AEVIS VICTORIA SA – Strong growth in revenue in the first half of 2025. Free cash flow exceeds CHF 100 million, enabling debt reduction of more than CHF 120 million.  

Ad hoc announcement pursuant to Art. 53 LR

Fribourg, 18 September 2025

AEVIS VICTORIA SA (AEVS.SW) – Strong growth in revenue in the first half of 2025.
Free cash flow exceeds CHF 100 million, enabling debt reduction of more than CHF 120 million.  

The two operating divisions of the investment company AEVIS VICTORIA SA (AEVIS) strengthened their market position in the first half of 2025 through targeted strategic initiatives, enabling sustained revenue growth. This was driven by the smooth integration of Spital Zofingen and CentroMedico in Swiss Medical Network, as well as organic growth in the two operating divisions. Value creation continued in both operating segments as well as in the infrastructure segment. Interaction with investors was intensified, and the search for other strategic shareholders continued. These measures should also help increase the liquidity of AEVIS shares and reduce their current undervaluation. The company plans to resume its dividend policy in 2026.

Consolidated revenue increased by 17.7%
Consolidated gross revenue at the Group level amounted to CHF 621.3 million (1H2024: CHF 527.6 million), representing an increase of 17.7% compared to 2024. EBITDAR increased by CHF 16.6 million compared to the previous year to CHF 104.3 million, corresponding to a healthy margin of 19.1% (1H2024: 18.9%). The net profit attributable to AEVIS’ shareholders amounted to CHF 4.2 million (1H2024: CHF -0.8 million). In addition to an operating cash flow of CHF 21.8 million, cash flow from investing activities amounted to CHF 87.2 million (positively influenced by the proceeds from divestments of real estate and financial assets), which was mainly used to repay liabilities of over CHF 120 million. This deleveraging strengthened the balance sheet, with an equity ratio improving from 29.4% to 30.5%.

Swiss Medical Network performed well in a challenging market environment
Swiss Medical Network achieved strong operating results in the first half of 2025 as consolidated revenue increased by 20.1% to CHF 501.4 million, following the successful integration of Spital Zofingen, the CentroMedico network in Ticino, and the expansion of outpatient activities. Net revenues (physician fees excluded) amounted to CHF 426.2 million, up 20.7% compared to the first half of the previous year. Organic growth amounted to 1.1%. Despite the temporary dilution effect from integrating new entities whose efficiency is still being optimized, EBITDAR rose by 12.3% to CHF 79.2 million, corresponding to a solid margin of 18.6%.

The hospitality division achieves record sales
The profitable growth momentum of previous years continued unabated at MRH Switzerland AG, the hotel subsidiary of AEVIS VICTORIA SA. Thanks to robust demand in the upscale segment, MRH Switzerland achieved revenues of CHF 104.0 million in the first half of 2025. This represents growth of 2.8% compared to CHF 101.2 million achieved in the previous year, which was entirely organic. EBITDAR for the first half of the year was CHF 27.2 million, corresponding to a margin of 26.1%. Overall, the activity indicators remain positive: occupancy is rising and a total of 178'678 overnight stays were recorded, and price positioning remains stable with an average room rate of CHF 633.

The value of the Group's real estate assets is growing
The consolidated hotel real estate portfolio of Swiss Hotel Properties had a market value of CHF 872.1 million at the end of the reporting period, with a debt ratio of 46.5%. Infracore's unconsolidated healthcare real estate portfolio, in which AEVIS holds a direct and indirect stake of 30%, performed well. The portfolio value increased to CHF 1.42 billion, with a debt ratio of 42.6% at the end of June 2025. Furthermore, after fully repaying its CHF 100 million bond in 2024, Infracore will distribute a dividend of CHF 4.85 per share (for 2023 and 2024) in the second half of the year, representing CHF 16.8 million for AEVIS, further strengthening the Group's balance sheet and liquidity.

Outlook
The operating business continues to perform as expected, achieving market share gains and good margins in both the healthcare and hospitality sectors. The acquisitions completed in 2024 should help maintain the growth rates achieved in the first half of the year throughout the remainder of the year. Real estate holdings in both the hotel and healthcare sectors are expected to benefit from positive tenant momentum. Due to the diversity of its investments and the current macroeconomic climate, AEVIS is not issuing consolidated revenue or margin targets for the 2025 financial year but expects current trends to continue. The company plans to resume its dividend policy in 2026.

Detailed reporting
AEVIS VICTORIA SA’s Half-Year Report 2025 can be downloaded via this link:
Half-Year Report 2025

Conference call today at 15:30 CET
AEVIS VICTORIA SA will present its semi-annual results 2025 during a conference call today at 15:30 CET. The call will be hosted by Antoine Hubert, Chairman, together with Fabrice Zumbrunnen, CEO, and Michel Keusch, CFO/CIO. The conference will be held in English.

Please register for the conference call via the link below, to receive the access numbers automatically by email: https://webcast.meetyoo.de/reg/HyRUaXoIMW4q

Dial-in numbers for registered participants : 
CH: +41 43 550 14 51
DE: +49 69 941 84 015
UK: +44 74 76 938 961 

Audio Webcast: 
Audio and presentation on the web browser: https://www.webcast-eqs.com/aevis-2025-h1

For further information:
AEVIS VICTORIA SA Media and Investor Relations: c/o Dynamics Group, Zurich
Philippe R. Blangey, prb@dynamicsgroup.ch, +41 (0) 43 268 32 35 or +41 (0) 79 785 46 32
Séverine Van der Schueren, svanderschueren@aevis.com, +41 (0) 79 635 04 10

AEVIS VICTORIA SA - Investing for a better life
AEVIS VICTORIA SA invests in healthcare, hospitality & lifestyle and infrastructure. AEVIS's main shareholdings are Swiss Medical Network Holding SA (76.3%, directly and indirectly), the only Swiss private network of hospitals present in the country's three main language regions, MRH Switzerland AG, a luxury hotel group managing eleven hotels in Switzerland and abroad, Infracore SA (30%, directly and indirectly), a real estate company dedicated to healthcare-related infrastructure, Swiss Hotel Properties SA, a hospitality real estate division, and NESCENS SA, a brand dedicated to better aging. AEVIS is listed on the Swiss Reporting Standard of the SIX Swiss Exchange (AEVS.SW). www.aevis.com.