Ad hoc announcement pursuant to Art. 53 LR
Fribourg, 3 April 2025
AEVIS VICTORIA SA (AEVS.SW) – Publication of the Annual Report 2024
AEVIS VICTORIA SA reports a significant statutory profit and strengthens its position as a strategic investor in healthcare, hospitality and real estate
AEVIS VICTORIA SA (AEVIS), an investment company listed on the SIX Swiss Exchange, today publishes its Annual Report 2024. The statutory net profit amounts to CHF 26.5 million, compared to a loss of CHF 8.8 million in 2023, reflecting a strong improvement in the financial performance of the holding company. Equity increased to CHF 573.4 million, representing 70.1% of total assets (2023: 68.3%), thus strengthening the Group's capital base.
AEVIS invests in two strategic segments – healthcare and hospitality/lifestyle – as well as in a real estate sub-segment dedicated to medical and hotel infrastructure. This model enables targeted value creation through active participation, with each entity pursuing its own industrial logic. Although consolidated financial statements are published, they only partially reflect the Group's economic reality, as most value creation takes place within the operating entities.
Consolidated results 2024: strong revenue growth, operational recovery
Total consolidated revenue (including other income) reached CHF 1’057.2 million (2023: CHF 953.0 million), with net revenue of CHF 929.9 million. EBITDAR amounted to CHF 172.0 million (margin of 18.5%), significantly up from CHF 119.9 million (14.4%) in 2023. EBITDA totaled CHF 89.2 million, representing a 9.6% margin, compared to CHF 40.4 million (4.8%) the previous year. The consolidated net result improved to CHF -8.3 million (2023: CHF -41.9 million).
Swiss Medical Network: expanded footprint, strong growth expected in 2025
Swiss Medical Network (SMN), 76.3% owned by AEVIS, recorded net revenue of CHF 684.9 million in 2024 (+5.6%), with EBITDAR of CHF 113.9 million and a margin of 16.6%. The integration of Spital Zofingen and CentroMedico as of January 2025 is expected to generate revenue growth of more than 20%, confirming the relevance of SMN's integrated model combining inpatient, outpatient and regionally coordinated care through Réseau de l'Arc and Rete Sant'Anna.
Hospitality and lifestyle: profitable growth and asset enhancement
The hospitality segment, operated by MRH Switzerland AG, generated revenue of CHF 188.4 million (+10.5%, of which 10.1% organic) and EBITDA of CHF 13.5 million (7.2% margin, 2023: CHF 9.3 million). On the real estate side, Swiss Hotel Properties AG increased the value of its portfolio to CHF 881.2 million while reducing its LTV to below 47%. A CHF 100 million divestment of non-strategic assets is underway in order to refocus on premium Swiss destinations.
Infracore: financial stability and targeted expansion
Infracore SA, 30% owned by AEVIS, recorded rental income of CHF 60.5 million and EBITDA of CHF 59.5 million, representing an exceptional margin of 90.4%. Net profit amounted to CHF 33.7 million. The company increased the value of its portfolio to CHF 1.33 billion, reduced its LTV to 43.3% and is preparing new developments worth approximately CHF 100 million for 2025.
Dividend policy
No dividend will be proposed for the financial year 2024. The Board of Directors gives priority to deleveraging and free cash flow generation. AEVIS intends to resume dividend payments from the 2025 financial year onwards, in line with the expected improvements in both consolidated and statutory results.
Outlook for 2025
The new financial year has started promisingly, with Swiss Medical Network's revenue up 24.7%, including an estimated 4% organic growth in the first two months, and a strong winter season in the hospitality sector. Due to the diversity of its investments and the current macroeconomic challenges, AEVIS is refraining from issuing consolidated revenue or margin targets for the financial year 2025.
Detailed reporting
AEVIS VICTORIA SA’s Annual Report 2024 can be downloaded via this link:
Annual Report 2024
Conference call today at 10.30 CET
AEVIS VICTORIA SA will present its Annual Results 2024 during a conference call today at 10:30 CET. The call will be hosted by Antoine Hubert, Delegate 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 the access numbers automatically by email: https://webcast.meetyoo.de/reg/PCInXEcRw7z4
Dial-in numbers for registered participants:
CH: +41 43 550 14 51
DE: +49 69 941 84 015
UK: +44 20 3872 0888
Audio Webcast:
Audio and presentation on the web browser: https://www.webcast-eqs.com/aevis-2024-ar
For further information:
AEVIS VICTORIA SA Media and Investor Relations: c/o Dynamics Group, Zurich
Philippe R. Blangey, prb@dynamicsgroup.ch, +41 (0) 43 268 32 35 or +41 (0) 79 785 46 32
Séverine Van der Schueren, svanderschueren@aevis.com, +41 (0) 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.
