AEVIS VICTORIA SA

Investor Presentation • Mar 31, 2023

Annual Results 2022

Investing for a better life

31 March 2023 Annual Results presentation AEVIS VICTORIA SA

Table of contents

AEVIS VICTORIA SA	3
Investment activity	5
Group results	8
Healthcare	16
Hospitality & Lifestyle	24
Infrastructure	29
Outlook	41

AEVIS VICTORIA SA

AEVIS invests in services to people in stable and resilient focus areas AEVIS investment strategy

Investment activity

The portfolio was strengthened and generated a significant return with the exit of medgate Investment activity 2022

Portfolio company	Activity
		The stake in Batgroup AG, the leading on-demand home-cleaning platform in Switzerland, was increased from 7.4%.hto 23.3% in 2022, and subsequently to 27.3% (January 2023) Hospitality & Lifestyle
		AEVIS sold the entire 40% participation in the telemedicine company Medgate Group to the German Otto Group, resulting in significant cash proceeds and a decent return on both the Group and holding level (March 2022) Healthcare
Switzerland (June 2022)		AEVIS bought a stake in the digital health network Well to further advance integrated healthcare in Healthcare
		The hospitality segment was enlarged with the purchase boutique hotel L'Oscar in London (early 2022) and the acquisition of the four-star superior hotel Adula in Flims (November 2022) Hospitality & Lifestyle

Foundation of the first true integrated healthcare organization in Switzerland Réseau de l'Arc

Investment Activity

Management contract

Preliminary groundwork of Swiss Medical Network

• Swiss Medical Network's 20+ track record in the Swiss healthcare sector
• Drive to disrupt market structures trying to overcome the systemic problems of the Swiss healthcare system
• Fostering of strong and reliable relationships with public and private stakeholders
• Significant investments into healthcare service providers

Réseau de l'Arc

• Partnering with the Canton of Berne and Visana Beteiligungen, the first true integrated care organization was launched in the Jura Arc Region
• Réseau de l'Arc will offer medical services combined with a new health insurance product based on a full capitation approach to the residents of the Jura Arc region
• The aim is to move from sick care to health care

Swiss Medical Network's vision

• After the pioneering project in the Jura Arc region, Swiss Medical Network intends to launch at least five additional integrated care clusters in Switzerland in the next 10 years

Group results

Consolidated AEVIS income statement figures

Strong operating result

Consolidated income statement	Actual	Actual	Actual
(in CHF000)	2020	2021	2022
Total revenue	733'018	895'015	1'144'474
External services	(91'804)	(107'684)	(121'152)
Net revenue	641'214	787'331	1'023'322
% growth	n.a.	22.8%	30.0%
EBITDAR	99'294	152'363	209'558
EBITDAR margin	15.5%	19.4%	20.5%
Rental expenses	(62'645)	(73'920)	(79'593)
EBITDA	36'649	78'443	129'965
EBITDA margin	5.7%	10.0%	12.7%
EBIT	(23'277)	16'772	61'382
EBIT margin	-3.6%	2.1%	6.0%

Activity back to normal yielding excellent results in 2021 and 2022:

+ 13% organic growth strongly driven by the group's hotel participations

Rigorous cost control and targeted investments in the hotel and hospital sectors are paying off:

EBITDA results and margins improving

Consolidated EBITDA 2022 up by more than 65% Profitability improved to an EBITDA margin of 12.7%

Consolidated AEVIS balance sheet figures Solid capital basis

Consolidated balance sheet	Actual	Actual	Actual
(in CHF000)	2020	2021	2022
Cash and cash equivalents	65'559	63'418	75'427
Accounts receivable	137'363	175'402	159'075
Other current assets	106'443	144'344	146'053
Total non-current assets	1'220'582	1'347'265	1'410'170
Total assets	1'529'948	1'730'429	1'790'726
Financial liabilities and other borrowings	174'838	302'967	86'644
Other liabilities	209'594	241'313	247'073
Total current liabilities	384'432	544'280	333'716
Financial liabilities and other borrowings	666'899	538'300	883'391
Other liabilities	58'977	62'399	63'482
Total non-current liabilities	725'876	600'699	946'873
Total liabilities	1'110'308	1'144'979	1'280'589
Share capital	83'500	84'529	84'529
Reserves and retained earnings	277'734	401'391	384'810
Equity excl. minority interests	361'234	485'920	469'339
Minority interests	58'406	99'530	40'798
Equity incl. minority interests	419'640	585'450	510'137
Total liabilities and equity	1'529'948	1'730'429	1'790'726
Equity ratio	27.4%	33.8%	28.5%
Leverage ratio	55.0%	48.6%	54.2%
Net debt	(776'177)	(777'849)	(894'608)

Receivables can be considered nearly cash-like (mostly AAA-payors)

Thus, total cash and nearly cash-like items amount to CHF 243m as of year-end 2022

Strong and diversified asset base

Increase of financial liabilities and other borrowings due to CAPEX and acquisition financing

Decrease of equity by CHF 75m mainly resulting from deconsolidation effects

Very solid equity and leverage ratios

Swiss Medical Network contributes a significant majority to total revenues Segment snapshot 2022

2022	Hospitals	Hospitality	Hotel real estate
Financial Performance
Gross revenues 2022	CHF 916.5m (760.1m)	n.a.	n.a.
Net revenues 2022 (2021)	CHF 795.4m (652.4m*)	CHF 154.5m (114.3m)	CHF 22.6m (20.9m)
Revenue growth	+21.9%	+35.1%	+7.9%
Organic revenue growth	+4.4%	+30.2%**	n.a.
EBITDAR margin	17.7%	21.6%	90.0%
EBITDA margin	8.5%	7.4%	89.9%
Highlight 2022	Launch of Réseau de l'Arc	Best year in the company's history	Revenues up by 7.9%

*Net revenue 2021 after eliminations of internal restructuring effects in the AEVIS consolidation process. Standalone, SMN net revenue amounted to CHF 692.4m.

** 72.9% when excluding hardship indemnities received in 2021.

Note: Illustration does not include segments Others, Corporate, and Elimination.

Board of Directors proposes a distribution of CHF 0.75 per share AEVIS statutory key figures

		Actual
		2022
16'238	219'250	82'891
7'354	197'556	67'387
		Actual
		31/12/2022
		883'684
		70'885
		2'952
		185'834
		-
355'427	283'454	259'671
426'727	639'407	624'013
		883'684
		70.6% 29.1%
	Actual 2020 Actual 31/12/2020 782'154 190'853 19'574 145'000 - 782'154 54.6% 42.9%	Actual 2021 Actual 31/12/2021 922'861 182'871 16'660 83'923 - 922'861 69.3% 28.9%

Financial revenues have decreased after high revenues in 2021 from the sale of 10% of Swiss Medical Network to MPT and strong distributions from Infracore

Based on the solid performance, BoD proposes a distribution of CHF 0.75 per share

Reduction of short-term debt mainly due to the repayment of CHF 145m upon maturity of the bond

Excellent equity and leverage ratios

Increase of ordinary dividend distribution Analysis of dividends

The ordinary dividend will be increased to CHF 0.45. The extraordinary dividend will be CHF 0.30, lower than last year due to the investment activities

Share price development clearly above Swiss Performance Index

Key share and share price information

Key price and value information
MARKET CAPITALISATION (30.03.2023)	CURRENT SHARE PRICE (30.03.2023)	KEPLER CHEUVREUX TARGET PRICE*
CHF 1.55bn	CHF 18.30	CHF 19.40
52 WEEKS LOW (30.03.2023)	52 WEEKS HIGH (30.03.2023)
CHF 15.55	CHF 22.00	*based on sum-of-the-parts valuation methodology, confirmed also by recent PwC sum of the parts valuation
AEVIS/SPIX performance comparison
	AEVIS SPIX
60% 50%		• AEVIS VICTORIA is listed on the SIX
40%		Swiss Exchange (AEVS)
30%		• The shares are part of

• − Swiss Performance Index (SPI)
• − SXI Life Sciences Index (SLIFE) and
• − SXI Bio+Medtech Index (SBIOM)
• All shares are registered shares

-30% -20% -10% 0% 10% 20%

Sustainable and attractive dividend policy Shareholder return

• Anchor shareholders Antoine Hubert and Michel Reybier ensure stability and entrepreneurial responsibility
• Since 2012, shareholders' equity has increased by a factor of 7.4x
• Shareholders directly benefit from substantial extraordinary distributions in case of value unlocking transactions

Healthcare

Healthcare segment

Leading healthcare platform in Switzerland, strategic focus on the development of integrated care clusters

• Positioning the better-aging brand Nescens as a reference brand in preventive medicine, health optimization and well-being

100%

• Pioneering project aiming at accelerating the transfer of innovative solutions

integrated care

100%

Swiss Medical Network Majority investment of AEVIS

Swiss Medical Network is one of the two leading Swiss private hospital groups. In its hospitals in all three language regions, patients from Switzerland and abroad receive first-class hospital treatment, care and nursing.

Highly established healthcare clusters

The hospitals of Swiss Medical Network have long-standing traditions, having been an integral part of the healthcare system in their catchment areas for generations

Swiss Visio (16)

Medical centers (>30)

Hospitals (21)

Note: In addition to its own network of hospitals and medical centers, Swiss Medical Network has built a significant network of referring physicians throughout Switzerland implicitly further increasing the density of the healthcare clusters

Leading the way to integrated care in Switzerland From vision to reality

Healthcare

2022

Public-Private Partnership with the canton of Berne to invest in the radiology of Hôpital de Saint-Imier

Start developing the idea to establish an integrated care organization in Switzerland

2020 Start discussions with potential partners

Visana Beteiligungen signs agreements to become a founding partner of Réseau de l'Arc alongside Canton of Berne and Swiss Medical Network

From vision to reality Next steps in the integrated care development:

Exploring feasibility of other integrated care networks where the network of institutions is sufficiently dense

Various discussions underway for the establishment of additional clusters

Vision: To have started at least 5 more clusters within the next 5 years

Integrated care is the solution for a healthcare system with aligned interests

A paradigm shift to revitalize the Swiss healthcare system

Healthcare

+

• Misalignment of incentives
• Patient overtreatment and inefficiencies
• Lack of coordination in care provision and duplication of efforts
• Limited economies of scale
• Fully-aligned incentive structure (win-win)
• Higher patient centricity and focus on health outcomes
• Quality increase and improved utilisation
• Highly efficient in realising economies of scale and managing costs

-

Fee-for-service vs. full capitation model

A comparison between the traditional reimbursement model and the Integrated Care model

First integrated care cluster in Arc Jurassien (Réseau de l'Arc) Functioning of new health plan, available from 2024 onwards

New health plan

Hospitality & Lifestyle

Hospitality & Lifestyle segment

Diversified portfolio of luxury hotels in highly attractive Swiss destinations

Investment portfolio

• Bolt-on acquisitions
• Dedicated growth in the 4- and 5-star boutique hotel category in European metropolises
• 100% 27.3% • Divestment of non-core hotels to streamline portfolio

• On-demand-platform for B2C / B2B cleaning services
• International growth strategy
• Development of homecare solutions

Hospitality group 100% investment of AEVIS

ROOMS IN OPERATION	AVERAGE ROOM RATE
1'030	CHF 618
EMPLOYEES	INVESTMENT STRATEGY
991	• Bolt-on acquisitions • Dedicated growth in the 4 and 5-star boutique hotel category in European
OVERNIGHT STAYS	metropolises
258'266
Value creation & optimization

The portfolio entails eleven luxury hotels under the brand «Michel Reybier Hospitality» Current hotel portfolio

Cooperation with Michel Reybier Hospitality

The management contract between AEVIS and Michel Reybier Hospitality serves as the connecting link between AEVIS' own hotels and affiliated hotels (4 in France and 1 in Switzerland)

Managed by MR Hospitality after a soft refurbishment

Hospitality

KPIs represents the strengthened luxury positioning and improved operations 2022 with record revenues and room rates

ARR** development (in CHF)

• 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0

• Integration of the hotel group in Zermatt increased revenues, while the renovation of Eden au Lac negatively impacted the margin
• Revenues increased due to the larger scope of consolidation. Margin was negatively impacted by the Covid-19 pandemic ²
• Record revenues and profitability margins due to excellent operations in Zermatt, Interlaken and Zurich ³
• Acquisition of Victoria-Jungfrau Collection AG 1
• 2 Reopening Eden au Lac in Zurich after extensive renovations
• 3 Strong room rate despite Covid-19 pandemic

4 Record room rate due to higher number of individual travelers

* 2021 and 2022 results without indemnity payments ** Average Room Rate

Infrastructure

Infrastructure sub-segment

Attractive infrastructure portfolio with low correlation to other asset classes and high future growth potential

Infracore

30% investment of AEVIS (50% voting rights)

MARKET VALUE IN CHFm	PROPERTIES INCL. DEV. PROJECTS
1'255.3	42
EBITDA 2022 IN CHFm	NET INCOME 2022 IN CHFm
125.6	103.7
RENTAL SURFACE IN SQM	INVESTMENT STRATEGY
195'930	• Buy, build & hold strategy • High cash-yielding assets
DIVIDEND for AEVIS IN CHFm	• Driven by growth in the healthcare segment
12.8 (2023)
Partial sell-downs & value realisation

Highest turnover in company history Infracore Income Statement

Infrastructure

Consolidated income statement	Actual	Actual
(in CHF000)	2021	2022
Total revenue	58'866	59'960
Result from revaluation	6'500	71'216
Total revenue incl. result from revaluation	65'366	131'176
EBITDA	58'797	125'587
in % of total revenue incl. result from revaluation	90.0%	95.7%
EBIT	58'217	125'055
in % of total revenue incl. result from revaluation	89.1%	95.3%

Significantly higher revaluation gains of CHF 71.2m (2021: CHF 6.5m) The revaluation gains result from new development projects that are advancing such as the Genolier Innovation Hub

Highest revenue in company history

High turnover and optimization of administration costs lead to EBITDA of CHF 125.6m

Market value of investment properties increased by 8.5% Infracore Balance Sheet

Infrastructure

Consolidated balance sheet	Actual	Actual
(in CHF000)	2021	2022
Cash and cash equivalents	7'479	2'729
Other current assets	82'724	132'832
Non-current assets	1'164'549	1'262'164
Total assets	1'254'752	1'397'726
Financial liabilities and other borrowings	28'812	189'187
Other liabilities	24'122	18'664
Total current liabilities	52'934	207'851
Financial liabilities and other borrowings	592'859	504'792
Other liabilities	101'635	110'612
Total non-current liabilities	694'494	615'404
Total liabilities	747'428	823'255
Share capital	6'923	6'923
Participation capital	4'677	4'677
Reserves and retained earnings	495'724	562'872
Equity	507'324	574'471
Total liabilities and equity	1'254'752	1'397'726
Equity ratio	40.4%	41.1%
Leverage ratio	49.5%	49.7%
Net debt	(614'192)	(691'250)

Market value of investment properties at CHF 1'255.3m, an increase of 8.5%

Current financial liabilities primarily consisting of bonds, non-financial liabilities of mortgage loans

Solid and stable equity and leverage ratios

Investment properties in above-average conditions Broad portfolio across Switzerland

Infrastructure

Portfolio overview

Centre Médical Valère (VS)

AEVIS Business Hub (VD)

Clinica Ars Medica (TI) (TI)

Clinica Sant'Anna Privatklinik Obach (SO)

Clinique de Genolier (VD) Clinique Valmont (VD)

Privatklinik Villa im Park (AG)

Clinique de Montchoisi (VD)

Clinique Générale

(FR)

Clinique Générale-Beaulieu (GE)

Privatklinik

Privatklinik Siloah (BE)

Privatklinik Belair (SH)

Clinique Montbrillant (NE) Privatklinik Lindberg (ZH) Clinique de Valère (VS)

Fostering interactions between scientists and physicians Genolier Innovation Hub

Infrastructure

Transfer of solutions from bench to bedside

Video Link:https://youtu.be/OdKT5yEAOkY

Swiss Hotel Properties (SHP) 100% investment of AEVIS

Infrastructure

* Stand-alone financials, market value incl. Hotel Adula

SHP Income Statement Stand-alone view

Infrastructure

Consolidated income statement	Actual	Actual
(in CHF000)	2021	2022
Net revenue	19'889	22'574
Result from revaluation	24'413	76'449
Net revenue incl. result from revaluation	44'302	99'023
EBITDA	42'840	96'816
in % of net revenue incl. result from revaluation	96.7%	97.8%
EBIT	42'833	96'816
in % of net revenue incl. result from revaluation	96.7%	97.8%

Increase of net revenue by 13.5% to CHF 22.6m

The revaluation adjustments were significantly higher than last year and amounted to CHF 76.4m

Note: The illustrated consolidated stand-alone financial statements follow the market valuation method. This method is not allowed within the AEVIS Group consolidation and explains the difference of the stand-alone figures to the segment reporting (p.11).

SHP Balance Sheet Very solid equity and leverage ratios

Infrastructure

Consolidated balance sheet	Actual	Actual
(in CHF000)	2021	2022
Cash and cash equivalents	146	1'107
Other current assets	4'547	16'199
Other non-current assets	534'433	719'366
Total assets	539'127	736'673
Financial liabilities and other borrowings	12'725	13'337
Other liabilities	3'049	32'247
Total current liabilities	15'774	45'584
Financial liabilities and other borrowings	269'769	329'119
Other liabilities	46'929	63'813
Total non-current liabilities	316'698	392'932
Total liabilities	332'472	438'516
Share capital	10'000	10'000
Reserves and retained earnings	196'655	288'157
Equity	206'655	298'157
Total liabilities and equity	539'127	736'673
Equity ratio	38.3%	40.5%
Leverage ratio	52.4%	46.5%

Net debt (282'347) (341'349)

Investment properties valued at CHF 717.9m*, an increase of 35.2%

Increase of non-current liabilities primarily due to higher long-term financial liabilities (+18.8%) in line with the increase of market values

Very solid equity and leverage ratios, clearly improved leverage ratio

*Hotel Adula not included.

10 hotels in seven excellent locations Portfolio of luxury hotels

Infrastructure

Portfolio overview

Bellevue Palace,

Mont Cervin Palace,

Bern

AlpenGold Hotel,

Crans Ambassador, Crans Montana

Petit Cervin, Zermatt

Davos

Monte Rosa, Zermatt

Schweizerhof, Zermatt

London

A market comparison points to significant valuation reserves Real estate value potential

Infrastructure

Significant upside potential in the hotel real estate portfolio

Outlook

Outlook AEVIS is continuing its successful journey

AEVIS	• AEVIS will continue its transformation strategy into a pure investment company with a portfolio of 30-60% participations • This is expected to unlock further value for shareholders • Focus on healthcare and hospitality provides long term growth fundamentals with steady yields
Hospitals	• Swiss Medical Network will continue to invest in the further development of integrated care (further consolidate offering of outpatient care, community-based medicine and other services that are important links in the integrated care value chain) • There is no capex backlog and the hospitals can focus on scale and efficiency as well as sustainability initiatives
Hospitality & Lifestyle	• After a successful 2022, the hospitality segment is expected to remain strong in 2023 • Activity for the next few years is expected to continue to benefit strongly from post-covid travel and conference backlog • Dedicated growth in the 4- and 5-star boutique hotel category in European metropolises
Infrastructure	• All buildings are in prime locations and maintained at the highest standard • Infracore is expected to yield substantial annual dividend payments as well as important value creation opportunities

Thank you for your attention

Disclaimer

• This communication contains statements that constitute "forward-looking statements". In this communication, such forwardlooking 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 forward-looking 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.