AEVIS VICTORIA SA — Investor Presentation 2021

Sep 16, 2021

Investing for a better life

Disclaimer

• 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 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.

AEVIS VICTORIA

Our long-term vision

AEVIS VICTORIA

• Investing for a better life – We invest in services to people
• Creating value – We grow and manage companies for long term value
• Partnerships – Our expertise and culture makes us a preferred investment partner

Our focus sectors

Transformation into a pure play investment company

Vision

• Investing for a better life (healthcare, hospitality & lifestyle, infrastructure)
• Portfolio of actively managed participations with stakes of 20% to 50% to combine capital gains and stable annual returns for shareholders

Financials

Highlights

AEVIS CHFm 409.8 Total revenue HY21	AEVIS 18.2% Total revenue growth HoH	AEVIS CHFm 84.0 EBITDAR HY21	AEVIS 23.4% EBITDAR margin HY21
AEVIS	AEVIS	AEVIS CHFm	AEVIS CHFm
33.5%	50.5%	532.8	709.3

AEVIS statutory financials

Statutory income statement (In thousands of CHF)	HY 2020	HY 2021
Total income Growth	14'872 n.a.	215'306 1347 7%
EBITDA Margin	10'319 69 4%	210'153 97 6%
Depreciation	(1'192)	(1'925)
EBIT Margin	9'127 61 4%	208'228 96 7%
Statutory balance sheet (In thousands of CHF)	31 12 2020	30 06 2021

Current assets	125'804	146'943
Non-current assets	656'351	795'467
Total assets	782'154	942'410
Current liabilities	210'427	159'492
Non liabilities current	145'000	145'000
Shareholders' equity	426'727	637'918
liabilities equity Total and shareholders'	782'154	942'410

• AEVIS' HY 2021 statutory financials show the strong performance in the development of the participation in Swiss Medical Network
• The sale of the 10% stake in Swiss Medical Network to MPT as well as further transactions within Swiss Medical Network contributed around CHF 200m to the statutory income
• The balance sheet shows a further reduction in financial leverage as the group repaid the maturing CHF 150m bond in June 2021
• Shareholders' equity was significantly increased thanks to the above mentioned transactions in Swiss Medical Network

AEVIS consolidated P&L key figures

(In of CHF) thousands	HY 2020	HY 2021
Total revenue	346'554	409'766
Growth	n.a.	18 2%
External services	(43'763)	(51'720)
Net revenue	302'791	358'046
Growth	n.a.	18 2%
Production expenses	(76'253)	(84'402)
Personnel expenses	(138'007)	(141'230)
Other operating expenses	(50'188)	(48'463)
EBITDAR	38'343	83'951
EBITDAR margin	12 7%	23 4%
Rental expenses	(23'927)	(35'277)
EBITDA margin	14'416	48'674
EBITDA margin	4 8%	13 6%

• AEVIS achieved total revenue of CHF 409.8m, 18.2% up from HY 2020
• Improved results were mainly driven by the participation in Swiss Medical Network, which delivered a strong operational performance
• The growth in revenue, coupled with operational improvements, led to a significant EBITDAR increase from CHF 38.3m to CHF 84.0m
• The hardship measures helped compensate the challenging environment for the hotel participations
• The hospitality segment recorded a decline in organic growth of about 36% due to COVID restrictions, which could be compensated by hardship indemnities
• Rental expenses came back to a normal level as no rent waivers were granted in HY 2021

AEVIS consolidated balance sheet key figures

(In thousands of CHF)	31 12 2020	30 06 2021
Cash and cash equivalents	65'559	94'240
Short-term financial liabilities	174'838	85'095
financial Long-term liabilities	666'899	718'438
Total financial liabilities	841'737	803'533
Cash and cash equivalents	65'559	94'240
Total financial liabilities net	776'178	709'293
Shareholder's equity incl . minority interests	419'640	532'779
Total assets	1'529'948	1'590'743
Equity ratio	27 4%	33 5%
Leverage	55 0%	50 5%

• Cash and cash equivalents increased to CHF 94.2m as of 30.06.2021
• Financial liabilities were reduced also due to the bond repayment in June 2021
• Good capitalization structure with an equity ratio of 33.5%

Healthcare

Swiss Medical Network

90% participation of AEVIS

Highlights HY 2021

Expansion of partnerships

• Successful completion of acquisitions of hospitals and primary care providers
• Swiss Visio, the ophthalmology participation of Swiss Medical Network, expanded from the Frenchto the German-speaking Switzerland

Continued growth initiatives

Demand recovery

• The gradual return to normal in late 2020 has continued in HY 2021 and led to a significant increase in activity
• A general increase in demand and growth in the number of doctors has further boosted operations

Stabilization of hospital operations

Optimization measures

• Past investments, such as new radiology services and renovations in private clinics Belair and Villa im Park started to pay off
• Continued cost management measures contributed to an improvement in operating profitability

Reaping the benefits

Successful M&A activity

• Renowned private hospital in Zurich, specialized in various types of surgery
• Initial 20% stake acquired in 2011
• Takeover of remaining 80% in July 2021
• Private hospital in Rapperswil focusing on orthopedics, general surgery and urology
• Initial 40% stake acquired in 2019
• Takeover of remaining 60% in July 2021
• Initial 35% stake acquired in 2020
• Completion of majority takeover in August 2021 by exercising buy option (additional 17%)
• Shared vision of establishing an integrated healthcare system in the Arc Jurassien
• Swiss Medical Network has acquired 11 doctor practices from Ärztekasse
• Intensify efforts in the area of primary care
• Extend the existing outpatient network to peripheral areas of Switzerland

Value creation at SMN through acquisitions since 2002

Note: indicative numbers due to various changes in reporting standards and segment structuring

The vision: Swiss pioneer in integrated care

Swiss healthcare system: an inefficient and vicious triangle Integrated care unites parties with currently diverging interests

Providing lifelong care to members through an integrated healthcare system

Project Arc

Strategic roadmap for Project Arc

Potential contributions to the Réseau

Swiss Medical Network	Medizinisches Zentrum Biel	Clinique Montbrillant	Hopital de la Providence
Canton of Bern	Spitalzentrum Biel
?	Insurance backbone (SLA)	Cash investment

Contractual additions to the Réseau

* As per 1.7.2021

Medgate Group 40% participation of AEVIS

Pioneering telemedicine in Switzerland and abroad

Driven by strong operational performance and favorable market drivers, EBITDA has increased by 85.3% to CHF 5.5m compared to HY 2020

TCS Swiss Ambulance Rescue 40% participation of AEVIS alongside TCS

PROFILE

• TCS as strong strategic partner • Growth strategy to build up Swiss sector leader with integrated offerings • 2-3 acquisitions planned in the short-term

Hospitality

Hospitality group 100% participations of AEVIS

Highlights HY 2021

Continued difficult environment

• The hospitality segment continued operating in a difficult environment
• Good activity during certain months but strong impacts from COVIDrelated closures and travel restrictions
• Costs remained under control

Hardship compensations

• The available hardship compensations of CHF 22m were used to mitigate the pandemicrelated shortfalls in 2020 and 2021
• Organic revenue decrease of 35.8% was recorded, due to closure of restaurants / continued lack of MICE business and foreign tourists

Good summer months

• With the easing of restrictions towards the summer months, activity picked up in Q2 2021
• La Réserve Eden au Lac in Zurich performed especially well, increasing HY 2021 revenues by 76.2% HoH

Agile management Mitigation measures Strong performance in Zurich city hotel

Strong performance at La Réserve Eden au Lac

• La Réserve Eden au Lac in Zurich achieved a strong performance in HY 2021, increasing its operating revenues by 76.2% HoH and doubling its pre-booking rate in June 2021 for the following month to 38% (vs. 19% in June 2020)
• Prior to refurbishment, the hotel was generating annual revenue of around CHF 7m. For 2021, more than CHF 12m are expected
• The positive trend goes on: in July 2021, occupancy rates were up 22 percentage points (compared to June 2021) at very high average room rates of CHF 960

Batgroup Up to 27% participation of AEVIS

Real Estate

Infracore 30% participation of AEVIS (50% voting rights)

Swiss Hotel Properties 100% participation of AEVIS

Conclusion

Indicative sum of the parts analysis

• Based on a sum of the parts valuation of AEVIS' current participations, a total value of CHF 2.5bn results

• After deduction of net debt, a net asset value of CHF 1.8bn or CHF 21.60 per share results

Consolidated

Non-consolidated

Focus by sector 2021/2022

AEVIS	• Strong start into 2021 with the sale of 60% in Swiss Ambulance Rescue and 10% in Swiss Medical Network • Transaction with MPT marks an important milestone and confirms strong value creation • Swiss Medical Network strategic placement process initialized to unlock further value and reduce net debt
Hospitals	• The hospitals have demonstrated resilience during the COVID-19 crisis • Important milestones met in the group's M&A strategy – attractive pipeline for the next few months • Various integrated care cases to be rolled out in selected regions
Hospitality	• Technical unemployment allows for higher flexibility to manage the hotels through the volatility during the pandemic • Peak months have shown very strong demand at record high prices
Real Estate	• 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