AEVIS VICTORIA SA

Investor Presentation • Sep 21, 2022

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 SA

AEVIS as an investment company

Services to people in stable and resilient focus areas

AEVIS investment strategy

Focus on companies with high value and strong growth potential

Investment strategy

Buy & Build

Investment focus "services to people", acquire companies (private or listed small caps) with resilient business models and promising strategies and products

Investment targets

Companies in transition phase

Enter at attractive valuations and help management to boost and maximise the company's potential

Portfolio

Actively managed participations

On strategic and operational level, stakes of 30% to 60% to combine capital gains and stable annual returns for shareholders

Time horizon

Long-term orientation

Grow and manage companies for long-term value creation

Transformation into a pure play investment company

Transformation is unfolding and will realize additional value in the future

Investment phases

The portfolio includes investments in different investment phases and hence long-term potential for further exits and special dividends

Degree of active management
high	low
	Value unlocking potential
low	high

Presence on capital markets

Share price development Key share and share price information

Key price and value information
MARKET CAPITALISATION (20.9.2022)	CURRENT SHARE PRICE (21.9.2022)	KEPLER CHEUVREUX TARGET PRICE*
CHF 1.7bn	CHF 19.30	CHF 19.40
52 WEEKS LOW	52 WEEKS HIGH
CHF 12.20	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 from September 20, 2021 to September 20, 2022

• AEVIS VICTORIA is listed on the SIX Swiss Exchange (AEVS)
• 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

Shareholder return Sustainable and attractive dividend policy

• 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

Financials

Consolidated AEVIS income statement figures Solid operating result

Consolidated income statement (in CHFk)	Actual 2020	Actual 2021	Actual HY21	Actual HY22
Total revenue	733'018	895'015	409'766	584'169
External services	(91'804)	(107'684)	(51'720)	(57'731)
Net revenue	641'214	787'330	358'046	526'438
% growth	2.9%	22.8%	n.a.	47.0%
EBITDAR	99'294	152'363	83'952	125'737
EBITDAR margin	15.5%	19.4%	23.4%	23.9%
Rental expenses	(62'645)	(73'920)	(35'277)	(39'804)
EBITDA	36'649	78'443	48'675	85'933
EBITDA margin	5.7%	10.0%	13.6%	16.3%
EBIT	(23'277)	16'772	20'211	53'893
EBIT margin	-3.6%	2.1%	5.6%	10.2%

• Excellent result in HY 2022 with net revenue growth of 47%
• Hotels achieved high organic growth after an extraordinary post-pandemic recovery
• Hospital revenues were higher thanks to solid organic growth as well as to an expansion of the consolidation scope
• Strong EBITDA and improved margins due to targeted investments and cost control measures

Consolidated AEVIS balance sheet figures Strong capital basis

Consolidated balance sheet	Actual	Actual	Actual	Actual
(in CHFk)	2020	2021	HY21	HY22
Cash and cash equivalents	65'559	63'418	94'240	69'195
Accounts receivable	137'363	175'402	152'824	183'753
Other current assets	106'443	144'344	114'160	134'466
Total non-current assets	1'220'582	1'347'265	1'229'519	1'446'827
Total assets	1'529'948	1'730'429	1'590'743	1'834'241
Financial liabilities and other borrowings	841'737	841'267	803'533	918'876
Other liabilities	268'571	303'712	254'431	306'128
Total liabilities	1'110'308	1'144'979	1'057'964	1'225'004
Share capital	83'500	84'529	83'500	84'529
Reserves and retained earnings	277'734	401'391	393'391	424'513
Equity excl. minority interests	361'234	485'920	476'891	509'042
Minority interests	58'406	99'530	55'888	100'195
Equity incl. minority interests	419'640	585'451	532'779	609'237
Total liabilities and equity	1'529'948	1'730'429	1'590'743	1'834'241
Equity ratio	27.4%	33.8%	33.5%	33.2%
Leverage ratio	55.0%	48.6%	50.5%	50.1%
Net debt	776'177	777'849	709'293	849'681

• Thus, total cash and nearly cash-like items amount to a solid CHF 253m

• Consolidated equity strongly increased

Segment snapshot half-year 2022

Swiss Medical Network contributes a significant majority to total revenues

Half-year 2022	Hospitals*	Hospitality	Hotel real estate
Financial Performance
Net revenues	CHF 392.2m	CHF 80.2m	CHF 9.4m
Revenue growth (org. / inorg.)	33.9% (4.8% / 29.1%)	51.4% (48.2% / 3.2%)	-10.0%
EBITDAR margin	16.8%	24.7%	90.8%
Other KPIs
Financial debt	CHF 294m	CHF 10m	CHF 340m
Valuation	CHF 1'700m	CHF 233m	CHF 624m
Employees	>3'900	>700	<10

Healthcare

Healthcare segment

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

• Focus on further growth and integrated care implementation
• Bolt-on acquisitions
• Add-on acquisitions

86.46%

100%

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

• Focus on connecting healthcare providers Swiss Medical Network's care offerings to promote integrated care

planned in the short-term

• Pioneering project in Genolier with the aim of accelerating the transfer of innovative solutions

Swiss Medical Network

Majority participation of AEVIS

HOSPITALS / HEALTH CENTERS 21 / >50 INTERVENTIONS (ANNUAL BASIS) 67'362 BEDS 1'465 PHYSICIANS 2'237 TOTAL OUTPATIENTS ADMISSIONS >580'000 INVESTMENT STRATEGY • Bolt-on acquisitions • Add-on acquisitions • Focus on further growth and integrated care implementation Phase 3 Value creation & optimization

Locations of hospitals and medical centers

A presence in all linguistic regions of Switzerland provides excellent access to patients

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

Diversification Well diversified activity leads to high flexibility and mitigates risks

High resilience and excellent outlook

Highly regulated stable environment with sticky prices supported by underlying demographic trends; strong diversification across regions, services performed and specialties; No CAPEX backlog combined with +20 years management track record provides high agility

The vision: Swiss pioneer in integrated care Fully aligned incentives and superior patient experience

+

• 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

-

Strategic roadmap for the Arc Jurassien

Potential contributions to the Réseau

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

Contractual additions to the Réseau

Genolier Innovation Hub In the heart of the Genolier Healthcare Campus

• Healthcare innovation hub to foster interactions between doctors, industry, etc.
• Gateway to physicians & patient networks / from bench to bedside
• Product development and improvement
• Late phases clinical trials
• Flexible, open and objective driven mindset

Genolier Innovation Hub Facts and figures

25'000 m2 total surface area	CHF 65m cost of construction	2 Floors of offices, labs and training rooms
6'000 m2 green roof	CHF 30m cost of equipment	260 seats in auditorium + 160 parking slots

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

Hospitality & Lifestyle

Hospitality & Lifestyle segment

Diversified portfolio of luxury hotels in highly attractive Swiss destinations

Investment portfolio

100%

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

40%

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

Hospitality group 100% participation of AEVIS

Current hotel portfolio

89 Rooms & Suites 4* Hotel

Managed by

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

Batgroup Up to 27% participation of AEVIS

GROSS REVENUE 2021 IN CHFm 35.5 # OF BATMAIDS (CURRENT) ~2'400 ACTIVE CLIENTS (CURRENT) ~33'000 COUNTIRES ACTIVE (CURRENT) 8

INVESTMENT STRATEGY

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

Phase 2 Build-up & growth

Infrastructure

Infrastructure segment

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

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

MARKET VALUE 2021 IN CHFbn 1.2 NET REVENUE 2021 IN CHFm 58.9 DIVIDEND 2021 IN CHFm 36.5 PROPERTIES INCL. DEV. PROJECTS 40 RENTAL SURFACE IN SQM 188'109 INVESTMENT STRATEGY • Buy, build & hold strategy • High cash-yielding assets • Driven by growth in the healthcare segment Phase 4 Partial sell-downs & value realisation

Broad portfolio across Switzerland

Investment properties in above-average conditions

Other buildings

Healthcare infrastructure

(SO)

(TI) (TI)

Clinique de

(NE)

Clinique Valmont (VD)

Privatklinik Villa im Park (AG)

Clinique de Montchoisi (VD) Clinique Générale-Beaulieu (GE)

Privatklinik Siloah (BE)

(SH)

Clinique Générale (FR)

Privatklinik Bethanien (ZH)

Privatklinik Belair

Privatklinik Lindberg (ZH)

Clinique de Valère (VS)

Swiss Hotel Properties (SHP) 100% participation of AEVIS

MARKET VALUE 2022 în CHFm 643.5 EBITDA 2021 in CHFm 42.8 RENTAL SURFACE 2022 IN SQM 114'150 PROPERTIES 19 NET INCOME 2021 in CHFm 29.9 INVESTMENT STRATEGY • Buy, build & hold strategy • Driven by growth in the hospitality Phase 3 segment Value creation & optimization

Real estate value potential

A market comparison points to significant valuation reserves

Significant upside potential in the hotel real estate portfolio

Portfolio of luxury hotels 10 hotels in excellent locations

L'Oscar hotel London

La Réserve Eden au Lac, Zurich

AlpenGold Hotel, Davos

Crans Ambassador, Crans Montana

Mont Cervin Palace, Zermatt

Monte Rosa, Zermatt

Hotel Victoria-Jungfrau, Interlaken

Petit Cervin, Zermatt

Schweizerhof, Zermatt

Zermatt Portfolio Snapshot

Development of integrated resort solutions

Footprint Comprehensive real estate portfolio in the heart of Zermatt

	Zermatt Portfolio
1	Hotel Mont Cervin Palace	8	Villa Margherita
2	Hotel Petit Cervin	9	Restaurant Myoko
3	Seilerhaus-Areal D + E	10	Öltank
4	Hotel Monte Rosa	11	House Biner
5	Rossstall	12	Whymper
6	Seilerhof	13	Riffelalpa
7	Hotel Schweizerhof (acquired in 2020)
+ additional portfolio of agricultural land
			Scope of financing
+ Option to acquire additional portfolio as per 1 July 2023
	Additional Portfolio
14	Felsenhaus	17	Haus zur Matte A
15	Seilerhaus-Areal A, B, C	18	Haus zur Matte B

16

Villa Emeline

Mont Cervin Palace
*
Le Petit Cervin
*
Villa Margherita
*
Monte Rosa
****
Schweizerhof
****

Conclusion

Outlook 2022/2023 AEVIS is continuing its successful journey

AEVIS	• Promising start into 2022 with the successful sale of 40% in Medgate • 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
Hospitals	• The investment activity of 2021 will continue to add substantial revenues in 2022 • Swiss Medical Network will continue to grow its activity with an increasing focus on integrated care
Hospitality & Lifestyle	• The first half of 2022 was solid and all Swiss hotels are expected to remain open and exceed pre-COVID levels • The newly acquired L'Oscar hotel in London is expected to swiftly contribute to hospitality revenues
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

Q&A

Thank you for your attention