Ad hoc announcement pursuant to Art. 53 LR

Fribourg, 19 September 2024

AEVIS VICTORIA SA (AEVS.SW) – Publication of Half-Year Report 2024 – Revenue up 8.0% to CHF 527.6 million – Operating profit at EBITDAR level up 21.3% to CHF 87.7 million

AEVIS VICTORIA SA (AEVIS), a key player in the healthcare, hospitality, and real estate sectors, today released its 2024 Half-Year Report, showing strong results despite a complex economic environment. The Group re-iterates its strategic shift towards a diversified investment model, marked by the gradual opening of Swiss Medical Network's capital over the next three years.

Fabrice Zumbrunnen, CEO of AEVIS, commented: « We are extremely pleased with the results achieved in the first half of 2024. Our progressive transformation towards a pure play investment company aligns perfectly with our mission Investing for a better life. This evolution will enhance our agility and ability to generate value for our shareholders while maintaining our commitment to the sectors where we have historical expertise. »

2024 Half-Year Financial Results

AEVIS recorded revenues of CHF 527.6 million in the first half of 2024, up 8.0% compared to the same period in 2023. This result was driven by organic growth of 7.0%, with significant contributions from Swiss Medical Network (+4.7%) and MRH Switzerland (+13.7%). EBITDAR reached CHF 87.7 million, up 21.3%, representing a strong margin of 18.9%. Thanks to rigorous cost management and improved operational processes, AEVIS successfully transformed a CHF 10.2 million loss in the first half of 2023 into a net profit of CHF 0.7 million in 2024.

MRH Switzerland: Record half-year and 39.0% increase in operating profit

MRH Switzerland delivered an exceptional performance, generating revenues of CHF 101.2 million with organic growth of 13.7%, despite the challenges posed by unusual spring weather, which impacted weekend tourism in May and June. MRH Switzerland’s EBITDAR surged by 39.0% to CHF 27.7 million, with a margin of 27.4%, a significant improvement from 22.6% in the previous year.  The winter season in Zermatt was very good, and the hotels in Davos and Interlaken achieved double-digit growth, significantly above the industry average. The AlpenGold Hotel in Davos benefited from very good results during and outside the WEF. In general, bookings for the second half of the year are encouraging, and MRH Switzerland expects full-year results to be higher than last year.

Swiss Medical Network: EBITDAR margin rises to 20.0%

Swiss Medical Network also demonstrated solid growth, with revenues increasing by 5.8% to CHF 417.5 million. Net revenues (excluding medical fees) increased by 5.6% to CHF 353.0 million. The EBITDAR margin rose to 20.0%, largely thanks to the completion of construction at the Genolier Innovation Hub, allowing Clinique de Genolier to return to normal operations. Additionally, cost optimization measures contributed significantly to the financial improvement of Swiss Medical Network.

Réseau de l’Arc, the first truly integrated care organization in Switzerland and a 35% subsidiary of Swiss Medical Network, also had a promising start with the successful launch of its health insurance product « VIVA », further strengthening AEVIS's leadership position in integrated care in Switzerland.

Infrastructure investments benefit from strong tenant performance

The real estate investments in Swiss Hotel Properties, with a net asset value (NAV) of CHF 363.4 million, and the 30% stake in Infracore, with a NAV of CHF 566.3 million at the end of 2023, are benefiting from the strong operational performance of their tenants, namely MRH Switzerland and Swiss Medical Network. As such, the real estate assets provide both value and stability to the AEVIS portfolio.

A strategic shift towards a diversified investment profile

AEVIS continues its transformation into a diversified investment company, while keeping its focus on the healthcare, hospitality, and real estate sectors. As part of its strategic roadmap, AEVIS intends to welcome new strategic investors in the shareholder base of Swiss Medical Network, thereby gradually reducing its own stake in the hospital group. Over the next three years, AEVIS plans to successively place shares in Swiss Medical Network with institutional and strategic investors, further improving the positioning and increasing its value.

Outlook for 2024

For the full year, AEVIS anticipates positive results, driven by strong performances in its hotel and healthcare activities. The real estate holdings, both in the hotel and healthcare sectors, are expected to benefit from the positive momentum of its tenants. The Group remains cautious, however, in the face of current macroeconomic challenges and does not plan to set consolidated revenue or margin targets for the current year.

Detailed reporting

AEVIS VICTORIA SA’s Half-Year Report 2024 can be downloaded via this link: Half-Year Report 2024

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 SA (80%, 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 luxury 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.