Ad hoc announcement pursuant to Art. 53 LR

• Alpine Select AG ("Alpine Select", the "Company") closed the reporting period (1 January to 30 June 2025) with a profit of CHF 1.2 million. In the comparable period (30 June 2024), a profit of CHF 3.6 million was reported.
• The net asset value (“NAV”) recorded a positive performance of +1.9% (from CHF 7.86 to CHF 8.01 per share)

Market Commentary

The first half of 2025 was volatile indeed. In early April, U.S. and global equity markets plunged following sweeping tariff announcements by President Trump, a phase dubbed the “Trump Slump” and the biggest global market sell-off since 2020.

Markets however rebounded sharply: the S&P 500 was back in positive territory by mid-May, and by the end of June, major indices closed at all-time highs. The post-April rebound was largely driven by mega-cap AI-oriented stocks. Microsoft and NVIDIA each accounted for 21% of the S&P 500’s return, and along with Meta Platforms, Broadcom, Netflix, JPMorgan Chase, Palantir, GE Aerospace, and Philip Morris, nine stocks contributed the majority of the gains.

The S&P 500 regained 5.5%, while the Nasdaq and Dow also rose strongly. The U.S. dollar however plunged by over 10%, marking its biggest first-half decline since the 1970s. Correspondingly, gold surged about 25%, its strongest gain in decades, supported by geopolitical tensions, inflation concerns, and central bank buying.

The diversified Alpine Select portfolio participated in the friendly sentiment of western markets to some degree. The Net Asset Value («NAV») increased +1.9% (from CHF 7.86 to CHF 8.01).

Portfolio Development and Investment Activities

Special Situations / Discounted Assets

• Alpine Select held firm to the conviction that Idorsia's convertible bonds are deeply undervalued. The recent restructuring announcement at Idorsia marks a pivotal moment for the Swiss biotech company. With the debt overhang sustainably resolved, the company’s renowned innovation merits close attention.
  The CB holders voluntarily underwent an uplift on their debt exchanging their current senior unsecured CBs into the newly created asset backed notes issued by a special purpose vehicle. Overall, Idorsia has eliminated most of its debt burden while retaining the long-term upside potential from their cornerstone assets — aprocitentan, cerenimod, and selatogrel – validating the original investment thesis of Alpine Select.
  Alpine Select added significantly to the existing position after the announcement, underscoring its conviction in this special situation opportunity. This position was the single best contributor for H1-25 within Alpine Select’s portfolio.
• IP Group, a leading investor in breakthrough science and innovation companies, had a mixed first six months of 2025. In line with broader UK market sentiment, the position first declined given the macro uncertainties and closed the first half with -3.5%. Given the muted market dynamics and individual investment progress, the company has cautiously written down some NAV valuations. The strong cash position allows the company to add +GBP 10m to current share buyback program (Total of GBP 80m since Dec-2023). Additionally, 50% of all 2025 exits will be allocated to further share buybacks which Alpine Select acknowledges, given the persistent steep discount of 55% to NAV valuation.
• Alpine Select received further cash distributions from its legacy position, Cheyne New Europe Fund. There is a foreseeable end to this long-term holding which the Company inherited from an acquisition. Sentiment in the Czech residential market has continued to improve.

Diversified portfolio

A notable part of the diversified portfolio remains in the Alpine Select Alternative Fund, which performed +4.3%.

Digital Assets

After a turbulent start to the year, digital assets regained momentum in Q2. Total market capitalization rose 33%, to USD 3.5tn, supported by broad liquidity growth, and a shift toward risk assets (Bitcoin reached new all-time high of TUSD 110 in June 2025).

Circle’s June blockbuster IPO was a defining moment for digital asset capital markets. Circle is the issuer of the dominant USDC stablecoin, which has grown to USD 67 billion in circulation since its 2018 launch. Its success is a testament to the enthusiasm surrounding stablecoin innovation, and a signal that the IPO market is likely to see more public listings of crypto stablecoin companies.

The GENIUS Act, the most significant US stablecoin legislation to date, was signed into law on 18 July after passing the Senate on 17 June and the House on 17 July. The Act locks down institutional participation in stablecoins through strict guardrails. Only regulated entities can issue stablecoins – banks, credit unions, their subsidiaries, or Fed-approved nonbanks – eliminating the regulatory grey area that kept major institutions sidelined. The framework demands 100% reserves in Treasury bills, cash, or repo agreements, monthly public audits, and full Bank Secrecy Act compliance. In practice, this gives institutional-grade standards that traditional finance can work with. The bipartisan votes (68-30 Senate, 308-122 House) signal this isn’t partisan theater but serious policy with staying power.

Alpine Select remains advocate of this new asset class and believes in the long-term value creation managed by professionals. Alpine Select’s digital assets exposure is managed by specialists through carefully selected venture capital funds. These experts are adept at navigating the complexities of this very volatile and emerging asset class. It's important to note that, due to the nature of venture capital investing, the valuations of target funds used in Alpine Select’s calculations may lag current market values.

Outlook

Idorsia’s positive H1-25 results reported in July confirmed Alpine Select’s optimistic stance on the company’s operations after restructuring. Idorsia delivered strong sales acceleration of QUVIVIQ for the first 6 months of the year and gave an optimistic outlook with clear catalysts waiting to unlock further value, if confirmed positive.

Additionally, the company’s cash runway is extended to the end of 2026 and Idorsia says it expects to reach commercial profitability (QUVIVIQ franchise) in 2026 and break even late in 2027. Alpine Select met with the new Idorsia CEO and gained the impression that an optimistic outlook with significant economic value to be unlocked for bondholders and shareholders alike is likely to be achievable, given the optionalities within the innovation portfolio of Idorsia pharmaceuticals.

Looking ahead, Alpine Select remains cautious amid US policy changes and geopolitical tensions and will adjust its portfolio accordingly, reporting on new positions, as Alpine Select consistently does, in due course. While global market valuations remain (substantially) elevated, experience reminds to stay selectively invested with a prudent approach.

Alpine Select is confident in the intrinsic value and growth potential of its portfolio. The Company’s portfolio is well positioned to generate positive returns regardless of broader market conditions

For further information, please contact Claudia Habermacher (This email address is being protected from spambots. You need JavaScript enabled to view it.) or visit our website www.alpine-select.ch.

About Alpine Select
Alpine Select Ltd is a company domiciled in Zug and has been listed on the SIX Swiss Exchange since 1998. The Company offers its shareholders the key benefit of investing into a diversified alternative investment portfolio. Alpine Select maintains an active and constructive dialogue with management and board of directors of its portfolio companies in the best interest of its shareholders. Alpine Select does not charge any management or performance fees.

• Press release (in PDF Format)