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HALF-YEAR RESULTS 2025 Investora 2025 Investing for a better life 18 September 2025 AEVIS VICTORIA SA
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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 strategic plans and objectives. Because these forward- looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors which are beyond AEVIS VICTORIA SA’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors detailed in AEVIS VICTORIA SA’s past and future filings and reports and in past and future filings, press releases, reports and other information posted on AEVIS VICTORIA SA’s group companies websites. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. AEVIS VICTORIA SA disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise. This presentation does not constitute an offer to sell or a solicitation to purchase any securities of AEVIS VICTORIA SA. Forward-looking statements 19.09.2025 2
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19.09.2025 3 Group Executive Management Strong leadership following the successful growth driven by the founder’s vision Fabrice Zumbrunnen (1969), CEO Played a key role in shaping Migros’ healthcare strategy Comprehensive knowledge of the service sector and consumer needs Highly skilled in strategic business development Michel Keusch (1970), CFO/CIO Strong competencies in strategy and financial analysis as well as valuation and investment banking transactions Focus on conscious capitalism and sustainability concepts Antoine Hubert (1966), Executive Chairman Antoine Hubert, founder and co-anchor shareholder, was elected Chairman of the board at the 2025 AGM Séverine Van der Schueren (1970), CAO Joined the group in 2008, first as Secretary General of Swiss Medical Network and later CAO (Chief Administrative Officer) of AEVIS
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Overview Antoine Hubert Executive Chairman 19.09.2025 4
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HOSPITALITY & LIFESTYLE HEALTHCARE INFRASTRUCTURE 19.09.2025 5 AEVIS VICTORIA An investment company focused on services to people * * Not consolidated * * * *
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H1-2025 performance Michel Keusch CFO/CIO 19.09.2025 6
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19.09.2025 7 Aevis Group consolidated figures Strong group performance EBITDAR (CHFm) and margin (%) EBITDA (CHFm) and margin (%) Net revenues (CHFm) Organic: 2.9% +17.9% +18.9% +24.9% Organic: 10.4% Organic: 17.5% 87.7 104.3 18.9% 19.1% H1-24 H1-25 45.4 56.7 9.8% 10.4% H1-24 H1-25 463.1 546.0 H1-24 H1-25
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19.09.2025 8 Healthcare segment Resilient margins despite dilutive acquisitions and strategic investments EBITDAR (CHFm) and margin (%) EBITDA (CHFm) and margin (%) Net revenues (CHFm) Organic: 1.5% +20.7% +12.3% +8.5% Organic: 3.6% Organic: 2.2% 353.0 426.2 H1-24 H1-25 70.5 79.2 20.0% 18.6% H1-24 H1-25 32.0 34.7 9.1% 8.1% H1-24 H1-25
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19.09.2025 9 Healthcare segment: Dilution from acquisitions Spital Zofingen and Centro Medico pressure division margins EBITDAR (CHFm) and margin (%) EBITDA (CHFm) and margin (%)Net revenues (CHFm) +0.5% Underlying Acquisitions Net revenues (CHFm) EBITDAR (CHFm) and margin (%) EBITDA (CHFm) and margin (%) +1.6% +0.3% Healthcare Ex - acquisitions 84% Zofingen 11% Centro Medico 4% Others 1% 70.5 71.7 20.0% 20.0% H1-24 H1-25 358.6 67.6 H1-24 H1-25 40.0 7.4 11.0% H1-24 H1-25 32.0 31.1 9.1% 8.7% H1-24 H1-25 20.0 3.6 5.3% H1-24 H1-25 353.0 358.6 H1-24 H1-25
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19.09.2025 10 Healthcare segment: Hospitals and Ambulatory Services Ambulatory services improve profitability but continue to pressure division margins EBITDAR (CHFm) and margin (%) EBITDA (CHFm) and margin (%)Net revenues (CHFm) Organic: 1.1% +0.5% Organic: 3.4% Organic: 3.3% Hospitals Ambulatory Net revenues (CHFm) EBITDAR (CHFm) and margin (%) EBITDA (CHFm) and margin (%) Organic: 4.9% Healthcare segment Hospitals 77% Ambulatory 12% Others 11% 72.5 73.1 22.2% 22.3% H1-24 H1-25 26.8 51.3 H1-24 H1-25 (5.0) (2.7) -18.6% -5.3% H1-24 H1-25 +0.9% +0.3% +91.4% (1.9) 3.7 -7.2% 7.1% H1-24 H1-25 37.0 37.1 11.3% 11.3% H1-24 H1-25 326.7 328.3 H1-24 H1-25
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Strong track record in hospital M&A and restructuring A proven turnaround playbook 19.09.2025 11 Hospital repositioning Restructuring measures Process optimizations Reduction of length of stay Volume-driven operating leverage Turnaround and ramp-up measures In-depth analysis Investments & Renovation Marketing of new hospital Continuous optimisation Value contribution Maturity Reaping benefits Investments Schmerzklinik Basel Siloah Lindberg Rosenklinik Montchoisi Valmont Ste Anne Ars Medica Réseau de l’Arc Belair Bethanien Valère Genolier Providence Stable growth Ramp-up Turnaround cases Montbrillant Sant’Anna Obach Générale Beaulieu Villa im Park / Zofingen • Joint management of Villa im Park and Zofingen with important synergies in the next 18 months • EBITDAR margins: < 10% Red; ; Orange: 10% to 20%; Green: >20% • All figures: LTM as of 6.2025
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19.09.2025 12 Swiss Medical Network in the context of the Swiss Hospital Industry Source: ZKB (Zürcher Kantonalbank; 28.08.2025)
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19.09.2025 13 Hospitality segment Record sales and continued profitable growth momentum MRH Switzerland AG EBITDAR (CHFm) and margin (%) EBITDA (CHFm) and margin (%) Net revenues (CHFm) Organic: -2.0%Organic: 2.8% Organic: -13.9% +2.8% -2.0% -13.9% 12.8 11.0 12.6% 10.6% H1-24 H1-25 27.7 27.2 27.4% 26.1% H1-24 H1-25 101.2 104.0 H1-24 H1-25
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19.09.2025 14 Real Estate segment Positive Impact from Sale of Non-Strategic Real Estate EBITDA (CHFm) and margin (%) LTV (%) Market value (CHFm) -1.1% +72.9% 14.7 25.4 90.0% 93.3% H1-24 H1-25 40bps improvement Organic: +72.9% 46.9% 46.5% H1-24 H1-25 881.8 872.1 H1-24 H1-25
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19.09.2025 15 Infracore (30% stake) Solid performance and further deleveraging EBITDA (CHFm) and margin (%) LTV (%)Market value (CHFm) 48.3% 42.6% H1-2024 H1-2025 +8.8% +9.8% 570 bps improvement 28.5 31.3 90.2% 91.9% H1-24 H1-25 1,308.4 1,423.5 H1-24 H1-25
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AEVIS VICTORIA: Consolidated Income Statement Further deleveraging and improvement of Equity and Leverage ratios 19.09.2025 16* Independent physician fees Organic growth of 2.9% EBITDA margins + 60 bps Strong FCF positively influenced by divestments Strong debt repayment
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19.09.2025 17 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 AEVIS VICTORIA: Consolidated and Statutory Balance Sheet Further deleveraging and improvement of Equity and Leverage ratios
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19.09.2025 Solid financial framework 18 MRH Switzerland AG OTHERS 2024: 409.6m 3.42% H1-25: 309.9m 2.32% 2024: 16.8m 3.25% H1-25: 14.7m 2.10% 2024: 409.5m 3.00% (*) H1-25: 402.3m 1.81% (*) 2024: 6.3m 2.28% H1-25: 3.1m 1.50% 2024: 603.4m 2.54% H1-25: 618.0m 1.53% Net Debt H1-25: Group consolidated net debt: 851m Equity ratio: 29.0% Int.rate Int.rate Int.rate Int.rate Int.rate(*) CHF Equity ratio: 30.5% Mortgage lending Mortgage lendingCash flow based lending Value based lending Cash flow based lending Cash flow based lending Equity ratio: 38.3% 2024 : Group consolidated net debt: 952m 2024 : Corporate net debt: 109.9m H1-25: Corporate net debt: 121.3m Equity ratio: 59.6% Equity ratio: 49.9% LTV ratio: 46.5% Equity ratio: 47.5% LTV ratio: 42.6% Unconsolidated
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SOTP equity value analysis of AEVIS as of 31.12.2023 19.09.2025 19 Sum of the parts valuation of AEVIS VICTORIA • The total value of participations is CHF 2.4bn • After deducting capitalized overheads and the holding company's net debt, the intrinsic value of equity is > CHF 2bn, or > CHF 24 per share • AEVIS has a market capitalization of CHF 1.1bn as at 17.09.2025, which represents a discount of 45% compared with the group’s sum of the parts value • Potential for further capital gains to be unlocked 1.5 0.4 0.4 0.2 0.1 AEVIS sum of the parts valuation as of 17.09.2025 In CHFbn Swiss Hotel Properties Swiss Medical Network Miscellaneous Infracore MRH Switzerland (0.2) Overhead >2bn (0.2) Net debt 1.1bn Market Cap (17.09.25) ca 45% discount CHF >24 CHF 13.50 Per share (CHF)
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Strong track record of value creation Equity value of AEVIS has increased by a factor of 17x since 2011 19.09.2025 20 • Active entrepreneurial investment approach • Long-term value-based strategy (via organic and inorganic initiatives) • Strong industry focus: “Services to people” – stable and resilient activities in healthcare and hospitality • Strong focus on sustainability ~ 17.0x Take-over offer In CHFm AEVIS equity value development 2011-2024 Sum of the parts NAV Market capitalization
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Conservative valuation of real estate assets Very reasonable valuations per m2 19.09.2025 21 Hotel and healthcare real estate portfolio CHF 872m CHF 1’423m Market value as of 30.6.2025 Portfolio of leading landmark hotels and state-of-the- art hospitals 129’999m2 222’415m2 Rental area as of 30.6.2025 CHF 6’708 CHF 6’398 Implied value / m2 CHF 8’000-9’000 Median benchmark value / m2 for 4* and 5* mountain / city hotels* Prime hotel locations in Switzerland and the UK and diversified hospital footprint across all Swiss language regions Conservative valuation levels (low value per m2) in comparison to benchmark values CHF 10’000 Median benchmark value / m2 for healthcare real-estate* *Indicative values based on Wüest Partner analysis of available comparables and market research
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Value creation vision & initiatives Fabrice Zumbrunnen CEO 19.09.2025 22
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Healthcare segment: Strategic Vision and Foundational Milestones 19.09.2025 23 2002: Acquisition of first Hospital. Building of a nationwide hospital network 2010: Beginning of preventive medicine/ anti -ageing cures /check-ups / cosmeceuticals 2017: Build up Integrated care 2018: Digitalization 2023: Launch Ambulatory & Integrated Care Digitalization /EPD Ready for paradigm shift • Development of integrated care across Switzerland • Ready for EFAS: Only nationwide player combining primary and acute care • New partners • Further development of digitalization • Innovation and tech trend monitoring 2024:Opening
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19.09.2025 24 Value creation initiatives Full pipeline of strategic development projects Integrated care – Further roll out 1 2 Medical excellence – Mayo Clinic partnership 3 Medical innovation – Genolier Innovation Hub 4 Better aging – Nescens 5 Healthcare infrastructure – Sale & Lease back opportunities
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19.09.2025 25 Clinica Sant’Anna Clinica Ars Medica Legend Medical Centers (Centromedico) Swiss Medical Network (2 hospitals and 8 medical centers) TI Villa im Park Privatklinik Obach Spital Zofingen Kantonsspital Aarau Legend Medical Centers Swiss Medical Network hospitals AG SO LU Hospital Outpatient center Outpatient center Psychological facilities Elderly care homes 2024 20262025 1 Integrated care – Third region to be launched in 2026
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Clinica Ars Medica Schmerzklinik Basel Privatklinik Obach Clinique Montbrillant Hôpital de La Providence Clinique Générale Ste-Anne Clinique de Montchoisi Clinique Valmont Clinique de Genolier Clinique de ValèreClinique Générale-Beaulieu Privatklinik Lindberg Privatklinik Siloah Privatklinik Belair Rosenklinik Rapperswil Privatklinik Bethanien Hôpital de Saint-Imier Hôpital de Moutier Cliniques Centres médicaux Xundheitszentren Centromedico Région Genève Région Vaud Région VS & FR Région ZH, SH & SG Rete Sant’Anna Swiss VisioClinica Sant’Anna Privatklinik Villa im Park Réseau de l’Arc Spital Zofingen Aare-Netz Région Mittelland 19.09.2025 26 1 Integrated care – Further roll out
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19.09.2025 27 Joining the prestigious worldwide MCCN Network (44 hospitals *) * 30 USA , 3 China, 2 Turkey, 2 Mexico, 1 Egypt, 1 UAE, 1 KSA, 1 Bahreïn, 1 Malaisia, 1 India, 1 Indonesia USA Other countries Switzerland Medical excellence – Unique Mayo Clinic strategic partnership2
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19.09.2025 28 A State-of-the-Art Facility Bridging Research and Healthcare Medical innovation – Genolier Innovation Hub3 Start of project Q1: First tenants move in Q3: Grand opening (Sep.24) 2019 2022 2024 2029 Start of construction Cruising speed (full capacity) MILESTONES BUSINESS MODEL Events (Conferences, seminars, meetings,……) Hub Occupancy (L T and ST rental agreements ) Partnerships (Scientific collaboration, branding) Complementary Services (F&B Catering, Restaurant, Parking) Primary revenues Secondary revenues
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19/09/2025 Medical innovation – Genolier Innovation Hub3 Good start in 2024 (>50 events); improving momentum (>60 events in H1-2025) A filling pipeline of events Inauguration Conference 7.2025 8.2025 10.20259.2025 DocPreneurs 2025 Symposium CMD 9.2024 10.2024 11.2024 12.2024 2.2025 3.2025 4.2025 5.2025 6.20251.2025 Forum
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19.09.2025 30 Clinique Nescens Spa Nescens Nescens cosmeceuticals Better aging – Nescens – Clinique, Cosmeceuticals, Spas4
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19.09.2025 31 Complete product line revamp in 2026 • Reflecting Nescens’ New Medical Identity • Product segmentation aligned with core biological aging mechanisms • New formulas built on signature Nescens longevity complexes Turning Nescens into a “one-stop-shop” for health optimization4 New exclusive products • Bespoke Skincare Excellence. A revolutionary cream derived from an individual’s own cells, using biotechnology to deliver highly targeted, personalized skincare • Stem Cell Cryopreservation in Switzerland. The SVF bank preserves valuable stem cells, providing exclusive access to future regenerative therapies 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 functional therapies. • Women’s Integrative Health: Combining metabolic, hormonal, and imaging diagnostics with personalized, holistic follow-up care • Nescens Reset: Transitioning from in-clinic care to scalable, biomarker-based programs designed to drive actionable insights and sustainable lifestyle change Strong focus on skin health, cellular regeneration, and lasting visible results. Business model upgrade in 2026 with: • Stronger medical identity • Broadening the scope from preventive medicine to regenerative care • Improved Scalability
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Infracore – An inflection point in the company’s history The current market offers strong opportunities for sale and lease back transactions 19.09.2025 32 Challenging financing conditions • Sector credibility eroded by the GZO case • “Credit crunch” situation in Switzerland Broad-based strain within the sector • Regulatory and cost pressures • Further privatization / consolidation A Challenged Swiss Hospital Sector A clear competitive edge for Infracore Unique leading Healthcare Infrastructure Player in Switzerland • Only nationwide private network of hospitals • Core & shell principle Scalable growth platform • Strong expertise in construction, renovation and modernization of hospitals Strong Balance Sheet • LTV: 42.6% (H1-25) • Equity ratio: 47.5% (H1-25) Strong potential for sale & lease backs Healthcare infrastructure – Sale & Lease back opportunities 5
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Conclusion 19.09.2025 33 Fabrice Zumbrunnen CEO
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Conclusion Continued focus on value creation, deleveraging and growth opportunities Strategy outlook Financial outlook 19.09.2025 34 • Further focus on deleveraging • Continue investing in services to people that bring real added value to its customers, with a focus on healthcare, hospitality and infrastructure • Attractive pipeline of value generating projects in the three areas of activity • Hospitals: Driving the successful implementation of restructuring measures • Hospitality: considering the strong half-year results, AEVIS is optimistic about the full-year results • Infrastructure: the positive performance of the tenants is expected to be reflected in the year-end valuations
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Thank you for your attention. 19.09.2025 35