Aevis Victoria Sa · SIX:AEVS
Aevis Victoria Sa — Investor Day (June 2025)
109 slides from Aevis Victoria Sa's investor day presentation, Jun 4, 2025
Slide 1: Capital Markets Day
Capital Markets Day 4 June 2025
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
Welcome Antoine Hubert Chairman Aevis Victoria 05.06.2025 3
Slide 4: Today's speakers
Today’s speakers — — AEVIS Chairman: Antoine AEVIS CEO: Fabrice AEVIS CFO/CIO: Michel Hubert Zumbrunnen Keusch SWISS MEDICAL NETWORK MICHEL REYBIER SWISS MEDICAL NETWORK Board member HOSPITALITY CEO: Raouf CEO: Dino Cauzza WELL GESUNDHEIT Finan Chairman: Jacques Boschung VIVA HEALTH CEO: Esthelle SW
Slide 5: AEVIS VICTORIA: An investment company focused on services to people
AEVIS VICTORIA An investment company focused on services to people HOSPITALITY & LIFESTYLE MRH Switzerland AG HEALTHCARE * * INFRASTRUCTURE * * * * Not consolidated 05.06.2025 5
Slide 6: Board of directors
Board of directors — — Antoine Hubert, Executive Chairman of the Board Raymond Loretan, Vice-chairman Michel Reybier, Board Member Antoine Kohler, Independent Board Member Dr Cédric A. George, Independent Board Member
Slide 7: Group Executive Management
Group Executive Management Strong leadership following the successful growth driven by the founder’s vision Antoine Hubert (1966), New Executive Chairman Fabrice Zumbrunnen (1969), AEVIS CEO Elected Chairman of the Board of Directors at the Former Migros CEO 2025 AGM Played a key role in shaping Mig
Slide 8: Agenda
Agenda Michel Keusch 05.06.2025 8
Slide 9: Agenda
Agenda 11:45 – 12:05: Hospitality Segment – Building Brands and Destinations 12:05 – 13:00: Lunch 13:00 – 14:00: Healthcare Segment: Driving the future of healthcare services in Switzerland 14:00 – 14:30: Infrastructure: the strategic backbones of our service activities 14:30 – 15:00: Coffee Break 1
Slide 10: Hospitality
Hospitality Raouf Finan 05.06.2025 10
Slide 11: Hospitality segment
Hospitality segment Strategic partnership between Michel Reybier Hospitality and Aevis Victoria • Strategic partnership between Michel Reybier Hospitality (MRH) and MRH Switzerland, a subsidiary of Aevis Victoria • Significant advantages in management expertise, distribution channels, and brand valu
Slide 12: La Réserve Hotels and Apartments
La Réserve Hotels and Apartments Managed by Experience beautiful cities and exceptional resort locations La Réserve La Réserve La Réserve Paris La Réserve Paris La Réserve Hotel La Réserve Geneva Geneva (Villa) Ramatuelle (Palace) (Palace) (Apartments) Zürich Avenue Gabriel, Paris Place du Trocadero
Slide 13: Alpine Hotels
Alpine Hotels Managed by Legendary mountain destinations to be rebranded La Réserve Hotel Mont Cervin Palace Hotel Monte Rosa Schweizerhof AlpenGold Hotel Crans Ambassador Hotel Adula Location Zermatt Zermatt Zermatt Davos Crans-Montana Flims Kristian Gavoille and Design n/a n/a Valérie Garcia n/a n
Slide 14: Grand Hotels, Bordeaux Vineyards
Grand Hotels, Bordeaux Vineyards Managed by For explorers and epicureans Victoria-Jungfrau L’Oscar Hotel La Maison La Chartreuse de Cos Hotel Grand Hotel & Spa Bellevue Palace London d’Estournel d’Estournel Location Interlaken Bern Holborn, London Saint-Estèphe, France Saint-Estèphe, France Design n
Slide 15: Hospitality segment: Strategy of MRH Switzerland
Hospitality segment: Strategy of MRH Switzerland Destination management, Upscaling, Internationalization Destination management (Zermatt & Interlaken) Elevating the guest experience in the 4* & 5* segment Internationalization * Average Room Rate 05.06.2025 15
Slide 16: Destination management (Zermatt & Interlaken)
Destination management (Zermatt & Interlaken) Further strengthening the control of our strategic destinations Strategic expansion of Zermatt and Interlaken through: • Refined F&B offerings for elevated guest satisfaction • Enhanced summer experience to help reduce seasonal pricing gaps, thanks to: •
Slide 17: The example of Zermatt: Headroom for higher Average Room Rates
The example of Zermatt: Headroom for higher Average Room Rates Enhancing Summer Guest Experience to Reduce Seasonal Pricing Gap Elevating the guest experience during summer—through enriched retail offerings, curated F&B concepts, and holistic wellness experiences—can help narrow pricing gaps across
Slide 18: Elevating the guest experience in the 4* & 5* segment
Elevating the guest experience in the 4* & 5* segment Harmonized Upscale Strategy Across the Portfolio Upscaling strategy in the 4* & 5* • Harmonization: Roll out the Michel Reybier philosophy across acquisitions to create a consistent, high-end guest experience and unlock higher pricing potential.
Slide 19: F&B concepts - Gallery
Elevating the guest experience in the 4* & 5* segment F&B concepts - Gallery 05.06.2025 19
Slide 20: Repositioning case study 1: La Réserve Eden au Lac, Zurich
Repositioning case study 1: La Réserve Eden au Lac, Zurich A higher level of refinement and experience Before renovation After renovation * * * * negative EBITDAR margins in 2018-2020 and not graphically representable Renovation Extensive renovation in 2019 with designer Philippe Starck, and reopeni
Slide 21: Repositioning case study 2: Victoria Jungfrau, Interlaken
Repositioning case study 2: Victoria Jungfrau Grand Hotel & Spa, Interlaken Repositioning into a more upscale resort almost doubled turnover Completed transformation into a resort in 2023: • Renovation of all rooms (end of 8-year capex cycle) • Inauguration of new outdoor pool area • Launch of a Kid
Slide 22: Repositioning case study 3: Schweizerhof, Zermatt
Repositioning case study 3: Schweizerhof, Zermatt Repositioning into a more upscale resort almost doubled turnover Completed refurbished in 2018: • Renovation of all rooms with alpine “touch and feel” • Redesign of the the lobby area (merged with the hotel’s signature restaurant in order to create a
Slide 23: Healthcare
Healthcare 05.06.2025 23
Slide 24: Swiss Medical Network
Swiss Medical Network Dino Cauzza 05.06.2025 24
Slide 25: Healthcare segment: unique geographical reach
Healthcare segment A unique geographical reach in all 4 linguistic regions in Switzerland Region ZH, SH & SG Privatklinik Belair Region Mittelland Schmerzklinik Basel Privatklinik Lindberg Privatklinik Villa im Park Privatklinik Bethanien Hôpital de Moutier Spital Zofingen Rosenklinik Rapperswil Hôp
Slide 26: Healthcare segment: Acquisition timeline since 2002
Healthcare segment Overview: Acquisition timeline since 2002 >1bn Swiss Medical Network’s acquisitions have proven value-accretive 836 852 RdA 785 791 Numerous successful integrations increasing profitability and 692 RdA allowing to exploit group synergies RdA 658 RdA 685 649 Unique and strong relat
Slide 27: Strong track record in hospital M&A and restructuring
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 Valmont Ramp-up Ste Anne Turnaround cases Hospital repositioning Ge
Slide 28: Strong competitive advantage and price positioning
Strong competitive advantage and price positioning No price pressure for Swiss Medical Network Proactive pricing strategy: In 2017, Swiss Medical Network decided to decrease its tariffs to the lowest level in Switzerland. Since then, Swiss Medical Network is not negotiating anymore and simply requir
Slide 29: Long-term relations with all insurance partners
Long-term relations with all insurance partners Contracts in place for all hospitals Swiss Medical Network has managed to ensure * excellent relations with its insurance partners • Decentralized operations and ability to optimally manage resources. Being present in all 4 linguistic regions is a key
Slide 30: 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 31: Strategic collaboration with Mayo Clinic Care Network
Unique strategic collaboration partnership with Mayo Clinic Care Network 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 05.06.2025 31
Slide 32: Integrated Care (concept)
Integrated Care (concept) Antoine Hubert 05.06.2025 32
Slide 33: Traditional care approach
Traditional care approach Swiss healthcare system: an inefficient and vicious triangle Traditional Approach Swiss healthcare system: an inefficient and vicious triangle • Misalignment of incentives Insured / patients • Patient overtreatment and inefficiencies • Lack of coordination in care provision
Slide 34: The vision: Swiss pioneer in integrated care
The vision: Swiss pioneer in integrated care Fully aligned incentives and superior patient experience Integrated Approach Integrated care unites all stakeholders with currently diverging interests • Fully-aligned incentive structure (win-win) • Higher patient centricity and focus on health outcomes
Slide 35: The role model: Kaiser Permanente
The role model: Kaiser Permanente Comparison to the Swiss healthcare system 12.6 m 8.7 m MEMBERS POPULATION (SWITZERLAND) >23’000 PHYSICIANS >38’000 >305’000 EMPLOYEES >504’000 39 276 HOSPITALS ~143’000 1’440’000 HOSPITAL STAYS Source: https://www.bag.admin.ch/, 31. Mai 2023 05.06.2025 35
Slide 36: Fee-for-service vs. full capitation model
Fee-for-service vs. full capitation model From «sick care» to «health care» Sick care Health care Fee-for-service (traditional model) Full capitation (integrated care) Payments according to predetermined tariffs Fixed and predetermined payments per for each procedure member and population Competing
Slide 37: 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
Slide 38: Integrated Care (Viva Health)
Integrated Care (Viva Health) Esthelle Le Gallic 05.06.2025 38
Slide 39: VIVA Health Suisse: Our definition of integrated care
VIVA Health Suisse Our definition of integrated care VIVA Health is a basic insurance providing access to an integrated care model in given healthcare organization This organisation typically includes one or more healthcare providers (both inpatient and outpatient), general practitioners, Spitex ser
Slide 40: VIVA's value to members
VIVA Health Suisse VIVA’s value to members 1. Guaranteed access to a family doctor 2. Health coordination and personalized health plans 3. Free prevention services 4. Specific programs for chronic diseases 5. Exclusive 24/7 hotline 6. Low and stable premiums 05.06.2025 40
Slide 41: VIVA - Premium positioning
VIVA - Premium positioning VIVA CANTON FRANCHISE RANKING 25 RDA BE 1, 2 300 1 RDA JU 1 300 1 RDA NE 1 300 1 RSA TI 1, 2 300 2 → VIVA premium positioning: patients with chronic illnesses with a CHF 300 deductible → RDA: no premium increase and stable premium from 24 to 25 (vs +5.6% BE, +8.9% JU, +4.6
Slide 42: Our five levers for cost savings
VIVA Health Suisse Our five levers for cost savings HEALTH DATA OPERATIVE HOSPITALISATION PREVENTION COORDINATION FLUIDITY GUIDELINES AT HOME 05.06.2025 42
Slide 43: Integrated Care (Full Capitation)
Integrated Care (Full Capitation) Fabrice Zumbrunnen 05.06.2025 43
Slide 44: Full Capitation model: VIVA's value for Swiss Medical Network
Full Capitation model VIVA’s value for Swiss Medical Network 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 system tend to re
Slide 45: VIVA's collateral benefits on Fee-for-Service profitability
Full Capitation model VIVA’s collateral benefits on Fee-for-Service profitability + Less capital-intensive than hospital model + Compensation for EBIT loss of classical fee-for-service model + Operational excellence benefits to fee-for-service model (margins) + Allows innovative approaches that we c
Slide 46: Nescens
Nescens Caroline Siri 05.06.2025 46
Slide 47: Caroline Siri
Caroline Siri 05.06.2025 47
Slide 48: NESCENS
NESCENS A Brand Pioneer in Preventive Health and Better Aging * Average Room Rate 05.06.2025 48
Slide 49: From preventive medicine to regenerative care
FROM PREVENTIVE MEDICINE TO REGENERATIVE CARE A UNIQUE CONTINUUM OF HEALTH AND LIFESTYLE SERVICES Our Vision To redefine the future of aging — where longevity means vitality, functionality, and quality of life. Our Mission To design, create, and deliver a seamless, science-based journey toward optim
Slide 50: We don't fight aging. We manage it.
We don’t fight aging. We manage it. 05.06.2025 50
Slide 51: Nescens as a Service
NESCENS AS A SERVICE Scalable Premium Health Programs 05.06.2025 51
Slide 52: From clinic to ecosystem: scalable longevity programs
FROM CLINIC TO ECOSYSTEM, EXPORTING MEDICAL EXCELLENCE THROUGH CURATED AND SCALABLE LONGEVITY PROGRAMS A New Model for Growth Nescens evolves into a platform delivering structured health programs across premium settings. • Stem Cell Program: From harvesting and cryopreservation to reinjection starti
Slide 53: Clinical expertise turned into a signature experience
We’ve turned clinical expertise into a signature experience: structured,replicable, medically validated. 05.06.2025 53
Slide 54: Nescens Cosmeceuticals
NESCENS COSMECEUTICALS Reinventing Skin Longevity 05.06.2025 54
Slide 55: Science-backed skincare inspired by aging biology
SCIENCE-BACKED SKINCARE INSPIRED BY AGING BIOLOGY What are cosmeceuticals? • High-performance skincare positioned between cosmetics and pharmaceuticals. • Developed in synergy with Nescens’ expertise in aging biology and regenerative science. What’s Next? • Full redefinition of the range by 2026 to
Slide 56: More than skincare, a scientific solution for skin longevity
More than skincare, a scientific solution for skin longevity 05.06.2025 56
Slide 57: Digital Healthcare
Digital Healthcare Jacques Boschung 05.06.2025 57
Slide 58: Digitalization Tenets for Swiss Medical Network
Digitalization Tenets for Swiss Medical Network Simplification Massive rationalization of Swiss Medical Network IT operations over the last 4 years (IT spend as a % of revenue of 2.6 vs industry average of 3 to 6%) Core business prevails Proceed with selective out-tasking for the entire IT-stack whi
Slide 59: Well – the leading digital health platform for Switzerland
Well – the leading digital health platform for Switzerland AEVIS’s strategic partnership opened doors for VIVA collaboration of Swiss Medical Network with Visana • Well is a comprehensive digital health platform for the Swiss population, connecting patients and service providers in an open ecosystem
Slide 60: AD Swiss Net AG: Access to Digital Therapeutics
AD Swiss Net AG Access to the Forefront of Digital Therapeutics (DTx) • Two Business Areas: 1. Benecura (Digital Therapeutics [DTx], main focus), 2. Electronic Patient Record • Business model based on DTx prescriptions reimbursed through Compulsory Health Care Insurance (OKP) About AD Swiss • AEVIS
Slide 61: Promote a strong AI adoption, for efficiency and quality
Promote a strong AI adoption, for efficiency and quality Foster grasroot initiatives: a multiplication of bottom-up impactful projects • «Cody»: a medical coding bot co-developped with an ecosystem partner leading to a massive productivity gain (ICD-10 GM & CHOP) • «Hospital at home»: a significant
Slide 62: Orchestrated Distributed Intelligence use case
A use case for Orchestrated Distributed Intelligence (ODI) @Swiss Medical Network National AI initiative for precision oncology 05.06.2025 62
Slide 63: Infrastructure
Infrastructure 05.06.2025 63
Slide 64: Swiss Hotel Properties
Swiss Hotel Properties Frédéric Boson 05.06.2025 64
Slide 65: Swiss Hotel Properties AG - Overview
Swiss Hotel Properties AG - Overview 100% investment of AEVIS Swiss Hotel Properties AG CHF 881m 27 Market value Properties Swiss Hotel Properties is a hospitality infrastructure company based in Switzerland CHF 30.9m 47% Net revenue LTV 131’020sqm CHF 6’800 /sqm Rental surface implied value 05.06.2
Slide 66: Swiss Hotel Properties AG - Portfolio snapshot
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 Randogne (land + studio) Hotel Adula Flims Crans-M
Slide 67: Value creation initiatives (1): Shaping Zermatt's Future
Täsch Value creation initiatives (1): 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
Slide 68: Upgrading retail experience in Zermatt
Value creation initiatives (1): Upgrading retail experience in Zermatt Enhancing Retail Through Brand Curation Renovation vision 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: • S
Slide 69: Upgrading retail experience in Zermatt: Hofmattstrasse
Value creation initiatives (1): Upgrading retail experience in Zermatt Enhancing Retail Through Brand Curation 3 Hofmattstrasse Hamilton x Air Zermatt A collaboration between the watch brand “Hamilton” and the helicopter flight company Air Zermatt led to a Hamilton x Air Zermatt collaborative store
Slide 70: Upgrading retail experience in Zermatt: Bahnhofstrasse
Value creation initiatives (1): Upgrading retail experience in Zermatt Enhancing Retail Through Brand Curation 2 Bahnhofstrasse Wega store Lorenz Bach The previous Wega store, itself temporarily replaced by a pop-up Longines store, was finally replaced by a Lorenz Bach store. Maison Lorenz Bach is a
Slide 71: Further room for rental optimization
Value creation initiatives (1): Upgrading retail experience in Zermatt Further room for rental optimization Retail rental area (sqm) 1109 Expected rent increase: 50 - 100% 6430 Rental area (alreaady renegotiated) Rental area (still to be renegotiated) 05.06.2025 71
Slide 72: Value creation initiatives (2): Real Estate appraisals
Value creation initiatives (2): Real Estate appraisals Strong value creation through hotel repositioning (all figures in CHFm) Hotel Victoria Jungfrau + +95% • Acquisition in 2014 as part of the takeover of the listed company Victoria Jungfrau Collection • Acquired for a total price of CHF 69m, of 1
Slide 73: Infracore
Infracore Nicolas Schmid 05.06.2025 73
Slide 74: Infracore – JV between Aevis Victoria and MPT
Infracore – JV between Aevis Victoria and MPT 30% investment of AEVIS (50% voting rights) AEVIS VICTORIA SA Medical Properties Trust 50% | 30% 50% | 70% voting rights | total capital voting rights | total capital Infracore SA THE LEADING GLOBAL SOURCE OF REAL ESTATE CAPITAL FOR HOSPITALS MPT funds h
Slide 75: Infracore – Overview (FY2024)
Infracore – Overview (FY2024) 30% investment of AEVIS (50% voting rights) CHF 1’329m 47 Infracore SA Market value of properties Properties incl. development projects Infracore SA is a healthcare infrastructure company CHF 65.9m 43% Revenue LTV based in Switzerland 206’267sqm CHF 6’356 /sqm Rental su
Slide 76: Infracore - Portfolio snapshot overview
Infracore - Portfolio snapshot overview Leading healthcare infrastructure platform with dedicated sustainability strategy High-quality healthcare real estate portfolio Clinica Ars Clinica Privatklinik Clinique de Medica (TI) Sant’Anna (TI) Obach(SO) Genolier (VD) • Leading healthcare infrastructure
Slide 77: Infracore – Development of property portfolio
Infracore – Development of property portfolio Portfolio Market Value Main portfolio development 2009: Extension Clinique de Genolier 2010: Extension Clinique de Montchoisi 2011: Acquisition Clinica Ars Medica and Clinica Sant’Anna in mCH F 2012: Acquisition Privatklinik Obach CAGR 11.8% 1,411 2013:
Slide 78: Infracore – Sustainability strategy
Infracore – Sustainability strategy Energy and Resource Efficiency Target 2030 Sustainability and decarbonization projects are closely INFRACORE is committed to decrease its coordinated with INFRACORE’s tenants and external ecological footprint focusing on energy partners such as Siemens. management
Slide 79: Infracore – An inflection point in the company's history
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 Challenging financing conditions Unique leading Healthcare Infrastructure Player in S
Slide 80: Infracore – Key financial targets / strategy
Infracore – Key financial targets / strategy Mid-term objectives Gross yield Dividend payout ratio 4.5% – 5.0% 80% – 90% (of net income excluding revaluation gains) Equity ratio Loan to value (LTV) ratio 40% – 50% < 50% 05.06.2025 80
Slide 81: Genolier Innovation Hub
Genolier Innovation Hub Anna Gräbner 05.06.2025 81
Slide 82: Genolier Innovation Hub: Bridging Research and Healthcare
Genolier Innovation Hub A State-of-the-Art Facility Bridging Research and Healthcare MILESTONES Fostering innovation at the Genolier Innovation Hub 2019 • Start of project KEY DATA • 25’000m2 total surface area 2022 • Start of construction • 6’000m2 green roof • 2 floors of offices, laboratories, 20
Slide 83: A unique platform for healthcare companies
Genolier Innovation Hub A unique platform for healthcare companies Conference center Know-how transfer Platform for healthcare industries • State-of-the-art audiovisual technologies:(VR, AI, • Dynamic & collaborative environment • Increasing communication and interactions LED, …) (sharing & creative
Slide 84: Genolier Innovation Hub Partners
Genolier Innovation Hub Partners 05/06/2025
Slide 85: Genolier Innovation Hub Business Model
Genolier Innovation Hub Business Model Services provided by GIH Events Hub Occupancy Partnerships ➢ Organisation of conferences, ➢ Long-term and short-term rental ➢ Partnership agreements seminars, scientific meetings, agreements offered cultural events ➢ Brand enhancement ➢ Hub tenants benefit from
Slide 86: A highly scalable Business Model
Genolier Innovation Hub A highly scalable Business Model in mCHF With a 70% rental utilization & ca 90 events per year, EBITDA margin exceeds 20% 05/06/2025
Slide 87: Financial Performance & Strategic Vision
Financial Performance & Strategic Vision 05.06.2025 87
Slide 88: Financial Performance
Financial Performance Michel Keusch 05.06.2025 88
Slide 89: 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 2011-2024 In CHFm ~ 17.0x Sum of the parts NAV Market capitalization Take-over offer 2002-2010: 2012 2013 2014 2015 2016 2017 2018 2019 2020 2022 2023 2024 Genolier Lindberg
Slide 90: Healthcare segment: Historical perspective (2014-2024)
Healthcare segment Historical perspective (2014-2024) Net revenue and EBITDAR* 3 In CHFm Launch of the Réseau de l’Arc, and initial 1 900.0 25.0% investments for integrated care 1 795.4 800.0 2 18.6% 684.9 700.0 18.4% 652.4 648.9 20.0% 2 Deconsolidation of Réseau de l’Arc, explaining the 20.6% 19.4%
Slide 91: Healthcare segment: Hospitals and ambulatory services
Healthcare segment: Hospitals and ambulatory services Underlying profitability improvement diluted by the investments in primary care EBITDAR (CHFm) EBITDA (CHFm) Net revenues (CHFm) and margin (%) and margin (%) +5.1% +17.2% +2.2% 19.4% 8.9% 18.2% 7.1% Hospitals 601.9 615.4 109.5 119.6 42.9 54.8 He
Slide 92: Healthcare segment: Operating Margin Evolution vs. Peers
Healthcare segment Operating Margin Evolution vs. Peers (2018-2024) Leading industry margins despite adverse impact of investments for the future • Other Swiss Hospitals: GZO, Insel Gruppe, KSA, KSB, KSBL, KSGR, KSSG, KSW, Kispi, LUKS, SE AG, See-Spital, SVL, USZ 05.06.2025 92
Slide 93: Swiss Medical Network: Above industry-average organic growth
Swiss Medical Network: Above industry-average organic growth Market Share Expansion Fueled by Quality and Integrated Healthcare Services Underlying industry growth Increase in life expectancy, ageing population, changing 2-3% organic p.a. patient expectations, Broadening of the product and service o
Slide 94: Swiss Medical Network: Improving profitability
Swiss Medical Network: Improving profitability Industry leading profitability and positive momentum despite challenging environment Positive factors Negative factors • Hospital turnaround:objective to bring all underperforming • Short-term margin dilution from low-margin outpatient units to group’s
Slide 95: Hospitality segment: Historical perspective 2014 - 2024
MRH Switzerland AG Hospitality segment: Historical perspective 2014 - 2024 Record Revenue in 2024 Highlights Return on 2019–2021 CAPEX program Net revenue and EBITDAR* In CHFm 200 3 188 4 25.0% 1 Integration of the hotel group in Zermatt increased revenue, while the renovation of Eden au Lac negativ
Slide 96: Hospitality segment: Outlook
Hospitality segment: Outlook MRH Switzerland AG Strong Start to 2025 Supports Positive Outlook 2025 Outlook Strong first 4 months of the year as a solid foundation for optimism for the full year MRH Switzerland AG anticipates continued profitable growth in 2025, building on a strong start to the yea
Slide 97: Real Estate segment: Historical perspective 2014 - 2024
Real Estate segment: Historical perspective 2014 - 2024 Sustainably Expanding Portfolio Market value development 2018-2024: 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 8
Slide 98: Infracore: Portfolio KPIs
Infracore: Portfolio KPIs Geographically diversified and sustainably growing portfolio Distribution of market value by canton Properties market value 2018-2024: Steady growth of portfolio thanks to ongoing investments and positive development of tenants SH 2.1% NE 1.4% in CHFm BE 2.3% SO 2.8% 1.6x V
Slide 99: Others segment
Others segment 2024 starting a new era for Nescens and the opening of the GIH Net revenues (CHFm) EBITDAR (CHFm) EBITDA (CHFm) and margin (%) and margin (%) -1.5% 10.3 10.2 2023 2024 2023 2024 2023 2024 (2.3) (7.9) (4.6) (10.7) 05.06.2025 99
Slide 100: Well positioned financial framework
Well positioned financial framework 2024: Debt: 1071.0m – 36.9m (Cash) – 82m (Shareholder loans) = Net Debt: 952.2m Q1-25: Debt: 974.0m – 16.4m (Cash) – 82m (Shareholder loans) = Net Debt: 875.5m Equity ratio: 29.0% MRH Switzerland AG Others Non consolidated Int.rate Int.rate Int.rate Int.rate Int.r
Slide 101: 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 03.06.2025 of 31.12.2023 In CHFbn Per share (CHF) CHF CHF >24 13.10 Miscellaneous 0.1 (0.2) Infracore 0.2 Overhead (0.2) • The total value of participations is CHF 2.4bn Net debt
Slide 102: Non-EBITDA contributing participations
Non-EBITDA contributing participations Non-EBITDA contributing participations Consolidated Indicative Participation value No ~CHF 180m No ~CHF 28m Yes ~CHF 75m * * No Land reserves (SHP) Yes ~CHF 125m Total non core / non ~CHF 400m EBITDA generating assets 6/5/2025 102
Slide 103: Strategic Vision
Strategic Vision Fabrice Zumbrunnen 05.06.2025 103
Slide 104: Healthcare (1)
Healthcare (1) Swiss Medical Network is ready to embrace the paradigm shift towards a stronger, outpatient-centered healthcare system by: • Operating a highly qualitative network of hospitals; • Being the only nationwide player combining primary and acute care services; • Developing integrated care
Slide 105: Healthcare (2)
Healthcare (2) Nescens will expand its distinctive offering in anti-ageing healthcare services and cosmeceutical products. Longevity and cure treatments will further strengthen the medical expertise within our hotel portfolio. At the heart of this dynamic ecosystem, the Genolier Innovation Hub build
Slide 106: Hospitality
Hospitality Michel Reybier Hospitality is committed to continuously elevating the guest experience and crafting destinations with true character. Our iconic locations in Zermatt and Interlaken will see further investment, and we will keep unlocking value from our distinctive hotel portfolio. * Avera
Slide 107: Infrastructure
Infrastructure Healthcare Infracore stands as Switzerland’s leading healthcare real estate platform, with a solid balance sheet and no capex backlog. The group remains agile and open to new sale-and-leaseback opportunities. Hospitality Swiss Hotel Properties will continue to unlock value creation po
Slide 108: Q&A
Q&A Pfr vicToRIA eS | Investing fora better ie
Slide 109: Thank you for your attention.
Thank you for your attention. 05.06.2025 109