Notes to the separate financial statements of Comet Holding AG

Comet Holding AG has its registered office in Flamatt, Switzerland and is the Comet Group’s parent holding company listed on the Swiss stock exchange. The separate financial statements of Comet Holding AG at and for the year ended December 31, 2025, comply with the provisions of the Swiss Code of Obligations. The manner of the inclusion of Comet Holding AG in the consolidated accounts is governed by the measurement principles set out in the notes to the consolidated financial statements.

These separate financial statements were prepared in accordance with the principles of the applicable Swiss Accounting Law (title 32 of the Swiss Code of Obligations).

Receivables and loans are stated at nominal amounts less any necessary write-downs.

Investments in subsidiaries are recognized at historical cost less necessary impairment charges, and are individually tested annually for impairment.

Comet purchases treasury shares for share-based compensation of the Executive Committee and Board of Directors. Treasury shares are recognized at acquisition cost and deducted from shareholders’ equity at the time of acquisition. Comet applies the first-in-first-out (FIFO) principle when using treasury shares for share-based compensation programs. In general, treasury shares are not held for more than six years at maximum. In the event of a resale, the gain or loss is recognized through retained earnings.

Comet Holding AG directly held the following companies at December 31, 2025:

Loans to subsidiaries were as follows:

The share capital at December 31, 2025, was CHF 7,773,966, divided into 7,773,966 registered shares with a par value (nominal value) of CHF 1.00 per share. In fiscal years 2025 and 2024, the share capital remained unchanged, as the Board of Directors had decided to use treasury shares for the share-based compensation. The share capital is fully paid in.

By a decision of the Board of Directors, the share-based compensation is paid from treasury shares instead of using capital increases from conditional capital designated for equity compensation. At the balance sheet date, Comet Holding AG held 3,941 treasury shares (prior year: 4,588).

In fiscal year 2025, Comet awarded 5,620 PSUs with a fair value of CHF 226.7 per unit for the 2025 LTIP. The grant date was May 15, 2025, and the vesting date is May 14, 2028. As of December 31, 2025, 21.1% of the vesting period was completed, 4,846 PSUs remained unvested under this plan, and 774 PSUs were forfeited.

In fiscal year 2024, Comet awarded 3,440 PSUs with a fair value of CHF 327.9 per unit for the 2024 LTIP. The grant date was May 24, 2024, and the vesting date is May 23, 2027. As of December 31, 2025, 53.6% of the vesting period was completed, 3,150 PSUs remained unvested under this plan, and 290 PSUs were forfeited.

In fiscal year 2023, Comet awarded 3,848 PSUs with a fair value of CHF 215.6 per unit for the 2023 LTIP. The grant date was May 17, 2023, and the vesting date is May 16, 2026. As of December 31, 2025, 87.6% of the vesting period was completed, 3,817 PSUs remained unvested under this plan, and 31 PSUs were forfeited.

At any time until April 14, 2026, the Board of Directors is authorized i) to increase the share capital by issuing a maximum of 1,554,793 fully paid registered shares with a par value of CHF 1.00 per share in one or more steps, by not more than a cumulative CHF 1,554,793, to a new total of up to CHF 9,328,759 (the upper limit of the so-called capital band), and ii) to reduce the share capital in one or more steps to not less than CHF 7,385,268 (the lower limit of the capital band), either by cancelling not more than a total of 388,698 registered shares with a par value of CHF 1.00 per share or by reducing the par value of the registered shares accordingly. A capital reduction and a reincrease may be performed simultaneously. If the share capital is increased by means of the capital band, the limit on the number of shares by which the capital can subsequently be reduced is raised so that the lower end of the capital band can be reached. If the share capital is reduced by means of the capital band, the limit on the number of shares by which the capital can subsequently be increased is raised so that the upper end of the capital band can be reached. If a change in capital is performed by changing the par value, the upper and lower limits of the capital band remain constant, but the limits on the number of shares by which the capital can be changed are adjusted accordingly. In the case of an increase of the share capital, the new shares must be fully paid in. In the case of a capital reduction, the amount of the reduction may, in the discretion of the Board of Directors, be distributed to the shareholders in whole or in part and/or added to reserves.

The Board of Directors may exclude shareholders’ subscription rights in whole or in part and allocate such subscription rights to certain shareholders or third parties, including subsidiaries, for the purpose of, among other things:

Under article 3b of its Articles of Association, the Company has conditional capital (“bedingtes Aktienkapital”) that is designated for use only as equity-based compensation. In a capital increase from this conditional capital, shares are issued to Executive Committee members and/or Board members of Comet Holding AG. With respect to this conditional capital, the other shareholders’ pre-emptive rights are excluded. The issuance of shares or share subscription rights is based on a compensation plan (in the form of a written regulation) adopted by the Board of Directors.

In 2025 and 2024, due to the decision by the Board of Directors to use treasury shares for the equity-based compensation, no capital increase was performed from conditional capital designated for equity-based compensation.

At the end of the year, the remaining conditional capital for equity-based compensation was CHF 189,154, or 2.4% of the existing share capital.

Under article 3c of its Articles of Association, the Company’s share capital can be increased by a maximum of CHF 1,554,793 through the issuance of up to 1,554,793 fully paid registered shares with a par value of CHF 1.00 per share through the exercise (incl. mandatory exercise) of conversion, exchange, option, subscription, or similar rights to purchase shares granted to shareholders or third parties, alone or in connection with bonds, loans, options, warrants, or other financial market instruments or contractual obligations of the Company or its subsidiaries (collectively “Financial Instruments”).

The Board of Directors is authorized to restrict or cancel the preferential subscription rights of existing shareholders in connection with the issue of Financial Instruments by the Company or one of its subsidiaries if the issue is made (a) for the purpose of financing or refinancing or compensation for the acquisition of companies, parts of companies, equity interests, products, intellectual property rights or licenses or of investment projects or (b) on domestic or foreign trading venues or as part of a private placement or (c) for other important reasons. Such exclusion or restriction of preferential subscription rights in connection with the issuance of Financial Instruments may, based on the shares underlying the Financial Instruments in question, not involve more than 10% of the number of shares already in issue immediately prior to the issuance in question. This percentage shall be reduced to the extent that subscription rights are excluded pursuant to article 3a of the Articles of Association.

If the preferential subscription rights are not granted directly or indirectly by the Board of Directors in connection with the issue of Financial Instruments by the Company or one of its subsidiaries, the following shall apply:

Comet Holding AG has not issued any conversion rights or share options.

Comet Holding AG issued a bond on April 20, 2021, in the amount of CHF 60 million. The bond was issued at par. The term of the bond is five years and it matures on April 20, 2026. The fixed coupon rate over the term is 1.30%, payable annually on April 20. The bond is listed on the SIX Swiss Exchange (Swiss security number 110 109 656, ticker symbol COT21).

The Group is taxed as a single entity for purposes of value-added taxation in Switzerland, and Comet Holding AG therefore has joint and several liability for the value-added tax obligations of its Swiss subsidiary.

The number of employees of Comet Holding AG in 2025 and 2024 in terms of the annual average number of full-time equivalents was less than ten.

There have been no events after the balance sheet date with a material effect on the amounts in the financial statements.

On March 4, 2026, the Board of Directors approved the release of these annual financial statements for publication and will present them to shareholders for approval at the Annual Shareholder Meeting on April 14, 2026.