AEVIS VICTORIA SA

Investor Presentation • Sep 18, 2025

HALF-YEAR RESULTS 2025

Investora 2025

Investing for a better life

18 September 2025 AEVIS VICTORIA SA

Forward-looking statements

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 forwardlooking 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.

Group Executive Management

Strong leadership following the successful growth driven by the founder's vision

Antoine Hubert (1966), Executive Chairman

Antoine Hubert, founder and co-anchor shareholder, was elected Chairman of the board at the 2025 AGM

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

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

Overview Antoine Hubert Executive Chairman

AEVIS VICTORIA

An investment company focused on services to people

H1-2025 performance

Michel Keusch CFO/CIO

Aevis Group consolidated figures

Strong group performance

19.09.2025 8

Resilient margins despite dilutive acquisitions and strategic investments

Healthcare segment: Dilution from acquisitions Spital Zofingen and Centro Medico pressure division margins

Healthcare segment: Hospitals and Ambulatory Services

Ambulatory services improve profitability but continue to pressure division margins

Strong track record in hospital M&A and restructuring A proven turnaround playbook

• EBITDAR margins: < 10% Red; ; Orange: 10% to 20%; Green: >20%
• All figures: LTM as of 6.2025

Swiss Medical Network in the context of the Swiss Hospital Industry

Hospitality segment Record sales and continued profitable growth momentum MRH Switzerland AG

Real Estate segment

Positive Impact from Sale of Non-Strategic Real Estate

Infracore (30% stake) Solid performance and further deleveraging

AEVIS VICTORIA: Consolidated Income Statement

Further deleveraging and improvement of Equity and Leverage ratios

		Organic growth of 2.9%
		EBITDA margins + 60 bps
		Strong FCF positively influenced by divestments
		Strong debt repayment

AEVIS VICTORIA: Consolidated and Statutory Balance Sheet

Further deleveraging and improvement of Equity and Leverage ratios

Consolidated balance sheet (CHF'000)	12/31/24	6/30/25
Cash and cash equivalents	36,923	23,522
Current assets	282,790	322,831
Non-current assets	1,684,492	1,582,069
TOTAL ASSETS	2,004,205	1,928,421
Financial liabilities and other borrowings	1,071,037	956,845
Leverage ratio	53.4%	49.6%
Total other liabilities	351,100	383,155
Total liabilities	1,422,137	1,339,999
Equity	582,068	588,422
Equity ratio	29.0%	30.5%
TOTAL LIABILITIES AND EQUITY	2,004,205	1,928,421
Net debt	1,034,114	933,323
Subordinated Shareholder loans	82,000	82,000
Net debt (ex-Subordinated Shareholder loans)	952,114	851,323

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

Solid financial framework

Sum of the parts valuation of AEVIS VICTORIA

SOTP equity value analysis of AEVIS as of 31.12.2023 AEVIS sum of the parts valuation as of 17.09.2025

• 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 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

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

• Take-over offer
• 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

Conservative valuation of real estate assets

Very reasonable valuations per m2

Value creation vision & initiatives Fabrice Zumbrunnen CEO

Healthcare segment: Strategic Vision and Foundational Milestones

2002: Acquisition of first Hospital. Building of a nationwide hospital network

2010: Beginning of preventive medicine/ anti-ageing cures /check-ups / cosmeceuticals

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

Value creation initiatives

Full pipeline of strategic development projects

1 Integrated care – Further roll out

Joining the prestigious worldwide MCCN Network (44 hospitals *)

3 Medical innovation – Genolier Innovation Hub

A State-of-the-Art Facility Bridging Research and Healthcare

3 Medical innovation – Genolier Innovation Hub

Good start in 2024 (>50 events); improving momentum (>60 events in H1-2025)

4 Better aging – Nescens – Clinique, Cosmeceuticals, Spas

Spa Nescens

Clinique Nescens

Nescens cosmeceuticals

Strong focus on skin health, cellular regeneration, and lasting visible results.

4 Turning Nescens into a "one-stop-shop" for health optimization

Business model upgrade in 2026 with:

• Stronger medical identity
• Broadening the scope from preventive medicine to regenerative care
• Improved Scalability

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

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

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

Infracore – An inflection point in the company's history

The current market offers strong opportunities for sale and lease back transactions

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

Strong potential for sale & lease backs

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)

Fabrice Zumbrunnen CEO

Conclusion

Continued focus on value creation, deleveraging and growth opportunities

Strategy outlook

• Further focus on deleveraging
• Continue investing in services to people that bring real added value to its customers, with a focus on healthcare, hospitalit y and infrastructure
• Attractive pipeline of value generating projects in the three areas of activity

Financial outlook

• 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

Thank you for your attention.