Outlook for 2026

Following the IPO in 2025 and the implementation of the new compensation framework, the NCC will continue to regularly review the compensation structures for the Board of Directors and the Executive Leadership Team to ensure market competitiveness and retention of talent with relevant expertise.

Board of Directors

The 2026 Board of Directors compensation framework will remain unchanged for the upcoming term of office, from the 2026 Annual General Meeting to the 2027 Annual General Meeting:

  • Same compensation mix of annual base fees and committee fees as applied in 2025.
  • Same payout methodology as applied in 2025 (i.e. quarterly payments in four equal instalments, made in cash and shares for the Chairperson and in cash for all other members of the Board of Directors).

Executive Leadership Team

As outlined in Compensation of the Executive Leadership Team, the 2026 Executive Leadership Team compensation framework will remain closely aligned with SMG’s established compensation principles:

  • Same fixed compensation structure consisting of base salary, pension, and other benefits as applied in 2025.
  • Same STIP as applied in 2025.

To further promote the principles of culture, strategy, and value creation, SMG will introduce a new LTIP in 2026. This plan enables participants to share in the Group’s long-term success, fostering the implementation of its strategy and reinforcing the alignment of interests between participants and shareholders. Building on the structure of the IPO LTI, the LTIP will be designed as a PSU plan with two performance metrics: one based on a non-market condition and one on a market condition. The LTIP will be granted annually based on the average share price prior to the grant with a three-year performance period to maintain a clear focus on sustainable performance and long-term value creation.

The Group’s overall target compensation mix for the Executive Leadership Team will reflect the key principles for 2026, emphasising long-term orientation and a robust pay-for-performance philosophy, as illustrated below.

Target Compensation Mix for the CEO

in %

Target Compensation Mix for other Members

in %