Aevis Victoria Sa · SIX:AEVS
Aevis Victoria Sa — FY2025 Earnings Presentation
35 slides from Aevis Victoria Sa's earnings presentation, Apr 2, 2026
Slide 1: Annual Results 2025
ANNUAL RESULTS 2024 ANNUAL RESULTS 2025 2 April 2026 AEVIS VICTORIA SA Investing for a better life 3 April 2025 AEVIS VICTORIA SA 20.04.2026 1
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 Antoine Hubert Executive Chairman 20.04.2026 3
Slide 4: 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), AEVIS CEO Antoine Hubert, founder and co-anchor shareholder, Played a key role in shaping Migros’ healthcare was elected Ch
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 MRH Switzerland AG 19% 59% * * INFRASTRUCTURE 22% * * Not consolidated 20.04.2026 5
Slide 6: FY-2025 performance
FY-2025 performance Michel Keusch CFO/CIO 20.04.2026 6
Slide 7: Aevis Group consolidated figures
Aevis Group consolidated figures Net revenues (CHFm) EBITDAR (CHFm) EBITDA (CHFm) and margin (%) and margin (%) +13.5% -3.1% -18.8% 18.5% 15.8% 9.6% 6.9% 929.9 1,055.1 172.0 166.6 89.2 72.4 2024 2025 2024 2025 2024 2025 Organic: -1.3% Organic: -10.6% Organic: -23.1% 20.04.2026 7
Slide 8: Aevis Group consolidated figures: Strong value creation
Aevis Group consolidated figures Strong value creation NAV per share (CHF) Discount to NAV (%) LTV ratio (%) +7.8% 24.25 26.15 7.1% 7.3% 2024 2025 2024 2025 2024 2025 -38% -49% 20.04.2026 8
Slide 9: Healthcare segment
Healthcare segment Resilient margins despite dilutive acquisitions and strategic investments Net revenues (CHFm) EBITDAR (CHFm) EBITDA (CHFm) and margin (%) and margin (%) +21.9% +16.8% +17.0% 16.6% 5.7% 15.9% 5.5% 684.9 835.1 113.9 133.0 39.0 45.7 2024 2025 2024 2025 2024 2025 Organic: 2.0% Organic
Slide 10: 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 (%) +1.8% +5.6% +7.2% Underlying 16.6% 17.2% 5.7% 6.0% Healthcare Ex- acquisitions 684.9 697.6 113.9 120.2 39.0 41.8 8
Slide 11: 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 (%) +3.2% +6.8% +5.5% Hospitals Healthcare segment 19.0% 19.7% 8.6% 8.8% 619.5 639.1 11
Slide 12: 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 (%) +3.7% +5.8% -2.1% 23.6% 23.1% 7.2% 6.8% 188.4 195.4 43.5 46.0 13.5 13.3 2024 2025 2024 2025 2024 2025 Organic: 4.5% Organic: 9.5
Slide 13: Real Estate segment
Real Estate segment Positive Impact from Sale of Non-Strategic Real Estate Market value (CHFm) EBITDA (CHFm) LTV (%) and margin (%) 110bps +2.3% +52.1% improvement 93.3% 90.0% 881.2 901.8 27.4 41.7 46.5% 45.4% 2024 2025 2024 2025 46.5% 45.4% 20.04.2026 13
Slide 14: Segment: Others
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% 20.04.2026 14
Slide 15: Infracore (30% stake)
Infracore (30% stake) Strong portfolio and solid financing Market value (CHFm) EBITDA (CHFm) LTV (%) and margin (%) +6.2% +28.9% +120 bps 93.3% 90.0% 1,329.3 1,412.0 59.5 76.7 43.3% 44.5% 2024 2025 2024 2025 43.3% 44.5% 20.04.2026 15
Slide 16: 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 17: Solid financial framework
Solid financial framework FY25: Group consolidated net debt*: 839m Value based FY-25: Corporate net debt: 161m LTV Ratio: 7.3% lending MRH Switzerland AG OTHERS Net debt FY-25: 261m (*) FY-25: 10m FY-25: 1m FY-25: 405m Cash flow based lending Cash flow based lending Cash flow based lending Mortgage
Slide 18: 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 1.4.2026 of 31.12.2023 In CHFbn Per share (CHF) CHF CHF 26.15 12.70 Miscellaneous 0.1 (0.2) Infracore 0.2 Overhead (0.2) • The total value of participations is CHF 2.5bn Net debt
Slide 19: Update
Update Fabrice Zumbrunnen CEO 20.04.2026 19
Slide 20: 3.1. Healthcare Strategy
3.1. Healthcare Strategy 20.04.2026 20
Slide 21: Creation of a Swiss Champion Covering the Full Continuum of Care
Creation of a Swiss Champion Covering the Full Continuum of Care Bringing the Benefits of Integrated Care Solutions to the Swiss Healthcare Market Two Pillars of an Integrated Care Strategy Continuum of Care Insurance Offering Innovation and tech trend monitoring Insurance offering (partnership with
Slide 22: Integrated Care: Further roll out
Integrated Care: Further roll out Goal to cover the whole of Switzerland Privatklinik Belair Region ZH, SH & SG Region Mittelland Schmerzklinik Basel Privatklinik Lindberg Privatklinik Villa im Park Privatklinik Bethanien Hôpital de Moutier Spital Zofingen Rosenklinik Rapperswil Hôpital de Saint-Imi
Slide 23: Integrated Care: Strong momentum and lever for profitability improvement
Integrated Care: Strong momentum and lever for profitability improvement VIVA’s Value for Swiss Medical Network Strong momentum Strong scalability and lever for probitability • VIVA doubled membership each year since its Members vs. EBIT Over Time launch in 2024 and now exceeds 7’000 (end 2025) 100,
Slide 24: 3.2. Healthcare Infrastructure
3.2. Healthcare Infrastructure 20.04.2026 24
Slide 25: Healthcare infrastructure – Strong Sale & Lease back opportunities
Healthcare infrastructure – Strong Sale & Lease back opportunities Infracore – An inflection point in the company’s history A Challenged Swiss Hospital Sector A clear competitive edge for Infracore Unique leading Healthcare Infrastructure Player in Switzerland Challenging financing conditions • Sect
Slide 26: 3.3. Outlook
3.3. Outlook IOre15 viCTORIA
Slide 27: 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 28: Value Contribution
Ramp-up of underperforming hospitals offer further profitability upsiode In-depth Investments & Marketing of Continuous A proven turnaround playbook Analysis Renovation New Hospital Optimisation Ars Medica Stable growth | EBITDAR margin > 20% Ste Anne Hospital repositioning Valmont Ramp-up | EBITDAR
Slide 29: Conclusion: Continued focus on value creation, deleveraging and growth
Tenants’ strong performance is expected to be progressively reflected in improving valuations 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 cus
Slide 30: Thank you for your attention.
Thank you for your attention. Contact: Michel Keusch, CFO / CIO mkeusch@aevis.com 20.04.2026 30
Slide 31: Appendix Integrated Care
Appendix Integrated Care 20.04.2026 31
Slide 32: The disruptive vision: From "Sick Care" to Healthcare
The disruptive vision: From “Sick Care” to Healthcare Aligning incentive structures; focusing on patient experience and health outcomes Traditional Approach Integrated Approach Swiss healthcare system: an inefficient and vicious triangle Integrated care unites all stakeholders with currently divergi
Slide 33: The role model: Kaiser Permanente
The role model: Kaiser Permanente Comparison to the Swiss healthcare system 12.6 m 9.1 m MEMBERS POPULATION (SWITZERLAND) >23’000 PHYSICIANS >38’000 >305’000 >504’000 EMPLOYEES 39 276 HOSPITALS ~143’000 1’440’000 HOSPITAL STAYS Source: https://www.bag.admin.ch/, 31. Mai 2023
Slide 34: Health Plan VIVA: «Full Capitation» Model
Health Plan VIVA: «Full Capitation» Model VIVA Remains Competitive in 2026 with Among the Lowest Premiums JURA BERN NEUCHÂTEL 15% No.2 13.9% No.1 9.3% No.1 8.3% Growth 10% 7.0% (2024 - 2026) 3.9% 4.7% 5% 0% VIVA Average VIVA Average VIVA Average TICINO 20% 18.3% 15% Growth No.2 10% (2024 - 2026) Lau
Slide 35: Health plan VIVA: «Full Capitation» model
Health plan VIVA: «Full Capitation» model Healthcare provider receives a fixed amount per plan member to cover all services Payments according to Service purchase for valid tariffs special med. services Integrated care organization KVG insurance product powered by SMN External service provider (trad