Ad hoc announcement pursuant to Art. 53 LR
Fribourg, 17 September 2026
AEVIS VICTORIA SA: Publication of the Half-Year Report 2026 – Significant improvement in Swiss Medical Network’s profitability – Hospitality segment records encouraging results
AEVIS VICTORIA SA («AEVIS») looks back on an encouraging first half of 2026. Its main participations performed well. Two significant milestones marked the reporting period for the investment company: the listing of Infracore and the significant improvement in Swiss Medical Network’s profitability. Hospitality icon MRH Switzerland also delivered a resilient performance, outperforming a slightly declining Swiss hotel market.
NAV per share at CHF 26.75
Consolidated gross revenue at Group level amounted to CHF 675.5 million (H1 2025: CHF 621.3 million), representing an increase of 8.7%. Consolidated net revenue increased by 0.2% to CHF 547.0 million (H1 2025: CHF 546.0 million). Net profit attributable to AEVIS shareholders increased by 30.2% to CHF 5.4 million (H1 2025: CHF 4.2 million). Operating cash flow amounted to CHF 39.0 million (H1 2025: CHF 21.8 million). The balance sheet remained stable with an equity of CHF 554.0 million (31 December 2025: CHF 553.5 million), representing an equity ratio of 28.2% compared with 29.1% at year-end 2025. NAV per share reached CHF 26.75, an increase of 6.8% from CHF 25.06 at H1 2025 and 2.3% from CHF 26.15 at 31 December 2025, reflecting the quality of the Company’s asset base and its disciplined focus on long-term value creation.
Healthcare: Swiss Medical Network significantly improves profitability
Swiss Medical Network Holding SA (AEVIS stake: 76.3%, directly and indirectly) recorded a strong improvement in profitability in the first half of 2026, with earnings growing significantly faster than revenue. Total revenue of the Healthcare segment increased by 12.4% to CHF 563.5 million, compared with CHF 501.4 million in the prior-year period. As previously communicated, this mainly reflects the changed presentation of independent physicians’ fees introduced in 2025. Net revenue, a more meaningful measure of underlying activity, increased by 2.1% to CHF 435.0 million (organic growth: 1.4%). EBITDAR increased by 18.8% to CHF 94.0 million, corresponding to a margin of 21.6% (H1 2025: 18.6%), while EBITDA rose by 32.6% to CHF 46.0 million, with the margin improving to 10.6% from 8.1%. EBIT more than doubled to CHF 15.1 million. On an organic basis, EBITDAR and EBITDA increased by 17.5% and 30.0%, respectively.
Hospitality: MRH Switzerland outperforms a slightly declining Swiss market
MRH Switzerland SA, AEVIS’ hotel subsidiary (AEVIS stake: 100%), continued to grow in the first half of 2026 despite a slightly declining Swiss hotel market. Revenue rose by 1.0% to CHF 105.0 million, with growth in both the Accommodation and Food & Beverage segments. The average room rate increased by 2.8% to CHF 651 (H1 2025: CHF 633), and revenue per available room (RevPAR) rose by 3.2% to CHF 354 (H1 2025: CHF 343). The EBITDAR margin remained largely stable at 25.9% compared with the historically high level of the first half of 2025 (26.1%), supported in particular by an improved Food & Beverage margin of 16.6% (H1 2025: 15.1%) and effective control of administrative, energy and operational expenses.
Real estate: Infracore’s IPO
Infracore SA, AEVIS’ strategic participation in the healthcare real estate sector (AEVIS stake prior to the IPO: 29.8% directly and indirectly), looks back on an eventful first half of the year. With See-Spital Horgen, the real estate company successfully completed its first sale-and-leaseback transaction. In addition, Infracore successfully completed its Initial Public Offering and has been listed on the SIX Swiss Exchange since 9 July 2026. Following the IPO capital increase, AEVIS’ (direct and indirect) stake in Infracore was reduced to 22.6%. Infracore is a strategic participation within AEVIS’ healthcare participation portfolio; AEVIS therefore intends to retain its stake in Infracore. AEVIS’ Executive Chairman Antoine Hubert remains on Infracore’s Board of Directors. Infracore is expected to propose a distribution for the 2026 financial year in the range of CHF 2.95 to CHF 3.05 per share, providing AEVIS with cash inflow and further strengthening the Group’s balance sheet and liquidity.
The consolidated hotel real estate portfolio of Swiss Hotel Properties had a market value of CHF 902.8 million at the end of the reporting period.
Shareholder base: growing interest in AEVIS
After the balance sheet date, AEVIS’ reference shareholders placed a total of 2’000’000 existing shares – around 2.6% of share capital – with a Swiss family office and a long-term institutional investor. The placements involved no new shares and no dilution for existing shareholders. They reflect growing interest from long-term investors in AEVIS and its portfolio of investments in services to people.
Outlook
Swiss Medical Network continues to implement its integrated healthcare strategy, and the strong first-half performance provides a solid basis for further development in the second half of 2026 and into 2027. MRH Switzerland enters the second half of the year with confidence, while remaining attentive to international demand, geopolitical volatility and general economic conditions. At Group level, AEVIS will continue to pursue its long-term value creation strategy, focusing its resources on strategic participations in healthcare, hospitality and related infrastructure.
Detailed reporting
AEVIS VICTORIA SA’s Half-year Report 2026 can be downloaded via this link: Half-year report 2026
Conference call today at 11.30 CEST
AEVIS VICTORIA SA will present its Half-year Results 2026 during a conference call today at 11.30 CEST. The call will be hosted by 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 a confirmation email with your individual dial-in: https://webcast.meetyoo.de/reg/nvZeSwmQ1DPk
Audio webcast
The presentation will be broadcast as an audio webcast as well. Participants in the conference call are asked to mute the sound in their browser. To access the webcast, please use the following link:
https://www.webcast-eqs.com/aevis-2026-h1
For further information
AEVIS VICTORIA SA Media and Investor Relations: c/o Dynamics Group, Zurich
Marion Schihin, msc@dynamicsgroup.ch, +41 79 705 88 15
Séverine Van der Schueren, svanderschueren@aevis.com, +41 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 (22.6%, directly and indirectly), a listed real estate company (INFRAC.SW) 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.
