AEVIS VICTORIA SA

Earnings Release • Apr 3, 2025

ANNUAL RESULTS 2024

Investing for a better life

3 April 2025 AEVIS VICTORIA SA

Forward-looking statements

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Overview Antoine Hubert Delegate of the board

AEVIS VICTORIA

An investment company focused on services to people

Most important highlights in FY 2024 & Q1 2025

Strong performance, deleveraging & successful investment activities lead to significant value creation overall

			MRH Switzerland AG
VALUE CREATION	Genolier Innovation Hub (2024) Completion of a 3-year construction project, delivering both quantitative and qualitative benefits for AEVIS	Strong business activity in both hospitals and health centers Value confirmation SMN The acquisition of Spital Zofingen paid in SMN shares confirmed CHF 1.35bn equity value (+CHF 50m badwill)	Strong business activity Increasing occupancy rates and strong demand led to strong revenue growth (10.5%) and another record year 2024	Strong portfolio Market values of properties have increased	Strong portfolio Market values of properties have increased
DELEVERAGING		CHF 50m deleveraging Overall debt reductions of CHF 50m thanks to disposal of assets			CHF 80m deleveraging Reduction of debt by CHF 80m through shareholders' equity and operating cash flows
INVESTMENT ACTIVITIES	Spital Zofingen deal (Q4 24) generated a significant profit, improved equity and a high liquidity extraction which was used for deleveraging TCS SAR (Q4 24) Successful sale of remaining 40% stake in TCS SAR to TCS for CHF 10m, achieving a very good return	Integrated care growth Continued roll-out of integrated care strategy after successful launch in Jura Bernois. New regions in Ticino (2025) and Zofingen region (2026)		Sale of non-core assets Sale of various real-estate assets in Zermatt, Crans Montana and Küsnacht ongoing	Portfolio growth Integration of part of Zofingen real-estate provides Infracore with attractive growth and boasts its market position

Deal activity highlights 4Q 2018-1Q 2025

Strong track record of strategic acquisitions & successful exits

FY2024 performance

Michel Keusch CFO/CIO

AEVIS statutory numbers

Strong group performance thanks to successful investment activities

Statutory income statement
CHF 26.5m net profit	Statutory net profit strongly increased to CHF 26.5m, compared to a statutory loss of CHF 8.8m in 2023 Strong improvement in financial performance thanks to successful investment activities (Zofingen and TCS SAR)
Statutory balance sheet
CHF 655.9m book value participations	Book value of participations implies significant hidden reserves comparing to sum of the parts market value of more than CHF 2bn, which is proof of AEVIS's strong value creation capabilities
CHF 573.4m equity 70.1% equity ratio	Equity increased to CHF 573.4m from CHF 549.3m, representing 70.1% of total assets (2023: 68.3%), thus further strengthening the Group's capital base Healthy balance sheet with low leverage (<15%) and high equity ratio

Healthcare segment

Resilient operating margins despite the negative impact from the strategic investments in primary care

Healthcare segment: Hospitals and ambulatory services

Underlying profitability improvement diluted by the investments in primary care

Hospitality segment

Profitability improvement reflecting strong RevPar growth

MRH Switzerland AG

Real Estate segment

Higher rental income and an enlarged portfolio

Infracore (30% stake) Solid performance and strong financial foundations

Others segment 2024 starting a new era for Nescens

Sum of the parts valuation of AEVIS

Current share price does not reflect AEVIS' value potential

SOTP equity value analysis of AEVIS as of 31.12.2023 AEVIS sum of the parts valuation as of 02.04.2025

• 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 2.1bn, or CHF 24.2 per share

• AEVIS has a market capitalization of CHF 1bn as at 02.04.2025, which represents a discount of 50% compared with the group's sum of the parts value
• Potential for further capital gains to be unlocked

Conservative valuation of real estate assets

Very reasonable valuations per m2

Outlook

Fabrice Zumbrunnen CEO

Healthcare segment

Good start to 2025 driven by organic growth and acquisitions

Swiss Medical Network

• Good start to 2025 (+24.7% in the first two months) driven by organic growth (ca 4%) and acquisitions.
• Acquisition effects relate to Spital Zofingen and CentroMedico, which were consolidated as of January 1st, 2025
• Integrated care: tangible results in the Jura Arc and Ticino
  • The number of people insured in the Jura Arc has risen significantly to over 3'000.
  • The VIVA Insurance, developed jointly with Visana, kept its premiums unchanged in 2025 (vs. a 6% average increase in Switzerland)
• Further efforts to improve margins:
  • Continuation of the savings program initiated in 2024 (operating optimization, end of temporary staff, reduction in number of suppliers,…)
  • Slight reduction of energy prices in 2025 (ca CHF 2m) and further reduction in 2026 (ca CHF 3m).

Healthcare segment strategy A proven turnaround playbook

• 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%

Hospitality & Lifesyle segment Luxury repositioning – positive momentum

MRH Switzerland

• Solid start of 2025, with a 4% like-for-like increase in revenue at the end of February, with growth particularly driven by establishments in Zermatt and Zürich
• Premiumization strategy provide further upside for improved results, thanks to proven concepts (improvement of F&B offerings, addition of amenities, differentiated SPA offering,…)
• Solid early results and a strong winter season point to a further improvement in operating indicators for the full year.

Batgroup

• Successful integration of Putzfrau.ch and record turnover of CHF 48m (+40.8% yoy)
• Positive EBITDA turnaround initiated in Q4 2023 was confirmed, with the first positive full year EBITDA in the group's history.
• Tech enabled scalability to lead to further profitability improvement.

Others segment: Genolier Innovation Hub

A cutting-edge building dedicated to the interaction of research and healthcare services

MILESTONES

Fostering innovation at the Genolier Innovation Hub

2019 • Start of project

KEY DATA

• 25'000m2 total surface area
• 6'000m2 green roof
• 2 floors of offices, laboratories, training rooms
• 300 seats in the auditorium
• 130 parking slots
• State-of-the-art audiovisual technologies

• 2022 Start of construction
• 2024 Q1: First tenants move in
  • Q3: Grand opening (Sep.24)
  • Attraction of new doctors and talent.
  • Cruising speed (full capacity)

2029

Investment: Infracore: CHF 72.5m; AEVIS: CHF 19m; various tenants: 30m to date

Others segment: Nescens 2024 marked by a reorganization

Value creation

2024 reorganization with:

• new management
• new operational structure
• discontinuation of unprofitable activities

Clinique Nescens

• Focus on preventive medicine: health optimization and longevity
• Pioneer in cellular aging biology: Strong credentials thanks to world-wide renowned Prof. Dr. med Jacques Proust
• Exclusive and personalized programs: Medical check-ups, aesthetic and regenerative medicine; Detoxification, weight loss, revitalization cures

Spa Nescens

• Exclusive wellness retreats: in prestigious hotels across Europe
• Innovative programs: rejuvenation, relaxation, and promotion of long-term health and well-being. Combination of advanced treatments and physical activities

Nescens cosmeceuticals

• High-performance anti-aging skincare products: blending cosmetics and pharmaceuticals and using biologically active ingredients to address the molecular mechanisms of skin maintenance and repair

Fabrice Zumbrunnen CEO

Conclusion

Continued focus on value creation, deleveraging and growth opportunities

Strategy outlook

• Focus on deleveraging and further unlocking value potential in all segments
• Continue investing in services to people that bring real added value to its customers, with a focus on healthcare, hospitalit y and infrastructure
• Attract new strategic partners for to accelerate Swiss Medical Network' path to integrated care.

• Hospitals: the improving results of the healthcare segment are expected to persist, thanks to the successful implementation of restructuring measures as well as decreasing energy prices.
• Hospitality: considering the strong winter season and the good start of 2025, AEVIS is optimistic about the full-year results
• Infrastructure: the positive performance of the tenants is expected to be further reflected in the year-end valuations
• Corporate: Disposal of non-core and non-EBITDA generating assets should contribute to increase revenue and deleveraging
• Due to the diversity of its investments and the current macroeconomic challenges, AEVIS is refraining from issuing consolidated revenue or margin targets for the financial year 2025

Strong track record of value creation

Equity value of AEVIS has increased by a factor of 17x since 2011

AEVIS equity value development 2011-2024

• 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

Thank you for your attention.