AEVIS VICTORIA SA continues its growth in the first quarter of 2026

Ad hoc announcement pursuant to Art. 53 LR

Fribourg, 19 May 2026

AEVIS VICTORIA SA continues its growth in the first quarter of 2026 

AEVIS VICTORIA SA delivered a strong first quarter in 2026, driven by solid operational performance across its main segments and continued improvements in the Group’s profitability. The quarterly results confirm the relevance of its active investment company model, based on the development of entrepreneurial platforms in healthcare, hospitality, real estate, and life sciences.

As of March 31, 2026, the Group’s consolidated net revenue stood at CHF 299.1 million, up 1.8% (1.4% organic growth) compared to the same period of the previous year. EBITDAR rose by 14.9% to CHF 70.6 million. The margin reached 23.6%, compared to 20.9% a year earlier, reflecting a structural improvement in the Group’s operating profitability. EBITDA amounted to CHF 44.8 million, up 19.2%, while EBIT reached CHF 24.8 million, up 30.9%. Profit before taxes stood at CHF 21.5 million, compared to CHF 13.1 million in the first quarter of 2025. Net profit before minority interests was CHF 18.8 million, up 53.2%.

Healthcare: significant improvement in profitability
As separately announced by Swiss Medical Network, the Healthcare segment recorded net revenue of CHF 226.0 million, up 1.5% (0.9% organic growth) compared to the first quarter of 2025. The segment’s EBITDAR rose 16.0% to CHF 49.3 million, with a margin of 21.8%, compared to 19.1% a year earlier. EBITDA increased by 21.3% to CHF 25.2 million, while EBIT reached CHF 9.8 million, up 45.5%. This performance reflects the continued operational improvement in hospital activities, the growing contribution of outpatient activities, and ongoing cost discipline.

Hospitality: resilience in a more challenging environment
The Hospitality segment, whose results have already been reported separately, generated net revenue of CHF 67.8 million, up 1.0% (entirely organic) year-over-year. EBITDAR remained stable at CHF 22.0 million, with a strong margin of 32.4% (Q1 2025: 32.7%). EBITDA stood at CHF 12.4 million, compared to CHF 13.8 million in the first quarter of 2025, primarily due to higher inter-company rental expenses.

In a Swiss hotel market marked by a slowdown in March, notably due to a more uncertain geopolitical environment and more volatile international demand, Michel Reybier Hospitality demonstrated the resilience of its portfolio. This performance also confirms the relevance of the long-term partnership between Michel Reybier Hospitality and AEVIS’s Hospitality division, based on iconic assets, entrepreneurial management, and a distinctive upscale positioning.

Real Estate: significant contribution to consolidated performance
The Real Estate segment contributed positively to the quarter’s results with net revenue of CHF 12.1 million, compared to CHF 8.6 million a year earlier. EBITDAR stood at CHF 11.4 million, up 49.8%, and EBIT at CHF 10.2 million, compared to CHF 6.4 million in the first quarter of 2025. This increase notably includes a gain on the disposal of fixed assets of CHF 2.0 million.

The real estate portfolio remains a strategic pillar of the Group, both through its recurring contribution and its long-term value creation potential. It includes assets related to healthcare infrastructure and hospitality, sectors in which AEVIS benefits from recognized expertise.

Solid financial structure
As of March 31, 2026, the consolidated balance sheet total stood at CHF 1.92 billion, compared to CHF 1.91 billion as of December 31, 2025. Consolidated equity, including minority interests, reached CHF 572.3 million, compared to CHF 553.5 million at the end of 2025. Operating cash flow before changes in working capital amounted to CHF 33.8 million, an increase of CHF 6.1 million compared to the first quarter of 2025. Operating cash flow reached CHF 24.9 million, compared to a negative cash flow of CHF 1.1 million a year earlier. Quarterly free cash flow stood at CHF 7.3 million, compared to CHF 38.8 million in 1Q2025, a period that had benefited from exceptional CHF 48 million proceeds related to the sale of real estate assets.

Outlook
AEVIS VICTORIA enters the remainder of fiscal year 2026 with confidence, while remaining attentive to developments in the macroeconomic environment, costs, interest rates, and geopolitical tensions. The Group will continue its strategy of selective development, operational optimization, and value creation for its portfolio companies.

The priority remains unchanged: strengthening existing platforms, improving their profitability, further integrating innovative care models, and creating sustainable shareholder value through an active portfolio management approach.

AEVIS VICTORIA thus confirms its positioning as an entrepreneurial investment company, active in resilient sectors and backed by high-quality assets.

Capital Markets Day 2026 
AEVIS will hold the second edition of its Capital Markets Day tomorrow, Wednesday, May 20, 2026, from 11:00 a.m. to 4:00 p.m., at the Genolier Innovation Hub in Genolier. The invitation can be downloaded via the following link: AEVIS VICTORIA Capital Markets Day 

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.