AEVIS VICTORIA SA (AEVS.SW) – Publication of the Annual Report 2025 – Strong value creation and solid operational performance of portfolio companies

Ad hoc announcement pursuant to Art. 53 LR

Fribourg, 2 April 2026

AEVIS VICTORIA SA (AEVS.SW) – Publication of the Annual Report 2025 – Strong value creation and solid operational performance of portfolio companies

2025 was an important year for AEVIS VICTORIA SA (AEVIS), marked by strong strategic execution and continued value creation. At the same time, margins were temporarily affected by investments to support future growth. AEVIS’s main holdings across the Healthcare, Hospitality and Real Estate segments demonstrated solid operational performance. Consolidated gross revenue at Group level amounted to CHF 1’208.4 million (2024: CHF 1’057.2 million), representing an increase of 14.3%. Consolidated net revenue increased by 13.5% to CHF 1’055 million (2024: CHF 929.9 million). Consolidated EBITDAR reached CHF 166.6 million (2024: CHF 172.0 million), representing a margin of 15.8%. Consolidated EBITDA amounted to CHF 72.5 million (2024: CHF 89.2 million). The Group reports a consolidated loss for the year of CHF 25.6 million (2024: CHF -8.3 million), primarily due to the absence of M&A transactions. NAV per share reached CHF 26.15, up 7.8% on the previous year (CHF 24.25). NAV remains the investment company’s key compass, and its steady growth underscores the intrinsic value embedded in its portfolio.

Healthcare: strategic network expansion
Swiss Medical Network Holding SA (AEVIS stake: 76.3%, directly and indirectly) remained a key growth driver in 2025. The integration of Spital Zofingen, the addition of the Centromedico network in Ticino, and the continued expansion of outpatient activities allowed the network to significantly strengthen its footprint in the Swiss healthcare landscape. Despite the impact of acquisitions on short-term performance, Swiss Medical Network’s operating profitability remained resilient, reflecting the maturity and efficiency of the organization. Swiss Medical Network increased its consolidated gross revenues by 21.7% to CHF 988.5 million (2024: CHF 812.1 million). Net revenues (excluding medical fees) amounted to CHF 835.1 million (2024: CHF 684.9 million), representing an increase of 21.9%. Excluding acquisition effects, Swiss Medical Network recorded growth of 2.0%. EBITDAR reached CHF 133.0 million, corresponding to 15.9% of net revenues and representing an increase of 16.8% compared to the previous year (CHF 113.9 million).

Hospitality: positive development
MRH Switzerland SA, AEVIS’s hotel subsidiary (AEVIS stake: 100%), recorded a strong performance in 2025. The completion of a significant investment cycle further enhanced the quality of MRH’s offerings, as reflected in higher average room rates of CHF 581 and a solid occupancy rate of 56.7%. Revenues increased by 3.7% to CHF 195.4 million (2024: CHF 188.4 million) and EBITDAR stood at CHF 46.0 million (2024: CHF 43.5 million, +5.8%), corresponding to an EBITDAR margin of 23.6% (2024: 23.1%).

Real estate: high-quality portfolios and solid financing
Infracore SA (AEVIS stake: 30%, directly and indirectly), Switzerland’s leading hospital real estate specialist, delivered a strong performance in 2025. As of 31 December 2025, Infracore’s portfolio comprises 47 properties with a market value of CHF 1.41 billion (2024: CHF 1.33 billion). Revenues excluding revaluation amounted to CHF 66.4 million, representing an increase of 9.7% compared to 2024 (CHF 60.5 million). EBITDA increased to CHF 76.7 million in 2025 (2024: CHF 59.5 million), including the result from revaluation. The EBITDA margin rose from 90.4% in 2024 to 93.0% in 2025. Net profit for the year amounted to CHF 55.8 million, representing a significant increase of 65.5% compared to CHF 33.7 million in the previous year. The NAV before deferred taxes amounted to CHF 809.3 million (2024: CHF 718.4 million).

The real estate company Swiss Hotel Properties SA (AEVIS stake: 100%), which owns the infrastructure of the hotel portfolio, registered income of CHF 46.0 million (2024: CHF 30.9 million, + 48.9%). The portfolio was valued at CHF 901.8 million at the end of 2025, representing an increase of 2.3% (2024: CHF 881.2 million). NAV at the year-end totaled CHF 432.7 million (2024: CHF 385.5 million).

Capital structure and financing
In the reporting year, AEVIS reduced net debt by CHF 113.3 million to CHF 838.9 million, lowering the leverage ratio from 53.4% to 49.8%. The equity ratio improved to 29.1%. Overall, AEVIS’s financial position remains solid, with approximately half of its debt linked to infrastructure assets, which are conservatively financed with a net loan-to-value (net LTV) ratio of 45.4% and the remainder benefiting from ongoing deleveraging.

Outlook
Swiss Medical Network expects to continue its positive trajectory in 2026, with a focus on improving profitability of recently acquired entities and further expanding integrated care regions. Based on current assessments, the Group expects no material impact from the newly introduced SwissTARDOC tariff system. The organization targets organic growth of 2 to 3%, with EBITDAR margin expected to reach above 20.5% in 2026, as well as a further improvement of the EBITDAR margin toaround 23% in the mid-term. For 2026, Swiss Medical Network expects EBITDA in the range ofCHF 75 to 85 million, with a return topositive net profit. In the Hospitality segment, AEVIS does not provide guidance given the inherently limited visibility in this business.

As announced, Infracore plans to extend its infrastructure offering beyond its anchor tenant, Swiss Medical Network, to additional public and private healthcare providers. Against the backdrop of rising investment needs among Swiss hospitals and more challenging financing conditions, Infracore is well positioned to execute sale-and-leaseback transactions. The long-term infrastructure partnership with See-Spital in Horgen, Canton of Zurich, disclosed on 30 March 2026, exemplifies this development. Infracore is therefore assessing options to broaden its capital base, potentially including an initial public offering, in order to accelerate expansion and respond to growing demand for sale-and-leaseback transactions in Switzerland. AEVIS fully supports this.

Detailed reporting
AEVIS VICTORIA SA’s Annual Report 2025 can be downloaded via this link:
Annual Report 2025

Conference call today at 09.30 CEST
AEVIS VICTORIA SA will present its Annual Results 2025 during a conference call today at 09.30 CEST. The call will be hosted by Antoine Hubert, Chairman of the Board of Directors, together with Fabrice Zumbrunnen, CEO, and Michel Keusch, CFO. The conference will be held in English.

Please register for the conference call via the link below to receive a confirmation email with your individual dial-in: https://webcast.meetyoo.de/reg/sHpN4mOrLOCU

Audio webcast
The presentation will be broadcast as an audio webcast. Questions can be submitted in writing via the chat function. To access, please use the following link: https://www.webcast-eqs.com/aevis-2025-ar

For further information
AEVIS VICTORIA SA Media and Investor Relations: c/o Dynamics Group, Zurich
Marion Schihin, msc@dynamicsgroup.ch, +41 79 705 88 15
Séverine Van der Schueren, svanderschueren@aevis.com, +41 79 635 04 10

AEVIS VICTORIA SA - Investing for a better life
AEVIS VICTORIA SA invests in healthcare, hospitality & lifestyle and infrastructure. AEVIS′s main shareholdings are Swiss Medical Network Holding SA (76.3%, directly and indirectly), the only Swiss private network of hospitals present in the country's three main language regions, MRH Switzerland AG, a luxury hotel group managing eleven hotels in Switzerland and abroad, Infracore SA (30%, directly and indirectly), a real estate company dedicated to healthcare-related infrastructure, Swiss Hotel Properties SA, a hospitality real estate division, and NESCENS SA, a brand dedicated to better aging. AEVIS is listed on the Swiss Reporting Standard of the SIX Swiss Exchange (AEVS.SW). www.aevis.com.

Capital Markets Day 2026
The AEVIS VICTORIA Capital Markets Day will take place on Wednesday 20 May 2026 at the Genolier Innovation Hub, Route du Muids 3, 1272 Genolier, Switzerland.