Aevis Victoria Sa · SIX:AEVS
Aevis Victoria Sa — H1 2026 Earnings Presentation
32 slides from Aevis Victoria Sa's earnings presentation, Sep 17, 2026
Slide 1: Investing for a better life
HALF-YEAR RESULTS 2026 Investing for a better life 17 September 2026 AEVIS VICTORIA SA
Slide 2: Forward-looking statements
Forward-looking statements This communication contains statements that constitute “forward-looking statements”. In this communication, such forward-looking statements include, without limitation, statements relating to our financial condition, results of operations and business and certain of our st
Slide 3: Overview
Overview Fabrice Zumbrunnen CEO 21.09.2026 3
Slide 4: AEVIS VICTORIA: An investment company focused on services to people
AEVIS VICTORIA An investment company focused on services to people HOSPITALITY & LIFESTYLE HEALTHCARE MRH Switzerland AG 19% 57% * INFRASTRUCTURE 24% * * Not consolidated 21.09.2026 4
Slide 5: AEVIS VICTORIA: Key Figures
AEVIS VICTORIA: Key Figures Organic growth of 1.4% EBITDA margins + 70 bps CHF 4.2m lower interest expenses Strong increase in net profit * Independent physician fees 21.09.2026 5
Slide 6: Equity story & H1-26 performance
Equity story & H1-26 performance Michel Keusch CFO/CIO 21.09.2026 6
Slide 7: 1.1. Why invest in Aevis Victoria?
1.1. Why invest in Aevis Victoria? 21.09.2026 7
Slide 8: Investment case pillars
Aevis Victoria A solid compounder ahead of a phase of portfolio value crystallisation Focused investment “Services to people” – stable and resilient activities in healthcare, hospitality and infrastructure approach Investment case pillars Invested in hard-to- A leading care provider and ACO* in Swit
Slide 9: 1.2. H1-2026 performance
1.2. H1-2026 performance 21.09.2026 9
Slide 10: Aevis Group consolidated figures: NAV increased while the discount widened to 54%
Aevis Group consolidated figures NAV increased while the discount widened to 54% NAV per share (CHF) Discount to NAV (%) +6.8% +2.3% H1-25 2025 H1-26 -48% -49% 25.06 26.15 26.75 -54% H1-25 2025 H1-26 21.09.2026 10
Slide 11: Aevis Group consolidated figures: Stable revenues and higher margins in H1-2026
Aevis Group consolidated figures Stable revenues and higher margins in H1-2026 Net revenues (CHFm) EBITDAR (CHFm) EBITDA (CHFm) and margin (%) and margin (%) +0.2% +7.5% +7.1% 19.1% 20.5% 10.4% 11.1% 546.0 547.0 104.3 112.1 56.7 60.7 H1-25 H1-26 H1-25 H1-26 H1-25 H1-26 Organic: -0.3% Organic: 6.5% O
Slide 12: Healthcare segment – Swiss Medical Network
Healthcare segment – Swiss Medical Network Strong margin expansion driven by hospitals and ambulatory services Net revenues (CHFm) EBITDAR (CHFm) EBITDA (CHFm) and margin (%) and margin (%) +2.1% +18.8% +32.6% 21.6% 10.5% 18.6% 8.1% 426.2 435.0 79.2 94.0 34.7 46.0 H1-25 H1-26 H1-25 H1-26 H1-25 H1-26
Slide 13: Healthcare segment: Hospitals and Ambulatory Services
Healthcare segment: Hospitals and Ambulatory Services EBITDAR (CHFm) EBITDA (CHFm) Net revenues (CHFm) and margin (%) and margin (%) +0.6% +13.4% +21.0% 25.1% 13.6% 22.3% 11.3% Hospitals Healthcare segment 328.3 330.3 73.1 82.9 37.1 44.9 Hospitals H1-25 H1-26 H1-25 H1-26 H1-25 H1-26 76% Organic: 0.6
Slide 14: Hospitality segment – MRH Switzerland
Hospitality segment – MRH Switzerland Continued profitable growth momentum with rent increase impacting EBITDA Net revenues (CHFm) EBITDAR (CHFm) EBITDA (CHFm) and margin (%) and margin (%) +1.0% 0.1% -25.3% 10.6% 25.9% 8.3% 26.1% 104.0 105.0 27.2 27.2 11.0 8.2 H1-25 H1-26 H1-25 H1-26 H1-25 H1-26 Or
Slide 15: Real Estate segment – Swiss Hotel Properties
Real Estate segment – Swiss Hotel Properties Further increase of market value and LTV reduction Revenues (CHFm) EBITDA (CHFm) Interest expenses (CHFm) and margin (%) * -25.3% -26.7% - 42.9% 27.2 20.3 9.9 0.7 +15.1% 93.3% (ex impact 1.9 1.9 from sale of properties) +18.8% 25.4 91.5% 17.0 14.4 18.6 7.
Slide 16: Real Estate segment – Swiss Hotel Properties
Real Estate segment – Swiss Hotel Properties Further increase of market value and LTV reduction Market value (CHFm) Debt (CHFm) LTV (%) +3.5% -26.7% - 150bps 872.1 902.8 406.8 406.1 46.5% 45.0% H1-25 H1-26 H1-25 H1-26 H1-25 H1-26 21.09.2026 16
Slide 17: Others (Genolier Innovation Hub, Nescens)
Others (Genolier Innovation Hub, Nescens) Higher revenues and narrower losses Net revenues (CHFm) EBITDAR (CHFm) EBITDA (CHFm) and margin (%) and margin (%) +11.9% 4.4 4.9 H1-25 H1-26 H1-25 H1-26 H1-25 H1-26 (3.5) (2.8) (5.4) (4.7) -56.7% -80.9% -125% -96% 21.09.2026 17
Slide 18: Solid financial framework
Solid financial framework H1-26: Group consolidated net debt: 846m Int.rate Value based H1-26: Corporate net debt: 228m H 1- 25 : 2.25 % LTV Ratio: 10% H 1- 26 : 3.02 % lending MRH Switzerland AG OTHERS Net debt Int.rate Int.rate Int.rate Int.rate H1-26: 203m H 1-25 : 2.32 % H1-26: 12m H 1-25 : 2.10
Slide 19: Sum of the parts valuation of AEVIS VICTORIA
Sum of the parts valuation of AEVIS VICTORIA AEVIS SOTPsum of value equity the parts valuation analysis as of as of AEVIS 16.09.2026 of 31.12.2023 In CHFbn Per share (CHF) CHF CHF 26.75 13.70 Miscellaneous 0.1 (0.2) Infracore 0.2 Overhead (0.2) • The total value of participations is CHF 2.3bn Net de
Slide 20: Strong track record of value creation
Aevis Victoria; Strong track record of value creation Long term active entrepreneurial approach AEVIS equity value development 2011-2026 In CHFm 19.0x Sum of the parts NAV 2,257 2,207 Market capitalization 2,115 2,040 1,900 1,800 1,700 1,477 1,424 1,300 1,222 1,183 1,125 1,150 1,038 1,043 118 140 20
Slide 21: Outlook
Outlook Fabrice Zumbrunnen CEO 21.09.2026 21
Slide 22: Update on key milestones of our value creation journey ahead
Update on key milestones of our value creation journey ahead 1 Healthcare – Further improving profitability 2 Integrated care – Scaling up our unique capitation model 3 Hospitality – Nurturing iconic hotels in iconic destinations 21.09.2026 22
Slide 23: Update on key milestones of our value creation journey ahead
Update on key milestones of our value creation journey ahead 1 Healthcare – Further improving profitability 2 Integrated care – Scaling up our unique capitation model 3 Hospitality – Nurturing iconic hotels in iconic destinations 21.09.2026 23
Slide 24: Outlook: Further growth and profitability potential
Outlook: Further growth and profitability potential Operating Leverage, Cost optimization, M&A and Integrated Care Effects Organic growth: 2-3% p.a M&A Ramp-up of Integrated Pipeline acquired care effects turnaround cases Ramp-up of acquired Benefits from turnaround cost ● Further cases Normalizatio
Slide 25: Value Contribution: Further profitability improvement potential
1 Further profitability improvement potential Hospital ramp-ups and turnarounds support further margin improvement In-depth Investments & Marketing of Continuous % of EBITDAR Analysis Renovation New Hospital Optimisation Category portfolio * margin Ars Medica Mature | EBITDAR margin > 20% Montchoisi
Slide 26: Update on key milestones of our value creation journey ahead
Update on key milestones of our value creation journey ahead 1 Healthcare – Further improving profitability 2 Integrated care – Scaling up our unique capitation model 3 Hospitality – Nurturing iconic hotels in iconic destinations 21.09.2026 26
Slide 27: Integrated care – Scaling up our unique capitation model
2 Integrated care – Scaling up our unique capitation model REGION ZH, SH & SG REGION MITTELLAND Privatklinik Belair Schmerzklinik Basel Privatklinik Lindberg Privatklinik Privatklinik Bethanien REGION RÉSEAU DE L’ARC Villa im Park Hospital Centre / Clinic Spital Zofingen Hôpital de Moutier Rosenklin
Slide 28: Integrated care – Scaling up our unique capitation model
2 Integrated care – Scaling up our unique capitation model MEMBERS 16000 RDA, RSA,ANZ,BNZ 14000 RDA: Réseau de l’Arc 12000 RSA: Rete Sant’Anna ANZ: Aarenetz 10000 BNZ: Bärnnetz 8000 RDA, RSA, ANZ 6000 4000 RDA, RSA 2000 RDA 0 2024 2025 2026E 2027E Cost savings objectives First results Medium to Long
Slide 29: Update on key milestones of our value creation journey ahead
Update on key milestones of our value creation journey ahead 1 Healthcare – Further improving profitability 2 Integrated care – Scaling up our unique capitation model 3 Hospitality – Nurturing iconic hotels in iconic destinations 21.09.2026 29
Slide 30: Hospitality – Nurturing iconic hotels in iconic destinations
3 Hospitality – Nurturing iconic hotels in iconic destinations Consolidating our leadership position in the strategic destinations Zermatt and Interlaken • Existing land reserves offer attractive development opportunities • Targeted acquisitions and local partnerships to strengthen our presence • Fu
Slide 31: Conclusion
Conclusion Continued focus on portfolio crystallization, scale up of integrated care and value creation in our existing portfolios • Strong focus on crystallizing value across the portfolio Strategy • Further improving the profitability in healthcare outlook • Scaling up our unique capitation model
Slide 32: Thank you for your attention.
Thank you for your attention. Contact: Michel Keusch, CFO / CIO mkeusch@aevis.com 21.09.2026 32