Aevis Victoria Sa · SIX:AEVS
Aevis Victoria Sa — Investor Day (May 2026)
142 slides from Aevis Victoria Sa's investor day presentation, May 20, 2026
Slide 1: Capital Markets Day 2026
Capital Markets Day 2026 20 May 2026
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: Welcome and Overview
Welcome and Overview 20.05.2026 3
Slide 4: Visibility Commercial Development
VISIBILITY COMMERCIAL DEVELOPMENT » , 20/05/2026
Slide 5: Today's speakers
Today’s speakers — AEVIS Chairman: Antoine AEVIS Board Member: Michel AEVIS CEO: Fabrice Hubert Reybier Zumbrunnen AEVIS CFO/CIO: Michel GENOLIER INNOVATION HUB MICHEL REYBIER Keusch CEO: Anna Gräbner HOSPITALITY CEO: Raouf Finan NESCENS CEO: Caroline SWISS MEDICAL NETWORK SWISS HOTEL PROPERTIES Sir
Slide 6: Agenda CMD 2026 — Disrupting Industries, Creating Long-Term Value
Agenda CMD 2026 — “Disrupting Industries, Creating Long-Term Value” 10:00 – 10:45: Welcome & Visit of the Genolier Innovation Hub in small groups 11:00 – 11:15: Opening • Welcome & Overview of CMD • GIH: A platform for disruptive healthcare innovation 11:15 – 11:35: Vision & Perspectives (Michel Rey
Slide 7: Agenda CMD 2026 — Disrupting Industries, Creating Long-Term Value
Agenda CMD 2026 — “Disrupting Industries, Creating Long-Term Value” 14:00 – 14:30: Infracore: “Switzerland’s Leading Hospital Real Estate Specialist” 14:30 – 15:30: Coffee Break and small group breakout sessions • Management of Aevis Victoria • Management of Infracore • Management of Swiss Medical N
Slide 8: Vision & Perspectives Michel Reybier
Vision & Perspectives Michel Reybier 20.05.2026 8
Slide 9: MRH Switzerland Raouf Finan
MRH Switzerland Raouf Finan 20.05.2026 9
Slide 10: Michel Reybier Hospitality: Rethinking Luxury
Michel Reybier Hospitality RETHINKING LUXURY RAOUF FINAN, CEO AEVIS CAPITAL MARKETS DAY – 2026
Slide 11: Slide 11
Slide 12: Our Destinations
Our Destinations A apr ya ¢ ron @ ) vorenee So TALY FRANCE bY > Loamed Nal dtvere @ SEY LLES aeaieoe MICHEL REYBIER HOSPITALITY AG OTL ADWLA Fuits ‘UA AESERVE EDEN AU LAC 2810 ‘A MAISON O-ESTOURNEL swNT-ESTEPNE AA RESERVE ALA PLAGE RAUATUELLE LALA DU LAC GENEVE. © wrensor0 Hore oavos @ wor cenvn rca
Slide 13: From the Alps to the Lake: Each Destination, a Story
From the Alps to the Lake: Each Destination, a Story LA RÉSERVE VICTORIA-JUNGFRAU BELLEVUE PALACE CRANS AMBASSADOR L’OSCAR LONDON EDEN AU LAC ZURICH GRAND HOTEL & SPA INTERLAKEN BERN CRANS-MONTANA An icon of Swiss luxury Grandeur and tradition in the A fabulous tête-à-tête with In the heart of Londo
Slide 14: From the Alps to the Lake: Each Destination, a Story
From the Alps to the Lake: Each Destination, a Story MONT CERVIN PALACE HOTEL MONTE ROSA SCHWEIZERHOF ZERMATT ALPENGOLD HOTEL HOTEL ADULA ZERMATT ZERMATT DAVOS FLIMS An address as legendary Zermatt’s charming historical The mountain sanctuary The new art of mountain living Where the world meets as t
Slide 15: MRH AG Financial Results
MRH-AG Financial/Results
Slide 16: MRH AG Performance at a Glance
MRH AG Performance at a Glance 2024 to 2025 MRH AG – KCHF – YTD 20 24 -12 YTD 20 25 -12 YTD TO 54.1% 56.8% PM 577 579 REVPAR 312 329 REVENUE 186 185 194 739 4.59% GOI 91 023 97 091 6.67% % GOI 48.9% 49.9% GOP 46 879 52 541 12.03% % GOP 25.2% 27.0% EBITDAR 40 641 46 164 13.59% % EBITDAR 21.8% 23.7% R
Slide 17: Case Study
Case Study Victoria-Jungfrau Grand Hotel & Spa
Slide 18: A Grand Hotel, Reimagined
A Grand Hotel, Reimagined Vict oria-Jungfrau Grand Hotel & Spa What it was • Acquired in 2013 - one of Switzerland's most iconic addresses • 150 years of Belle-Époque architecture facing the Eiger, Mönch and Jungfrau • Spectacular setting, underperforming asset, no longer relevant to the market • A
Slide 19: Growing Team Excellence
Growing Team Excellence Vict oria-Jungfrau Grand Hotel & Spa LA TERRASSE BRASSERIE LA TERRASSE BRASSERIE BEFORE • Vision of Michel Reybier SAPORI Radius SAPORI • MRH Culture & Values • Learning & Development : - Leadership - Competencies - Service Culture - Operation Excellence • Employee Evaluation
Slide 20: The Rooms Transformation
The Rooms Transformation Vict oria-Jungfrau Grand Hotel & Spa BEFORE A F T ER TOWER SUITE DELUXE DUPLEXU SUITE TOWER SUITE DELUXE DUPLEXU SUITE TOWER SUITE YASH CHOPRA SUITE YASH CHOPRA SUITE DELUXE JUNIOR SUITE YASH CHOPRA SUITE DELUXE JUNIOR SUITE • Every room and suite fully renovated • From heav
Slide 21: From Hotel Dining to Culinary Destination
From Hotel Dining to Culinary Destination Vict oria-Jungfrau Grand Hotel & Spa BEFORE A F T ER LA TERRASSE BRASSERIE A FT E R FORMER BRASSERIE 11’240K 16’251K FORMER ITALIAN RESTAURANT SAPORI RADIUS • Growth from 11‘240K to 16’251K – a direct result of repositioning • Italian Trattoria concept creat
Slide 22: From Grand Hotel to Resort Destination
From Grand Hotel to Resort Destination New Facilities Expanding t he Experience • All new outdoor pool – a facility that did not exist before • New kids club – attracting a broader, family-oriented guest profile • Spa Nescens – elevating wellness to a clinique-grade experience • A commitment to cont
Slide 23: A Positioning Change That Shifted the Guest Mix
A Positioning Change That Shifted the Guest Mix - Towards Individual Leisure Group Individual 45% 55% 25% 75% R2014 R2025 23 A E V I S CA P I TA L M A R K E TS DA Y I M R H
Slide 24: Becoming a true Wellness Destination
Becoming a true Wellness Destination Spa Nescens at Vict oria-Jungfrau Grand Hotel & Spa Launching the first Nescens Essential Reset at La Réserve Genève – coming soon to Victoria-Jungfrau Grand Hotel & Spa • Contribute to the positioning of Victoria-Jungfrau as a wellness destination through a tail
Slide 25: Then vs. Now — Victoria-Jungfrau in Numbers
Then vs. Now — The Victoria-Jungfrau Grand Hotel & Spa in Numbers 2014 to 2025 VICTORIA JUNGFRAU – KCHF – YTD 20 14 -12 - YTD 20 25 -12 - YTD TO 57.2% 51.9% PM 376 772 105.34% REVPAR 86.32% 215 401 REVENUE 33 099 52 327 58.09% GOI 14 694 28 050 90.89% % GOI 44.4% 53.6% GOP 6 552 17 134 161.51% % GOP
Slide 26: MRH AG What's Next
MRH AG What’s Next
Slide 27: Mont Cervin Palace: The Numbers behind the Vision
Mont Cervin Palace The Numbers behind the Vision MONT CERVIN PALACE – KCHF – YTD 20 19 -12 - YTD 20 25 -12 - YTD TO 73.3% 75.2% PM 578 832 43.87% REVPAR 47.67% 424 626 REVENUE 24 603 29 646 20.49% GOI 11 527 16 594 43.96% % GOI 46.9% 56.0% GOP 5 299 9 639 81.90% % GOP 21.5% 32.5% EBITDAR 5 278 8 651
Slide 28: Where the Opportunity Lies
Where the Opportunity Lies The Gap Between Today and What is Possible A VE R AG E P RI C E R EV P AR T O T A L R EV E N UE OC CU P AN Y ( CH F) ( CH F) ( M CH F) R2019 73.3% 578 424 24603 R2025 75.2% 832 626 29646 +2.6% + 4 3 . 9% + 4 7 . 7% New Positioning 75.8% 1 327 1 006 42828 +0.7% + 5 9 . 6% +
Slide 29: Merci Thank you Danke
Merci Thank you Danke Grazie . . .
Slide 30: Swiss Hotel Properties Frédéric Boson
Swiss Hotel Properties Frédéric Boson 20.05.2026 30
Slide 31: Swiss Hotel Properties AG - Overview
Swiss Hotel Properties AG - Overview 100% investment of AEVIS Swiss Hotel Properties AG CHF 902m 27 Market value Properties Swiss Hotel Properties is a hospitality infrastructure company based in Switzerland CHF 34.9m 45.4% Ordi nary reve nue LTV 129’690sqm CHF 6’953 /sqm Rental surface implied valu
Slide 32: Portfolio snapshot: Landmark hotels
Swiss Hotel Properties AG - Portfolio snapshot Real estate portfolio with leading landmark hotels and no CAPEX backlog Hotel Victoria-Jungfrau Interlaken 6 additional properties Interlaken La Reserve Eden au Lac Hotel Alpengold Davos L’Oscar, London Land reserves: Zermatt,Crans- Hotel Adula Flims Mo
Slide 33: Portfolio snapshot: Staff houses
Swiss Hotel Properties AG - Portfolio snapshot Real estate portfolio – Staff houses Zermatt/Täsch, Flims, Interlaken Zermatt/Täsch: Zermatt - Felsenhaus Zermatt – Seilerhaus Areal ➢ More than 400 beds ➢ 2 staff houses projects Zermatt - Seilerhof/Rossstall Täsch - Welcome Hotel ▪ Zermatt, renovation
Slide 34: Portfolio snapshot: Land reserves
Swiss Hotel Properties AG - Portfolio snapshot Real estate portfolio - land reserves Zermatt Crans-Montana Kusnacht Down town Ski in-out Zurich Strategic Non-Strategic 02.06.2025 3
Slide 35: Portfolio snapshot: Retail
Swiss Hotel Properties AG - Portfolio snapshot Real estate portfolio - Retail Interlaken Zermatt 02.06.2025 3
Slide 36: Shaping Zermatt's Future Through Strategic Real Estate Leadership
Täsch Value creation initiatives : Shaping Zermatt’s Future Through Strategic Real Estate Leadership 2 Strategic edge as Zermatt’s largest real estate owner 3 (55’000 sqm in the heart of the village) to shape the future retail landscape Strategic Axes and Key Areas: Objectives by focus area: 1 La Pl
Slide 37: Upgrading retail experience in Zermatt
Value creation initiatives : Upgrading retail experience in Zermatt Enhancing Retail Through Brand Curation Renovation project to create a new village square as an attractive hub for the community and tourists 1 La Place Before renovation After planned renovation Current situation: Objectives: • Sum
Slide 38: Strategic development of Hofmattstrasse
Value creation initiatives : Strategic development of Hofmattstrasse Haus Zur Matte: new façade Renovation project to enhance the appeal and visibility of Hofmattstrasse Before 5 02.06.2025
Slide 39: The structural misalignment of modern hospitality
The structural misalignment of modern hospitality OPERATOR OWNER ▪ Yield optimisation ▪ Margins & occupancy ▪ Asset valuation ▪ Guest satisfaction ▪ Long-term investment horizon ▪ Operational flexibility «Operators don’t prioritize operational «Owners don’t invest enough» efficiency and service exce
Slide 40: ONE asset. ONE vision. ONE responsibility
ONE asset. ONE vision. ONE responsibility Virtuous circle Ownership and operations belong to the Shareholders same ecosystem ▪ Long-term value alignment Investment and operational decisions serve the same long- term objective Ownership Operations ▪ Asset development ▪ Hospitality excellence & guest
Slide 41: Exceptional experiences. Disciplined investments.
Exceptional experiences. Disciplined investments. The right balance creates long term value 41
Slide 42: Nescens Caroline Siri
Nescens Caroline Siri 20.05.2026 42
Slide 43: Nescens Switzerland
Ne&SCeENS SWITZERLAND
Slide 44: Transformation of Healthcare
TRANSFORMATION OF HEALTHCARE NE SCENS 44
Slide 45: Transformation of Healthcare: Longevity
TRANSFORMATI ON OF H EALTH CARE FITNESS WELLNESS SKINCARE NUTRITION SLEEP OUTDOOR ACTIVITIES LONGEVITY RELAXATION PERFORMANCE PREVENTION HEALTHCARE NE SCENS 45
Slide 46: Wellness and longevity converging into a new health economy
WE LLN ESS AND LONGEVITY ARE CONVERGI NG INTO A N EW H EALTH ECONOMY TRADITIONAL LONGEVITY HEALTHCARE LONGEVITY BIOTECH (Reimbursed) (Out-of-pocket) (Out-of-pocket) USD 12.5 trn USD 5.0 trn USD 30.0 bn Market segments and size, 2023 Source: Roland Berger NE SCENS 46
Slide 47: Willingness to pay and trust
Willingness to pay Who do people trust the most Would you be willing to pay for the following Which stakeholders within the healthcare system ways to obtain a longer/healthier life, even if would you trust with regard to recommendations your health insurance company did not fully for new ways to con
Slide 48: The Nescens Longevity Ecosystem
THE NESCENS LONGEVITY ECOSYSTEM NE SCENS 48
Slide 49: Building the first institutional platform for modern longevity
BUILDIN G THE FIRST IN STITUTIONAL PLATFORM FOR MODERN LON GE VITY NE SCENS 49
Slide 50: The Nescens Longevity Ecosystem: Comprehensive coverage
TH E NESC ENS LON GEVITY EC OSYSTEM 1. C ompre he ns ive lo nge vit y co verage : F rom we lln es s to fro ntie r me dic ine NE SCENS 50
Slide 51: The Nescens Longevity Ecosystem
TH E NESC ENS LON GEVITY EC OSYSTEM 3. Del ive red th roug h 2. Powe re d by lu xur y ex pe r ien ce a c urated e cos yste m inf rastr uc ture NE SCENS 51
Slide 52: The Nescens Longevity Ecosystem
TH E NESC ENS LON GEVITY EC OSYSTEM NE SCENS 52
Slide 53: Strategic Repositioning
STRATEGIC REPOSITIONING NE SCENS 53
Slide 54: 1. Scientific Reinforcement
1. SCI ENTIFIC REINFORCEMEN T - Arrival of Dr. Elisabeth Roider to reinforce Nescens’ Medical & Scientific Leadership - Development of a Swiss and international doctors’ network through strategic collaboration projects - Creation of the Nescens Switzerland Scientific & Medical Committee - Cross-coll
Slide 55: 2. Building a stronger and more aspirational brand platform
2. BUILDIN G A STRON GER AND MORE ASPIRAT ION AL BRAND PLATFORM - Developing new premium content and storytelling around longevity and wellbeing - Reinforcing brand identity, positioning and visual communication - Enhancing marketing strategies across digital and offline channels - Expanding and opt
Slide 56: NE SCENS TI T R E D E L A P R E S
NE SCENS TI T R E D E L A P R E S ENT AT IO N 56
Slide 57: 3. Developing scalable longevity programs
3. DEVELOPING SC ALABLE LONGEVITY PROGRAMS NE SCENS S T R AT EG I C R E P OS I TI ON IN G 57
Slide 58: Built in Switzerland. Designed for the future of healthcare.
Built in Switzerland. Powered by medicine and science. Designed for the future of healthcare. NE SCENS 58
Slide 59: Swiss Medical Network
Swiss Medical Network 20.05.2026 59
Slide 60: A Journey from Sickcare to Healthcare
A Journey from Sickcare to Healthcare Dino Cauzza Pietro Fabrizio CEO Swiss Medical Network Deputy CEO SMN Esthelle le Gallic de Kerizouët Caroline Siri CEO VIVA Health Swiss CEO Nescens
Slide 61: Swiss Medical Network
Swiss Medical Network The first and only Accountable Care Organization in Switzerland Only Swiss Player Covering the Full Continuum of Care Through Integrated Care Solutions MEMBERS' LIFE PATH LIFELONG & PERSONALIZED RELATIONSHIP 20.05.2026 61
Slide 62: Two Powerful Drivers of Strong Competitive Advantage
Two Powerful Drivers of Strong Competitive Advantage Uniquely Positioned to Create Value in Swiss Healthcare Unique Integrated Primary and Secondary Care Provider in Switzerland Only Swiss Player Covering the Full Continuum of Care Through Integrated Care Solutions and with an Insurance Partner Exte
Slide 63: Two Powerful Drivers of Strong Competitive Advantage
Two Powerful Drivers of Strong Competitive Advantage Uniquely Positioned to Create Value in Swiss Healthcare Unique Integrated Primary and Secondary Care Provider in Switzerland Only Swiss Player Covering the Full Continuum of Care Through Integrated Care Solutions and with an Insurance Partner Exte
Slide 64: Presence in Switzerland and integrated care regions
Presence in Switzerland and development of integrated care regions 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 R
Slide 65: SMN personnel breakdown
SMN personnel breakdown1 Major employer with over 4’000 FTEs and 2’300 accredited doctors 3.3% 0.6% Surgery 2.8% 5.9% Orthopaedics 15.6% 5.8% 20.6% Obstetrics & gynaecology Employed doctors General & internal medicine Assistant doctors 2.3% Ophthalmology Administration 4’423 2.5% 2’300 13.8% Paediat
Slide 66: Lean organizational structure
Lean organizational structure 1 Decentralized and geographically distributed administrative resources Management, 31.4 FTE Procurement, Facility Lean operational structures with only c. 6% of total Mgmt. & Other, 58.5 FTE FTE being administrative resources 258 FTE 34% central functions Most of the a
Slide 67: Carefully selected strategic focus
Carefully selected strategic focus A dedicated specialization strategy that turns breadth into strength HOSPITALS AMBULATORY CENTERS CONTRACTED LISTED SATELLITE STANDALONE #5 Supplementary- #13 # 18 #34 Base-insured insured Base-insured Supplementary- insured • Flagship hospitals • Regionally imbedd
Slide 68: SMN: The Only True ACO in Switzerland
SMN: The Only True ACO in Switzerland (on the way to full scale) Accountable Care Organisation = clinical, financial and coordination accountability for a defined population 1. National non-insurance provider 2. Pre-existing hospital + territorial network 3. Proven capitation model (VIVA) Full Capit
Slide 69: From Silo to ACO: How do we get there?
From Silo to ACO How do we get there? Traditional model Integrated care Swiss healthcare system: an inefficient and vicious triangle Integrated care unites all stakeholders with currently diverging interests 1 Consolidation of existing players Insured / patients 2 Improving services for patients Mer
Slide 70: What does it take to build Integrated Care in Switzerland?
Towards Integrated Care What does it take to build Integrated Care in Switzerland? 2017 → 2019 → 2021 → 10.2022 01.2024 Inspirational visits Integrated care Education & Canton Bern, SMN & Launch RDA experts work with us alignment Visana founds Réseau de l’Arc 2018 → 2020 → 2022 → 09.2023 Political &
Slide 71: VIVA Health Swiss SA
VIVA Health Swiss SA 20.05.2026 72
Slide 72: Who we are and what we do?
VIVA Health Swiss SA Who we are and what we do ? The team The shareholders The mission Team of senior healthcare experts Proven partnership Empowerment & enablement Company Process & Replication Optimisation Esthelle Le Gallic Prof. Christoph Meier Aurore Maggiotto Service & Design Eldin Causevic Ol
Slide 73: How does capitation work?
VIVA Health Swiss SA How does capitation work? Payments according to Service purchase for valid tariffs special med. services Integrated care organization KVG insurance product powered by SMN External service provider (traditional models) (e.g. Inselspital, Spital Biel) Medical service Medical servi
Slide 74: What is the value to our members?
VIVA Health Swiss SA What is the value to our members? 1. Guaranteed access to a General Practitioner 2. Care pathway coordination 3. Free recommended* prevention 4. Personalized programs for chronic conditions 5. 24/7 hotline exclusively for members 6. Attractive premiums → We ambition to keep our
Slide 75: Where do VIVA premiums stand?
VIVA Health Swiss SA Where do VIVA premiums stand? BERN NEUCHÂTEL No.2 JURA 13.9% 15% No.1 9.3% No.1 GROWTH 10% 7.0% 8.3% (2024 - 2026) 3.9% 4.7% 5% 0% VIVA AVERAGE VIVA AVERAGE VIVA AVERAGE 20% 18.3% 18% 16% TICINO 13.9% 14% GROWTH 12% 10% 8.3% (2024 - 2026) 8% No.2 6% 4% Launched * * 2% 0% in 2025
Slide 76: Do we top our objectives?
VIVA Health Swiss SA Do we top our objectives? Objective I: double members every year 2024: 1’250 members (RDA) 2025: 3’000 members (RDA; RSA) 2026: 7’050 members (RDA; RSA; ANZ) 2027: 14’000 members (RDA; RSA; ANZ; BNZ) Objective II: Cost savings 15-20% in the medium term 2024: 11% (RDA) 2025: 15.9
Slide 77: What are our main saving drivers?
VIVA Health Swiss SA What are our main saving drivers ? 1. Hospital avoidance → different care eg hospital @ home (5-7%) 2. Prevention of clinical deterioration → care continuity and monitoring (5-7%) 3. Data Fluidity → double care avoidance (1-2%) 4. VIVA Hotline → care accessibility and orientatio
Slide 78: Can capitated Integrated Care be profitable for SMN?
VIVA Health Swiss SA Can capitated Integrated Care be profitable for SMN? Reducing healthcare costs… …unlocks a new profitability lever! Early results from integrated health regions demonstrate the strong value potential of a full capitation model. While savings in a traditional fee-for- service sys
Slide 79: Can we optimize the business model?
VIVA Health Swiss SA Can we optimize the business model? Integrating more healthcare partners… … redefines the Swiss healthcare landscape ! New partners are boosters: ▪ Pharmacies ▪ Primary care centers, ▪ Imaging facilities ▪ Laboratories → more members → more ownership on patient pathways → more c
Slide 80: Two Powerful Drivers of Strong Competitive Advantage
Two Powerful Drivers of Strong Competitive Advantage Uniquely Positioned to Create Value in Swiss Healthcare Unique Integrated Primary and Secondary Care Provider in Switzerland Only Swiss Player Covering the Full Continuum of Care Through Integrated Care Solutions and with an Insurance Partner Exte
Slide 81: Unique Hospital M&A and Turnaround Expertise
Unique Hospital M&A and Turnaround Expertise Track Record of Growth Over 20+ Years 1144 Gross Revenue4 | in CHFm RdA RdA 976 RdA RdA RdA 56 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022PF 2023 2024 2025 2026E ● Genolier ● Générale Ste-Anne ● Beth
Slide 82: Substantial Untapped Profitability Potential
Substantial Untapped Profitability Potential Visible Improvement Driven by Hospital Ramp-Up In-depth Investments & Marketing of Continuous A proven turnaround playbook Analysis Renovation New Hospital Optimisation Ars Medica Mature | EBITDAR margin > 20% Ste-Anne Hospital repositioning Valmont Ramp-
Slide 83: Case study 1: Clinique Générale Ste-Anne - Fribourg
Case study 1: Clinique Générale Ste-Anne - Fribourg The Successful Turnaround of Two Distressed Hospitals Clinique Générale Ste-Anne 20.05.2026 84
Slide 84: Case Study 1: Clinique Générale Ste-Anne - Fribourg
Case Study 1: Clinique Générale Ste-Anne - Fribourg The Successful Turnaround of Two Distressed Hospitals Until 2005 2005 2005 - 2008 2008 - TODAY Fragmented hospital market: Acquisition (by SMN) Consolidation & Restructuring Profitable regional private hospital ▪ Public cantonal hospital Clinique S
Slide 85: Case Study 1: Clinique Générale Ste-Anne - Fribourg
Case Study 1: Clinique Générale Ste-Anne - Fribourg The Successful Turnaround of Two Distressed Hospitals 40 40% 35 30% 30 20% 25 20 10% 15 0% 10 -10% 5 0 -20% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E Sales Clinique Ste Anne (CHFm
Slide 86: Case study 2: Hôpital de La Providence - Neuchâtel
Case study 2: Hôpital de La Providence - Neuchâtel The Successful Restructuring of a Public Hospital Hôpital de La Providence 20.05.2026 87
Slide 87: Case study 2: Hôpital de La Providence - Neuchâtel
Case study 2: Hôpital de La Providence - Neuchâtel The Successful Restructuring of a Public Hospital Until 2013 2013 2013 - 2016 2016 - TODAY Struggling situation Acquisition (by SMN) Strategic Repositioning and integration Profitable& recognized regional hospital ▪ Historically religious and ▪ Unpr
Slide 88: Case study 2: Hôpital de La Providence - Neuchâtel
Case study 2: Hôpital de La Providence - Neuchâtel The Successful Restructuring of a Public Hospital 60 Impact of the retirement of 2 key 25% physicians. Effects successfully mitigated through the recruitment of new doctors 20% 50 15% 40 10% 30 5% 0% 20 -5% 10 -10% 0 -15% 2013 2014 2015 2016 2017 20
Slide 89: Case study 3: Genolier Patient Services
Case study 3: Genolier Patient Services International Medical Tourism as a Growth Driver ӏ Today International patients already represent approximately 3% of Swiss Medical Network Revenue ӏ Tomorrow – 3year Plan Ambition to reach close to 15% of group activity ӏ How Building long-term international
Slide 90: Case study 3: Genolier Patient Services
Case study 3: Genolier Patient Services 20.05.2026 91
Slide 91: Case study 3: Connecting International Patients to Swiss Medical Excellence
Case study 3: Genolier Patient Services Connecting International Patients to Swiss Medical Excellence Key strengths Triage and First contact with referring physicians ▪ WOW Experience: Largest Coordinated Patient Experience in the world Expertise across every major medical specialty: from obstetrics
Slide 92: Substantial Remaining Profitability Upside
Substantial Remaining Profitability Upside Visible Improvement Expected from Hospital Ramp-Ups In-depth Investments & Marketing of Continuous % of EBITDAR Category Analysis Renovation New Hospital Optimisation portfolio * margin Ars Medica Mature | EBITDAR margin > 20% Ste-Anne Valmont Ramp-up | EBI
Slide 93: Maturing Portfolio, Expanding Margins
Maturing Portfolio, Expanding Margins 20.05.2026 94
Slide 94: Conclusion: A journey from Sickcare to Healthcare
Conclusion A journey from Sickcare to Healthcare SMN is Switzerland's only organisation combining a national hospital platform, an ambulatory network, proven capitation contracts, and the trust of a non-insurance provider — the structural foundation for Accountable Care. ① A unique ACO in the making
Slide 95: Infracore Eric Frey Nicolas Schmid
Infracore Eric Frey Nicolas Schmid 20.05.2026 96
Slide 96: 97
97
Slide 97: Infracore Company Presentation
IN F R A C O R E Com pany Pres entation Switzerlan d's lea din g ho sp ital real e sta te sp eciali st May 2 02 6 Privatklinik Bethanien
Slide 98: Today's presenters
Today’s presenters Eric Nicolas Frey Schmid CEO CFO (since 2021) (since 2021) Experience Experience • Over 30 years of experience as an • Over 20 years of experience in finance and entrepreneur and executive manager accounting • Member of the General Management of • Swiss-certified expert in account
Slide 99: Infracore is Switzerland's leading hospital real estate specialist
Infracore is Switzerland’s leading hospital real estate specialist I NF RA COR E AT A GL ANC E *Below as per FY2025 figures Number of 47 Portfolio CHF 7’101 / m2 Rental CHF 66m p.a. Portfolio CHF 1.4bn properties value / m2 income value 221k m2 CHF 61m Number of 19 Rental surface of which ~3k m2 und
Slide 100: High-quality portfolio in attractive locations with long-term indexed rents
20 /0 5/2 026 Infracore is characterized by a high-quality portfolio strategically placed in attractive locations with long-term indexed rents … 98.7% 28.7 Years CHF 140m Occupancy Rate WAULT Development 1 Strong presence in prime locations across all three language regions 1 Investment properties 1
Slide 101: Infracore's business model at a glance
Infracore’s business model at a glance – win-win for all stakeholders OpCo PropCo (Hospital Operators) (Property Owners) OpCo/PropCo structure unlocks capital for operators and enables stronger focus on core healthcare delivery, as the property itself is not a direct revenue driver • Focus on core B
Slide 102: Significant expertise in hospital renovation and optimization
Significant expertise in hospital renovation and optimization KE Y ME T RI CS E X P E R I E N C E D B O A R D & M G M T. T E A M BU ND LI NG ON E XP ER TI S E 2 Campus developments 2 Antoine Hubert Strong experience in Founder & renovation and Vice-Chairman optimization Major renovation and 20 refur
Slide 103: Swiss hospitals face need for alternative financing
Swiss hospitals face need for alternative financing as profitability constrains balance sheets amidst substantial funding requirements P R OF I TAB I L IT Y O F S W IS S F I N A N C I N G R AT I O S O F I NV ES TM EN T R EQ UI RE ME NT S O F H O SP I TAL S S WI S S H O S PI TAL S S W I S S H O S P I
Slide 104: Sale-and-Leaseback: A well-established growth model
Sale-and-Leaseback: A well-established growth model In a sale-and-leaseback transaction, an investor purchases a property for a lump-sum payment and immediately leases it back to the operator for an agreed term. The investor then collects rent, while the operator continues using the property for its
Slide 105: Case study: sale-and-leaseback transaction with See-Spital
Case study: ’s sale-and-leaseback transaction with See-Spital Infracore announced the acquisition of the real estate of See-Spital Horgen via a sale-and-leaseback transaction • Acquisition of a brand-new, publicly backed hospital campus in a top location See Spital • Attractive valuation of the camp
Slide 106: Case study: tenant diversification with KSW
Case study: ’s tenant diversification with KSW Kantonsspital Winterthur (KSW) as prospective new lessee at Klinik Lindberg, adding a cantonal hospital with excellent credit-quality to the tenant base Transaction • Infracore announced an agreement with Kantonsspital Winterthur to lease the premises o
Slide 107: Key takeaways from an Infracore perspective
Key takeaways from an Infracore perspective The case studies demonstrate Infracore's ability to execute its investment strategy, attract high-quality public-sector tenants and diversify its tenant base Execution • The See-Spital sale-and-leaseback transaction demonstrates strong demand for Infracore
Slide 108: Infracore faces a sizeable addressable market
Infracore faces a sizeable addressable market guided by a focused investment strategy… AD DR ES S ABL E I NV ES T ME NT U NI VE RS E I NV ES TM EN T C RI TE RI A3 275 Swiss hospitals1 Size • Mid-sized, regional hospitals preferred 259 hospitals not owned by Infracore 2 • Focus on acute hospitals Typ
Slide 109: Robust balance sheet as of December 2025
Overview - Robust balance sheet as of 31 December 20251 44% Net LTV Net Debt CHF 628m 1.55% Average cost of bank debt Portfolio Value CHF 1’412m CHF 1’272m Investment properties Net Asset Value • Before deferred taxes: CHF 809m • After deferred taxes: CHF 689m Investment properties under CHF 140m co
Slide 110: Strong portfolio growth since 2007
Strong portfolio growth since 2007… T O TA L I N V E S T M E N T P R O P E R T I E S M AI N PO RT FO LI O D EV EL OP ME NT Source of Growth1 2009 Extension Clinique de Genolier CHFm, as of 31 Dec Majority of growth 2010 Extension Clinique Montchoisi coming from 24% acquisitions Acquisition Clinica A
Slide 111: Robust balance sheet, attractive margins and stable cash generation
Robust balance sheet, highly attractive margins and stable cash generation Robust • Growing NAV reflects resilient asset values, disciplined portfolio NAV (CHFm) balance sheet management and long-term value creation before after LTV Equity ratio deferred taxes deferred taxes with • Conservative leve
Slide 112: Attractive dividend history
Attractive dividend history • Since the opening of the capital, Infracore has paid consistent Dividends (CHFm)1 dividends to its shareholders Consistent • Offering stable annual returns to its shareholders 36.5 42.9 40.0 dividend 28.0 31.9 30.0 26.2 payments • The distribution consisted of dividends
Slide 113: Financial outlook
Financial outlook Gross Rental Income CHF 71-74m in FY 20261 (FY25: 66.4m) 2.5-3.0% CAGR over the mid-term Perimeter Current EBITDA CHF 64 - 68m before fair value adjustments (FY25: 60.6m) Refurbishment / ~ CHF 20m deployed over the mid-term Maintenance Capex Growth Future Acquisition Capex > CHF 30
Slide 114: Future growth is sought in two main strategic pillars
Future growth is sought in two main strategic pillars O R G A N I C G R O W T H T H R O U G H E X PA N S I O N O F E X PA N D I N G T H E P O R T F O L I O T H R O U G H S A L E E X I S T I N G F A C I L I T I E S A N D O P E R AT I O N A L AN D L EA SE BA CK I MP RO VE ME NT S Development potential
Slide 115: Development projects overview
Two projects not yet included in valued portfolio: • Clinique Générale Ste’Anne Fribourg: Extension and renovation Development projects overview of operating theatre • Clinique Montchoisi Lausanne: Extension S E L E CT E D DE V E L O P ME N T P R O J E CT S (I NC L U D E D IN VA L U E D P OR T F O L
Slide 116: Key highlights
Key highlights 1 Demographic shifts drive healthcare demand 2 Specialized Swiss hospital platform, strong management 3 High-quality assets, income secured by cantons/insurers 2 4 Leading HC provider (SMN) is long-term tenant (WAULT >28 years) 5 Strong CHF cash yield, robust balance sheet 6 Excellent
Slide 117: Infracore
ct 2 INFRACORE Rue Georges Jordil 4 1700 Fribourg www. infracore.ch
Slide 118: Financial Performance Michel Keusch
Financial Performance Michel Keusch 20.05.2026 119
Slide 119: 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% 59% * INFRASTRUCTURE 22% * * Not consolidated 20.05.2026 120
Slide 120: Solid and stable shareholder base
Solid and stable shareholder base 100% 90% 4.8% 4.6% 4.6% 80% 3.6% 3.5% 3.4% 3.4% 3.2% 4.6% 4.6% 4.6% 4.6% 3.3% 3.2% 3.2% 3.2% 3.2% 3.1% 70% 60% 50% 86.1% 88.7% 82.5% 82.5% 40% 77.4% 77.5% 77.7% 76.8% 75.9% 76.8% 75.4% 75.6% 74.9% 75.0% 74.0% 30% 20% 10% 0% 2011 2012 2013 2014 2015 2016 2017 2018 20
Slide 121: Solid long-term share price outperformance vs the SPI Index
Solid long-term share price outperformance vs the SPI Index 600% AEVIS: 10.4% p.a. 500% SPI: 7.8% p.a. 400% 300% 200% 100% 0% -100% Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 AEVIS SPI 20.05.2026 122
Slide 122: Aevis Victoria: Strong track record of value creation
Aevis Victoria; Strong track record of value creation Long term active entrepreneurial approach AEVIS equity value development 2011-2025 In CHFm > 18.0x Sum of the parts NAV Market capitalization Take-over offer 2002-2010: 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Genolier Lin
Slide 123: Healthcare segment: Historical perspective (2014-2025)
Healthcare segment Historical perspective (2014-2025) 4 Net revenue and EBITDAR* In CHFm Launch of the Réseau de l’Arc, and initial 3 1 1 investments for integrated care 2 19.7% 2 Deconsolidation of Réseau de l’Arc, explaining the 18.2% 19.0% lower turnover vs 2022. 3 Acquisition of Spital Zofingen
Slide 124: Healthcare segment: Current Trading
Healthcare segment: Current Trading Improving margins thanks to benefits from cutting programs Net revenues (CHFm) EBITDAR (CHFm) EBITDA (CHFm) and margin (%) and margin (%) +1.5% +15.9% +21.3% 21.8% 19.1% 9.3% 11.2% 222.7 226.0 42.5 49.3 20.8 25.2 Q1-25 Q1-26 Q1-25 Q1-26 Q1-25 Q1-26 Organic: 0.9% O
Slide 125: Healthcare segment: Hospitals and Ambulatory Services
Healthcare segment: Hospitals and Ambulatory Services Ambulatory services improve profitability but continue to pressure division margins EBITDAR (CHFm) EBITDA (CHFm) Net revenues (CHFm) and margin (%) and margin (%) +1.7% +12.4% +17.6% 25.3% 14.3% Hospitals 22.9% 12.3% Healthcare segment 39.1 43.9
Slide 126: Healthcare segment: Current Trading Q1-2026
Healthcare segment: Current Trading Q1-2026 Improving margins thanks to benefits from cutting programs In-depth Investments & Marketing of Continuous Analysis Renovation New Hospital Optimisation Ars Medica Mature | EBITDAR margin > 20% Montchoisi Ste Anne Ramp-up | EBITDAR margin 10-20% Genolier Tu
Slide 127: 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 128: Deep Operational Knowledge Driving Market-Leading Profitability
Deep Operational Knowledge Driving Market-Leading Profitability Highest EBITDAR Margins in Industry EBITDAR Margin 2024 19.7% 19% 14% 5% Swiss Hospitals Average 2024 Hirslanden 2024 SMN Hospitals (Ex-ambulatory) SMN Hospitals (Ex-ambulatory) 2024 2025 129
Slide 129: Hospitality segment: Historical perspective 2014 - 2025
MRH Switzerland AG Hospitality segment: Historical perspective 2014 - 2025 Record Revenue in 2025 Highlights Return on 2019–2021 CAPEX program Net revenue and EBITDAR* In CHFm 250 3 23.6% 4 25.0% 1 Integration of the hotel group in Zermatt increased revenue, 23.1% while the renovation of Eden au Lac
Slide 130: Hospitality segment: Record sales and continued profitable growth
Hospitality segment Record sales and continued profitable growth momentum MRH Switzerland AG Net revenues (CHFm) EBITDAR (CHFm) EBITDA (CHFm) and margin (%) and margin (%) +1.0% +0.3% -10.0% 32.4% 32.7% 20.6% 18.3% 67.1 67.8 21.9 22.0 13.8 12.4 Q1-25 Q1-26 Q1-25 Q1-26 Q1-25 Q1-26 Organic: 1.0% Organ
Slide 131: Real Estate segment: Historical perspective 2018 - 2025
Real Estate segment: Historical perspective 2018 - 2025 Sustainably Expanding Portfolio Market value development 2018-2025: Swiss Hotel Properties follows a buy & hold strategy driven by growth in the hospitality segment and via Net revenue and EBITDAR* carefully selected acquisitions In CHFm 4.6x 5
Slide 132: Infracore: Portfolio KPIs
Infracore: Portfolio KPIs Geographically diversified and sustainably growing portfolio Distribution of market value by canton Properties market value 2018-2025: Steady growth of portfolio thanks to ongoing investments and positive development of tenants 1.7x BE 1.8% NE 1.0% SH 1.9% SO 2.5% 1412 VD 2
Slide 133: Segment: Others Nescens, Genolier Innovation Hub
Segment: Others Nescens, Genolier Innovation Hub Net revenues (CHFm) EBITDAR (CHFm) EBITDA (CHFm) and margin (%) and margin (%) +0.2% 10.2 10.2 2024 2025 2024 2025 2024 2025 (7.9) (7.2) (10.7) (11.1) -77.4% -70.9% 90.0% 93.3% 20.05.2026 134
Slide 134: Solid financial framework: Net debt
Solid financial framework Q1-26: Group consolidated net debt: 824m Value based FY-25: Corporate net debt: 156m LTV Ratio: 7.5% lending MRH Switzerland AG OTHERS Net debt FY-25: 251m FY-25: 12m FY-25: 1m FY-25: 402m Cash flow based lending Cash flow based lending Cash flow based lending Mortgage lend
Slide 135: Solid financial framework
Solid financial framework FY-24: Corporate net debt: 3.41% FY-25: Corporate net debt: 2.48% Q1-26: Corporate net debt: 2.88% MRH Switzerland AG OTHERS FY-24: 3.42% FY-24: 3.25% FY-24: 2.28% FY-24: 3.00% FY-24: 2.54% FY-25: 2.44% FY-25: 2.11% FY-25: 1.50% FY-25: 2.18% FY-25: 1.78% Q1-26: 2.43% Q1-26:
Slide 136: Debt maturity profile
Debt maturity profile Gross debt (CHFm) by maturities 400 350 300 250 200 150 100 50 - 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 No maturities 20.05.2026
Slide 137: AEVIS VICTORIA: Consolidated Income Statement
AEVIS VICTORIA: Consolidated Income Statement Further deleveraging and improvement of Equity and Leverage ratios Strong FCF positively influenced by divestments Strong debt repayment Strong reduction of leverage ratio (from 53.4% to 49.9%) Strong and improving equity ratio (from 29.0% to 29.1%) CHF
Slide 138: 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 19.05.2026 of 31.12.2023 In CHFbn Per share (CHF) CHF CHF 26.15 13.30 Miscellaneous 0.1 (0.2) Infracore 0.2 Overhead (0.2) • The total value of participations is CHF 2.4bn Net de
Slide 139: Aevis Group consolidated figures
Aevis Group consolidated figures Strong group performance NAV per share (CHF) Discount to NAV (%) LTV ratio (%) +5.8% 24.23 25.63 7.1% 7.5% 2024 2025 2024 2025 2024 2025 -38% -48% 20.05.2026 140
Slide 140: Strategic Vision Fabrice Zumbrunnen
Strategic Vision Fabrice Zumbrunnen 20.05.2026 142
Slide 141: Q&A
Q&A Shiv VICTORIA 20.05.2026 143 Investing for a better We
Slide 142: Thank you for your attention
Thank you for your attention