon economy and not towards decarbonizing our investment portfolios independently of the broader economy.

Whether we achieve our climate targets depends largely on factors beyond BCV’s control. These include governments’ actions towards the goals of the Paris Agreement as well as the choices of our clients, as they are the ones who will decide how much weight should be given to sustainability issues in their portfolios. BCV is an asset manager, meaning we are bound by our fiduciary obligations and must act in our clients’ best interests, bearing in mind both their financial goals and ESG preferences.

The key climate figures and targets we report are calculated using internationally accepted standards and the available data. Changes to these standards or to the available data could affect our reported figures and targets.

¹ BCV, Socially Responsible Investment (SRI) Policy, January 2026

² Discretionary management solutions comprise asset management agreements for institutional and personal banking clients. They do not include full advisory, occasional advisory, or execution-only agreements.

³ According to the IEA’s Net Zero by 2050 scenario

⁴ Calculated for scope 1 and 2 emissions, in tCO2e/CHF million invested (for equities and bonds) and in kg CO2e/m2 (for indirect real estate investments)

⁵ Based on the scopes defined in the GHG Protocol

Our product ranges

We have one range of standard investment solutions and two ranges incorporating ESG criteria. Each product range is associated with different investment objectives in order to meet the varying expectations of investors.

The product ranges described below comply with the guidelines issued by the Swiss Bankers Association (SBA)¹ and Asset Management Association Switzerland (AMAS)² in 2022, which were still in effect in 2025.

Our standard range

Investment decisions are guided by financial objectives and criteria.

Our ESG range

Investment decisions are guided by financial objectives and criteria. We integrate ESG criteria in order to reduce ESG risks in pursuit of financial goals.

Our ESG Ambition range

Here, we apply the same approach as for the ESG range but go one step further by allocating a portion of the assets to investments that will help drive positive change in the economy, society, and the environment.

In particular, this range includes:

thematic investments in companies that offer solutions to social or environmental challenges. These themes are geared toward one or more of the 17 United Nations Sustainable Development Goals.
financial products that tend to generate positive change, such as those that actively promote good-faith shareholder dialogue.

In 2025, we reviewed the names and positioning of the investment products in our product ranges as part of our implementation of the latest versions of the SBA³ and AMAS⁴ guidelines issued in 2025 and 2024, respectively. The relevant changes will be made in 2026.

¹ SBA, Guidelines for the Financial Service Providers on the Integration of ESG-Preferences and ESG-Risks into Investment Advice and Portfolio Management, June 2022

² AMAS, Self-regulation on Transparency and Disclosure for Sustainability-Related Collective Assets, September 2022

³ SBA, Guidelines for the Financial Service Providers on the Integration of ESG-Preferences and ESG-Risks and the Prevention of Greenwashing in Investment Advice and Portfolio Management, December 2025

⁴ AMAS, Self-regulation on Transparency and Disclosure for Sustainability-Related Collective Assets, April 2024

Our SRI approaches and measures

Incorporating clients’ SRI expectations and issuing ESG reports

Since 2021, we have been integrating clients’ SRI expectations into all our processes for discretionary management and full and occasional advisory services for personal banking clients, in line with the SBA guidelines. This was extended to our discretionary management and full advisory services for institutional investors in 2024.

As part of this, we now incorporate our clients’ SRI expectations into their investor profiles, in addition to traditional financial objectives (for more details, see the “Responsible selling” section on pages 50 and 51). We also tailor our full advisory service to clients’ specific ESG requirements, for example by enabling them to exclude certain business activities or focus on sustainable development themes.

In 2024 and 2025, nearly half of our personal banking and institutional clients said they wanted to see ESG criteria integrated into their investments in order to improve ESG risk management in pursuit of financial goals. A small percentage of clients also expressed an interest in investment solutions that aim to make a positive difference in the economy, society, and the environment.

We check that portfolios are aligned with clients’ expectations in terms of ESG criteria, as well as with traditional financial criteria, by monitoring internally defined thresholds for their investment products and the SRI measures applied to their portfolios, including sustainable investment themes to focus on and business activities to rule out. For discretionary management agreements, our portfolio analyses and reports include information on how clients’ SRI expectations have been integrated into their portfolios. For BCV targeted funds, ESG reports are made available on the Gérifonds website.¹ These reports measure and disclose the funds’ ESG characteristics, particularly with regard to climate, using the most relevant metrics on the market today (such as the Swiss Climate Scores²).

When providing investment advice, our advisors inform their clients about our various investment solutions and guide them toward the option best suited to their ESG expectations. To this end, they are taking part in an ongoing training program on integrating ESG criteria into investment solutions. In 2022, all of our advisors completed training on SRI, the regulatory environment, and preventing greenwashing. In 2023 and 2024, our advisors leveraged this training with the help of various documentary aids for use during client meetings.

In 2025, all of our advisors completed a new training course on SRI, recent regulatory developments, and preventing greenwashing. This comprised a total of 19 training sessions (most of which were held in person) with over 250 employees trained and more than 700 training hours given, which served to consolidate our staff’s overall SRI knowledgeability. Other BCV teams involved in SRI will take this training in 2026.

Offering responsible investment products through our partnership with Ethos

In October 2020, we entered into a strategic partnership with Ethos with the aim of offering sustainable, responsible investment products and solutions to our institutional and personal banking clients. BCV Asset Management manages seven Ethos funds under this partnership, with Ethos serving in an advisory role. Ethos Services, the Foundation’s operational arm, is responsible for carrying out ESG analyses, exercising voting rights at shareholders’ meetings, and actively engaging in dialogue with investee companies. BCV’s Asset Management teams contribute their expertise in financial analysis and portfolio management to the partnership.

The Ethos funds have been incorporated into BCV’s fund offerings. We actively promote Ethos’s funds and include them in client portfolios under discretionary management agreements. These funds exclude securities in specific sectors and those linked to major controversies.³

They also take a best-in-class approach that draws on Ethos’s ESG⁴ and carbon⁵ ratings. For example, these criteria reduce the investment universe of the Ethos Equities Sustainable World ex CH fund by over 40% relative to the benchmark index.

In 2022, Ethos published its own climate strategy to support the global target of achieving net-zero GHG emissions by 2050. The strategy is applied to all Ethos equity funds, with the aim of reducing the funds’ carbon intensity in line with the target of limiting global warming to below 2.0°C and as close to 1.5°C as possible.

Applying Ethos’s ESG criteria also lowers these funds’ carbon footprint relative to their benchmark index.⁶ Using the weighted average carbon intensity (WACI) calculation method, the Ethos Swiss Sustainable Equities and the Ethos Equities Sustainable World ex CH funds have a carbon footprint that is around 70% lower than their respective benchmarks.

In 2024, Ethos and BCV launched the BCV Fund (Lux) – Ethos Climate ESG Ambition fund,⁷ which is managed by BCV. This fund joins two others in the range – Ethos Swiss Sustainable Equities and Ethos Equities Sustainable World ex-CH – that have been awarded FNG’s top label.⁸

Assets that are managed by the Bank and invested in products incorporating ESG criteria are included in the scope of BCV’s discretionary management solutions and investment funds, and are reported in the tables for GRI standard G4-FS11 (assets integrating ESG criteria) and 305-3 (GHG emissions associated with client investments) (starting on page 73).

¹ Gerifonds, Welcome to Gérifonds

² The Swiss Climate Scores establish best practices for transparency on the climate compatibility of investments.

³ Ethos, Exclusion Criteria, October 2022

⁴ Ethos, ESG Rating Methodology, December 2024

⁵ Ethos’s carbon ratings are used only for the equity funds.

⁶ Expressed in tCO2e per CHF million in revenues; covers scope 1 and 2 emissions as defined in the GHG Protocol

⁷ The BCV Fund (Lux) – Ethos Climate ESG Ambition fund was renamed as the BCV Ethos Climate fund in March 2026.

⁸ The independent FNG label was created by the Forum Nachhaltige Geldanlagen, an association specializing in SRI in Germany, Austria, and Switzerland. It is awarded to funds that meet quality standards for sustainable investments and pass an independent audit conducted by the University of Hamburg.

Active ownership at BCV

We aim to use active ownership as a major driver of positive change within society as a whole. As an asset manager with a long-term vision, we seek to promote a best-practice approach to active ownership through shareholder engagement and proxy voting.

Regarding engagement, we have adopted a number of approaches. We joined Climate Action 100+ in 2023, working with other investors to encourage the world’s biggest GHG emitters to do more to tackle climate change.

Since we subscribed to Ethos’s engagement services in 2024, we have been engaging indirectly with the Swiss and foreign companies in our investment funds and discretionary management portfolios. Ethos carries out long-term, constructive dialogue with companies to encourage them to improve their ESG practices. This dialogue covers topics including climate change and biodiversity impacts, corporate governance, working conditions, respect for human rights, and ESG reporting. In 2025, for the first time, we published a report on Ethos’s engagement activities conducted in 2024.¹ We have engaged indirectly with a total of 217 companies through Ethos’s services.

We have also started our process of engaging directly with companies in the asset classes where we can exert an influence (e.g., indirect Swiss real estate). In late 2025, we engaged directly with five Swiss real estate foundations held in our discretionary management portfolios in order to help them continuously improve their ESG practices.

More information on our active ownership approach can be found in our shareholder engagement policy.²

Regarding proxy voting, we apply guidelines on how to vote at the annual general meetings (AGMs) of companies whose stocks are held by our investment funds. These guidelines, which are based on ESG best practices, set out a systematic process and draw on the recommendations of Ethos Services. We also publish an annual summary of how we’ve exercised our voting rights.³ Our process applies to Swiss companies and non-Swiss companies in developed markets and is spelled out in a specific policy document.

In 2025, we voted on a total of 12,152 resolutions at the AGMs of 682 companies whose stock was held by our investment funds. In all, we voted against board recommendations on approximately 29% of resolutions.

2025 marked the second year in a row that BCV came in first place in the Voting for Sustainability global ranking⁴ published by Rezonanz. The ranking covers 404 asset managers and pension funds. Rezonanz evaluates these institutional investors on their proxy voting records based on the recommendations of Ethos, the Institutional Investors Group on Climate Change (IIGCC), ShareAction, Pensions & Investment Research Consultants Ltd (PIRC), Majority Action, and The Shareholder Commons.

¹ Ethos, Shareholder Engagement Services: Activities in 2024, (in French) available on the BCV website.

² BCV, Engagement policy for client asset management, February 2025

³ BCV, Exercise of Voting Rights – Report 2024, July 2025.

⁴ Rezonanz, Voting for Sustainability

Responsible investing for our personal banking clients

As discussed above, we integrate ESG risks and SRI preferences into all of our discretionary management services and full and occasional advisory services for personal banking clients. Our investment solutions are managed through an open-architecture approach, which means that clients have access to a broad range of both in-house and third-party products incorporating ESG criteria, as well as thematic products designed to address environmental and social issues. ESG criteria are a key component of our product selection process, as shown in the diagram on the following page, and since 2019 we have systematically evaluated products based on SRI factors. We do this by having fund promoters fill out a standardized questionnaire so that we can classify their products by level of ESG integration, based in particular on the SRI approaches they implement. This qualitative data we collect from fund managers and fund management companies is then substantiated by quantitative ESG checks based on data from independent providers. Dialogue with fund promoters therefore forms an integral part of our product selection and monitoring process. Our asset managers select products from the resulting investment universe for our discretionary management agreements and strategic funds, which are diversified solutions with positions across several asset classes. We also use that investment universe when building portfolios for clients with a full advisory agreement.

When building our strategic funds, we prioritize underlying investment products that use several SRI approaches. Since 2021, all of our Swiss-registered strategic funds for personal banking clients have integrated ESG risk analyses into the process for selecting the underlying funds. When two or more investment products have similar financial characteristics, we give preference to those that use SRI approaches. The rules for integrating ESG criteria are described in the corresponding fund agreements.

The strategic funds in the ESG Ambition range enable personal banking clients to invest in products that use SRI approaches and that allocate at least 25% of their assets to thematic products. The thematic component includes equity and bond investments – such as green bonds and social bonds – in companies that provide solutions to the challenges of sustainable development. The strategic funds in this range apply the same fee schedule as the equivalent ESG fund.

Outlook for 2026

In 2026, we will continue to build out and strengthen our approach. Our main projects are to:

track and steer progress on our climate targets for client investments and run analyses to improve the transparency of scope 3 emissions data (e.g., sector breakdowns, upstream vs. downstream)
finalize implementation of the updated self-regulation guidelines issued by AMAS1 and the updated SBA guidelines against greenwashing2 within the transitional period deadlines, for example by reviewing fund agreements
run analyses to support the development of additional investment solutions geared towards the environment
continue to offer the SRI training we began last year on new product ranges and preventing greenwashing, expanding the scope to other BCV teams involved in SRI
publish an annual report on our active ownership activities that covers both engagement and proxy voting.

1 AMAS, Self-regulation on Transparency and Disclosure for Sustainability-Related Collective Assets of 29 April 2024, version 2.2, September 2025

2 SBA, Guidelines for the Financial Service Providers on the Integration of ESG-Preferences and ESG-Risks and the Prevention of Greenwashing in Investment Advice and Portfolio Management, May 2024

Key indicators and comments

Incorporating ESG criteria

In 2025, 75% of assets under discretionary management and in BCV investment funds integrated ESG criteria in order to manage ESG risks in pursuit of financial goals (versus 70% in 2024). The table below provides more detail on that figure.

We used the same method to categorize assets as in 2024. This method is described on page 151, in the “Basis of preparation” appendix. However, the data sources were changed in 2025 in order to automate the categorization process.

Since 2021, 100% of the assets managed through our strategic funds for personal banking clients have integrated ESG criteria in order to improve ESG risk management in pursuit of financial goals. We apply product-selection criteria to the discretionary management agreements and strategic funds for personal banking clients (products shown in the table below). These criteria are described on pages 71 and 72.

In 2025, we updated the management rules for BCV Pension funds to officially include the integration of ESG criteria to manage ESG risks in pursuit of financial goals. As a result, the figures for those funds are higher in 2025 relative to 2024.

G4-FS11 Breakdown of ESG products in BCV’s discretionary management solutions1 and investment funds
		Figures at 31 December
		2023		2024		2025
		Total assets (in CHF millions)	Proportion of ESG products	Total assets (in CHF millions)	Proportion of ESG products	Total assets (in CHF millions)	Proportion of ESG products
Investment funds	Strategic funds	2,392	100%	2,413	100%	2,401	100%
	BCV Pension funds	1,285	2%	1,747	2%	2,173	100%
	Targeted funds	8,899	67%	10,724	69%	12,317	67%
Discretionary agreements	Institutional clients	12,871	n/a	14,236	67%	15,295	68%
Discretionary agreements	Personal banking clients	2,947	92%	3,656	96%	4,184	95%
1 Discretionary management solutions comprise asset management agreements for institutional and personal banking clients. They do not include full advisory, occasional advisory, or execution-only agreements or the investment certificates given in the table on page 74.

Our ESG Ambition range aims to meet the needs of clients who are highly attuned to environmental and social issues. The assets under management of the ESG Ambition range have grown steadily since the product range was introduced in 2020 (see table below).

G4-FS11 Total assets in BCV ESG Ambition products
Figures at 31 December (in CHF thousands)	2021	2022	2023	2024	2025
Strategic funds	184,718	173,301	183,848	210,318	213,975
Discretionary management agreements	20,207	44,637	57,477	85,276	93,417
Certificates	49,709	39,807	39,365	35,453	30,991
Total	254,634	257,745	280,690	331,047	338,382

GHG emissions associated with client investments

Since 2024, we have been completing assessments of the GHG emissions associated with our clients’ investment portfolios.

We have decided to use the standard issued by the Partnership for Carbon Accounting Financials (PCAF), which we joined in 2022, so that our data can be compared with data from other financial institutions.

The assets included in the GHG emissions calculation consist of those in our discretionary management solutions and investment funds, less any double-counted assets, cash holdings, and alternative investments (commodities and hedge funds) (see table below). The method we used is described on page 148, in the “Basis of preparation” appendix.

Scope of assets included in GHG emissions calculation (in CHF millions)
	2022	2023	2024	2025
Total value of discretionary management solutions and investment funds	25,983	28,348	32,707	36,370
– Double-counted assets1	–5,566	–6,582	–8,373	–9,170
– Cash holdings	–1,508	–731	–680	–1,182
– Alternative investments	–955	–953	–831	–1,349
– Other2	–615	–638	–797	–566
Included in GHG emissions calculation:
– PCAF asset class "Listed Equity and Corporate Bonds" (see table 305-3 opposite)	16,134	17,985	20,332	22,087
– Sovereign debt (reported separately below)	1,206	1,457	1,694	2,015
1 Double-counted assets are assets in BCV targeted funds that are invested in multi-asset funds or discretionary management agreements. 2 The "Other" category comprises bonds issued by local governments, multilateral institutions, and fully state-owned enterprises. Not enough data is currently available to calculate these issuers' carbon intensity.

The absolute GHG emissions associated with sovereign debt totaled 390,111 tCO₂e in 2025, and CHF 2.015bn was invested in this asset class (versus 288,720 tCO₂e and CHF 1.694bn invested in 2024). That amounts to a carbon intensity of 193.6 tCO₂e per CHF million invested in 2025, versus 170.5 in 2024. These figures are not easily comparable with those for other asset classes because sovereign debt is subject to a specific methodology for emissions accounting. As a result, these emissions are not included in the table below and are reported separately.¹

The scope 1 and 2 carbon intensity (in tCO₂e per CHF million invested) for the sum of equity and corporate bonds, mortgage bonds, indirect real estate, and third-party funds (see the “total” lines in the table below) was unchanged from 2024.

The physical intensity of indirect real estate investments (in kg CO₂e/m²) was 13.8 in 2025, down by around 5% from 14.4 in 2024.

Scope 3 absolute emissions associated with client investments in equities and corporate bonds rose from 2.7m tCO₂e in 2024 to 4.4m tCO₂e in 2025, owing to changes in the amount of data available. More and more companies are reporting their GHG emissions every year, and many companies are expanding the scope of assets included in their calculation, especially with regard to scope 3 GHG emissions.

305-3 GHG emissions associated with client investments² for PCAF asset class “Listed Equity and Corporate Bonds”³
	Volume (in CHF millions)	Proportion of assets in scope	Scope 1 and 2 absolute emissions (tCO₂e)	Scope 3 absolute emissions (tCO₂e)	Scope 1 and 2 carbon intensity (tCO₂e/ CHF million invested)	Scope 3 carbon intensity (tCO₂e/ CHF million invested)	Scope 1 and 2 PCAF data quality score⁴	Scope 3 PCAF data quality score⁴
Equity and corporate bonds	8,347	95	226,648	4,362,063	28.58	550.29	1.5	2.2
Mortgage bonds	1,117	100	6	12,817	0.01	11.47	2.9	2.9
Indirect real estate	7,901	95	24,372		3.25
Third-party funds⁵	4,721	98	165,524	1,053,740	35.91	228.6
2025 total	22,087	96	416,550		19.69
2024 total	20,332	94	364,681		19.06
2023 total	17,985	93	366,526		21.89
2022 total	16,134	93	407,183		27.26

1The GHG emissions of a given country are not assigned a scope but are calculated based on production and consumption figures. More information on the method used to calculate these emissions is given on page 148.

2In line with the PCAF reporting standards and the GHG Protocol Corporate Standard, BCV will recalculate its GHG emissions whenever a significant change in methodology occurs. The Bank has set the significance threshold that triggers these recalculations at a ±10% difference between the previously published figure and the recalculated figure.

3Annual GHG emissions associated with client investments are calculated using the most recent data available for the investee entities and vehicles. As a result, most of the GHG emissions figures given in the above table were calculated using data for years prior to 2025.

4The PCAF data quality score ranges from 1 (highest quality data) to 5 (rough estimates). Scores close to 1 indicate that reliable data were provided by the issuers.

5Third-party funds can be composed of several asset classes and are reported separately in the above table because only fund-level data on GHG emissions is available, with no breakdown by underlying asset.

The two graphs below show:

The carbon intensities (in tCO₂e per CHF million invested) of equity portfolios (several actively managed equity funds) that fall within the scope of our climate targets. These intensities are represented by the green line on the top graph.
The physical intensities (in kg CO₂e/m²) of indirect real estate assets that fall within the scope of our climate targets. These intensities are represented by the green line on the bottom graph.
The targeted emission-reduction trajectories (given by the black triangles on both graphs) based on the IEA’s “Net Zero by 2050” scenario. The baselines for these trajectories are the carbon intensity (for equity investments) and the physical intensity (for indirect real estate) of the benchmark indices for the corresponding portfolios in 2022 (respectively 50.03 tCO₂e per CHF million invested and 18.35 kg CO₂e/m²). That choice of baseline was made to avoid selection bias, since benchmark indices provide baseline figures that are independent from the investment decisions made for these portfolios.

We reached our 2030 target for the carbon intensity of equity portfolios in 2024. We intend to continue our reduction efforts over the long term, as carbon intensities can vary significantly depending on the investment decisions made for actively managed portfolios and changes in the data available. For indirect real estate, physical intensity is declining in line with the targeted trajectory to reach our climate objectives.

Carbon intensity of equity portfolios (scope 1 and 2), and reduction targets

Physical intensity of indirect real estate portfolios (scope 1 and 2), and reduction targets

Physical gold

When sourcing physical gold, the Group’s banks comply with the Swiss Federal Ordinance on Due Diligence and Transparency in relation to Minerals and Metals from Conflict-Affected Areas and Child Labour.¹

They use only suppliers that have their registered office in Switzerland and participate in the London Bullion Market Association’s Responsible Sourcing Programme. In line with the OECD due diligence framework,² participants must demonstrate their efforts to safeguard the environment and combat money laundering, the financing of terrorism, and human rights abuses.

In addition, the physical gold products available at BCV’s counters and through the BCV Physical Gold ESG fund have been labeled and traceable since 2022.

For the BCV Physical Gold ESG fund, we apply ESG criteria in the investment process and carefully select the suppliers we work with along the entire value chain, ensuring transparency in how our gold is sourced. Concretely, the fund features two types of gold: traceable industrial gold (BCV traceable gold) and certified artisanal gold (PX Impact gold).

As for the physical gold available at our counters, our 1-, 5-, 10-, and 20-gram bars have been certified Fairtrade, a widely recognized, high-quality certification.

Our 50-, 100-, 250-, and 500-gram and 1-kilogram bars are offered in the form of BCV traceable gold, which comes from the large-scale mines selected using the same process as for the BCV Physical Gold ESG fund.

All of our gold offering is refined in Switzerland on separate production lines to ensure full transparency along the entire value chain, from the mine to the end customer.

BCV traceable gold

Traceable gold comes from a selection of mining companies handpicked by BCV on the basis of negative screening criteria and Ethos’s ESG ratings. If no Ethos rating is available, the company is assessed based on MSCI data.

PX Impact gold

This certification was created by PX PRECINOX, a gold refiner based in La Chaux-de-Fonds. Strict criteria are applied at each step of the supply chain. The company has also set up a program to fund projects that support artisanal mining communities.

Fairtrade gold

This certification was created by the Max Havelaar Foundation (Switzerland). It guarantees that gold from small-scale artisanal mines is mined and traded fairly and that the gold can be traced throughout the production process.

¹ Swiss Federal Council, Ordinance on Due Diligence and Transparency in relation to Minerals and Metals from Conflict-Affected Areas and Child Labour, 2022

² OECD, OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, April 2016

Piguet Galland

Piguet Galland’s (PGSA’s) approach to SRI is based on three principles:

transparency: doing what we said we’d do
measurability: basing our decisions on quantifiable environmental, social, and governance (ESG) data
materiality: integrating ESG criteria that are material with regard to performance, risks, and alignment with clients’ preferences.

PGSA applies the fundamental SRI approach of negative screening¹ to all its investment recommendations on equities and bonds, as well as to the investment funds it manages and selects.

As a responsible shareholder, it exercises its voting rights for Swiss companies whose stocks make up a significant portion of its investment fund portfolios. Voting decisions are made based on ESG criteria and using the recommendations of Ethos Services. In 2025, PGSA voted at 48 annual general meetings (43 in 2024).

PGSA views ESG risks as financial risks associated with ESG criteria that are likely to have a material impact on the value, performance, or reputation of an investment, company, or portfolio.

ESG classification²

ESG criteria are integrated into PGSA investment processes as follows. All financial instruments in the investment universe are classified into three categories, based on their ESG risk score and their impact score:

Agnostic: above-average exposure to ESG risks
Responsible: below-average exposure to ESG risks
Conviction: below-average exposure to ESG risks and a positive impact score

The Responsible and Conviction categories are comprised of instruments that integrate ESG criteria in order to manage ESG risks in pursuit of financial goals.

¹ Piguet Galland, Responsible Investment: Exclusionary Screening

² Details about the ESG integration method for each asset class are given in Piguet Galland’s Responsible Investment Policy.

Product ranges

PGSA uses an ESG assessment framework for its investment funds and certificates while providing full transparency on all holdings. This assessment results in an overall ESG risk score for each fund or certificate, which is then used to classify it in the Agnostic or Responsible range. If a fund or certificate’s investment objective aim to make a positive change in the economy, society, or the environment, then it is classified in the Conviction range.

PGSA’s discretionary management agreements are likewise classified into three product ranges, each with a clearly defined approach designed to meet different client preferences on SRI.

Agnostic range

Investment decisions are guided entirely by financial objectives. ESG criteria are not systematically integrated into the investment process. However, negative screening is applied.

Responsible range

Investment decisions are guided mainly by financial objectives. Negative screening and ESG integration are used to reduce ESG risks in pursuit of financial goals. ESG criteria are systematically integrated based on an analysis of the underlying assets in order to build portfolios in which at least 75% of the underlying assets have a lower-than-average ESG risk score.

Conviction range

The same approach is used as for the Responsible range, with the additional requirement that at least one-third of the portfolio be allocated to investments geared towards environmental or social issues.

Key indicators and comments

Incorporating ESG criteria

In 2025, 82% of assets under discretionary management and in PGSA investment funds (strategic funds, Pension funds, targeted funds, and certificates) incorporated ESG criteria in order to manage ESG risks in pursuit of financial goals (i.e., these assets were in the Responsible and Conviction ranges). A breakdown of these assets is given in the table below.

100% of PGSA’s strategic funds and Pension funds were in the Responsible and Conviction ranges. Most of its targeted funds were also in one of those two product ranges. The exceptions were certain strategies and asset classes, such as real estate, hedge funds, and other alternative investments where ESG integration is still limited at this point by the specific features of the asset class or a lack of available data.

For 2026, PGSA aims to increase the percentage of assets under discretionary management that incorporate ESG criteria in order to manage ESG risks in pursuit of financial goals.

Some of the certificates included in the figures in the first table below target responsible investment themes and are given in the second table. These are the Helv-Ethic, Women Empowerment, and Climate Action certificates, which focus on pioneering Swiss companies in the area of governance, companies aiming to maximize the full potential of women in the economy, and companies making notable contributions to limiting climate change, respectively.

G4-FS11 Breakdown of ESG products in Piguet Galland’s discretionary management agreements1 and investment funds
		Figures at 31 December 2025
		Total assets (in CHF millions)	Proportion of ESG products
Funds	Strategic funds	47	100%
	Pension funds	196	100%
	Targeted funds and certificates	1,111	86%
Discretionary management agreements	Institutional clients	796	82%
Discretionary management agreements	Personal banking clients	1,351	76%
Total		3,502	82%
1 Discretionary management solutions comprise asset management agreements for institutional and personal banking clients. They do not include full advisory, occasional advisory, or execution-only agreements

G4-FS11 Certificates with responsible investing themes managed by Piguet Galland
Figures at 31 December (in CHF thousands)	2022	2023	2024	2025
Volume of products with responsible investing themes	57,754	55,119	55,894	58,456

GHG emissions associated with client investments

PGSA reported its GHG emissions associated with client investments for the first time in 2025, as part of its efforts to improve transparency on sustainability at the bank.

The GHG emissions were calculated according to the PCAF standard and using the same approach as that of the parent company, so that PGSA’s data can be compared with that of other financial institutions.

The assets included in the GHG emissions calculation consist of those in discretionary management solutions and PGSA investment funds (strategic funds, Pension funds, targeted funds, and certificates) less any double-counted assets, cash holdings, and some alternative investments (see table below).

Scope of assets included in GHG emissions calculation (in CHF millions)
	2025
Total value of discretionary management agreements and investment funds	3,502
– Double-counted assets1	‒855
– Cash holdings	‒98
– Alternative investments2	‒324
– Other3	‒130
Included in GHG emissions calculation:
– Assets in PCAF asset class “Listed Equity and Corporate Bonds” (see table 305-3 below)	1,934
– Sovereign debt (reported separately below)	160
1 Double-counted assets are assets in Piguet Galland targeted funds that are invested in multi-asset funds or discretionary management agreements. 2 The “Alternative investments” category comprises commodities, indirect real-estate funds, and hedge funds for which GHG emissions data is currently unavailable. 3 The “Other” category includes bonds issued by local governments, multilateral institutions, and fully state-owned enterprises. Not enough data is currently available to calculate these issuers’ carbon intensity.

305-3 GHG emissions associated with Piguet Galland client investments for PCAF asset class “Listed Equity and Corporate Bonds”¹
	Volume (in CHF millions)	Proportion of assets in scope 1 and 2	Scope 1 and 2 absolute emissions (tCO₂e)	Scope 3 absolute emissions (tCO2e)	Scope 1 and 2 carbon intensity (tCO₂e/ CHF million invested)	Scope 3 carbon intensity (tCO₂e/ CHF million invested)	Scope 1 and 2 PCAF data quality score²	Scope 3 PCAF data quality score²
Equity and corporate bonds	1,362	98.1	60,724	690,958	45.4	516.9	1.4	2.2
Third-party funds³	572	94.9	25,983	169,138	46.8	311.6
2025 total	1,934	97.2	86,121	860,096	45.8	457.6

1GHG emissions associated with client investments are calculated using the most recent data available for the investee entities and vehicles. As a result, most of the GHG emissions figures given in the above table were calculated using data for years prior to 2025.

2The PCAF data quality score ranges from 1 (highest quality data) to 5 (rough estimates). Scores close to 1 indicate that reliable data was provided by the issuers.

3Third-party funds can be composed of several asset classes and are reported separately in the above table because only fund-level data on GHG emissions is available, with no breakdown by underlying asset.

In 2025, the absolute GHG emissions associated with sovereign debt totaled 30,022 tCO₂e in 2025 and CHF 160.2m was invested in this asset class, which amounts to a carbon intensity of 188.3 tCO₂e per CHF million invested. These figures are based on 99.5% (proportion included in calculation) of this asset class in scope.

These figures are not easily comparable with those for other asset classes because sovereign debt is subject to a specific methodology for GHG emissions accounting. As a result, these emissions are not included in the table on the previous page.

Fonds Immobilier Romand

The sustainability strategy defined by Fonds Immobilier Romand (FIR), which is managed and administered by GEP SA, is based on a transparent, responsible approach that involves measuring the energy consumption of the buildings in its portfolio. Having this data available for all of its properties enables FIR to report reliably and factually on its impacts. FIR’s sustainability strategy focuses on environmental sustainability, which today is one of real-estate owners’ greatest responsibilities.

FIR is actively working to help achieve Switzerland’s GHG emissions reduction targets for the buildings sector, as set out in Article 4 of the Climate and Innovation Act¹ (i.e., an 82% reduction by 2040 and a 100% reduction by 2050, compared with 1990 levels).

This entails phasing out fossil fuels completely from the heating systems installed in FIR properties. By 2050, scope 1 GHG emissions from heating should be zero, owing to the gradual replacement of fuel oil and natural gas heating systems. In 2025, FIR performed a more detailed assessment and ran models to examine how its renovation work and environmental measures are reducing the carbon intensity of its properties. It has also set the following targets to guide the net-zero transition of its building portfolio:

have non-fossil-fuel sources account for 50% of the heating of its total building surface area by 2035 and 100% by 2050
reduce the physical intensity of its buildings (in kg CO₂e/m²)² by 35% by 2035 and 100%³ by 2050, relative to 2024 levels.

Reaching this target will be possible only if public officials build the necessary infrastructure, in particular district heating systems, and introduce policies that encourage investment in energy-efficiency renovation.

FIR has modeled its zero-carbon strategy after the ROSEN approach adopted by the Swiss Federal Office for Energy (SFOE) to get the country on track to reach the 2050 targets for Swiss buildings.⁴ This approach is based on four objectives: reduction, optimization, substitution, and renewable energy. More information on FIR’s current and planned measures in this area, as well as the results of independent assessments of its ESG performance, can be found in the fund’s ESG report.⁵

In order to measure its progress toward these objectives, FIR tracks several indicators from year to year and reports on them in line with the transparency guidelines on environmental indicators for real-estate funds published by AMAS.⁶

Among the indicators tracked are the energy mix and GHG emissions of the buildings in FIR’s portfolio as well as the funds invested to address ESG issues. These indicators are discussed below.

¹ Swiss Federal Council, Swiss Federal Climate and Innovation Act (in French), September 2022

² Covers scopes 1 and 2

³ Target may be reached using carbon offsetting

⁴ SFOE, SFOE 2050 Targets for Swiss Buildings (in French), June 2023

⁵ FIR, 2024-2025 ESG report (in French)

⁶ AMAS, Real Estate Funds

Energy mix and GHG emissions

FIR categorizes the energy surface area of its buildings by heating source, based on the consolidated portfolio data provided by the firm contracted to monitor energy use in FIR properties. The heating sources fall into two main categories, shown in the table below. At 30 June 2025, 33% of the total energy surface area of FIR’s portfolio was heated with non-fossil-fuel energy sources.

The figures for table 305-3 were calculated by Signa-Terre SA using buildings’ actual energy consumption, which is measured based on the method developed by the Real Estate Investment Data Association (REIDA). For that reason, the data at 30 June 2025 is not yet available. More information on data reporting methods is given on page 148.

The 7% increase in GHG emissions in 2025 reflects a base effect. Owing to the geopolitical situation in the winter of 2022–2023 and the resulting disruption to the supply of natural gas, FIR implemented energy-saving measures recommended by the Swiss government, especially with regard to the heating of buildings, which ended the following year. The same trend can be seen in data published by other Swiss real estate funds.

Emissions from the combustion of fossil fuels, specifically fuel oil and natural gas (scope 1), currently account for 90% of the properties’ emissions; the remaining 10% are scope 2 emissions resulting from district heating and heat pumps.

G4-FS8 FIR’s energy mix
	30 June 20211	30 June 20221	30 June 20231	30 June 20241	30 June 2025
Fossil fuels (fuel oil, natural gas)	79%	77%	73%	71%	67%
District heating, heat pumps, wood pellets, electric heat	21%	23%	27%	29%	33%
1 The energy reference areas were reviewed in 2025, meaning the values for prior years in the above table have been restated relative to the 2024 sustainability report.

305-3 GHG emissions associated with FIR properties
	2023	2024	2025
Proportion of portfolio in scope	99.67	95.85	100
Scope 1 and 2 GHG emissions (tCO₂e)	8,514	7,425	7,958
Physical intensity (kg CO₂e/m²)²	21.87	19.19	20.12

1The figures for a given year correspond to the actual energy use and GHG emissions for the period from 1 July two years prior to 30 June the previous year.

2Covers scopes 1 and 2. The key components of the method used to calculate GHG emissions are given in the “Basis of preparation” appendix.

Physical intensity of FIR properties (scopes 1 and 2)¹, and reduction targets

¹ The figures for a given year correspond to the actual energy use and GHG emissions for the period from 1 July two years prior to 30 June the previous year.

² Target may be reached using carbon offsetting

ESG capital expenditures

To achieve its 2050 energy-mix target – 100% of surfaces heated using non-fossil-fuel energy sources – FIR has drawn up capex projections and is continuing to invest in energy-efficiency improvements and renewable energy. Between 1 July 2024 and 30 June 2025, FIR invested CHF 5.9m in energy-efficiency improvements and related renovations that make the property safer and more comfortable for occupants; this figure amounts to 7% of rental income.

G4-FS8 FIR’s ESG capital expenditures
Period1	2022	2023	2024	2025
Total ESG capex (in CHF millions)	3.6	8.4	5.3	5.9
As a percentage of rental income	5%	11%	7%	7%
1 The figures for a given year correspond to the investments made during the period from 1 July two years prior to 30 June the previous year.

BCV Group’s pension fund

SRI efforts undertaken by the BCV pension fund are overseen by the fund’s ten-member board, which consists of five employer representatives and five employee representatives. Pension board elections are held every four years.

The fund has a responsible investment charter that sets out its SRI policy. The charter states that the fund aims to fulfill its fiduciary and social responsibility by working toward a more just and sustainable society.

The fund’s non-real-estate assets are managed by BCV Asset Management, with the exception of private equity assets. This means that the fund’s assets are invested according to BCV’s SRI Policy.¹ The fund’s discretionary management agreement with BCV Asset Management includes the following SRI approaches: negative screening, ESG integration, best-in-class selection, annual general meeting voting, and shareholder engagement.

These SRI approaches are being implemented gradually across the fund’s portfolio. The fund’s holdings in stocks and bonds received an aggregate ESG rating of AA from MSCI ESG.

Since 2022, the fund has commissioned an outside firm to analyze the carbon footprint of the buildings that it owns directly. Energy-efficiency renovations are being carried out on its properties in line with the roadmap developed in 2024 based on the results of this assessment.

¹ BCV, Socially Responsible Investment (SRI) Policy, January 2026

Responsible lending

Our lending philosophy

Contributing to the economic development of our Canton while being guided by the principles of economically, socially, and environmentally sustainable development is at the heart of our corporate mandate. Vaud-based customers, businesses, and public-sector entities (e.g., municipalities, nursing homes, and schools) account for 78% of our total lending volumes. And by keeping our lending locally focused, we help maintain a wide array of jobs, skills, and services in our home region that are aligned with the needs and expectations of the community.

Managing credit risk is a strategically essential core competency at BCV. In this, we adhere to the highest standards of good governance in processing lending transactions:

We separate our customer-facing divisions, which are responsible for advising, selling, selecting, and pre-analyzing, from our credit management division, which is in charge of the other phases of the lending process, such as analysis, granting loans, arranging the financing, and monitoring credit limits.
Our lending activities are underpinned by a clear internal policy, which is approved by the Board of Directors, as well as by internal directives and credit-risk monitoring systems and processes.
Our lending and loan-renewal procedures are based on a detailed analysis of credit risk.
We carry out strict affordability checks to ensure our customers can keep up with loan payments in the medium to long term.
We set credit card limits according to the applicant’s financial circumstances.
Other than through our credit cards, we do not provide consumer loans or other unsecured loans directly to private individuals.
We continuously monitor outstanding loans, not just on an individual basis but also at the level of the loan portfolio as a whole. That approach allows us to monitor the credit-risk profile to ensure that it remains consistent with strategic objectives, and enables early detection of increases in risk.
We manage impaired loans separately from other loans, following clearly defined procedures that are designed to assist debtors in distress as much as possible and thereby protect the interests of the Bank, as well as those of our depositors, creditors, and shareholders.
Our approach to managing climate-related risks is fully aligned with our overall risk-assessment principles (more details can be found in the “Managing climate-related risk” appendix to this report, starting on page 132).
Our strategy is consistent with the commitments made by the Swiss government and the Vaud Cantonal Government to combat global warming.
We seek to do business with clients who demonstrate financial transparency and good environmental, social, and governance (ESG) practices. In particular, our lending criteria take into account internationally recognized human rights standards¹ and Swiss employment law,² which sets out the core protections extended to workers in Switzerland.

Mortgage loans

In line with our mission as Vaud’s cantonal bank, we provide mortgage loans to property owners across our region.³ In fact, we provide one in three mortgage loans in the Canton.

When assessing an application, we consider a range of environmental criteria.

The majority of our mortgage lending is focused in Vaud, which has:

a comprehensive legal framework with rules and requirements on energy efficiency, construction standards, land-use planning, and built-heritage conservation
climate⁴ and biodiversity⁵ action plans
a building permit process that gives interested parties the opportunity to express their views on any proposed new build or remodel, as well as on the associated social, environmental, and other impacts.

For every loan application we receive for a new build, we check that the owner has obtained a building permit, which signifies that the proposal meets criteria including the cantonal and municipal requirements on climate and environmental protection. We also look at a property’s condition, how it is heated, and whether or not it has solar panels, and we take this into account when assigning valuations to properties.

¹ United Nations, International Bill of Human Rights, 1966; International Labour Organization, ILO Declaration on Fundamental Principles and Rights at Work, 1998

² Swiss Federal Employment Act (EmpA) and its ordinances; Swiss Code of Obligations (CO)

³ Cantonal Act Governing the Organization of Banque Cantonale Vaudoise (LBCV) of 20 June 1995

⁴ Vaud Cantonal Government, Sustainability and Climate (in French)

⁵ Vaud Cantonal Government, Biodiversity Action Plan (in French)

Climate targets for mortgage lending

Our ambition is to play a major role in financing Vaud’s energy transition, and we are taking action wherever we can to support the shift toward a resilient, low-carbon economy, in line with Switzerland’s goal of reaching net-zero emissions by 2050.

As part of this, we aim to reduce the carbon footprint¹ of our residential mortgage portfolio at a pace consistent with the Swiss federal government’s pathway to a net-zero buildings sector by 2050.² That will entail a 99% reduction by 2050 versus 2022 levels, with interim reductions of 42% by 2030 and 87% by 2040.

In 2026, we intend to set targets for reducing the carbon footprint¹ of our non-residential mortgage portfolio.

With regard to our residential mortgage portfolio, in-house simulations show that broad changes are required for us to meet our ambitious targets: in particular, the share of properties undergoing building envelope renovations each year will need to increase and fossil-fuel heating systems will need to be replaced with renewable-energy alternatives at a faster pace. The Canton of Vaud’s draft energy law, which is set to come into effect in early 2027, includes measures designed to drive progress on this front.³ Switzerland’s recent abolition of the tax on notional rental value is expected to have a dampening effect on the renovation market.⁴ However, the implementation of tax incentives at the cantonal level for energy-efficiency renovations on owner-occupied properties could help spur this kind of work.

The Bank’s ability to achieve its targets depends to a large extent on the pace of the energy transition in Switzerland, and in Vaud Canton in particular. Reaching net-zero emissions by 2050 will require a fundamental transformation of the Swiss economy. To make that happen, federal, cantonal, and regulatory authorities will need to introduce rules and incentives to make sure that everyone – businesses, consumers, and homeowners alike – pulls together in the same direction.

Our greenhouse gas (GHG) emission intensities and climate targets are calculated using internal methods that meet internationally recognized standards and are based on available data. The reported figures and targets could be affected by changes in those standards or in the available data.

The decrease in physical intensity between 2022 and 2025 was driven largely by an improvement in the average energy-efficiency of the housing stock in our mortgage portfolio due to building envelope renovations and heating upgrades. With regard to heating, this trend reflected an increase in the share of BCV-financed residential properties heated by renewable sources (heat pumps, district heating networks, and wood-fired boilers), from 27% in 2022 to 29% in 2023, 33% in 2024 and 35% in 2025.⁵ A similar increase can be seen in the figures for Vaud Canton as a whole: the share of buildings with renewable-powered heating sources increased from 23% in 2022 to 25% in 2023 and 28% in 2024.⁶

The table below shows mortgage lending for properties with a physical intensity of less than 10 kg CO2e/m2. We use this figure as an internal threshold in order to determine and track the share of properties in our mortgage portfolio that meet high energy-efficiency standards. For the reasons discussed above, the share of those properties is increasing (up 43% between 2022 and 2025). Currently, one third of our mortgage portfolio relates to properties that meet high energy-efficiency standards (i.e., have a physical intensity of less than 10 kg CO2e/m2).

¹ Calculated for scope 1 and 2 emissions in kilograms of CO2-equivalent emissions per square meter (kg CO2e/m2)

² Swiss Federal Council, Switzerland’s Long-Term Climate Strategy, January 2021

³ Canton of Vaud, Energy Law (in French)

⁴ Swiss Federal Department of Finance, Changes to Residential Property Taxation (in French)

⁵ As a share of loan exposures

⁶ Swiss Federal Statistical Office, Buildings and Dwellings Statistics 2024

GHG emissions associated with mortgage loans

Physical intensity¹ of residential mortgage loans (owner-occupied and rental properties), and reduction targets

¹ For an overview of the method we use to calculate our GHG emissions, see the "Basis of preparation” appendix, starting on page 144.

Mortgage lending for properties with a physical intensity of less than 10 kg CO2e/m2
		2022	2023	2024	2025
Residential properties (owner-occupied and rental)	Lending (in CHF millions)	6,034	6,939	7,977	9,947
Residential properties (owner-occupied and rental)	Proportion of total residential lending (%)	24%	27%	29%	34%
Non-residential properties (own use and rental)	Lending (in CHF millions)	782	1,013	1,153	1,602
Non-residential properties (own use and rental)	Proportion of total non-residential lending (%)	17%	21%	21%	27%
All properties (residential and non-residential)	Lending (in CHF millions)	6,816	7,953	9,131	11,549
All properties (residential and non-residential)	Proportion of total lending (%)	23%	26%	28%	33%

305-3 GHG emissions associated with mortgage loans, by PCAF asset class and property type¹
PCAF asset class	Property type	Total on- balance-sheet lending (in CHF millions)	Proportion included in calculation	Scope 1 and 2 emissions (in tCO₂e)	Physical intensity (in kg CO₂e/m²)	PCAF data quality score²
Mortgages	Owner-occupied residential properties	16,309	100	74,851	28.3	3
Commercial real estate	Rental residential properties	12,435	97	84,009	22	3.1
Commercial real estate	Non-residential properties	5,536	97	68,782	22.7	3.4
2025 total		34,280	98	227,642	24	3.1
2024 total		32,956	98	233,860	26.2	3.2
2023 total		30,701	99	235,210	26.9	3.2
2022 total		29,309	98	232,345	27.9	3.2

1In line with the Partnership for Carbon Accounting Financials (PCAF) reporting standards and the GHG Protocol Corporate Standard, BCV will recalculate base year (2022) and previous years’ emissions whenever a significant change in methodology occurs. In 2022, the Bank set the significance threshold that triggers these recalculations at ±4 kg CO₂e/m².

2The PCAF data quality score ranges from 1 (highest data quality) to 5 (rough estimates).

Steps we’ve taken

In recent years, we’ve implemented a series of measures that have helped us make progress toward the climate targets described above, such as offering discounted-rate loans to fund green renovations. We provide information on energy issues to customers who are considering carrying out work of this kind, and we encourage them to obtain an energy audit of their property. We also actively train our employees to include this topic in the financing advice they provide to their clients. These initiatives are described more fully below.

Discounted-rate loans

In 2008, we introduced a Green Bonus offer¹ that gives customers a reduced interest rate if their mortgage loan is used to purchase environmentally friendly real estate or to renovate their property to exacting energy-efficiency standards. The features of the Green Bonus are currently as follows:

For real-estate purchases, the property in question must have an eco-rating of A on at least one of the three criteria of the CECB® certificate² and no score below B for the other criteria, or it must have Minergie-A or Minergie-P certification.
For renovations, at least 25% of the total investment (no less than CHF 20,000) must be used to make energy-saving improvements that qualify for municipal, cantonal, or federal subsidies, such as installing heat pumps, insulation, or solar panels, upgrading windows or doors, or renovating the roof.
Customers pay zero interest for the first 12 months of the loan.

All types of real estate are eligible for Green Bonus loans, including income-generating and commercial properties. Mortgage lending under the Green Bonus program has increased every year since 2021. It should be noted that renovation projects can also be financed outside the Green Bonus program; lending for such projects is not captured in the table above. A more representative picture of energy-efficiency trends in the Bank’s mortgage portfolio can be found in the table entitled “Mortgage lending for properties with a physical intensity of less than 10 kg CO2e/m2” on page 90 of this report.

1 BCV, Renovating Your Home or Other Property; BCV, Green Bonus

2 The Cantonal Building Energy Certificate is an eco-rating program recognized by all Swiss cantons.

G4-FS8 Mortgage lending under the Green Bonus program (in CHF millions)
	2021	2022	2023	2024	2025
Total	65.70	80.98	103.90	164.91	222.04

Customer support measures

We are also encouraging green renovations by making it easier for owners to obtain a CECB® Plus energy audit. The CECB® Plus audit is a CECB audit (i.e., Vaud’s cantonal energy certificate for buildings) with an additional report advising on energy renovations for the property concerned. It includes an energy-efficiency analysis of the building as well as a list of recommended improvements and their estimated costs. Customers receive a discount on any audit performed by a CECB-certified auditor, on top of any cantonal or municipal subsidies. We have subsidized 102 CECB® Plus audits since 2021.

We take a proactive approach with our customers on energy efficiency issues. We provide them with a guide on energy-efficient renovations,¹ and our advisors routinely address this topic in the mortgage advisory process when the property in question meets certain criteria. In 2025, we sent a special newsletter on energy-efficiency renovations to several thousand owners of properties that have not been renovated in at least 20 years. In addition, BCV’s mortgage lending experts were guest speakers at events organized by Vaud municipalities to help private homeowners learn about their renovation financing options.

The Bank has teamed up with Signa-Terre, a building energy management consultancy, to support real-estate professionals looking to renovate their properties. Our partner handles aspects such as project planning and assessing GHG emissions and renovation costs, while we bring to bear our expertise in financing this type of work. Our joint approach helps clients in this segment develop a comprehensive strategy for their real-estate portfolio and develop a long-term plan for renovation work underpinned by informed decision-making.

¹ BCV, Guide to Energy-Efficient Renovations (in French), March 2025

Advisor training

Since 2023, we have trained our banking advisors and credit analysts on energy-efficiency renovations and how this topic should be discussed with clients looking to take out a mortgage on a single-family home for use as a primary or secondary residence. In order to maintain a high level of expertise among our employees, since 2024 we have also offered a dedicated course on the energy efficiency of buildings and how this is closely linked to preserving the long-term value of real estate. Our approach fully aligns with the June 2022 guidelines issued by the Swiss Bankers Association (SBA), which require members to incorporate the topic of energy-efficiency renovations into the mortgage advisory process and to enhance advisor training in this regard.¹

1 Swiss Bankers Association, Guidelines for Mortgage Providers on the Promotion of Energy Efficiency, June 2022

Informing the public and raising awareness

In 2025, as part of our work to raise awareness about the benefits of energy-efficient renovations, we published press articles and social media posts on this subject, and our experts shared insights in the media (see pages 34 and 35 for more details). We also addressed the topic of the energy transition at Les Pros de l’Immobilier, our annual event attended by over 200 real-estate professionals, which last year focused on the Canton of Vaud’s draft energy law.

Lending to businesses

We provide financing to every sector of Vaud’s economy, in keeping with our mission as a cantonal bank.¹ The Bank’s corporate loan book reflects the economic structure of the Canton.

The breakdown of the Bank’s loans to SMEs and large corporates (i.e., excluding the real-estate professional and trade finance segments) by geographical zone is as follows:

Vaud Canton: 73% (74% in 2024)
Rest of Switzerland: 25% (24% in 2024)
Europe (excluding Switzerland) and North America: 2% (unchanged from 2024)
Other: 0% (1% in 2024)

As a matter of policy, BCV does not lend to organizations whose practices could harm its image or reputation. We are equally mindful of the social and environmental risks and impacts of the projects we finance. Our approach is inspired by the United Nations (UN) Guiding Principles on Business and Human Rights, by International Labour Organization (ILO) Conventions Nos. 138 and 182 on child labor, by the Swiss Federal Ordinance on Due Diligence and Transparency in relation to Minerals and Metals from Conflict-Affected Areas and Child Labour (DDTrO), and by applicable legislation in the Canton of Vaud.

To ensure our internal regulations are in step with the latest developments, we regularly revise our sector exclusion list to make sure we only finance projects that are consistent with our ethical principles and our CSR strategy, in light of identified risks. Any additions to this list require the explicit approval of BCV’s Board of Directors.

We also consider sustainability with regard to our counterparties. When considering a potential financing arrangement, we look at the structure, purpose, and size of the loan and review it against ESG metrics.

Environmental and social criteria, including respect for human rights, are fully embedded and documented in our credit analysis process, which includes a questionnaire on this topic tailored to the type of loan applicant, their sector or industry, and the purpose of the credit facility. All relevant information is made available to the individual or committee responsible for making the lending decision.

In 2022, we added a new module to our in-house lending training program explaining how we factor environmental and social criteria into our qualitative analysis process for corporate loans. This module is updated on a regular basis.

¹ Cantonal Act Governing the Organization of Banque Cantonale Vaudoise (LBCV) of 20 June 1995

Environment

In line with our sector exclusion policy, we do not finance projects relating to:

nuclear power plants
unsustainable fishing, logging, or agricultural activities
coal mines or coal-fired power plants
oil or gas extraction.

To help drive the energy transition, we offer discounted-rate loans and a range of support services to encourage businesses to lower their carbon footprint and use less energy. In addition, we have entered into a partnership with the PEIK energy-audit program run by SuisseEnergie, the Swiss federal government’s energy-efficiency and renewable energy initiative, with the goal of supporting SMEs in their energy transition. Corporate clients that carry out a PEIK audit receive a report setting out practical, targeted steps to reduce their energy use. Since 2023, BCV has contributed to the cost of these audits for more than 50 companies in Vaud Canton, including 17 last year.

On top of this, clients can take advantage of our Green Bonus capital expenditure loans, with zero interest for the first six months if certain conditions are met.

To help us actively promote this offer, all our corporate client-facing teams have completed a joint BCV-PEIK training program.

For larger corporate clients, the Bank also offers sustainability-linked loans, which are designed to encourage firms to align their financial objectives with sustainability targets.

GHG emissions associated with business loans

In 2025, we carried out our first assessment of the GHG emissions associated with our business loan portfolio. For comparability purposes, the figures are presented in line with the standard prepared by the Partnership for Carbon Accounting Financials (PCAF), to which the Bank has been a signatory since 2022.

The assets included in the GHG emissions calculation are those associated with non-collateralized business loans (i.e., excluding mortgages and trade finance).

In line with the PCAF methodology, GHG emissions associated with business loans are calculated based on the amount actually drawn down on credit facilities. However, drawdowns can change markedly from one year to the next. On top of this, a small number of carbon-intensive counterparties are responsible for a significant portion of the emissions associated with BCV’s business loan portfolio. Due to those factors, the volume of emissions attributable to the Bank may fluctuate significantly. This variability is an intrinsic trait of both the PCAF methodology and the structure of BCV’s loan portfolio.

At this stage, the Bank has decided not to set emission reduction targets for its business loan portfolio. Instead, we remain focused on our targets for mortgage loans, which account for the majority of our lending. As described in the “Mortgage loans” section of this chapter starting on page 88, we also provide financing to businesses in the form of mortgage loans (see table on page 91), for which we either have reduction targets in place (for residential mortgage loans) or are in the process of setting such targets (for non-residential mortgage loans). Much of the remaining exposure consists of loans to service-sector companies, which have a relatively low emissions intensity.

305-3 GHG emissions associated with the PCAF asset class “Business Loans,” by sector
Sector		Total on- balance-sheet lending (in CHF millions)	Proportion included in calculation	Scope 1 and 2 emissions (in tCO₂e)	Economic intensity (in tCO₂e/CHF million loaned)	PCAF data quality score¹
Sectors identified by the TCFD as carbon-related		492	98.6	110,239	224	3.8
	Materials and buildings	280	97.6%	60230	215	3.8
	Transportation	85	100%	16704	197	3.6
	Agriculture and food	73	99.8%	11666	160	3.9
	Energy	55	100%	21640	396	3.6
Other sectors		2,003	98.8	80,831	40	3.9
2025 total		2,495	98.8	191,069	77	3.9
2024 total		2,350	98.9	162,708	69	3.8
2023 total		2,223	98.3	281,264	127	3.8

1The PCAF data quality score ranges from 1 (highest data quality) to 5 (lowest data quality).

Society

Companies headquartered in Switzerland – which make up the vast majority of the companies we lend to – must comply with strict employment rules. Laws such as the Swiss Federal Employment Act and its ordinances, the Swiss Code of Obligations, and the Swiss Federal Act on Gender Equality require employers to:

foster a workplace environment that promotes workers’ physical health and mental well-being
treat men and women equally and ensure that women have the opportunity to progress to senior roles
avoid all forms of discrimination
maintain workers’ work-life balance by adhering to rules on working time and rest time
respect employees’ workplace entitlements.

As part of our negative screening policy, we decline to lend to:

firms that manufacture or deal in controversial weapons and munitions
companies in the pornography industry
organizations associated with violations of internationally recognized human rights standards¹
entities that breach Swiss employment law
gambling companies in other countries and unlicensed gambling operators in Switzerland.

¹ UN, International Bill of Human Rights, 1966; International Labour Organization, ILO Declaration on Fundamental Principles and Rights at Work, 1998

Governance

We systematically examine each counterparty’s governance arrangements as part of our credit analysis process. This review is based on the general principles of the Bank’s lending policy and on applicable directives for each client segment. BCV does not lend to organizations found to have engaged in active or passive corruption.

Trade finance

The Lake Geneva region is a global center for commodities trading and home to a large number of trading firms. In our trade finance business, we focus on certain key markets and monitor all of our trade finance transactions.

Our trade finance policy takes account of environmental and social factors; it is based on the UN Guiding Principles on Business and Human Rights,¹ International Labour Organization standards (i.e., Conventions Nos. 138 and 182 on child labor), and the requirements of the State Secretariat for Economic Affairs (i.e., the DDTrO).

Our policy is to only finance transactions in commodities for which we are thoroughly familiar with the processes, context, and stakeholders involved. Financed commodities are subject to a set of rules that take the associated materials’ environmental and social impacts into account. The rules are reviewed and approved annually by the Executive Board’s Credit Committee and provided to all trade finance employees.

Our current ESG assessment process aims to identify, evaluate, and manage the related risks and impacts. It covers the four key aspects of trade finance (client, commodity, country, and transaction type) and is designed to provide a comprehensive overview of the client and the transaction. Our relationship managers and credit analysts are responsible for rigorously following this process They document their ESG assessments in annual credit files, based on their knowledge and the information available to them. All lending decisions are made by the respective decision-making authority. Outstanding loans are continuously monitored, and we review our credit files at least once a year.

We have also put in place specific measures to reduce environmental risks and potential impacts. For example, we require that ships used to transport petroleum derivatives be double-hulled, no more than 20 years old, subject to regular maintenance, and, if owned or chartered by our client, covered by civil liability insurance. These points are clearly set out in our lending policy.

BCV does not finance transactions in crude oil, oil residues, or shale gas in its trade finance business.

1 UN, Guiding Principles on Business and Human Rights: Implementing the United Nations "Protect, Respect and Remedy" Framework, 2011

Reducing our exposure to coal in line with the Paris Agreement-compatible scenario

Under the Sustainable Development Scenario, global coal use needs to be reduced in order to meet the emissions target set out in the Paris Agreement. Since 2020, we have pursued a phase-down rate in line with that scenario, based on International Energy Agency (IEA) publications.¹

In 2020 and 2021, our target was to reduce exposure to coal by 4.5% per year, and since 2022 our aim has been to reduce it by 6.5% per year compared to 2021 targeted levels.

Starting in 2026, we will refine our targeted trajectory by making a distinction between thermal coal, which is used in electricity generation, and metallurgical coal, which is used in steelmaking, in line with the Paris Agreement-compatible NZE Scenario as defined by the IEA.² We have defined different reduction targets for the two types of coal that take into account differences in how they are used as well as the maturity of lower-pollution alternatives. This equates to a linear reduction of 6.5% per year for thermal coal and 3.3% per year for metallurgical coal relative to the 2021 targeted baseline.

For thermal coal, we finance transactions that only supply developing countries where coal is an affordable energy source that accounts for much of the energy mix, making it difficult for these countries to phase out coal in the short term.

In 2022 and 2023, despite a surge in global coal demand, we sharply decreased our coal exposure owing to the war in Ukraine and BCV’s stance in that regard.

In 2025, global coal demand grew an estimated 0.5% (versus around 1% in 2024), driven primarily by electricity generation.³ Although these figures represented a slowdown relative to 2022 and 2023 (4.7% and 2.4% growth, respectively), annual consumption still reached an all-time high.

Last year, BCV financed transactions that did not involve Eastern Europe while respecting our internal rules, particularly our limit on coal financing volumes. In 2025, those volumes remained below our target trajectory.

¹ IEA, World Energy Outlook 2024, October 2024

² The Net Zero Emissions by 2050 (NZE) scenario represents a pathway toward the goal of limiting global warming to 1.5°C.

³ IEA, Coal 2025: Analysis and Forecast to 2030, December 2025

Coal exposure of BCV’s trade finance business since 2019 (100% = 2019 volumes)

Commodities policy

Since 2020, we have been carrying out annual reviews of the social and environmental risks and impacts – actual and potential – of all commodities involved in the transactions we finance. We review the criteria for dealing in these commodities every year in light of market best practice.

For transactions involving certain commodities deemed sensitive in terms of their environmental or social risks or impacts, we require evidence that the commodities have been sustainably sourced or that nationally or internationally recognized due diligence policies and practices have been implemented. These conditions relate to the following commodities:

soy, depending on origin (e.g., Roundtable on Responsible Soy certification)
palm oil (e.g., International Sustainability & Carbon certification)
cobalt, depending on origin (e.g., the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High Risk Areas)
tin (e.g., the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High Risk Areas)
wood chips (e.g., Forest Stewardship Council certification)
bauxite, depending on origin (e.g., the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High Risk Areas, along with evidence that the mine complies with International Finance Corporation standards or has Aluminium Stewardship Initiative certification).

Since 2020, we have continually improved our monitoring of social and environmental risks and impacts across our entire trade finance business, both when each client’s credit limits come up for annual review and with respect to day-to-day transactions.

Training on environmental and social risks and impacts

To ensure that our policy is properly implemented, BCV employees involved with trade finance complete a training course to increase their awareness of social and environmental issues, particularly in relation to risk monitoring, documentation, and decision making processes.

All trade finance relationship managers and credit analysts have completed an online training session created by BCV, entitled “CSR and responsible lending.” The session aims to give them an overview of what CSR entails for a bank like BCV, particularly issues in lending and trade finance, and to explain BCV’s sustainability policies and processes for those activities.

To supplement this online training session, we have developed a workshop on assessing environmental and social risks and impacts in trade finance. It features case studies on CSR issues and how they affect day-to-day activities for our trade-finance employees. The take-up rate for the workshop is currently 100% (versus 99% in 2024).

Being a benchmark employer

BCV is one of Vaud’s leading employers. With one in every three people in the Canton’s banking sector working for us, we’re the number one provider of jobs in the industry, and no other bank in Vaud can match our staff’s collective breadth and depth of skills. Our dynamic human resources policy is crucial to both our mission and our strategy, and we encourage training both to help our employees grow their skill sets and to help prepare our future managers. We’re dedicated to creating workplace equality and promoting diversity, and we make the health and well-being of our people a priority.

At the heart of our human resources policy are BCV’s four core values: responsibility, performance, profes-sionalism, and close ties with our customers and the broader community. These same values, which are outlined on page 40 of this report, are also integral to the ethical principles underlying our Code of Professional Conduct. All new hires receive a copy of the Code, which is available on our website.1 It sets out the behavior that is expected of our company as a whole, its governing bodies, and each and every staff member. The principles contained in the Code are applicable to any action or decision taken by BCV Group employees in a professional context (more details can be found on page 40 of this report).

2-7 Employees
	2021	2022	2023	2024	2025
Total workforce (including trainees)	1,911	1,923	1,956	2,039	2,032
– Employees on permanent contracts	1,795	1,804	1,835	1,916	1,899
– Women (%)	42%	41%	41%	40%	40%
– Men (%)	58%	59%	59%	60%	60%
Employees working part-time	26%	25%	25%	25%	25%
– Women (%)	49%	46%	47%	45%	44%
– Men (%)	10%	10%	11%	11%	13%

Diversity and equal opportunity

The Compensation, Promotions and Appointments Committee oversees the Bank’s approach to diversity and equal opportunity. The Committee meets several times a year to make recommendations to the Board of Directors. The list of Committee members appears on page 90 of our 2025 Annual Report.

As set out in our Code of Professional Conduct, we aim to foster a working environment in which differences are respected and qualifications, skills, and achievements are valued. We are dedicated to creating a fair and diverse workplace with equal opportunities for all staff.

In terms of BCV’s gender balance, the Bank had 822 female employees (around 40% of the workforce) at the end of last year.

The number of women working at BCV, including in leadership and management positions, has risen over time. We are committed to promoting equal opportunity, including by increasing women’s representation at all levels of responsibility. We aim to have 25% of senior leadership positions held by women by 2030. In 2025, women held 20% of these positions, which include members of the Executive Board, senior managers, experts, and managers in charge of large teams (versus 18% in 2024).

We use key indicators to track women’s representation in the various business lines and levels of responsibility. These indicators are monitored by the Bank’s Executive Board and Board of Directors.

As part of our efforts in this area, we put a particular focus on gender balance in our trainee selection process.

Our “Rejoignez-nous” hiring campaign is aimed at people who are looking to return to work after a career break or who want to change direction and pursue a career in banking. The program once again attracted a high number of female applicants, with nine women taking part last year (versus eight in 2024). Participants joined one of three departments – Retail Banking, Asset Management Support, or Credit Analysis Support – according to their background and career aspirations, and in line with business needs.

The PLURI’elles network, an initiative led by some of the Bank’s female employees, was created in 2020 to foster women’s personal and professional development at BCV and help promote women’s careers at the Bank. The network is now well established within BCV and has become a key partner for women’s career advancement.

2025 was a milestone year for PLURI’elles, which marked five years since its inception. Over that time, the network has held a total of 44 events, which have drawn around 400 attendees each year. Aside from conventional talks and workshops, it has rolled out a new event format that sees staff members – men and women alike – talk openly and honestly about their personal experiences and the day-to-day realities of their roles. The varied and inspiring stories shared in these sessions bring diverse perspectives into view, helping to foster a workplace culture grounded in inclusion and performance.

Our corporate culture is enriched by our staff’s diverse range of experiences and educational backgrounds: 35% of our workforce completed an apprenticeship or high school, 45% graduated from university, and 16% have a vocational background. We also maintain a balanced age structure, with under-30s, 30-to-50-year-olds, and over-50s accounting for around 18%, 43%, and 39% of our employees, respectively (see table above).

BCV has eight employees (three women and five men) on hourly contracts (versus nine in 2024: four women and five men) plus 343 subcontractor personnel – mostly IT specialists – who work alongside our staff day to day (versus 307 in 2024).

405-1 Proportion of women in senior leadership

405-1 Diversity of governance bodies and employees, percentage of women
					2025
	2021	2022	2023	2024	Proportion	Number
Board of Directors	43%	43%	43%	43%	43%	3
Executive Board	0%	0%	0%	0%	13%	1
Managers (excluding Executive Board)	31%	31%	32%	31%	32%	453
Other employees	66%	64%	61%	61%	60%	365
Total workforce	42%	41%	41%	40%	40%	822

405-1 Diversity of governance bodies and employees, by age group
	2024			2025
	Under 30 years old	30–50 years old	Over 50 years old	Under 30 years old	30–50 years old	Over 50 years old
Board of Directors	–	–	100%	–	–	100%
Executive Board	–	–	100%	–	–	100%
Managers (excluding Executive Board)	4%	52%	44%	4%	50%	46%
Other employees	51%	28%	21%	51%	27%	21%
Total workforce	18%	44%	37%	18%	43%	39%

Focus on training

BCV is one of the Canton’s main providers of professional training. We have our own training center, which offers courses to full-time and part-time BCV employees, as well as to employees of other cantonal banks in French- and Italian-speaking Switzerland.¹

Our center focuses on skills development for all of the Bank’s staff. Customer advisors receive regular training, in particular to help them keep pace with constant changes in customer needs and the regulatory environment. In 2025, our training center delivered close to 6,800 days’ worth of training, including over 1,400 days of distance learning. On average last year, employees completed 3.4 days of training (versus 3.1 days in 2024).

We place a high priority on our employees’ ongoing professional development, whether through internal job training, certification from the Swiss Association for Quality (SAQ), or post-secondary qualifications from outside institutions.

We have adopted an advisor certification system used by several other banks that is in line with the ISO 17024 standard and recognized by SAQ (see box opposite for more details). A total of 24 client advisors received their certification last year (versus 17 in 2024), and 100% of our advisors are SAQ-certified. We will continue supporting new advisors who join our team as they work toward this certification.

The tenth edition of BCV’s Micro MBA program kicked off in March 2025 and will run through October 2026. A total of 23 people (8 women and 15 men – see chart on page 106) are taking part in this program, which focuses on developing interdisciplinary and project-management skills. The Micro MBA is run in conjunction with the former academic director of the University of Geneva’s Diploma of Advanced Studies in Entrepreneurial Leadership.

In addition, 17 BCV employees received post-secondary qualifications from outside institutions in 2025 with the Bank’s support.

Last year, we provided job training for 109 trainees (around 5% of our total workforce, unchanged from 2024): 42 apprentices, 35 high school graduates, 23 university interns, and 9 participants in our “Rejoignez-nous” training program (see page 103 for more details).

Apprentices, high school graduates, and university interns completed around six days of in-house training on average.

A third of all young people in Vaud who choose to get training in a bank as apprentices or high school graduates do so at BCV.

¹ The term “cantonal banks in French- and Italian-speaking Switzerland” covers the cantonal banks of Fribourg, Geneva, Jura, Neuchâtel, Ticino, Valais, and Vaud.

SAQ certification

The Swiss Association for Quality (SAQ) certificate attests that the holder has the expertise and knows the rules of conduct defined by the industry for the advisory profession.

Only professionals who are employed by a financial institution (bank or independent asset manager) and who have a client portfolio can take the SAQ examination.

In general, certifications make theoretical knowledge and practical skills visible, transparent, and internationally comparable. The SAQ Client Advisor Bank certification system was developed in close cooperation with the Swiss banking industry and is recommended by the Swiss Bankers Association to its members.

The certificate is valid indefinitely as long as holders continue to fulfill certain criteria. For instance, advisors must complete a set number of days of training each year and must be employed by a financial institution at the time of recertification.

1 BCV, BCV Group Code of Professional Conduct, December 2021

404-1 Average days of in-house training per employee per year
	2021	2022	2023	2024	2025
All employees	4.2	4.0	3.0	3.1	3.4

404-1 Average days of in-house training per year per employee, by gender and employee category
	Other employees						Managers
		2021	2022	2023	2024	2025	2021	2022	2023	2024	2025
Women		8.5	6.3	4.6	4.9	4.6	1.6	2.6	2.3	2.5	3.1
Men		12.8	7.4	5.2	4.9	5.0	1.9	2.5	2.1	2.3	2.6

404-2 Programs for upgrading employee skills

Work-life balance

As one of the Canton’s leading employers, we know how important it is for our more than 2,000 employees to be able to juggle the demands of work and family life. Encouraging work-life balance also makes good business sense, because it helps us attract and retain the talent we need going forward.

We have put in place a flexible policy so that BCV employees, including senior managers, may increase or reduce their hours as they progress through their career at the Bank. In 2025, as in the prior year, 25% of managers and 25% of other employees worked part-time. Additional measures to broaden our appeal as an employer have been in place since 2023. Staff can purchase additional days of leave, and part-time employees have the option of either taking extra days off to compensate for overtime hours worked or entering into an annualized hours arrangement, which involves spreading their contractually agreed-upon working hours unevenly across the year.

Other measures aim to help employees balance their personal and professional lives at different stages. For instance, employees aged 45 and over gain additional leave, and staff have the option to take their long-service bonus – awarded for 10, 20, 30, and 40 years’ service at BCV – as an extra month’s vacation time. And when they reach 58 years of age, employees can choose to take early retirement or, if they work full-time and if their line manager agrees, take partial retirement with a reduction of 20% or more in their working hours.

Women represented 35% of new hires at BCV last year (versus 37% in 2024). This figure reflects the makeup of our hiring pool: women accounted for around 36% of BCV job applicants, across all job categories, in 2025).

401-1 New employee hires,1 by gender and age group
	Total				2025
	2021	2022	2023	2024	Under 30 years old	30–50 years old	Over 50 years old	Total
Women	61	101	98	95	23	22	11	56
Men	120	135	150	160	43	45	16	104
Total	181	236	248	255	66	67	27	160
1 "New employee hires" are the number of employees who started working at BCV in a given year, irrespective of the date on which they signed their employment contract.

401-1 Employee turnover, by gender and age group
	Total				2025
	2021	2022	2023	2024	Under 30 years old	30–50 years old	Over 50 years old	Total
Women	8.5%	12.9%	9.3%	8.6%	14.0%	7.1%	4,3%	7.2%
Men	7.6%	7.2%	8.1%	7.1%	12.9%	9.0%	2,6%	6.8%
Total	8.0%	9.5%	8.6%	7.7%	13.4%	8.2%	3,2%	6.9%

Supporting working parents

In 2023, we significantly increased the amount of leave available to staff welcoming a new child into their family, extending the entitlement to:

22 weeks for women with fewer than five years of service
28 weeks beyond five years of service
30 weeks beyond 10 years of service.

Beyond the 14 weeks of legally mandated leave, female employees working 80% or more full-time equivalent can return to work parttime while continuing to receive maternity pay.

The Bank offers four weeks of fully paid parental leave to the newborn’s father or to the birth mother’s samesex spouse (under the previous arrangement, we offered two weeks of paternity leave).

BCV also offers leave for adoptive parents: the child’s primary caregiver receives the same entitlement as female employees taking maternity leave (without the option of extending the leave period by returning to work parttime), while the other parent is entitled to the same parental leave as fathers and same-sex spouses. We also offer our employees daycare services and have a total capacity of up to 37 children.

Working conditions

As an organization headquartered in Switzerland, BCV must comply with strict employment rules laid down in laws such as the Swiss Federal Employment Act (EmpA) and its ordinances, the Swiss Code of Obligations (CO), and the Swiss Federal Act on Gender Equality (GEA). We take our responsibilities as an employer seriously, aiming to:

foster a workplace environment that promotes employees’ physical health and mental well-being
treat men and women equally, and ensure women have the opportunity to progress to senior roles
avoid all forms of discrimination
maintain employees’ work-life balance by adhering to rules on working time and rest time
respect employees’ workplace entitlements.

At any point, the Bank can be inspected by the cantonal authorities to make sure its practices are compliant with Swiss employment law.

The protections to which staff are entitled are set out in detail in the Bank’s employee regulations. Under the regulations, every BCV employee receives a benefits package that equals, and in many cases exceeds, the minimum standard set by law and industry practice, including the requirements of the Agreement on Conditions of Employment for Bank Employees (CPB).

Working week

The standard working week for a full-time employee is 42 hours, and the maximum is 45 hours. Staff should not normally exceed this limit. In exceptional cases, line managers can ask employees to work up to 55 hours a week if the additional hours are essential for business continuity. In such cases, the employee in question must consent to the request.

The Bank has signed the Agreement on the Recording of Working Time (CSTT), a joint initiative of the Employers Association of Banks in Switzerland (Employers in Banking), the Swiss Bank Employees’ Association (ASEB), and the Swiss Association of Commercial Employees. This agreement offers three options for recording employees’ working hours:

a process that uses an electronic time clock to record working time.
a simplified arrangement, under which staff need only record their total daily working hours, have greater freedom to plan their work, and are personally responsible for complying with the rules on working time and rest time.
a waiver arrangement, which only applies to employees earning an annual base salary (excluding variable components) of CHF 120,000 or more and who are free to plan their work as they see fit. The decision to waive working-time recording must be set down in an individual agreement with the employer, and the employee’s workload must be discussed at annual performance review meetings. Staff in this category are also personally responsible for complying with working-time and rest-time rules.

The Bank has an arrangement in place that lets employees work from home for one day a week. The option is open to staff employed at least 60% of full time and whose role is compatible with remote working.

Employee satisfaction surveys

Every two years, BCV commissions a third-party polling service to conduct an anonymous survey of all staff in order to obtain their opinions on working conditions and workplace relations, to gauge their satisfaction with supervisors, and, more generally, to determine their buy-in and commitment. The 2024 survey once again had a high response rate, with 83% of employees taking part (the same as in 2022). The overall score was 7.4 out of 10 – a 0.4-point increase in two years and the highest score since the very first survey back in 2006. BCV also performed very well in a benchmark study by the same provider, which compared satisfaction among the Bank’s workforce against a sample of over 14,000 employees at other companies in French-speaking Switzerland: the results showed a high level of staff buy-in, as well as progress across all metrics. The next survey will take place in 2026.

Dialogue with managers and keeping employees informed

In order to encourage direct dialogue between employees at different levels of responsibility, we have introduced an initiative called “Meetups with Top Management” that gives staff the opportunity to have informal, face-to-face conversations with Executive Board members. Seven such events were held in 2025, both at our regional branches and our two main sites. Employees who attended these sessions were able to ask questions and speak directly to two members of BCV’s Executive Board. The feedback from these meetups shows that they were well received by participants.

In addition, all employees attend a year-end information meeting, where Executive Board members and specialists from the Bank’s business lines review key developments at BCV over the past year and share the priorities and outlook for the year ahead.

Objectives and performance reviews

As part of our focus on skills development and workforce planning, we have set up a formal, twice-yearly review process to make sure we have the talent in place to fill management positions when they become vacant. The process aims to anticipate our needs going forward, identify the people who could fill those roles, and ensure that no key position goes unfilled. Employees who demonstrate potential receive targeted development support through training programs such as the BCV Micro MBA (more details can be found starting on page 105). This approach has a dual benefit, helping to build strategic and managerial competencies within our workforce while also strengthening our appeal as an employer committed to talent development.

At BCV, our objective-setting and performance-review process is designed to give employees a clear picture of the Bank’s expectations. At the beginning of the year, employees sit down with their line manager to discuss their individual performance and skills-development targets for the coming year, and to talk through how they will achieve them.

Managers review staff performance twice yearly: once at the halfway point, and again at the end of the year. Ahead of each review, the manager gathers the necessary information and employees complete a self-assessment. The manager then meets with each employee to factually discuss the progress made toward performance objectives. Any points of disagreement can be escalated for a second opinion to the manager’s line manager and the human resources team.

As part of the performance-review process, employees are given the opportunity to formally express where they wish to be in terms of their professional development in two to five years’ time. This step is designed to encourage internal job mobility and support the Bank’s future workforce planning.

Compensation

BCV’s compensation system is designed to promote individual and team performance, skills development, and professionalism, and to attract and train the talent that is integral to our long-term success.

The Bank’s compensation policy is managed by the Compensation, Promotions and Appointments Committee.

The components of the compensation system are base salary, annual performance-based compensation, and the employee share-ownership plan. In addition, the Executive Board and department heads are eligible for long-term performance-based compensation. No stock-option plans are offered as part of compensation.

More details of our compensation system can be found in our 2025 Annual Report (starting on page 101).

Annual performance-based compensation and long-term performance-based compensation for members of the Executive Board are based in part on objectives relating to the Bank’s CSR strategy. No such financial incentives are offered to members of the Board of Directors.

Last year, the highest salary at BCV was 13.9 times more than the median salary (versus 14.0 in 2024).

The calculation basis for this ratio is gross compensation. However, if payroll taxes and pension contributions are taken into account, the result is a pay ratio of less than 10 to 1.¹ This latter estimate represents relative purchasing power across the Bank’s workforce.

2-21 Percentage change in annual total compensation
	2021	2022	2023	2024	2025
Percentage change in the median annual total compensation	+1.3%	+1.3%	+4.0%	+3.2%	+0.9%
Percentage change in the highest-paid individual’s compensation	+2.4%	+1.7%	+7.3%	−1.8%	+0.8%

Under the amended Swiss Federal Gender Equality Act (GEA), companies with 100 or more employees had until 1 July 2021 to complete an equal pay analysis of all employees. In April of that year, we hired an external consulting firm to conduct this analysis for our workforce. The results showed that BCV’s compensation meets Swiss federal requirements on gender-equal pay. Also in 2021, we were awarded the Fair-ON-Pay certification in recognition of our equal pay practices. This certification, which is valid for four years, included an interim assessment in 2023.

Last year, the Bank successfully completed a new certification process, which involved commissioning a review of wage equality across the Bank based on April 2025 data. The review was carried out by Comp-On, a specialist consulting firm, in accordance with the international Fair-ON-Pay standard. Based on their findings, the auditor SGS renewed our Fair-ON-Pay certification,² confirming our longstanding commitment to gender pay equity.

¹ Calculation based on an average tax rate of around 13%, which is the estimated rate for a person who is married, has two children, and earns the median annual salary. Other income, wealth, and deductions were excluded from the calculation. A rate of 41.4% was applied for the highest salary.

² See BCV’s Fair-ON-Pay certificate

Pension fund

BCV Group provides its employees with pension coverage well in excess of the minimum legal requirements. The staff pension fund is run as a defined-contribution plan for retirement benefits and as a defined-benefit plan for death and disability benefits.

All BCV Group employees are members of the staff pension fund, the Caisse de Pensions de la Banque Cantonale Vaudoise (CP BCV). The Bank’s senior executives are also members of a supplementary pension fund (Fondation de Prévoyance Complémentaire de la Banque Cantonale Vaudoise).

The CP BCV is built to provide long-term security for present and future members and to be resilient to the challenges of an aging society. It gives employees the flexibility to choose when to retire: the Bank’s employee regulations set a standard retirement age of 65 years for both men and women, but staff can choose to take retirement between their 58th and 68th birthdays.

CP BCV pension fund members
	2022	2023	2024	2025
Active members	2,099	2,109	2,210	2,242
– Working at the parent company	1,883	1,891	1,964	2,006
Pension recipients	1,373	1,507	1,479	1,416
– Retirees	1,057	1,077	1,088	1,074

201-3 Pension plan obligations
	2022	2023	2024	2025
CP BCV coverage ratio	117%	117%	124%	127%
Ratio of pension benefits to LPP minimum requirement	3.8	3.9	3.9	3.9
Total contributions (as a % of gross salary)	24%	23%	23%	23%
Employer’s share of contributions	67%	66%	66%	66%

Our pension fund also gives members financial peace of mind in retirement. Contributions amount to nearly one-quarter of gross salary, shared one-third to two-thirds between the employee and the Bank. As a result, members build up pension benefits almost four times larger than the minimum requirement under the Swiss Federal Occupational Pensions Act (LPP).

Health and safety in the workplace

At BCV, we promote workplace health and safety with a focus on:

preventing issues before they arise
identifying employees at risk
providing support to those who need it.

Prevention

We’ve put in place a range of measures in the interest of our employees’ health:

A medical officer works with our Human Resources Department to assist employees with complex health issues requiring individual attention.
Each year, we contribute CHF 45,000 to our in-house sports association, which lets employees choose between 18 different activities as a way to keep fit and build friendships with colleagues outside of work.
The Bank has a team of volunteer firefighters and first responders trained to attend emergencies.
Staff at our administrative center in Prilly have access to an on-site fitness room, and we provide locker rooms and showers at our head office at Place Saint-François in Lausanne and our Chauderon branch so employees can bike or walk to work and exercise during their breaks.
We advise our staff, especially the members of our workforce who experience pain and other health conditions, on ways they can make their workstations more ergonomic. We also run a safety course, developed in conjunction with the Police Academy in Savatan, to teach customer-facing employees how to deal with abusive language and physical violence. And we have installed interlocking doors, reinforced windows, and biometric access systems at our branch offices to keep our people safe.

Identifying at-risk employees and providing support

The Bank has systems and processes in place to identify at-risk employees and to provide support to those who need it.

If employees have any concerns, they can discuss the matter openly with their line manager at their mid-year and year-end performance review meetings, while more sensitive issues can also be raised with the Bank’s human resources business partners.

As part of our health-risk mitigation strategy, we aim to identify risks early and to support employees who are ill, on long-term leave for an injury, acting as a caregiver, living with a disability, dealing with the death of a family member, or facing other challenging circumstances.

Here is an overview of our approach:

All line managers have access to a dashboard showing how often their team members are off work and the categories of absence involved. Managers can compare team absences against a Bank-wide benchmark and check whether employees are taking their legally mandated leave. The system also issues alerts in certain circumstances.
The same dashboard allows managers to track other indicators, such as working-hour limits, giving them a real-time picture of employees’ workload and other potential problems.
The Bank has a special monitoring procedure for employees on long-term leave, with a defined process for dealing with administrative formalities and supporting staff members as they return to work.
In keeping with our duty of care to our people, we have set up an external support service for staff members who face situations of conflict, bullying, discrimination, or violence in the workplace. We likewise offer an external counseling service for employees dealing with bereavement, financial worries, family problems, addiction, or other personal issues. Both of these services are independent and run by leading outside providers. They can be reached easily using the contact details published on our intranet, and employees can approach them at any time for free, confidential advice and support. The two providers submit periodic, confidential reports to BCV detailing how many cases they have handled and what measures have been put in place.

Work-related injuries1 and sick leave
	2021	2022	2023	2024	2025
No. of work-related injuries requiring time off work	1	1	3	4	4
No. of work-related injuries not requiring time off work	9	6	13	9	8
Days of sick leave per person (Bank-wide average)	6.7	8.0	6.8	6.4	6.3
1 Work-related injuries are all injuries within the meaning of the Swiss Federal Act on Accident Insurance (LAA) sustained by employees in the course of their professional activities at BCV.

Piguet Galland

Piguet Galland’s human resources strategy and corporate culture are built around fostering a diverse and inclusive workplace. The bank is committed to promoting a work environment where every employee can share their knowledge, experience, and ideas.

Piguet Galland offers working arrangements that enable employees to organize their daily activities in a way that promotes a healthy work-life balance. Wherever possible, the bank offers job-sharing, part-time work, remote work, and hotdesking between sites, without regard to the employees’ job level or gender.

Piguet Galland has also put in place the following entitlements:

16 weeks of fully paid maternity leave in all three cantons where the company operates
15 days of fully paid paternity leave
for parents, an annual benefit not subject to Swiss social security contributions, in addition to the statutory family allowances
fully paid care leave in the case of illness in the immediate family (three days per incident, up to ten days each year)
five to six weeks of annual paid vacation
one day a year of paid leave for employees’ birthdays
one day a year of paid leave for volunteer work, to promote employees’ civic engagement.

2-7 Piguet Galland employees
	2022	2023	2024	2025
Total workforce (including trainees)	169	177	187	185
– Employees on permanent contracts	160	167	180	181
– Women (%)	43%	42%	41%	42%
– Men (%)	57%	58%	59%	58%
Employees working part-time (%)	21%	21%	19%	20%
– Women (%)	38%	38%	34%	38%
– Men (%)	9%	10%	9%	7%
Hourly workers	3	3	1	0
– Women	1	1	1	0
– Men	2	2	0	0

401-1 New employee hires at Piguet Galland, by gender and age group
	Total			2025
	2022	2023	2024	Under 30 years old	30–50 years old	Over 50 years old	Total
Women	9	7	13	6	7	0	13
Men	19	18	16	6	5	2	13
Total	28	25	29	12	12	2	26

401-1 Employee turnover at Piguet Galland, by gender and age group
	Total			2025
	2022	2023	2024	Under 30 years old	30–50 years old	Over 50 years old	Total
Women	8.3%	5.7%	6.7%	0.0%	12.5%	10.5%	10.0%
Men	6.4%	6.4%	3.9%	8.3%	11.5%	0.0%	6.4%
Total	7.2%	6.1%	5.1%	4.5%	11.9%	4.8%	7.9%

In terms of gender equality, Piguet Galland has a high number of female employees across its workforce (41% in 2025, unchanged from previous years), and particularly in management positions (39%).

In June 2025, Piguet Galland once again received the Fair-ON-Pay Advanced certification, which recognizes its pay practices as being in line with Swiss federal regulations on gender pay equity. The company first received this certification in 2019 and was recertified in 2021 and 2023.

Also last year, Piguet Galland once again received the Great Place to Work™ certification and was named one of the Best Workplaces™ in French-speaking Switzerland. The annual rankings are based on a confidential survey that uses a transparent and fully independent methodology. Among the 77% of employees who took part in the survey last year, 91% said that Piguet Galland was a pleasant place to work, highlighting in particular a vibrant, community-focused culture and the bank’s commitment to sustainability.

405-1 Diversity of governance bodies and employees at Piguet Galland, by proportion of women
				2025
	2022	2023	2024	Proportion	Number
Board of Directors	20%	20%	20%	17%	1
Executive Board	40%	40%	40%	20%	1
Managers (excluding Executive Board)	43%	40%	40%	39%	49
Other employees	42%	46%	44%	50%	27
Total workforce	43%	42%	41%	41%	78

405-1 Diversity of governance bodies and employees at Piguet Galland, by age group
	2024			2025
	Under 30 years old	30–50 years old	Over 50 years old	Under 30 years old	30–50 years old	Over 50 years old
Board of Directors	0%	0%	100%	0%	0%	100%
Executive Board	0%	60%	40%	0%	40%	60%
Managers (excluding Executive Board)	0%	51%	49%	1%	47%	52%
Other employees	39%	33%	28%	33%	41%	26%
Total workforce	11%	45%	44%	10%	43%	47%

Corporate citizenship

Reducing the environmental impact of BCV’s operations

For years now, we’ve put our commitment to sustainability into action by taking concrete steps to reduce our impact on the environment. That’s why, as part of our approach to corporate social responsibility (CSR), we are working hard to shrink the carbon footprint of our operations and of the resources we use. Since 2019, we’ve supported climate-protection projects that take a holistic, long-term view of sustainability.

Climate target for our operations

As part of our commitment to preserving the environment, and of our ongoing efforts to reduce our direct environmental footprint, we are aiming to cut our operational greenhouse gas (GHG) emissions in line with the Swiss federal government’s goal of reaching net-zero by 2050, with an interim emissions-reduction target of 35% from 2019 levels by 2030. We arrived at this figure after reviewing all our emissions sources to see where we could reduce our footprint and by how much, aligning our approach with federal and cantonal government targets.

Measuring our operational carbon footprint

We assess the GHG emissions generated by the Bank’s day-to-day operations, specifically from transportation, buildings, and consumables. These emissions are measured in accordance with the GHG Protocol.

Our 2025 assessment showed that we emitted 4,167 metric tons of CO2 equivalent (tCO2e), which is 35% lower than 2019 levels. This means that we have met our emissions-reduction goal ahead of the 2030 target date.

In intensity terms, the Bank’s emissions per full-time equivalent (FTE) employee decreased from 2.4 tCO2e in 2024 to 2.2 tCO2e in 2025.

Overall, our emissions were 6% lower last year than in 2024 (a reduction of 286 tCO2e), owing largely to a decrease in building-related emissions. More details on emissions trends by source can be found below.

GHG emissions by source
Emissions (tCO2e)	2019	2020	2021	2022	2023	2024	2025	Change (vs. 2024)	Change vs. base year (2019)
Employee commuting	2,718	2,515	2,007	1,940	1,986	1,590	1,591	+0%	–41%
Heating	2,218	1,832	1,629	1,396	1,543	1,657	1,413	–15%	–35%
Computer hardware	322	322	363	366	386	436	407	–7%	+26%
Business travel	386	137	110	332	307	321	400	+25%	+4%
Electricity	409	382	267	258	228	229	109	–52%	–73%
Paper and printed materials	349	326	321	254	225	183	173	–5%	–50%
Waste	40	34	25	37	34	37	74	+100%	+83%
Refrigerants	0	0	0	0	0	0	0	-	-
Total	6,442	5,549	4,721	4,583	4,710	4,453	4,167	–6%	–35%
– of which scope 11	1,716	1,471	1,301	1,089	1,157	1,211	1,042	–14%	–39%
– of which scope 21	284	267	166	165	139	140	69	–51%	–76%
– of which scope 31	4,441	3,811	3,254	3,328	3,413	3,102	3,055	–2%	–31%
1 For a breakdown of emission sources by scope, please see page 123 of this report.

Main sources of GHG emissions

Transportation (employee commuting and business travel) accounts for around 48% of our GHG emissions, while buildings (heating and electricity) and consumables (paper, printed materials, computer hardware, and waste) make up 37% and 16%, respectively..

Transportation

Employee commuting, which covers trips to and from work at BCV, is the largest single contributor (38%) to our operational carbon footprint and makes up the majority (80%) of our transportation-related emissions. In 2025, employee commuting emissions were stable compared to the prior year.

At BCV, we actively encourage our people to walk or bike to work and to use public transportation. Toward the end of 2024, we introduced a new employee commuting and business travel plan, effective from 2025. The details of this plan, including a CHF 50 monthly subsidy paid to employees who travel to and from work in an eco-friendly way, can be found on our website.¹

Business travel – journeys specifically taken for work purposes, such as meeting customers or traveling between two places of work – accounts for 20% of transportation-related emissions. Emissions in this subcategory were 25% higher last year than in 2024, owing largely to an increase in air travel to meet operational needs related to compliance and risk management.

1 BCV, Employee Commuting (in French), October 2024

Buildings

Heating (fuel oil, natural gas, and district heating) accounts for the majority (93%) of our building-related GHG emissions. Heating emissions were 15% lower last year than in 2024 (a reduction of 245 tCO2e). This decrease was largely due to reduced fossil fuel use in BCV-operated buildings, particularly in connection with the switch from a gas heating system to district heating at our head office in Lausanne.

Electricity consumption represents 7% of carbon emissions from our buildings. Emissions in this subcategory fell sharply last year, dropping 52%. This was due to an increase in the use of 100% renewable energy use across the Bank (see table 302-1 on page 124 of this report), as well as a reduced emissions factor for hybrid electricity. The reduced emissions factor reflects changes in the broader Swiss energy market, in particular a decrease in the emission intensity of imported electricity. In addition, we’ve reduced energy consumption across our business by 19% in six years – from 10,941 megawatt-hours (MWh) in 2019 to 8,862 MWh in 2025 – and GHG emissions in this subcategory were 73% lower last year than they were six years ago.

Our two biggest sites are powered exclusively by renewable energy from Swiss hydroelectric plants.

Under the terms of the energy-efficiency agreement we signed with the Canton of Vaud and the federal government, we are taking steps to meet energy-saving targets for our two flagship sites. By 2027, we are aiming to increase energy efficiency by 9% from 2017 levels at our head office and by 20% at our administrative center. One step we took in 2025 was to reorganize the data centers at our Prilly site, where we replaced older servers with more energy-efficient models.

We also continued fitting triple-glazed windows, and upgraded elevators, ventilation units, and other systems, as part of our drive to make our buildings more energy-efficient. Investments for this purpose totaled around CHF 1.4m (versus CHF 1.3m in 2024).

Also last year, as part of our ongoing shift to renewable heating systems, we connected two sites to district heating networks: our Château-d’Oex branch office in September, and our head office in December. Eight BCV buildings now use district heating, together representing around one-third of the Bank’s annual heating consumption.

Consumables

IT equipment (computers and monitors) accounts for about 62% of the Bank’s emissions in this category – mostly from the manufacture and end-of-life disposal phases. The 7% decrease in hardware-related emissions recorded last year was largely due to a reduction in our overall computer count under SmartWork, our workspace upgrade initiative.

Since 2024, we have had a hardware renewal policy in place that extends the lifespan of IT equipment. Under this policy, monitors, keyboards, and mice are no longer replaced automatically after a certain period of time, but are instead used until they are no longer serviceable.

Paper accounts for 27% of BCV’s emissions from consumables. Last year, we achieved a 5% year-on-year reduction in paper-related GHG emissions as more customers switch to online banking and as we continue to digitalize our processes and raise employee awareness about paper consumption.

Waste accounts for 11% of the Bank’s GHG emissions in this category. We sort and recycle close to half (47%) of the waste we produce. Emissions in this subcategory were almost twice as high in 2025 as in the previous year. This increase can be attributed to two factors: major clear-outs linked to refurbishments in the first half of the year, which generated a higher volume of waste than usual, and a higher emissions factor that more accurately reflects the composition of waste across Switzerland as a whole.

Key indicators for emissions from our operations

305-1, 305-2, 305-3 GHG emissions by scope and source
Emissions (tCO₂e)	2019	2020	2021	2022	2023	2024	2025	Change (vs. 2024)	Change vs. base year (2019)
Scope 1 – Heating	1,710	1,464	1,299	1,085	1,154	1,207	1,038	– 14	– 39
Scope 1 – Refrigerants	0	0	0	0	0	0	0	0	0
Scope 1 – Company vehicles	6	7	2	4	4	4	4	7	– 31
Scope 1 – Total	1,716	1,471	1,301	1,089	1,157	1,211	1,042	– 14	– 39
Scope 2 – Electricity	283	266	162	158	137	136	39	– 71	– 86
Scope 2 – District heating	1	1	5	7	2	4	30	676	1,491
Scope 2 – Total	284	267	166	165	139	140	69	– 51	– 76
Scope 3 Cat. 1 – Paper and printed materials	349	326	321	254	225	183	173	– 5	– 50
Scope 3 Cat. 2 – Computer hardware	322	322	363	366	386	436	407	– 7	26
Scope 3 Cat. 3 – Energy supply	634	485	431	406	480	540	416	– 23	– 34
Scope 3 Cat. 5 – Waste	40	34	25	37	34	37	74	100	83
Scope 3 Cat. 6 – Business travel	379	129	108	326	302	316	395	25	4
Scope 3 Cat. 7 – Employee commuting	2,718	2,515	2,007	1,940	1,986	1,590	1,591	0	– 41
Scope 3 – Total	4,441	3,811	3,254	3,328	3,413	3,102	3,055	– 2	– 31
Total	6,441	5,549	4,721	4,583	4,710	4,453	4,167	– 6	– 35

302-1 Energy consumption within the organization
Energy consumption (MWh)	2019	2020	2021	2022	2023	2024	2025	Change (vs. 2024)	Change vs. base year (2019)
Natural gas	7,036	6,311	5,584	4,010	3,784	5,379	3,705	−31%	−47%
Fuel oil	1,038	1,014	909	1,223	1,734	836	1,355	+62%	+31%
District heating	51	52	57	90	69	81	423	+424%	+727%
Hybrid electricity	2,106	1,976	1,941	1,896	1,648	1,636	1,503	−8%	−29%
100% renewable electricity	8,835	7,727	6,719	5,626	6,129	6,883	7,359	+7%	−17%
Company vehicles	21	26	6	16	13	14	15	+7%	−31%
Total	19,088	17,106	15,217	12,862	13,378	14,829	14,359	−3%	−25%

Measures taken to reduce GHG emissions
Emission source	Measures taken in 2025	Impact in 2025	Future impact
Buildings	Improving energy efficiency: installing LED lighting and energy-efficient glazing, improving insulation, upgrading elevators, and replacing ventilation fan motors	✓	✓
	Reorganizing our data centers to make cooling and heat removal more efficient and reduce air-conditioning demand	✓	✓
	Switching to renewable heating sources, including district heating networks	✓	✓
	Contributing to the development of renewable energies by installing solar panels	✓	✓
Transportation	Rolling out an employee commuting and business travel plan (effective from 2025)	✓	✓
Consumables	Introducing a hardware renewal policy under which non-critical equipment is no longer replaced automatically	✓	✓
	Reducing our computer count under SmartWork, our workspace upgrade initiative	✓	✓
	Using Blue Angel-certified recycled paper1	✓	✓
	Reducing paper consumption: shifting to electronic versions of documents for use inside the Bank, raising employee awareness about paper consumption via personalized reports showing how much paper each employee uses for printing, and drawing up a short guide on responsible printing practices	✓	✓
1 Blue Angel, The German Ecolabel

Climate-protection projects

In addition to the measures we are taking to reduce our carbon footprint, we finance projects with positive social and environmental impacts in Vaud and outside Switzerland that offset the equivalent amount of GHG emissions associated with our operations. These projects, selected by our partner Swiss Climate, are certified to internationally recognized standards.

In Vaud, we support an ISO 14064-2-certified on-farm biogas plant that collects methane generated from the fermentation of manure to produce energy. We also select Gold Standard-certified initiatives outside Switzerland. More details about these projects can be found on our website.¹

¹ BCV, Direct Environmental Impact

Compliance with social and environmental procurement standards

The International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work expresses a commitment by governments and employers’ and workers’ organizations to uphold basic human values. It affirms the obligations and commitments set out in the various ILO Conventions, namely:

freedom of association and the effective recognition of the right to collective bargaining
the elimination of all forms of forced or compulsory labor
the effective abolition of child labor
the elimination of discrimination in respect of employment and occupation
a safe and healthy working environment.

In keeping with these principles, BCV is especially mindful of internationally recognized human rights standards¹ and of employment law. We also pay close attention to the environmental impact of the goods and services we source.

Our approach to sourcing is guided by the following three principles:

In principle, we source from suppliers in Vaud. Swiss employment and environmental law sets out standards that are aligned with international law, and compliance with these standards is subject to inspection by Swiss and Vaud supervisory and judicial authorities. Our locally focused procurement approach thus significantly reduces the risk that BCV could source from suppliers whose practices violate the ILO’s fundamental labor standards, which cover issues such as discrimination, forced and child labor, workplace health and safety, and the right to free association and collective bargaining.
All of our suppliers are expected to comply with the fundamental principles presented in the Social and Environmental Charter for BCV Suppliers.² The Charter sets out requirements in areas such as forced labor, child labor, health and safety, and corruption, as well as expectations in the areas of energy efficiency, GHG emissions, and pollution. Since October 2025, these requirements have been written into all supplier contracts except for those of low monetary value. If a company we source from breaches the terms of the charter, we reserve the right to take measures up to and including ending the business relationship and terminating the contract.
Our sourcing policy is based on recommendations issued by recognized bodies including the Guide to Responsible Professional Purchasing,³ which provides practical advice for companies looking to incorporate sustainable principles into their procurement practices and reduce the social and environmental impacts of their operations.

¹ United Nations, International Bill of Human Rights, 1966; International Labour Organization, ILO Declaration on Fundamental Principles and Rights at Work, 1998

² BCV, Social and Environmental Charter for BCV Suppliers, October 2025

³ Geneva Cantonal Office of Sustainable Development, Guide des Achats Professionnels Responsables (version courte), (in French), 2015

Due diligence and transparency in relation to minerals and metals from conflict-affected areas and child labor

The overwhelming majority of the Bank’s procurement spend goes to service providers in Switzerland, reflecting our position as a Swiss company active in the tertiary sector. We likewise provide our own services within the same geographical area.

Given Switzerland’s legal and regulatory framework concerning the workplace, there is low risk for child labor linked to our procurement spend.¹ Last year, as in 2024, 88% of the Bank’s total procurement spend related to either services purchased in Switzerland or goods sourced from countries considered low risk for child labor.²

BCV is thus exempt from enhanced due-diligence and disclosure requirements under Article 7 of the Swiss Federal Ordinance on Due Diligence and Transparency in relation to Minerals and Metals from Conflict-Affected Areas and Child Labour (DDTrO). We document our eligibility for this exemption annually.

All the physical gold we offer is sourced from suppliers based in Switzerland, which are subject to the due-diligence and other requirements of the DDTrO. Details of our other gold traceability measures can be found in the “Responsible investing” section of this report, starting on page 78.

¹ A country is considered “low risk” if it is rated as “basic” in UNICEF’s Children’s Rights in the Workplace Index. Switzerland falls into this category.

² Only the parent company is discussed here in light of its predominance in our Group. (BCV accounts for 90% of the Group’s spending on services.)

Responsible, local sourcing

We source locally as a matter of policy, choosing whenever possible to work with companies in our Canton. That’s both good for the local economy and limits our impact on the environment. In 2025, Swiss-registered companies accounted for 90% of our procurement spend.

The Bank works with a large pool of facilities management contractors, and we regularly switch between suppliers. Each year, we source supplies and services from over 600 businesses based in our Canton. Our commitment to local sourcing is set out formally in our procurement policy.

204-1 Proportion of spending on local suppliers
	2021	2022	2023	2024	2025
Swiss companies as a share of the Bank’s procurement spend (supplies and services)	91%	90%	92%	89%	90%

The cafeterias at our two main sites both follow responsible sourcing policies. Novae Restauration, which has run the cafeteria at our head office in Lausanne for many years and took over at our administrative center in Prilly in July 2024, places a commitment to working with trusted local suppliers and farmers at the heart of its sourcing strategy.

Rather than operating a central procurement system, Novae sources directly from a network of over 150 artisans, growers, and farmers, all of whom are based in Switzerland or are part of carefully selected supply chains. The company prioritizes partnerships with producers within 50 kilometers of each of its restaurants. Over 55% of the ingredients and produce (by weight) used in its menus are of Swiss origin. For coffee and other products that cannot be sourced locally, Novae buys Fairtrade or organic produce wherever possible. The company is committed to limiting its carbon footprint by sourcing seasonal produce whenever it can, eliminating air-freighted food from its supply chain, and adding more vegetarian options to its menus.

Novae has pledged to remove potentially harmful additives and products containing palm oil from its menus. Whenever healthy, high-quality products are not available on the market, it works to develop its own tailor-made alternatives.

In 2025, Novae received its fifth gold medal from EcoVadis, which assesses the sustainability performance practices of suppliers. The company obtained a score of 80/100 last year, placing it among the five best performers in its sector. Novae’s triple ISO certification (ISO 9001, 14001, and 45001) was also renewed in summer 2025. Last year, the company also obtained the EcoEnterprise Excellence label, which is awarded to Swiss firms that demonstrate a strong commitment to sustainability and corporate citizenship.

Novae systematically monitors food waste at all its restaurants. The cafeterias at BCV’s two main sites are among the company’s higher performers on this metric, generating less waste than the average across Novae-run outlets. Beyond reducing waste in its own operations, Novae also partners with farmers to address the problem upstream, taking on surplus and imperfect produce that would otherwise be thrown away.

To build on its progress to date, Novae has developed a new roadmap for 2030 that sets out plans and targets for shrinking its carbon footprint, broadening its community impact, and delivering an even better experience for customers. In September last year, Novae took an early step in this direction when it established a non-profit foundation focused on advancing sustainable agriculture, tackling food waste, and using food as a force for inclusion and connection.

We work with Novae to reduce packaging waste from takeout food and beverages through the reCIRCLE system of washable, sealable, and recyclable containers, which has been in place in our cafeterias since 2019. Waste is sorted as a matter of course across all restaurants and kitchens, ensuring that all recyclable and compostable materials are diverted from landfill.

In 2023, we teamed up with BE WTR to replace the bottled water served in our customer areas and at BCV events with chilled, ultra-filtered, still and sparkling tap water. Through its business practices and products, the Lausanne-based company is helping to preserve precious natural resources while sharply reducing carbon emissions, plastics, and waste.

As a member of the 1% for the Planet network, BE WTR donates 1% of its annual sales to local water-related projects. It is also a certified B CorpTM, reflecting its commitment to upholding the highest environmental standards and adhering to transparent, socially responsible practices.

Playing an active role in the community

Our local community is important to us, and we take our responsibilities as a corporate citizen in Vaud Canton seriously. We pursue an active sponsorship policy and we encourage employees to get involved in community projects.

In 2025, as in 2024, we backed over 850 associations and events in areas ranging from business and the economy to sports, the arts, social causes, and the environment. That represented an allocation of 1.4% of the Bank’s net profit (versus 1.3% in 2024) and included some of the biggest events taking place across the Canton. In keeping with our core values, we support various innovative training and skills development initiatives. And we’re stepping up our contribution to carbon-reduction and biodiversity projects by setting aside part of our sponsorship and donations budget for local organizations active in these areas.

Contributing to all aspects of community life

With regard to sponsorships, we provide significant – and, in many cases, long-term – financial support for organizations and events such as the Théâtre de Beausobre, the Théâtre du Jorat, the Paléo Music Festival in Nyon (since 2005), the Cully Jazz Festival (since 2009), the Haute École de Musique (HEMU), the Musée Cantonal des Beaux-Arts, the Lausanne 20K race (since 1982), the Lausanne Hockey Club (since 1987), the local soccer club FC Lausanne-Sport (since 2011), and the Forum des 100 (since 2005).

Last year, we once again lent our support to a number of cultural, sporting, and community initiatives across the Canton. These included the Lausanne Cathedral (750th anniversary celebration), the Musée Suisse du Jeu (a games museum in La Tour-de-Peilz), the Diabolo Festival in Morges, the Swiss Federal Gymnastics Festival (held in Lausanne last year), the Villars Ultraks trail races, Caritas Vaud, and La Paternelle (a non-profit mutual insurance company that supports orphans).

As the examples below show, we contribute to our region in a variety of ways.

42 Lausanne

In 2025, we maintained our financial backing for 42 Lausanne, a school of computer programming that opened in 2021. The school is entirely free, does not have any educational prerequisites for admission, and is open to anyone aged 18 or over. It represents a training opportunity for people who may not feel suited to or are ineligible for a more traditional academic track, offering new career paths for IT enthusiasts while helping meet the growing demand for skilled professionals in Switzerland. Over the past two years, we welcomed several students from 42 Lausanne on internships. Two of them were hired by the Bank after completing their internships.

Vaud Générations Champions

Last year, the Bank continued its partnership with Vaud Générations Champions, an initiative we have backed since its inception in 2022. It was founded by former elite athletes from Vaud to support promising young athletes in the Canton and to use their inspiring stories as a platform to build enthusiasm for sports in the local community. Participants receive financial assistance, gain access to a mentoring program, and get advice on career management and support for the transition to life after competitive sports.

Supporting good causes

In 2025, as in previous years, we supported the yearly orange-sale fundraiser by the NGO Terre des Hommes. Another cause close to our heart is Étoile Filante, a foundation that makes dreams come true for sick and disabled children. Every year since 2010, we have donated CHF 10 to the foundation each time someone opens a Custodial Savings account subject to parental responsibility. Last year, our donations totaled CHF 16,000 (versus CHF 13,000 in 2024).

Terre Vaud Eau

We have stepped up our commitment to environmental preservation with Terre Vaud Eau, a BCV initiative launched in 2023 that provides two years’ worth of backing to projects in our Canton that promote biodiversity in land and water ecosystems.

In 2025, we chose to support projects run by the Jura Vaudois Nature Park and by Broye Source de Vie, an organization that works to rewild the Broye river and its tributaries. More details about these projects can be found on our website.¹

¹ BCV, Terre Vaud Eau (in French)

Printemps d’abeilles

In the area of biodiversity, BCV lends its support to Printemps d’abeilles, a local association working to raise awareness about the importance of bees and to restore wild pollinator habitats. By sponsoring three beehives at La Ferme des Huttins in Écublens, we help this organization advance its work.

CHF 1 for the climate

BCV has backed the Webeelong Association’s “CHF 1 for the climate” initiative, which lets restaurant owners and their customers support both the environment and the local economy. Participating restaurants offer diners the option of making a small donation, part of which goes toward planting trees. Some of the money is also returned to restaurant owners in the form of vouchers, which they can spend with local suppliers.

The BCV art collection

The BCV art collection is made up of more than 2,000 works by 382 artists with strong ties to Vaud. Many pieces from the collection are currently on loan to foundations and nursing homes across the Canton.

Last year, works from the collection appeared in two exhibitions: Hodler. Un modèle pour l’art suisse at the Neuchâtel Museum of Art and History, and Alain Huck: Respirer une fois sur deux at the Musée Cantonal des Beaux-Arts in Lausanne..

The Bank actively champions local artists, having added new pieces to its collection every year since 1970.

BCV employees making a difference

The following section describes a number of Bank initiatives that give employees the opportunity to make a positive contribution to society and the environment.

Bike to work

In June, we took part in the “bike to work” challenge, which encourages people to adopt healthier lifestyles and shift to low-carbon modes of transport. In our fifth year participating in this event, 81 BCV employees formed 27 teams and covered a combined total of 16,780 km by bike (75 employees covered 15,245 km in 2024).

BCV Generosity

As part of our BCV Generosity program, we give employees one day’s leave each year – prorated for employees working less than full time – to spend time volunteering for an NGO or charity of their choice. For many years now, we have set up half-day service initiatives to make it easier for our staff members to take part in BCV Generosity. In 2025, as in 2024, around 50 employees participated in these sessions.

In June last year, a group of employees joined a team from the Jura Vaudois Nature Park to remove invasive plants near Givrins. In September, staff took part in a lake habitat conservation project in Chéserex. And in November, a BCV team helped Broye Source de Vie, a local non-profit, plant 350 shrubs along the banks of the Broye river near Granges-près-Marnand.

Another group of around 20 employees spent a half day working with Samedi du Partage Vaud as part of our BCV Generosity program. The volunteers sorted non-perishable food items collected from shopping centers in Vaud. The association supplies the Centrale Alimentaire Région Lausannoise – an umbrella organization representing around 40 local charities and other social-service institutions – by collecting food and hygiene products for vulnerable people in the Canton.

Donating life-saving blood

In 2025, the Bank once again supported the blood-donation program run by the Vaud Red Cross, an initiative we’ve been backing for more than 15 years. We ran two blood drives for our employees last year – one at our head office and the other at our administrative center.

Getting a humanitarian project off the ground

Through our BCV Solidarity initiative, set up in 2012, we make an annual donation of CHF 150,000 to a humanitarian project organized by an association based in Switzerland. BCV Solidarity stemmed from a decision by the Bank to redirect funds it had previously spent on an end-of-year gift for employees toward supporting people and communities living in hardship. While the value of this gift to individual staff is small, the total amount raised each year is enough to make a real difference for a humanitarian project.

A group of employees chosen by drawing selects the beneficiary project and monitors its progress. In 2025, BCV Solidarity chose to support a project run by Elewa-Africa to build a school for children in a village in northeastern Tanzania with a high proportion of Maasai residents.

Thirty years of the BCV Foundation

The BCV Foundation was created in 1995, the year BCV celebrated its 150th anniversary, to support charitable and social initiatives, cultural projects, and academic research programs in Vaud Canton. It received its endowment from BCV but operates as a separate legal entity. Over the past 30 years, it has donated over CHF 11m to 112 ambitious, impactful initiatives in its three areas of focus.

Pursuant to the Foundation’s articles of association, the Foundation board is composed of at least five members. Aside from the board chair, members include one expert in each of the Foundation’s focus areas – charity, culture, and academic research – plus two BCV representatives: the Chair of the Board of Directors and the CEO.

Support is reserved for projects that are sponsored by Vaud residents or entities and that fall within one of the Foundation’s three focus areas. Initiatives must be innovative, realistically achievable, and aligned with the needs of the local community. They must also be clearly defined, well-planned, and financially viable. Projects are reviewed and monitored by the Board member with the corresponding expertise.

As a matter of policy, the BCV Foundation only backs projects that meet certain ethical criteria and seeks to strike a balance in terms of topic and regional representation within Vaud. Each year, the Foundation Board decides how many initiatives to back and in which areas of focus. Funding is allocated according to the Foundation’s budget.

In 2025, its 30th anniversary year, the BCV Foundation donated a total of CHF 400,000 to five projects. The Changins School of Viticulture and Oenology received CHF 100,000 to support the development of an innovative range of ciders made from underutilized fruit varieties grown in Vaud Canton. A grant of CHF 50,000 will help the Asnova association build out its support services for people in our home region experiencing bereavement. Another gift of CHF 50,000 went to the Ligue vaudoise contre le cancer, which will use the money to increase the number of rehabilitation programs it offers for people recovering from cancer across the Canton. And the Jean Monnet Foundation for Europe received CHF 100,000 to help cover the cost of digitizing and promoting its collection of advertising prints.

The Foundation also awarded a special 30th anniversary grant, worth CHF 100,000, to support the creation of the Petit Reflet, a new performance space in Vevey geared toward children and family audiences.

Managing climate-related risk

This appendix on managing climate-related risk was prepared in accordance with the Swiss Federal Ordinance on Climate Disclosures and follows the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). It focuses on how climate change affects BCV (i.e., single materiality). The appendix is divided into three sections, which deal with:

BCV’s exposure to climate-related risk in our business activities and operations (section 1)
our approach and methods for assessing climate-related risk (section 2)
climate-risk monitoring and reporting (section 3).

The TCFD content index on page 154 shows where in the report the TCFD’s recommendations are addressed.

1. Exposure to climate-related risk

1.1 Introduction

As a full-service bank with solid local roots, BCV is exposed to climate-related risk factors in various ways. The main sources of exposure taken into account are:

our lending activities, including mortgage financing and corporate financing, as well as trade finance
our trading and investment activities, i.e., client-driven investments and proprietary assets
our operations, in particular the buildings we use for our banking activities.

For each source of exposure, we use a specific approach to assess and monitor the associated climate-related risk factors.

The assessment of climate-related risk exposure presented in this appendix is based on current information and currently applied methods. Because of uncertainties about how climate-related risk factors will develop in the future, this assessment may change in the years to come.

1.2 The Bank’s overall exposure to climate-related risk factors

The Bank’s exposure to climate-related risk is low. That stems from the fact that BCV operates primarily in Vaud Canton, which has a strongly services-oriented economy; the transition to a low-carbon economy has less of an impact on the services sector. In addition, BCV does not have significant operations in regions that are particularly exposed to physical hazards.

Assuming an orderly transition in accordance with the targets set out in the Paris Agreement, transition risk factors – in particular changes in legislation aimed at limiting greenhouse gas (GHG) emissions – could increase in the medium term (three to ten years). Extreme physical events such as floods could also become more frequent regardless of how GHG emissions develop in the coming years.

To limit BCV’s exposure to climate-related risks, we ensure that our strategy is consistent with the targets set by the Swiss government and the Canton of Vaud to combat global warming (e.g., in the Swiss Federal Climate and Innovation Act and the Vaud climate plan). In line with the Swiss Federal Ordinance on Climate Disclosures, we have set quantitative GHG emissions-reduction targets for 2030, 2040, and 2050 for our main business activities (residential mortgage lending and client investments) and for our own operations.

The chart below summarizes BCV’s overall exposure to climate-related risk factors for our business activities and our operations. This is followed by a more detailed description of the exposures we have identified and the mitigation measures we have put in place. Details of the method used to carry out this assessment are provided starting on page 137.

¹ Time horizons considered for the potential occurrence of a climate-related risk event: short-term (0–3 years), medium-term (3–10 years), and long-term (>10 years)

1.2.1 Exposure to climate-related risk factors in lending activities

BCV’s lending activities mainly comprise mortgage financing and corporate financing in the Canton of Vaud and, to a limited extent, trade finance. The mortgage lending business has little exposure to transition risk (relating to regulatory changes in heating and construction standards, for example) and very limited exposure to physical risk (i.e., through loans on properties in regions subject to natural hazards). Our exposure to carbon-related assets as defined in the framework developed by the TCFD – i.e., the proportion of loans granted to companies operating in one of the four non-financial sectors highlighted by the TCFD (energy, transportation, materials and buildings, and agriculture and food)¹ – is considered low, and this exposure is not concentrated in any one sector. The overall impact of climate-related risk factors on potential credit losses at the Bank is considered very low and well below that of other risk factors affecting lending, such as a rise in interest rates, a sharp increase in the value of the Swiss franc, or a marked decline in immigration in the Canton of Vaud.

¹ Task Force on Climate-related Financial Disclosures, Implementing the Recommendations of the TCFD, 2021, Table 4

Mortgage lending

The vast majority of our mortgage exposures (around 90%) are loans on properties located in the Canton of Vaud. These loans are potentially exposed to transition risk factors relating to regulatory changes in building or heating standards aimed at reducing the GHG emissions of the buildings that secure the loans. Customers could have to carry out renovations on the building envelope and replace their heating system in order to comply with statutory requirements, which could affect their solvency in certain cases. With regard to loans on residential properties (rental properties, single-family homes, and condominium apartments), less than 30% of these exposures relate to properties potentially impacted by the energy transition, i.e. that have a physical intensity of more than 30 kg CO₂e/m².

Based on a scenario consistent with Vaud Canton’s draft energy law (LVLEne), the proportion of residential real-estate financing with heightened exposure to transition-related risk factors is considered very low (less than 3%). These are loans on residential properties for which the cost of renovations to meet new building standards (i.e., upgrading the building envelope or replacing the heating system) would be high relative to the financial position of the client.

We monitor the real-estate market and the regulatory environment closely in order to assess and anticipate transition risks in our mortgage business. We help fund the energy transition by offering clients preferential interest rates on environmentally friendly real-estate purchases and green renovations. In line with the relevant guidelines published by the Swiss Bankers Association (SBA), BCV advisors address the question of energy efficiency with their clients when discussing financing for properties that meet the Bank’s criteria for necessary renovation work. More details about our efforts in this area can be found in the “Responsible lending” section of this report starting on page 91.

Real-estate financing is also potentially exposed to physical risks. Extreme weather events may cause damage to the buildings that secure the mortgage loans. The proportion of residential real-estate financing with heightened exposure to physical risk factors is considered very low (around 1%). The most exposed buildings are in areas with high natural-hazard risk according to the relevant maps drawn up by the Swiss cantons. In Vaud Canton, damage to buildings caused by such events is covered by ECA Vaud, the cantonal fire and natural-hazards insurance agency. Consequently, a physical risk event would have a negligible impact on our potential losses.

Residential mortgages

Corporate lending (excluding trade finance)

A very high proportion of the businesses to which we lend are located in the Canton of Vaud. In the large corporates segment, we lend across the whole of Switzerland, taking a selective approach. Corporate loans are exposed to transition risk factors because of potential changes in GHG emissions standards for business activities (e.g., changes in the carbon tax) and changes in demand for the products that companies sell. Such changes could increase a company’s costs or reduce its revenue, which could in turn affect its solvency and increase the risk of loss for BCV. The proportion of loans granted to companies operating in one of the four sectors identified as carbon-related by the TCFD is considered low (24%); these loans are not concentrated in any one sector, and no loans are granted to companies involved in the production of fossil-fuel energy. Most of the companies concerned are Swiss firms active in the materials, construction, agriculture, and energy industries or in air, sea, or road transportation.

Based on a scenario assuming an orderly, immediate transition (the Highway to Paris scenario¹ outlined by the Network for Greening the Financial System, or NGFS), only a very low proportion (less than 5%) of our corporate loan book is considered to have heightened exposure to transition-related risk factors. These are loans to companies with potentially high transition-driven costs (to upgrade their production facilities to meet new standards) relative to the strength of their financial position. Changing the scenario (to Sudden Wake-Up Call¹ or Diverging Realities¹) produces only a marginal difference in the financial impact at five years out. As a result, the impact of transition-related risk factors on the companies’ credit risk is deemed to be very low. BCV’s corporate lending process includes a specific analysis of environmental and social risks.

¹ NGFS Short-term Climate Scenarios, 2025

Trade finance activities

Our trade finance business may be exposed to transition risk factors because of potential changes in GHG emissions standards (e.g., changes in the carbon tax) and restrictions on the sale of certain fossil-fuel-derived commodities. Financing of fossil-fuel-derived commodities makes up around 25% to 30% of the Bank’s trade finance business. That exposure relates to petroleum derivatives, natural gas, and, to a lesser extent, thermal coal (concentrated on trade to developing countries that cannot yet undertake the energy transition).

All of this financing is transaction-based and is granted for terms of a few months. Accordingly, transition-related risk factors have no material impact on our risk of credit loss.

In 2020, we committed to reducing our transaction-based exposure to coal in line with the Paris Agreement-compatible scenario (i.e., the rate at which global coal use needs to be phased out of the energy mix in order to meet the emissions target set out in the Paris Agreement, as defined by the International Energy Agency). More information on our approach in this area can be found starting on page 96.

1.2.2 Exposure to climate-related risk factors in trading and investment activities

Proprietary assets

The Bank does not engage in proprietary trading and does not invest in a portfolio of shareholdings. For the purposes of liquidity management, the Bank has a portfolio of financial investments made up of investment-grade bonds, which is not concentrated in any one sector. The portfolio mainly comprises securities issued by entities with very limited exposure to climate-related risk factors, such as the Mortgage-Bond Bank of the Swiss Mortgage Institutions and the Swiss Central Mortgage-Bond Institution, and bonds issued by the Swiss federal government, Swiss cantons, and other supranational state entities. As a result, climate-related market risk factors only marginally affect this portfolio. Details of the GHG emissions associated with our proprietary assets are provided starting on page 64.

Client investments

As part of our asset-management activities, we make investments at the request of our individual and institutional clients. The value of these client-driven investments may be affected by climate-related risk factors, such as stricter laws on GHG emissions, adverse public-image trends for certain business sectors or companies, changes in the value of resources, and extreme weather events like storms and heatwaves. These client-driven investments are considered to have only a low overall exposure to market risk factors related to the energy transition. This is based on the results of the PACTA climate compatibility test run by the Swiss Federal Office for the Environment (SFOE), in which BCV took part for the third time in 2024. The 2024 test showed that our portfolios have low overall exposure to the most carbon-intensive sectors of the economy and are less exposed than an aggregate portfolio of all banks participating in the test.

We assess exposure to climate-related risk factors for the main asset classes, i.e., listed equities, corporate bonds, and indirect real-estate investments (including real-estate funds).

In 2024, we assessed the exposure of the listed equities and corporate bonds in our portfolios to carbon-intensive sectors by taking part in the PACTA climate compatibility test. The test showed that our portfolios have low overall exposure to the most carbon-intensive sectors of the economy (3.6% for equity holdings and 2.6% for corporate bond holdings) and are less exposed than an aggregate portfolio of all banks participating in the test (4.2% and 3.9%, respectively).

The indirect real-estate portfolio consists of investments in real-estate funds, foundations, and companies that mainly invest in Swiss real estate. Of the entities in this portfolio with a known carbon footprint (95% of the portfolio), none are potentially affected by the energy transition (i.e., have a physical intensity of over 30 kg CO2e/m2).

To limit climate-related risk in client investments, we have a policy of excluding from direct investments companies that derive a significant portion (15% or more) of their revenue from thermal coal mining or power generation, or from unconventional fossil fuels. For more information about our negative screening policy, please consult our socially responsible investment (SRI) policy.¹ We also apply SRI approaches such as active ownership, positive screening, and best-in-class selection for a large proportion of the assets we manage in our discretionary management solutions² and investment funds, in order to limit the impact of climate-related risk factors on financial performance.

With regard to our asset management activities, the Bank could be affected by controversies such as accusations of greenwashing. To mitigate this risk, we have introduced control processes and systems along our entire asset-management value chain, in accordance with FINMA guidelines and the recommendations of Asset Management Association Switzerland (AMAS), Swiss Sustainable Finance (SSF), and the SBA.

We have a dedicated SRI organizational structure and apply an appropriate policy in this area. Our SRI committee monitors developments in market practices and regulations, and our SRI policy sets out the principles and management approaches used at BCV to incorporate environmental, social, and governance (ESG) criteria into client investments. We ensure that these principles and approaches are properly implemented as part of our process for approving products and services. Our fund managers and advisors who are involved in the provision of financial services have been trained on the issue of greenwashing and on BCV’s stance on SRI.

We provide clear information on the sustainability characteristics of investment solutions when advising our clients, and we systematically ask clients about their expectations in terms of SRI. We regularly review the documentation for our financial products and services in order to maintain consistency across the Bank. And to ensure transparency, we check that portfolios are aligned with client profiles and provide portfolio reports containing information on how clients’ SRI expectations have been factored into their investments. All of our key controls in this area are documented in our internal control system.

More information on our approach regarding client investments can be found in the “Responsible investing” section of this report, starting on page 66.

1 BCV, Socially Responsible Investment (SRI) Policy, January 2026.

2 Discretionary investment solutions comprise asset management agreements for institutional and personal banking clients. They do not include full advisory, occasional advisory, or execution-only agreements.

Subsidiaries’ exposure to climate-related risk factors

The principles applied by BCV Group subsidiaries to manage and control climate-related risks are aligned with those of the parent company.

Piguet Galland & Cie SA (PGSA) has adopted its own SRI policy that governs the approaches implemented for its investment solutions, in line with market best practice. PGSA’s advisors receive training on raising clients’ awareness about PGSA’s SRI approach and on determining clients’ SRI preferences. Specific reports are prepared to help clients monitor SRI performance. More information on PGSA’s approach with regard to client investments can be found in the “Piguet Galland” section starting on page 79.

To protect the value of its real-estate investments, GEP SA – which manages the Fonds Immobilier Romand (FIR) real-estate investment fund – has adopted an energy renovation plan to decarbonize the heating systems in its buildings by 2050 and upgrade the envelopes of the buildings that consume the most energy. In 2025, 33% of the portfolio’s total energy reference area was heated by non-fossil-fuel energy sources (versus 29% in 2024). More information on FIR’s sustainability approach can be found in the “Fonds Immobilier Romand” section starting on page 82.

1.2.3 Exposure to climate-related risk factors in our operations

BCV owns around 40 buildings (branches and offices) which we use for our own operations. Most of the emissions from those buildings (scope 1 and 2) are produced by our three main sites – our head office at Place Saint-François in Lausanne, our administrative center in Prilly, and our Chauderon building, all of which have a physical intensity of less than 30 kg CO2e/m2. We frequently undertake renovation work on our other buildings, particularly on our branches. More information on our approach in this area can be found in the “Reducing the environmental impact of BCV’s operations” section of this report starting on page 120.

Although BCV is located in a region that has relatively little exposure to climate-related physical hazards, extreme weather events – such as storms, flooding, landslides, and heatwaves – may give rise to operational-risk events affecting individuals (e.g., accidents and illnesses) or operating resources (e.g., damage to buildings). We keep individuals and infrastructure safe by implementing a set of measures that are based primarily on Swiss government directives on security planning and business-continuity planning.

2. Assessing climate-related risk

2.1 Integrating climate-related risk into the Bank’s risk management

Our approach to managing climate-related risk is fully aligned with the basic principles of risk assessment: determining risk exposure, identifying risk factors and potential risk events, and determining the financial, regulatory, and reputational impact of those risks. The physical impacts of climate change and the transition to a low-carbon economy are among the various types of risk factors:

Climate-related laws, regulations, and societal norms may change significantly in order to speed up the transition to a low-carbon economy. This could involve tighter restrictions on emissions from buildings, vehicles, and industry, significant adverse effects on the public image of certain companies and business sectors, and an increase in climate-related lawsuits.
Economic development may be heavily affected by structural shifts in the economy that occur in response to changes in demand for goods and services and to technological progress. The transition to a low-carbon economy will alter the value of resources, transform sectors and industries (e.g., the automobile sector), and affect the job market.
Climate-related physical hazards are becoming increasingly frequent and more intense as a result of global warming, particularly in certain regions of the world. There are two main types of climate-related physical hazards:

- extreme weather events, such as storms (causing flooding, landslides, and avalanches), heatwaves, droughts, and forest fires (i.e., acute physical hazards)

- long-term changes in the climate leading to desertification, coastal erosion, coastal flooding, and less snowfall and melting glaciers in mountain areas (i.e., chronic physical hazards).

Climate-related risk factors may result in the occurrence of a risk event that has a negative impact on BCV. Such events may relate to strategic, business, credit, market, or operational risks.

2.2 Methods for assessing climate-related risk

We actively monitor the measurement methodologies for climate-related risks and use standard methodologies as the basis for our approach, particularly in our lending activities. Accordingly, we regularly examine ways to add to our climate and environmental data in order to improve our measurement of climate-related risks. In the coming years, we will continue to develop our methods by seeking to adopt best practices and improving the data needed for our assessments.

Below is a description, for each main source of exposure, of the methods we currently use to assess the level of exposure to climate-related risk factors, as well as the potential financial impact for BCV.

2.2.1 Credit risk

Any climate-related risk factor can potentially affect the financial position of a counterparty or the value of the collateral used to secure loans. Exposure to transition risk factors is assessed mainly by considering a counterparty’s GHG emission levels, while exposure to physical risk factors – i.e., natural hazards – is assessed based on the geographical location of the properties securing the loans or of the company’s business activities (i.e., whether the region is particularly affected by physical natural hazards).

We estimate the financial impact of potential physical or transition-related risk events using various scenarios, such as the introduction of strict new legislation on building standards, major flooding in parts of Vaud Canton, or the NGFS scenarios. When assessing credit risk, we systematically examine the proportion of exposure that could be put at an increased risk of default by transition risk factors or climate-related physical risk factors, and we monitor that exposure in half-yearly risk reports.

Mortgage lending

For our mortgage loan book, the main transition risk factors relate to regulatory changes aimed at reducing the carbon footprint of buildings. For this reason, we calculate the mortgage book’s exposure to transition risk based on the GHG emissions of the buildings that secure the loans. We calculate each loan’s scope 1 and 2 emissions in line with the Partnership for Carbon Accounting Financials (PCAF) approach, using an in-house model based on the method applied by the SFOE for its PACTA test. A building’s emissions depend on its energy consumption and on emission factors that vary according to the energy source (fuel oil, natural gas, electricity, district heating, etc.). We determine a building’s energy consumption based on standards developed by Swiss Society of Engineers and Architects (SIA), which take into account building use (residential, industrial, retail, hospitality, etc.).

We determine which mortgages have heightened exposure to transition risk on the basis of a scenario consistent with Vaud Canton’s draft energy law, the LVLEne. According to the Vaud Cantonal Government, this law aims to drive progress toward the targets set out in Vaud’s climate plan of reducing GHG emissions by 50% by 2030 and achieving net-zero by 2050 at the latest. In particular, the law provides for the introduction of requirements to renovate the building envelope of properties as well as to replace all heating systems that are not powered by renewable energy. Mortgage loans are considered to have heightened exposure to transition risk factors if the cost of bringing the financed building into line with the LVLEne standards (i.e., by renovating the building envelope or replacing the heating system) would be high relative to the financial position of the client. The financial impact for BCV corresponds to the potential loss, which is directly related to the effects of a reduction in the value of certain properties (in connection with new renovation requirements), the solvency of the client concerned, and the amount BCV might recover if the client were to default.

We determine the physical risk exposure of residential mortgages based on the geographical location of the buildings that secure the loans, and on the natural hazard maps prepared by the environmental departments of the Swiss cantons. The physical risks taken into account include flooding (river and lake flooding and flash floods), rock falls, and landslides. Mortgage loans are considered to have heightened exposure to physical risks if the financed building is located in an area with high natural-hazard risk. We determine the financial impact based on various global or regional scenarios, by assessing how a reduction in the property’s value following a physical risk event would affect the client’s solvency and the amount BCV would recover if the client were to default. That assessment takes into account the fact that property insurance is mandatory in Vaud and most other Swiss cantons. The main scenario is based on historical recurrence time for physical risk events, but increases in the frequency and intensity of such events in line with the Swiss government’s climate scenarios are also taken into account.

Corporate lending (excluding trade finance)

For our corporate loan book, the main transition risk factors relate to potential changes in GHG emissions standards for business activities, along with structural shifts in the economy that occur in response to changes in demand for goods and services and to technological progress. Exposure to transition risk in corporate lending is determined by the sector in which the company operates, in accordance with TCFD recommendations. The four sectors that the TCFD has identified as carbon-related are energy, transportation, materials and buildings, and agriculture and food.

Corporate loans are considered to have heightened exposure to transition risk if the associated financial risk for BCV would increase significantly under the NGFS’s “Highway to Paris” scenario, which assumes an immediate and orderly transition. In this scenario, GHG-emitting companies must bear the costs associated with reducing their emissions in order to meet stricter emission standards and achieve the Paris Agreement target by 2030. The emissions reduction cost is calculated for each company based on its GHG emissions¹ and the cost per kg CO2e required to reduce emissions to the target level (described as the “shadow carbon price” in the NGFS scenario). The cost impact for the company is determined by the sector in which it operates, based on the ability of companies in that sector to pass on part of the transition costs to their customers. The impact of GHG emissions reduction costs on the company’s financials up until 2030 is estimated using simple assumptions about business trends and how the costs will be financed. Lastly, the increase in financial risk for BCV under the “Highway to Paris” scenario is determined based on changes in the counterparties’ probability of default and expected loss given default. The change in each counterparty’s probability of default is estimated using internal rating models and forward projections of the financial statements of the counterparties concerned after taking into account the costs of reducing GHG emissions.

¹ Baseline GHG emissions for the forward cost projection are calculated for each company based on reported emissions, if available, or on the median reported emissions for the relevant sector, if the company does not report its emissions.

Trade finance activities

For our trade finance business, the main transition risk factors relate to changes in GHG emissions standards (e.g., changes in the carbon tax) and restrictions on the sale of certain fossil-fuel-derived commodities. We assess exposure to transition risk in our trade finance business using an in-house method based on the commodities being financed. BCV’s credit exposure to companies with heightened exposure to the energy transition corresponds to the Bank’s financing for fossil fuels (i.e., petroleum derivatives, natural gas, and thermal coal).

2.2.2 Market risks

Client investments

In our asset-management activities, we act as an intermediary in fulfilling the requests of our personal banking and institutional clients. Climate-related risk factors may impact the market value of clients’ investments in companies that may be more affected by the transition (i.e., that have carbon-intensive operations). We assess exposure to transition risk factors for the main asset classes, i.e., listed equities, corporate bonds, and indirect real-estate investments.

We have assessed the exposure of the listed equities and corporate bonds in our portfolios to carbon-intensive sectors by taking part in the PACTA climate compatibility test. The test covers the eight most carbon-intensive sectors of the economy, i.e., those most affected by the energy transition: oil, gas, coal, electricity, automotive, cement, aviation, and steel (also known as the “PACTA sectors”). For each of these sectors, the test focuses on the part of the value chain that has the greatest impact on the climate and on which decarbonization efforts should be concentrated (e.g., car manufacturers for the automotive sector). Together, the PACTA sectors are responsible for around two thirds of global GHG emissions. For the most recent test in 2024, we submitted the assets in our discretionary management portfolios and investment funds, excluding asset classes not covered by the test such as indirect real-estate and alternative funds.

We assess exposure to transition risk factors in indirect real-estate investments using an approach similar to that used for mortgages. Real-estate funds, foundations, and companies are classified based on the GHG emission intensity (scope 1 and 2) of their real-estate holdings. The GHG emissions calculation method for this asset class is described on page 148.

2.2.3 Operational risks

Transition risk factors such as the introduction of stricter energy standards or higher carbon taxes could adversely affect the value of buildings belonging to BCV that we use in our own operations, i.e., our main sites and branches. We assess our exposure using an approach similar to the one used for mortgages, i.e., by classifying buildings according to their GHG emission intensity (scope 1 and 2). Buildings with a physical intensity of over 30 kg CO2e/m2 are regarded as potentially having greater exposure to the energy transition.

Physical hazards, including extreme weather events such as storms, flooding, landslides, and heatwaves, may give rise to operational-risk events that affect our operating resources in particular (e.g., damage to buildings). We assess our exposure to physical risk factors by identifying the buildings located in areas with high natural-hazard risk according to the natural hazard maps prepared by the environmental departments of the Swiss cantons. Natural hazards taken into account include flooding (river and lake flooding and flash floods), rock falls, and landslides. This method is the same as the one used to assess exposure to physical risk factors in the mortgage book.

3. Monitoring climate-related risk

We monitor climate-related risk through our review of the Bank’s main climate risks and in our risk reports. Our primary goal is to ensure that information on BCV’s exposure to climate-related risk is regularly reviewed by management in order to anticipate any changes in risk exposure and take corrective action as necessary.

3.1 Review of main climate-related risks

Our review of the main climate-related risks aims to identify potential climate-related risks for BCV Group, assess the Bank’s exposure to them, and highlight the control systems in place.

Our approach to this review is similar to the one used for the annual assessment of the Bank’s main risks (i.e., checking the appropriateness of our system for managing the main risks we face) – but with certain adjustments, including:

a focus on climate-related risk factors (i.e., transition and physical risks) in our lending activities, trading and investment activities, and operations
an assessment of our exposure to climate-related risk (in terms of credit, market, and operational risk) as low, moderate, or high based on both quantitative data, where available, and qualitative information
an expansion of the time horizon taken into account for the occurrence of risk events: short-term (0–3 years), medium-term (3–10 years), and long-term (>10 years).

The most recent review of the main climate-related risks was presented to BCV’s Executive Board Risk Management Committee in March 2026.

3.2 Risk reporting

The aim of preparing risk reports is to ensure an in-depth understanding of our business and strategic risk, credit risk, market risk, and operational risk, including in relation to climate-related risks.

For credit risk, we assess our main loan books’ exposure to climate-related risk factors twice yearly and report on that exposure to BCV’s Executive Board and the Board of Directors’ Audit and Risk Committee. Those assessments include the information given in the following table.

Climate-related risk in our lending activities
Loan book	Type of risk	Indicator	2022	2023	2024	2025
Residential mortgages	Transition	Average physical intensity1 in kg CO2/m2	28	27	26	24
	Transition	Proportion of loans secured by buildings with an estimated physical intensity1 of over 30 kg CO2/m2	34%	32%	30%	27%
	Transition	Proportion of loans with heightened exposure to transition risk (i.e., the cost of complying with building standards would be high relative to the strength of the counterparty’s financial position)	3%	3%	3%	2%
	Physical	Proportion of loans secured by buildings in areas with high natural-hazard risk	1%	1%	1%	1%
Corporate lending (excluding trade finance)	Transition	Proportion of loans granted to companies in sectors identified as carbon-related by the TCFD2	23%	24%	24%	24%
Corporate lending (excluding trade finance)	Transition	Proportion of loans granted to companies with heightened exposure to climate-related transition risks (i.e., the cost of reducing their GHG emissions would be high relative to the strength of their financial position)	n/a	n/a	4%	4%
Trade finance	Transition	Proportion of financing for commodities with heightened exposure to the energy transition (petroleum derivatives, natural gas, and thermal coal)	29%	26%	30%	28%
1 For the purposes of risk management, physical intensity is calculated taking into account both on-balance sheet positions (as with the physical intensity figures shown on pages 90 and 91 for our climate targets) and off-balance sheet positions (i.e., the unused portion of lines of credit), in order to assess climate-related risk for all credit exposures. 2 In 2025, we began using the TCFD classification to identify the sectors most exposed to the energy transition. We previously used the classification in Battiston, S. et al., “A climate stress-test of the financial system,” Nature Climate Change 7, 2017, pp. 283–288. Values for prior years in the above table have been restated to reflect the new method.

Basis of preparation

Scope of the report

In addition to BCV (the parent company), BCV Group comprises the following wholly or almost wholly owned subsidiaries: Piguet Galland & Cie SA, Gérifonds SA, and Société pour la Gestion de Placements Collectifs GEP SA. As stated in the section “About this report,” as of 2023 the sustainability report covers all BCV Group companies (see also GRI disclosure 2-2, regarding the entities described on page 4).

The “Ethics and corporate governance” section describes the principles that are applicable across BCV Group with regard to corporate governance, due diligence and tax compliance, anti-corruption measures, managing conflicts of interest, and responsible selling. It also covers the material topic “Reliability: Combating cybercrime, ensuring transaction security, and protecting data,” (see the materiality matrix on page 15).

For other material topics, subsidiaries have been included in this report only where significant and relevant, taking into account their impact (based on, for example, staff numbers or assets under management relative to the Group), the means at their disposal for reducing that impact, and the importance of the topic for the Group, as follows:

Piguet Galland, a private bank specialized in wealth management with nearly 200 employees and assets under management of CHF 8.2bn. Piguet Galland is included in the “Responsible investing” section of this report as well as in the “Being a benchmark employer” section, in particular with respect to diversity and equal opportunity in the workplace.
Gérifonds and its Luxembourg-based subsidiary are the fund administrators for BCV and 12 other fund providers. Gérifonds does not manage or sell any of the funds it administers, instead delegating these activities to fund managers. In light of this, and given its small size (fewer than 40 employees), only the topics related to ethics and corporate governance, as mentioned above, apply to Gérifonds as a Group entity.
GEP manages and administers the Fonds Immobilier Romand (FIR), a listed, Swiss-registered real-estate fund. While GEP’s staff and assets are relatively small, it has leverage on climate issues through its real-estate portfolio and has been included in the “Responsible investing” section of this report.

Reporting principles

This report has been prepared in accordance with the Global Reporting Initiative (GRI) Standards, Articles 964a, 964b, and 964c of the Swiss Code of Obligations, and the Swiss ordinance on climate disclosures, which sets out requirements for the climate disclosures that must be made by companies based on the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). The report covers the period from 1 January 2025 to 31 December 2025, with the exception of indicators relating to FIR, which cover the period from 1 July 2024 to 30 June 2025 (FIR’s reporting year). The GRI content index can be found on pages 156 to 159, and the content index for Article 964b of the Swiss Code of Obligations can be found on pages 152 and 153. A content index for the recommendations of the TCFD can be found on pages 154 and 155.

All financial data in this report align with the data in BCV’s annual report.

For data on greenhouse gas (GHG) emissions associated with its operations, BCV uses the methodologies set out in ISO 14064-1 and in the GHG Protocol Corporate Standard.

For data on GHG emissions associated with lending, proprietary assets, and client investments, BCV uses the calculation methods set out in the Partnership for Carbon Accounting Financials (PCAF) standard “Part A – Financed emissions,” which is based on the GHG Protocol for category 15 of scope 3 emissions (investments).¹

The methods used by BCV Group companies to calculate GRI and PCAF indicators are described on pages 144 to 151.

This report and the information it contains have been prepared according to the following principles, which are guided by the GRI Standards:

Reliability, accuracy, and verifiability: BCV Group is committed to publishing data that enable consistent measurement and evaluation of performance and to limiting the use of estimates as much as possible. The information we publish is consistent with available evidence, and our internal control system is updated regularly.
Balance: We strive to avoid any bias by presenting a balanced view of our positive and negative impacts as well as ESG risks and opportunities, so that stakeholders may fully understand the Group’s contribution to sustainable development.
Clarity: The report uses simple, unambiguous language so that readers, regardless of their expertise, may easily understand our initiatives, results, and objectives related to sustainable development. The sustainability report is available in English and in French.
Comparability: Data is presented in such a way as to allow meaningful comparisons between reporting periods and an analysis of changes over time.
Completeness: In the process of analyzing the Group’s material topics (see pages 13 to 15), we have identified and included all information needed to get a full picture of our performance, taking into account significant and relevant economic, social, and environmental issues.
Sustainability context: To provide a clear vision of BCV Group’s performance, we have defined our strategy and prepared this report in line with the broader context of sustainability. In particular, we have taken into account external trends, market developments, regulatory changes, and other factors that affect our overall impact on sustainable development.
Timeliness: We publish our sustainability report each year alongside our annual report.

1 If the PCAF standard does not provide a method for calculating GHG emissions for a particular asset class, either no figure is provided (e.g., for alternative investments), or another approach is used (e.g., for mortgage bonds).

Data collection

Our process for collecting data is built on a well-defined structure within BCV Group. The Corporate Social Responsibility team, which reports to the CEO, oversees the entire process. Points of contact specific to each of the Group’s business lines and functions are clearly identified. They play an essential role, providing the necessary information and data and documenting how indicators are calculated. Indicators are also reviewed to ensure they are reliable.

External assurance

The Board of Directors has selected PricewaterhouseCoopers SA to carry out a limited assurance engagement for this report. The limited assurance report from PricewaterhouseCoopers, drawn up in accordance with International Standards on Assurance Engagement ISAE 3000 and ISAE 3410, can be found starting on page 160.

Internal control and approval

Quantitative indicators in this report that have limited assurance from PricewaterhouseCoopers SA, which for the most part relate to GRI Standards, are subject to a comprehensive internal process of preparation, verification, and approval based on BCV’s internal control system.

The report is reviewed and approved by the Executive Board before approval by the Board of Directors.

Notes on calculation methods for quantitative indicators verified by PricewaterhouseCoopers SA

All the indicators presented in the table below have been verified by PricewaterhouseCoopers SA.

In this report, “BCV” and “the Bank” refer to the parent company, while “BCV Group” refers to the Group as a whole.

GRI disclosure	Indicator(s)	Page	Methodology, assumptions, scope, and exclusions
2-7 Employees	Total workforce Permanent employees Hourly workers Part-time employees	pp. 102, 104, and 114	Unless otherwise specified, employee figures represent the number of people (rather than full-time equivalents) employed at 31 December. Because BCV Group operates mainly in Switzerland, employee figures are not broken down by region. Figures for BCV and Piguet Galland are reported separately.
2-8 Workers who are not employees	Number of contractors	p. 104	Contractors are individuals who work alongside BCV staff day to day under a contract other than an employment contract.
2-21 Annual total compensation ratio	Ratio of the highest-paid individual’s annual total compensation to the median annual total compensation Percentage change in the median annual total compensation Percentage change in the highest-paid individual’s compensation	pp. 110 and 111	The reported figures are calculated using the following compensation-related data: base salary annual performance-based compensation, paid out the following year long-term performance-based compensation, paid out the following year taxable incidental expenses employee share ownership program. Median annual total compensation is calculated for all permanent BCV employees, excluding trainees.
2-27 Compliance with laws and regulations	Significant instances of non-compliance	p. 157	This information is reported separately for BCV and each of its subsidiaries (Piguet Galland, Gérifonds and GEP). Significant instances of non-compliance are defined as cases liable to justify the intervention of a supervisory authority or create a crisis for the primary stakeholders of the Bank or one of its subsidiaries and that result in a fine or non-monetary sanction (including a warning) from a judicial, administrative, or self-regulatory authority.
201-1 Direct economic value generated and distributed	Direct economic value generated Direct economic value distributed Economic value retained	p. 32	Method of calculation: Direct economic value generated is the sum of: operating profit personnel costs extraordinary income and expenses. Direct economic value distributed is the sum of: personnel costs taxes dividends paid out to BCV shareholders. Economic value retained is the difference between direct economic value generated and direct economic value distributed. Because its activities take place mostly in Vaud Canton, BCV does not break down direct economic value generated and direct economic value distributed by country, region, or market.
201-3 Defined benefit plan obligations and other retirement plans	Coverage ratio Total contributions (as a % of gross salary) Employer’s share of contributions Insured retirement savings capital compared with the statutory minimum (ratio of pension benefits to LPP minimum requirements)	p. 112	All BCV Group employees are members of the Caisse de Pensions de la Banque Cantonale Vaudoise (the CP BCV). Senior executives who are members of the Fund are also members of the Fondation de Prévoyance Complémentaire de la Banque Cantonale Vaudoise (the Supplementary Fund). Given the small number of individuals enrolled in the Supplementary Fund, the figures published in this report pertain only to the CP BCV. Reported figures are based on the CP BCV’s interim financial statements at 30 September. In accordance with Art. 44 of the Swiss Federal Ordinance on Occupational Retirement, Survivors’ and Disability Pension Plans, actuarial assumptions are defined in the guidelines for managing the Fund’s actuarial liabilities.
203-1 Infrastructure investments and services supported	Portion of net profit allocated to sponsorships and donations, and the number of beneficiaries	p. 128	This indicator is based on BCV’s commitments and financial support for sponsorships and donations related to the economy, sports, cultural activities, social causes, and the environment, including related costs. It does not include paid advertising or paid media coverage.
203-2 Significant indirect economic impacts	Total lending to companies in Vaud	p. 33	BCV contributes to Vaud Canton’s economic development by making loans to companies domiciled in Vaud. The published figures show the total volume of loans granted to companies domiciled in Vaud.
GRI disclosure	Indicator(s)	Page	Methodology, assumptions, scope, and exclusions
	Lending guaranteed by French-speaking Switzerland’s regional cooperative (excluding Covid-19 bridge loans)	p. 33	BCV helps finance the activities of its SME clients through loans guaranteed by Cautionnement Romand, western Switzerland’s loan-guarantee cooperative. We report the total amount drawn on facilities granted by BCV and guaranteed by Cautionnement Romand.
	Annual funding for the Foundation for Technological Innovation (FIT) and Innovaud	pp. 33 and 36	To further contribute to Vaud Canton’s economic development, we promote innovation in the Canton through the Foundation for Technological Innovation (FIT) and Innovaud. The reported figures represent the annual funding provided to FIT and Innovaud.
204-1 Proportion of spending on local suppliers	Swiss companies as a share of the Bank’s procurement spend (supplies and services)	p. 127	Our procurement spend covers funds disbursed for supplies and services relating to investments and operating expenses. Expenses related to ordinary banking activity (interest expense, commissions and fees, trading expenses, other ordinary expenses, provisions, and losses) are not included. Given that BCV’s activities take place mostly in the Swiss market, “local suppliers” are considered to be suppliers domiciled in Switzerland. The indicator represents the total spend across the organization.
205-3 Confirmed incidents of corruption and actions taken	Confirmed incidents of corruption	pp. 47 and 157	BCV Group defines confirmed incidents of corruption as incidents that have incurred a fine or non-monetary penalty (including a warning) from a judicial authority or have resulted in the termination of one or more employees’ contracts or in other disciplinary measures for corruption. Incidents of corruption include bribery, facilitating payments, fraud, extortion, collusion, and money laundering. Also included is the act of offering or receiving any kind of gift, loan, monetary sum, reward, or other advantage aimed at encouraging an act that is dishonest or illegal. Incidents of corruption furthermore include the misappropriation of funds, influence peddling, abuses of power, unjust enrichment, concealment, and obstruction of justice.
302-1 Energy consumption within the organization	Energy consumption	p. 124	This indicator includes energy consumption related to heating (natural gas, fuel oil, and district heating) and electricity (100% renewable and hybrid) for the buildings occupied by BCV as an owner or tenant, as well as to the three vehicles owned by BCV. Figures for electricity and heating consumption are based on actual data for the year under review where possible. If no actual data is available, estimates are based on the previous year’s data. If no data is available for either year, estimates are based on the energy reference area. Figures for energy consumption by BCV vehicles are estimated based on fuel costs, which are converted to liters of fuel based on the average price of fuel, and then to kilowatt-hours (kWh). Conversion factors are provided by Swiss Climate.
302-3 Energy intensity	Energy consumption per full-time equivalent	p. 159	This indicator is based on BCV’s energy consumption (302-1) and the number of full-time equivalents at the end of the year.
305-1 Direct (scope 1) GHG emissions	Scope 1 emissions	p. 123	Scope 1 emissions relate to natural-gas and fuel-oil heating, the use of BCV’s vehicles, and refrigerants. BCV measures data on natural-gas and fuel-oil use and refrigerant leaks each year. When actual data is not available, we use estimates based on the previous year’s data, or on the heat-producing capacity of heating equipment. Swiss Climate converts this data into GHG emissions using specific emission factors.
305-2 Indirect energy (scope 2) GHG emissions	Scope 2 emissions	p. 123	Scope 2 emissions relate to electricity and district heating. They are reported using a market-based approach. BCV measures how much energy it uses for electricity and district heating. If no actual data is available, estimates are based on the previous year’s data. If no data is available for either year, estimates are based on the energy reference area. Swiss Climate converts this data into GHG emissions using specific emission factors.
GRI disclosure	Indicator(s)	Page	Methodology, assumptions, scope, and exclusions
305-3 Other indirect (scope 3) GHG emissions	Scope 3 emissions associated with BCV’s operations	p. 123	Category 1 – Purchased goods and services: emissions associated with paper consumption and printing activities BCV tracks how much paper it uses for its operations and in-house printing. Data for any outsourced printing is provided directly by the supplier or determined based on invoices received. Swiss Climate converts this data into GHG emissions using emission factors related to paper manufacturing. Category 2 – Capital goods: emissions associated with IT equipment (i.e., computers and monitors) BCV keeps an inventory of its IT equipment. Swiss Climate converts this data into GHG emissions using emission factors related to manufacturing and the transportation of equipment to the consumer. Emission factors are based on an estimated six-year lifespan for each device. Category 3 – Fuel- and energy-related activities not covered by scope 1 and 2 For this category, the same raw data is used as for scope 1 and 2. Swiss Climate converts the data into GHG emissions using emission factors related to energy supply. For combustible and motor fuels, these factors relate to fuel extraction, transportation, and spills. For electricity, they relate to network losses and SF6 emissions. Category 5 – Waste generated in operations BCV calculates how much waste it generates based on weights listed on invoices from waste management services. This does not include waste collected by the government in taxed garbage bags, which only concerns a minority of BCV’s sites. Swiss Climate converts this data into GHG emissions using emission factors related to waste disposal. Category 6 – Business travel BCV estimates the distances traveled by its employees for business purposes by car and public transportation based on business expense reports submitted during the year. These expenses are converted into kilometers based on average mileage rates for the various modes of transportation. This category also includes plane trips booked through BCV’s partner for business trips, which provides data on the number of kilometers traveled. Plane trips booked through other platforms are not material and therefore not taken into consideration. Swiss Climate converts this data into GHG emissions using specific emission factors for each mode of transportation. Category 7 – Employee commuting BCV estimates the distances traveled by its employees between home and work based on an employee survey. In 2024, we updated the method used in this survey, potentially making the data less comparable with figures from previous years (2019–2023). Swiss Climate converts the data into GHG emissions using specific emission factors for each mode of transportation. This category also includes emissions associated with energy consumption by employees working from home, as estimated by Swiss Climate.
	Scope 3 emissions associated with BCV’s mortgage loans (category 15 of the GHG Protocol)	p. 91	BCV calculates GHG emissions associated with its mortgage loans using the PCAF standard (for each building covered by an outstanding mortgage loan at 31 December, the annual emissions are multiplied by the loan-to-value ratio at 31 December; this is then summed for the entirety of the mortgage book). Building emissions taken into account include scope 1 emissions (heating and hot water generated by fossil fuels) and scope 2 emissions (electricity for heat pumps, district heating, electricity for household appliances, and lighting). Building emissions are calculated using a model developed by BCV. It is based on: the energy consumption of the building (in kWh), as calculated via the method used by the Federal Office for the Environment for the mortgage component of the Paris Agreement Capital Transition Assessment (PACTA) test. This method models consumption using standards developed by the Swiss Society of Architects and Engineers, which are based on the dimensions of the building, the year it was constructed or renovated, and its use (e.g. residential, industrial, retail, office, restaurant). We have improved the quality of the internal and external data we use in this regard. In 2025, we began incorporating into our calculation of final energy consumption whether the building envelope has CECB or Minergie certification and whether the property has solar-power generation facilities. emission factors (in tCO2e/kWh) specific to the type of energy used (fuel oil, natural gas, district heating, electricity, etc.). These factors are provided by the Swiss Coordination Conference for Public Sector Construction and Property Services (KBOB). Emissions are reported as absolute values (tCO2e) as well as relative to the building’s surface (physical intensity in kg CO2e/m2).
GRI disclosure	Indicator(s)	Page	Methodology, assumptions, scope, and exclusions
	Scope 3 emissions associated with BCV’s business loans (category 15 of the GHG Protocol)	p. 95	In 2025, BCV began reporting the GHG emissions associated with its business loans. These emissions are calculated in accordance with the PCAF standard (for each outstanding business loan at 31 December, the annual emissions of the borrowing company are multiplied by an attribution factor corresponding to the share of BCV financing in the company’s total financing; this is then summed for the entirety of the business loan book). The calculation covers scope 1 and 2 emissions based on the data available at 31 December. Scope 3 emissions are not included because the available data is not consistently reliable. The emissions data we use consists of: the company’s reported emissions, if available the company’s revenues multiplied by a sector emissions factor (tCO2e per CHF million in revenues), if the company doesn’t report its emissions. The attribution factor is calculated by dividing the amount actually drawn down on BCV credit facilities by the company’s total debt and equity financing at 31 December. Emissions are reported as absolute values (tCO2e) as well as relative to the amount financed (carbon intensity in kg CO2e/CHF million). They are also broken down by sectors identified as carbon-related by the TCFD. At BCV, investments in the forest products and rail transportation sectors are not considered carbon-related assets because they are not associated with material climate risks for the Bank. The same sector classification will be used in future years so that reported values can be compared from one year to the next.
	Scope 3 emissions associated with BCV’s proprietary assets (category 15 of the GHG Protocol)	pp. 64 and 65	BCV calculates GHG emissions associated with its proprietary assets using the PCAF standard. Poor-quality GHG emissions data (i.e., with a PCAF score of 5) are excluded from the calculation. Owing to incomplete data, the following asset classes have been excluded from the calculation: shareholdings bonds issued by local governments, multilateral agencies, and fully state-owned enterprises. No changes were made to the scope of calculation in 2025. BCV reports GHG emissions figures for the following asset classes: Bonds issued by Swiss mortgage-bond institutions: issuers’ GHG emissions figures (scope 1, 2, and 3) are provided by MSCI Bonds issued by other European mortgage-bond institutions and corporate bonds: issuers’ GHG emissions figures (scope 1,2, and 3) are provided by MSCI Sovereign bonds: issuers’ GHG emissions figures are provided by MSCI based on data drawn from the Emissions Database for Global Atmospheric Research (EDGAR), a widely-used reference for calculating the GHG emissions of states. Reported values are based on the annual emissions data available at 31 December and the assets held by BCV at 31 December. Emissions are reported in absolute values (tCO2e), as well as relative to the amount invested (carbon intensity in kg CO2e/CHF million).
GRI disclosure	Indicator(s)	Page	Methodology, assumptions, scope, and exclusions
	Scope 3 emissions associated with BCV’s and Piguet Galland’s client investments (category 15 of the GHG Protocol)	pp. 74–75 and 81–82	Emissions are reported separately for BCV and Piguet Galland. The GHG emissions associated with client investments are calculated using the PCAF standard. The assets included in this calculation consist of those in discretionary management solutions (which comprise asset management agreements for institutional and personal banking clients) and investment funds (asset allocation funds, Pension funds, and targeted funds). Poor-quality GHG emissions data (i.e., with a PCAF score of 5) are excluded from the calculation. The following have also been excluded: double-counted assets cash holdings, which do not generate GHG emissions alternative investments, for which no method exists for calculating GHG emissions bonds issued by local governments, multilateral agencies, and fully state-owned enterprises, due to a lack of GHG emissions data. Where relevant, GHG emissions figures are reported for the following asset classes: Equity and corporate bonds: issuers’ GHG emissions figures (scope 1, 2, and 3) are provided by MSCI. Mortgage bonds: issuers’ GHG emissions figures (scope 1, 2, and 3) are provided by MSCI (relevant only for BCV). Indirect real estate (real-estate funds, foundations, and companies): figures for GHG emissions (scope 1 and 2) are provided by the managers of the underlying investment vehicles (relevant only for BCV). Third-party funds: GHG emissions figures (scope 1, 2 and 3) at the fund level are provided by MSCI. Sovereign bonds: issuers’ GHG emissions figures are provided by MSCI based on data drawn from the Emissions Database for Global Atmospheric Research (EDGAR), a widely-used reference for calculating the GHG emissions of states. Reported values are based on the annual emissions data available at 31 December and the assets held at 31 December. Emissions are reported in absolute values (tCO2e), as well as relative to the amount invested (carbon intensity in kg CO2e/CHF million).
	Scope 3 emissions associated with FIR properties (category 15 of the GHG Protocol)	p. 84	GHG emissions from FIR’s investment properties are calculated by Signa-Terre SA based on actual consumption, which is measured for each property using the Real Estate Investment Data Association (REIDA) standard. Reported figures include scope 1 emissions (heating and hot water generated by fossil fuels) and scope 2 emissions (electricity for heat pumps, district heating, and electricity for common areas). They do not include scope 3 emissions (electricity used by tenants and building construction and demolition). Emissions are reported as absolute values (tCO2e), as well as relative to the building surface area (physical intensity in kg CO2e/m2).
305-4 GHG emissions intensity	GHG emissions per full-time equivalent	p. 120	GHG emissions per BCV employee are calculated based on the GHG emissions associated with BCV’s operations (scope 1, 2, and 3) and the number of employees (full-time equivalents) at the end of the year.
Specific indicator	Coal exposure of BCV’s trade finance business	p. 97	This figure presents BCV’s exposure to coal in its trade finance business, broken down by thermal and metallurgical coal. It includes all transactions booked by BCV, whether or not they were financed by the Bank.
401-1 New employee hires and employee turnover	New employee hires Employee turnover	pp. 107 and 115	Figures for BCV and Piguet Galland are reported separately. New employees include: all new hires to a BCV Group company on fixed-term or permanent contracts (excluding trainees) all trainees who, at the end of their training period, join a BCV Group company on fixed-term or permanent contracts. Employees who leave a BCV Group company after their fixed-term contract ends (including trainees) and employees taking retirement are not included in the calculation of employee turnover. Employee turnover is calculated by dividing the number of departures over a 12-month period by the average monthly headcount. Because BCV Group operates primarily in Switzerland, employee figures are not broken down by region.
GRI disclosure	Indicator(s)	Page	Methodology, assumptions, scope, and exclusions
401-3 Parental leave	Number of employees entitled to parental leave	p. 108	This figure comprises BCV employees who have taken parental leave (for mothers, fathers, same-sex spouses, and adoptive parents). If parental leave is taken over two calendar years, it is reported in the figures for both years.
404-1 Average hours of training per year per employee	Average for all employees Average by position type and category	p. 106	Figures are published in number of days and are based on the internal training that BCV provides its staff. BCV classifies employees into six categories depending on the level of responsibility inherent in their position. For the purposes of this indicator, the categories are presented in two groups: managers: staff in categories B, C, D, and E other employees: staff in category A and trainees.
404-2 Average hours of training per year per employee	Number of continuing education programs completed	p. 106	This indicator gives the number of BCV employees who complete the following types of continuing education programs: internal job training BCV’s Micro MBA program certification from the Swiss Association for Quality (SAQ) post-secondary qualifications from outside institutions.
404-3 Programs for upgrading employee skills and transition assistance programs	Percentage of employees receiving regular performance and career development reviews	p. 158	This indicator gives the percentage of BCV employees who received a performance review during the reporting period.
405-1 Diversity of governance bodies and employees	Diversity of governance bodies and employees, by proportion of women Diversity of governance bodies and employees, by age group	pp. 103, 104, and 117	Figures for BCV and Piguet Galland are reported separately. The figures are calculated using the actual number of people (not full-time equivalents) employed at 31 December. For the purposes of this indicator, figures are reported for the following employee categories: Board of Directors Executive Board managers other employees senior leadership (for BCV only) BCV classifies employees into six categories depending on the level of responsibility inherent in their position. Managers are employees in categories B, C, D, or E, while other employees are category A staff and trainees. Senior leadership includes the Executive Board, other executives, and heads of larger teams, as well as specialist positions. For Piguet Galland, employees are categorized according to their rank. Managers are employees with the rank of assistant vice president, vice president, first vice president, or senior vice president. Other employees are signing officers, trainees, and employees without ranks.
417-2 Incidents of non-compliance concerning product and service information and labeling	Significant instances of non-compliance	p. 157	This information is reported separately for BCV and each of its subsidiaries (Piguet Galland, Gérifonds SA, and GEP SA). Significant instances of non-compliance are defined as cases liable to justify the intervention of a supervisory authority or create a crisis for the primary stakeholders of BCV or one of its subsidiaries. Where applicable, the number of significant instances of non-compliance are reported that have resulted in fines or non-monetary sanctions (including a warning) from a judicial, administrative, or self-regulatory authority, as well as instances of non-compliance with non-binding guidelines.
417-3 Incidents of non-compliance concerning marketing communications	Significant instances of non-compliance	p. 157
418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data	Number of substantiated complaints received concerning violations of customer confidentiality	p. 157	Figures for BCV and Piguet Galland are reported separately. Substantiated complaints are defined as complaints that involve significant or repeated lapses with regard to internal or external provisions that might justify the intervention of internal entities. For a complaint to be considered substantiated, it must also trigger proceedings before a judicial, administrative, or self-regulatory authority.
GRI disclosure	Indicator(s)	Page	Methodology, assumptions, scope, and exclusions
	Number of identified leaks, thefts, or losses of customer data	p. 157	Figures for BCV and Piguet Galland are reported separately. Leaks, thefts, and losses of customer data entail serious incidents resulting in a significant leak of client-identifying data within the meaning of FINMA Circular 2008/21, “Operational risks – banks.”
G4-FS8 Products and services designed to deliver a specific environmental benefit	Mortgage lending under the Green Bonus program	p. 92	Under the Green Bonus program, BCV offers attractive interest rates on financing for energy-efficient properties and green renovations. Conditions for mortgages granted under the Green Bonus program: For real-estate purchases, the building must have an eco-rating of A on at least one of the three CECB certificate criteria and no score below B for the other criteria, or Minergie-A or Minergie-P certification. For renovation work, the value of the loan must be at least CHF 20,000 and at least 25% of the funds must go to energy-saving improvements that qualify for cantonal or federal subsidies. All types of buildings are eligible, including income-generating and commercial properties.
	FIR’s energy mix	p. 83	The published figures are based on an analysis of the energy mix in the real-estate portfolio of Fonds Immobilier Romand (FIR) carried out by the organization commissioned to monitor energy use in those buildings. That analysis is further developed with an internal review that reflects any changes to the portfolio or to energy sources following the initial assessment. The figures correspond to the energy reference area of FIR’s real-estate portfolio broken down by energy source used for heating. Energy sources are grouped in the following categories: fossil fuels (fuel oil and natural gas) non-fossil-fuel sources (district heating, heat pumps, wood pellets, and electricity)
	FIR’s ESG capital expenditures	p. 84	ESG capital expenditures comprise investments made to optimize buildings’ energy efficiency, including renovations that also make the property safer and more comfortable for occupants. The published amount is the total of investments made in the heating, elevator, and building categories for FIR’s real-estate portfolio. Data are given as absolute values and as percentages of rental income.
G4-FS10 Companies held in the institution’s portfolio with which the reporting organization has interacted on environmental or social issues	Number of shareholders’ meetings for companies in BCV Group portfolios where voting rights were exercised	pp. 70, 71, and 79	Figures for BCV and Piguet Galland are reported separately. BCV and Piguet Galland track how they exercise their voting rights at annual general meetings using ProxyExchange, the electronic voting platform from Institutional Shareholder Services (ISS). For one Luxembourg-registered fund, BCV uses information provided by Ethos.
	Number of investee companies that BCV engaged with	p. 70	BCV tracks the number of companies it engages with on ESG issues directly and the number it engages with indirectly through Ethos’s services. The direct engagement figures relate to the year covered by BCV’s sustainability report, while those for indirect engagement relate to the prior year because the report from Ethos is received after the sustainability report is published.
GRI disclosure	Indicator(s)	Page	Methodology, assumptions, scope, and exclusions
G4-FS11 Assets integrating environmental or social criteria	Breakdown of ESG products in BCV’s discretionary management solutions and investment funds	p. 73	These figures give the total assets managed by BCV in discretionary management solutions and investment funds (asset allocation funds, BCV Pension funds, and targeted funds) and the share of those assets that integrate ESG criteria in order to manage ESG risks in pursuit of financial goals. Discretionary management solutions comprise asset management agreements for institutional and personal banking clients. They do not include full advisory, occasional advisory, or execution-only agreements. BCV’s total assets under management are broken down into the following categories: investment funds (strategic funds, BCV Pension funds, and targeted funds). The following funds are classified as “ESG”: Swiss-registered funds whose sub-funds have a FINMA-approved ESG label Luxembourg-registered funds that, although they do not have the ESG label, apply the same management rules as Swiss-registered strategic funds whose ESG approach is described in the fund agreement approved by FINMA Other Luxembourg-registered funds whose sub-funds have an ESG label approved by the Commission de Surveillance du Secteur Financier. discretionary management agreements for institutional clients: Managed portfolios for institutional clients are classified as ESG if at least 70% of component assets are from the ESG or ESG Ambition ranges. Cash and derivatives are not taken into account. discretionary management agreements for personal banking clients: All discretionary agreements for personal banking clients integrate ESG criteria in order to manage ESG risks, unless the client’s financial constraints (e.g., for tax reasons) are such that the minimum threshold (70% of component assets) for categorizing the agreement as ESG cannot be met. Cash and derivatives are not taken into account. Figures are presented as percentages of assets in the category concerned.
	Total assets in BCV ESG Ambition products	p. 74	In addition to meeting the criteria for ESG products (see previous page), products in the ESG Ambition range allocate a portion of the assets to investments that will drive positive change in the economy, society, and the environment. Figures for certificates in the ESG Ambition range are reported separately from the figures for investment funds and discretionary management agreements. Figures are presented in absolute terms.
	Breakdown of ESG products in Piguet Galland’s discretionary management solutions and investment funds	p. 80	These figures give the total assets managed by Piguet Galland in discretionary management solutions and investment funds (asset allocation funds, Pension funds, and targeted funds, including themed certificates) and the share of those assets that integrate ESG criteria in order to manage ESG risks in pursuit of financial goals. Discretionary management solutions comprise asset management agreements for institutional and personal banking clients. They do not include full advisory, occasional advisory, or execution-only agreements. Assets integrating ESG criteria to manage ESG risks in pursuit of financial goals correspond to those in Piguet Galland’s Responsible and Conviction product ranges.
	Certificates with responsible investment themes, managed by Piguet Galland	p. 80	The reported figures are based on Piguet Galland’s three sustainability-oriented certificates: Helv-Ethic Women Empowerment Climate Action. Figures are presented in absolute terms.

2025 Sustainability Report

Letter from the Chair and the CEO

BCV Group

About this report

Our main contributions to the Sustainable Development Goals in 20251

Prioritizing the work-life balance and well-being of our employees

Making it about more than just banking: BCV in the Vaud community

Promoting employee skills development

Fostering equal opportunity

Serving the people and businesses of Vaud

Maintaining our financial solidity over the long term

Backing local businesses

Promoting responsible investing

Lending responsibly

Helping drive the energy transition through our lending activities

Reducing the climate impact of our operations

Forging partnerships in support of a sustainable economy

Our ESG ratings

CSR at BCV

The dimensions of CSR

Stakeholder expectations and material topics

Our stakeholders and how we engage with them

Vaud Cantonal Government and Parliament

Employees

Customers

Shareholders (apart from the Canton of Vaud)

Sustainable development interest groups

Supervisory and federal authorities

Cultural, sports, social, and environmental associations

Suppliers and partners

Our process for determining our economic, social, and environmental impacts

BCV’s materiality matrix and material topics in 2025

Our mission and CSR strategy

CSR is firmly embedded in our mission

Clear priorities in our CSR strategy

How CSR is embedded in our organization

Biodiversity and nature

Sustainability a priority for our subsidiaries

Our main sustainability risks

Climate-related risk

Overall exposure to climate-related risk factors

Exposure to climate-related risk factors in lending activities

Exposure to climate-related risk factors in client investments

Climate strategy

Introduction

GHG emissions

GHG emissions associated with our operations and lending and investment activities (in tCO2e), by scope and emissions category, 2025

Note on methodology:

Climate targets

Climate targets for the GHG emissions associated with our operations

Climate targets for mortgage lending

Climate targets for trade finance

Climate targets for client investments

External factors that may affect our climate strategy

Sustainability governance and organizational structures at BCV

CSR governance and organizational structures at BCV

Governance and organizational structures for sustainability risks

Ways our governing bodies were involved in 2025

Main sustainability partnerships and initiatives

A positive, long-term economic impact

Long-term value creation, solidity, and financial performance

Contributing to Vaud’s economic development

Financing the Canton’s economy

Helping stakeholders better understand the Canton’s economy

Economic trends and analysis

Events

Other appearances and publications

Energy transition

Promoting innovation and sustainability in Vaud

Ethics and corporate governance

Our values and code of conduct

Close ties

Professionalism

Performance

Responsibility

Corporate governance

Members of the Board of Directors

No political contributions

Membership in industry organizations

Supporting associations for a sustainable economy

Our main contributions to the Sustainable Development Goals in 2025¹

ESG classification²