Aevis Victoria Sa · SIX:AEVS
Aevis Victoria Sa — H1 2025 Earnings Presentation
35 slides from Aevis Victoria Sa's earnings presentation, Sep 18, 2025
Slide 1: Investing for a better life
HALF-YEAR RESULTS 2025 Investora 2025 Investing for a better life 18 September 2025 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: Group Executive Management
Group Executive Management Strong leadership following the successful growth driven by the founder’s vision Antoine Hubert (1966), Executive Chairman Fabrice Zumbrunnen (1969), CEO Antoine Hubert, founder and co-anchor shareholder, Played a key role in shaping Migros’ healthcare was elected Chairman
Slide 4: Overview
Overview Antoine Hubert Executive Chairman 19.09.2025 4
Slide 5: AEVIS VICTORIA: An investment company focused on services to people
AEVIS VICTORIA An investment company focused on services to people HOSPITALITY & LIFESTYLE HEALTHCARE * * INFRASTRUCTURE * * * * Not consolidated 19.09.2025 5
Slide 6: H1-2025 performance
H1-2025 performance Michel Keusch CFO/CIO 19.09.2025 6
Slide 7: Aevis Group consolidated figures
Aevis Group consolidated figures Strong group performance Net revenues (CHFm) EBITDAR (CHFm) EBITDA (CHFm) and margin (%) and margin (%) +17.9% +18.9% +24.9% 10.4% 19.1% 18.9% 9.8% 463.1 546.0 87.7 104.3 45.4 56.7 H1-24 H1-25 H1-24 H1-25 H1-24 H1-25 Organic: 2.9% Organic: 10.4% Organic: 17.5% 19.09.
Slide 8: Healthcare segment
Healthcare segment Resilient margins despite dilutive acquisitions and strategic investments Net revenues (CHFm) EBITDAR (CHFm) EBITDA (CHFm) and margin (%) and margin (%) +20.7% +12.3% +8.5% 20.0% 9.1% 18.6% 8.1% 353.0 426.2 70.5 79.2 32.0 34.7 H1-24 H1-25 H1-24 H1-25 H1-24 H1-25 Organic: 1.5% Orga
Slide 9: Healthcare segment: Dilution from acquisitions
Healthcare segment: Dilution from acquisitions Spital Zofingen and Centro Medico pressure division margins EBITDAR (CHFm) EBITDA (CHFm) Net revenues (CHFm) and margin (%) and margin (%) +0.5% +1.6% +0.3% Underlying 20.0% 20.0% Healthcare Ex- 9.1% 8.7% acquisitions 84% 353.0 358.6 70.5 71.7 32.0 31.1
Slide 10: 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 (%) +0.5% +0.9% +0.3% 22.3% 22.2% Hospitals 11.3% 11.3% Healthcare segment 72.5 73.1 37
Slide 11: Value contribution
Strong track record in hospital M&A and restructuring A proven turnaround playbook In-depth Investments & Marketing of Continuous Turnaround and ramp-up measures analysis Renovation new hospital optimisation Ars Medica Stable growth Ste Anne Ramp-up Valmont Turnaround cases Hospital repositioning Mo
Slide 12: Swiss Medical Network in the context of the Swiss Hospital Industry
Swiss Medical Network in the context of the Swiss Hospital Industry Source: ZKB (Zürcher Kantonalbank; 28.08.2025) 19.09.2025 12
Slide 13: Hospitality segment
Hospitality segment Record sales and continued profitable growth momentum MRH Switzerland AG Net revenues (CHFm) EBITDAR (CHFm) EBITDA (CHFm) and margin (%) and margin (%) +2.8% -2.0% -13.9% 27.4% 12.6% 26.1% 10.6% 101.2 104.0 27.7 27.2 12.8 11.0 H1-24 H1-25 H1-24 H1-25 H1-24 H1-25 Organic: 2.8% Org
Slide 14: Real Estate segment
Real Estate segment Positive Impact from Sale of Non-Strategic Real Estate Market value (CHFm) EBITDA (CHFm) LTV (%) and margin (%) 40bps -1.1% +72.9% improvement 93.3% 90.0% 881.8 872.1 14.7 25.4 46.9% 46.5% H1-24 H1-25 H1-24 H1-25 H1-24 H1-25 Organic: +72.9% 19.09.2025 14
Slide 15: Infracore (30% stake)
Infracore (30% stake) Solid performance and further deleveraging Market value (CHFm) EBITDA (CHFm) LTV (%) and margin (%) 570 bps +8.8% +9.8% improvement 90.2% 91.9% 1,308.4 1,423.5 28.5 31.3 48.3% 42.6% H1-24 H1-25 H1-24 H1-25 H1-2024 H1-2025 19.09.2025 15
Slide 16: AEVIS VICTORIA: Consolidated Income Statement
AEVIS VICTORIA: Consolidated Income Statement Further deleveraging and improvement of Equity and Leverage ratios Organic growth of 2.9% EBITDA margins + 60 bps Strong FCF positively influenced by divestments Strong debt repayment * Independent physician fees 19.09.2025 16
Slide 17: AEVIS VICTORIA: Consolidated and Statutory Balance Sheet
AEVIS VICTORIA: Consolidated and Statutory Balance Sheet Further deleveraging and improvement of Equity and Leverage ratios Strong reduction of leverage ratio (from 53.4% to 49.6%) Strong and improving equity ratio (from 29.0% to 30.5%) CHF 101m net debt reduction 19.09.2025 17
Slide 18: Solid financial framework
Solid financial framework 2024: Corporate net debt: 109.9m H1-25: Corporate net debt: 121.3m 2024: Group consolidated net debt: 952m Equity ratio: 29.0% Value based H1-25: Group consolidated net debt: 851m Equity ratio: 30.5% lending Unconsolidated OTHERS MRH Switzerland AG Int.rate Int.rate Int.rat
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 17.09.2025 of 31.12.2023 In CHFbn Per share (CHF) CHF CHF >24 13.50 Miscellaneous 0.1 (0.2) Infracore 0.2 Overhead (0.2) • The total value of participations is CHF 2.4bn Net debt
Slide 20: Strong track record of value creation
Strong track record of value creation Equity value of AEVIS has increased by a factor of 17x since 2011 AEVIS equity value development 2011-2024 In CHFm ~ 17.0x Sum of the parts NAV Market capitalization Take-over offer • Active entrepreneurial investment approach • Long-term value-based strategy (v
Slide 21: Conservative valuation of real estate assets
Conservative valuation of real estate assets Very reasonable valuations per m2 Hotel and healthcare real estate portfolio CHF 872m CHF 1’423m Portfolio of leading landmark hotels and state-of-the- art hospitals Market value as of 30.6.2025 129’999m2 222’415m2 Rental area as of 30.6.2025 Prime hotel
Slide 22: Value creation vision & initiatives
Value creation vision & initiatives Fabrice Zumbrunnen CEO 19.09.2025 22
Slide 23: Healthcare segment: Strategic Vision and Foundational Milestones
Healthcare segment: Strategic Vision and Foundational Milestones Ready for 2002: Acquisition of first Hospital. Building of a nationwide hospital network paradigm shift • Development of 2010: Beginning of preventive medicine/ anti-ageing cures integrated care /check-ups / cosmeceuticals across Switz
Slide 24: Value creation initiatives
Value creation initiatives Full pipeline of strategic development projects 1 Integrated care – Further roll out 2 Medical excellence – Mayo Clinic partnership 3 Medical innovation – Genolier Innovation Hub 4 Better aging – Nescens 5 Healthcare infrastructure – Sale & Lease back opportunities 19.09.2
Slide 25: Integrated care – Third region to be launched in 2026
1 Integrated care – Third region to be launched in 2026 AG Kantonsspital TI Aarau Outpatient center SO Spital Zofingen Villa im Park Privatklinik Obach Clinica Ars Medica LU Clinica Sant’Anna Hospital Elderly care homes Legend Legend Medical Centers (Centromedico) Medical Centers Outpatient center S
Slide 26: Integrated care – Further roll out
1 Integrated care – Further roll out Région ZH, SH & SG Privatklinik Belair Région Mittelland Schmerzklinik Basel Privatklinik Lindberg Privatklinik Villa im Park Privatklinik Bethanien Hôpital de Moutier Spital Zofingen Rosenklinik Rapperswil Hôpital de Saint-Imier Privatklinik Obach Aare-Netz Clin
Slide 27: Medical excellence – Mayo Clinic strategic partnership
2 Medical excellence – Unique Mayo Clinic strategic partnership Joining the prestigious worldwide MCCN Network (44 hospitals *) USA Other countries Switzerland * 30 USA , 3 China, 2 Turkey, 2 Mexico, 1 Egypt, 1 UAE, 1 KSA, 1 Bahreïn, 1 Malaisia, 1 India, 1 Indonesia 19.09.2025 27
Slide 28: Medical innovation – Genolier Innovation Hub
3 Medical innovation – Genolier Innovation Hub A State-of-the-Art Facility Bridging Research and Healthcare MILESTONES 2019 2022 2024 2029 Start of Start of Q1: First tenants move in Cruising speed (full capacity) project construction Q3: Grand opening (Sep.24) BUSINESS MODEL Events (Conferences, se
Slide 29: Genolier Innovation Hub: Good start in 2024, improving momentum
3 Medical innovation – Genolier Innovation Hub Good start in 2024 (>50 events); improving momentum (>60 events in H1-2025) 9.2024 10.2024 11.2024 12.2024 1.2025 2.2025 3.2025 4.2025 5.2025 6.2025 Inauguration DocPreneurs 2025 CMD Forum Conference Symposium A filling pipeline of events 7.2025 8.2025
Slide 30: Better aging – Nescens – Clinique, Cosmeceuticals, Spas
4 Better aging – Nescens – Clinique, Cosmeceuticals, Spas Clinique Nescens Spa Nescens Nescens cosmeceuticals 19.09.2025 30
Slide 31: Turning Nescens into a one-stop-shop for health optimization
4 Turning Nescens into a “one-stop-shop” for health optimization A Scalable Premium Health platform (Nescens as a Service) Marketing Nescens-branded health programs in premium settings (hotels, spas,…) • Stem Cell Program: From collection to reinjection, beginning with aesthetics and expanding into
Slide 32: Infracore – An inflection point in the company’s history
5 Healthcare infrastructure – Sale & Lease back opportunities Infracore – An inflection point in the company’s history The current market offers strong opportunities for sale and lease back transactions A Challenged Swiss Hospital Sector A clear competitive edge for Infracore Unique leading Healthca
Slide 33: Conclusion
Conclusion Fabrice Zumbrunnen CEO 19.09.2025 33
Slide 34: Conclusion: Continued focus on value creation, deleveraging and growth
Conclusion Continued focus on value creation, deleveraging and growth opportunities • Further focus on deleveraging Strategy • Continue investing in services to people that bring real added value to its customers, with a focus on healthcare, hospitalit y outlook and infrastructure • Attractive pipel
Slide 35: Thank you for your attention.
Thank you for your attention. 19.09.2025 35