Half Year 2026 Aevis Victoria SA Earnings Call

September 17, 2026

Speaker #1: Sie hören Musik, bis der Konferenzleiter die Konferenz eröffnet.

Speaker #2: Give me person to person. Don't you keep me waiting on the line.

Operator 1: Give me person to person. Don't you keep me waiting on the line.

Operator: Ladies and gentlemen, welcome to Aevis Victoria's H1 publication half a year result 2026. The conference will be recorded. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to your host, Fabrice Tuchschmid.

Operator: Ladies and gentlemen, welcome to AEVIS VICTORIA's H1 publication half a year result 2026. The conference will be recorded. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to your host, Fabrice Tuchschmid.

Speaker #3: Ladies and gentlemen, welcome to Aevis Victoria's Half Year 2026 Results Conference. The conference will be recorded. At this time, all participants have been placed in listen-only mode.

Speaker #3: The floor will be open for questions following the presentation. Let me now turn the floor over to your host, Fabrice Zumbugonen.

Speaker #4: Yes, good morning everyone. I'm very pleased to be here with my colleague Michel Koesch, CIO and CFO of Aevis Victoria, to briefly comment on our half-year results. Let's start with an overview of our most important investments.

Fabrice Tuchschmid: Yes. Good morning, everyone. I'm very pleased with my colleague Michel Keusch, CIO and CFO of Aevis Victoria, to briefly comment on our three-year results. Let's start with an overview of our most important investments. As you can see here, around 60% of our investment are in the healthcare area, and we have two of our very important areas, hospitality and lifestyle, 20% and a bit more for infrastructure. I would like to enlighten the new ventures that you have in the healthcare area. Viva is the company which enables the development of integrated care. We have Genolier Innovation Hub, which enables us to be very well positioned in the innovation segment with a very interesting collaboration with the industry. Nescens is a company focused on longevity. Let's start maybe with the key figures.

Fabrice Zumbrunnen: Yes. Good morning, everyone. I'm very pleased with my colleague Michel Keusch, CIO and CFO of Aevis Victoria, to briefly comment on our three-year results. Let's start with an overview of our most important investments. As you can see here, around 60% of our investment are in the healthcare area, and we have two of our very important areas, hospitality and lifestyle, 20% and a bit more for infrastructure. I would like to enlighten the new ventures that you have in the healthcare area. Viva is the company which enables the development of integrated care. We have Genolier Innovation Hub, which enables us to be very well positioned in the innovation segment with a very interesting collaboration with the industry. Nescens is a company focused on longevity. Let's start maybe with the key figures.

Speaker #4: As you can see here, around 60% of our investment is in the healthcare area, and we have two other very important areas: hospitality and lifestyle at 20%, and a bit more for infrastructure.

Speaker #4: I would like to highlight the new ventures that you have in the healthcare area. Viva is the company which enables the development of integrated care.

Speaker #4: We have, generally, innovation in health, which enables us to be very well positioned in the innovation segment with a very interesting collaboration with the industry.

Speaker #4: And Nessence is a company focused on longevity, so let's start maybe with the key figures. For an investment, figures are maybe not the most relevant, but let's say that we are on a very good track with a strong increase in net profit and a very good EBITDA.

Fabrice Tuchschmid: For an investment company, you know that these figures are maybe not the most relevant, but let's say that we are on a very good track with a strong increase in net profit with a very good EBITDA. As I've said, maybe all these facts and figures are not the most important one for investment company. That's the reason why I'll hand over to my colleague Michel Keusch for the analysis of the detailed facts and figures, financial facts and figures. Michel.

Fabrice Zumbrunnen: For an investment company, you know that these figures are maybe not the most relevant, but let's say that we are on a very good track with a strong increase in net profit with a very good EBITDA. As I've said, maybe all these facts and figures are not the most important one for investment company. That's the reason why I'll hand over to my colleague Michel Keusch for the analysis of the detailed facts and figures, financial facts and figures. Michel.

Speaker #4: And as I've said, maybe these Aevis facts and figures are not the most important ones for an investment company. That's the reason why I'll hand over to my colleague Michel Koesch for the analysis of the detailed financial facts and figures.

Speaker #4: Michel: Thank you, Fabrice. So, I will quickly run you through the figures, but also just a couple of highlights on the equity story. And actually, sorry, yeah.

Michel Keusch: Thank you, Fabrice. I will quickly run you through the figures, but also just a couple of highlights on the equity story and actually, oh, sorry. Yeah. And actually why to invest in Aevis Victoria. Just to summarize a little bit the four investment pillars that you see in blue of our investment case. First, very focused investment approach. Everything we do is related to services to people, nothing else. The second one, we are invested in hard-to-replicate businesses. This is the case in healthcare and also in hospitality. In healthcare, we are the leading care provider and accountable care organization in Switzerland. Not only the leader, but the only one, actually. On the hospitality side, we are the leading Swiss luxury hotel group. So it is always key leading positions in businesses which would take years to replicate. The third one, the strong track record of value creation.

Speaker #4: And actually, why invest in Aevis Victoria? Just to summarize a little bit—the four investment pillars that you see in blue are part of our investment case.

Speaker #4: First, a very focused investment approach—everything we do is related to services to people, nothing else. The second one, we're invested in hard-to-replicate businesses.

Speaker #4: This is the case in healthcare and also in hospitality. In healthcare, we are the leading care provider and accountable care organization in Switzerland—not only the leader, but the only one, actually.

Speaker #4: And on the hospital side, on the hospitality side, we are the leading Swiss luxury hotel group. So it's always key leading positions in businesses which would take years to replicate.

Speaker #4: The third one: the strong track record of value creation. As you see, over the past 15 years our shares have returned more than 10% per annum on average.

Michel Keusch: As you see, over the past 15 years, our shares have returned more than 10% per annum in average, versus 8% for the SBI. So this is really a proof of value creation. Last point, the historically high discount, which is now reaching a level of 50% or slightly more than 50%, which is unprecedented in the history of the group. So these are the four pillars. As we all know, obviously, a discount is an interesting entry point for an investor, but only if there are reasons to believe that this discount can be narrowed in the future. For this, we need catalysts, and we think there are three catalysts currently. The first one is a next phase of value crystallization. This is very important because in our portfolio, we are going to sell some stakes in companies to strategic shareholders.

Speaker #4: Versus 8% for the SPI. So this is really a proof of value creation. Last point—the historically high discount, which is now reaching a level of 50%, or slightly more than 50%, which is unprecedented in the history of the group.

Speaker #4: So, these are the four pillars. As we all know, obviously, a discount is an interesting entry point for an investor, but only if there are reasons to believe that this discount can be narrowed in the future.

Speaker #4: And for this, we need catalysts. We think there are three catalysts currently. The first one is the next phase of value crystallization. This is very important because, in our portfolio, we are going to sell some stakes in companies to strategic shareholders.

Speaker #4: We are looking at different solutions in all segments. Obviously, Swiss Medical Network—that's the key segment where we have already officially announced that we are looking for strategic investors.

Michel Keusch: We are looking at different solutions in all segments. Obviously, Swiss Medical Network, that is the key segment where we have already officially announced that we are looking for strategic investors and to have a big stake in the company. All this would help crystallize the value. Second point, the enhanced investor relations. We are doing a lot more in terms of road shows, capital markets day, and we have a much higher transparency in our financial communication. The last point, which is resulting from the second one, is that the average daily liquidity has nearly quintupled over the past two years, and this is a key point. Two, three years ago, it was maybe difficult to invest in Aevis. I think today the liquidity has been improving very much, and it is a key point to make the stock more attractive. Now, I will quickly go through the H1 performance.

Speaker #4: And to have a big stake in the company. All this would help crystallize the value. Second point: the enhanced investor relations. We are doing a lot more in terms of roadshows, capital markets day, and we have much higher transparency in our financial communication.

Speaker #4: The last point, which results from the second one, is that the average daily liquidity has nearly quintupled over the past two years. This is a key point.

Speaker #4: Two, three years ago, it was maybe difficult to invest in Aevis. I think today the liquidity has been improving very much, and that's a key point to attractivity.

Michel Keusch: Two, three years ago, it was maybe difficult to invest in Aevis. I think today the liquidity has been improving very much, and it is a key point to make the stock more attractive. Now, I will quickly go through the H1 performance. Not in every detail, but I will try to give you the highlights. First, and this is our key indicator at the Aevis Group level, the NAV. The NAV for H1 2026 is CHF 26.75. This is an increase of almost 7% versus last year. If we compare it to the last year-end level, it is +2.3%.

Speaker #4: Now, I will quickly go through the H1 performance—not in every detail, but I will try to give you the highlights. So first, and this is our key indicator at the Aevis Group level: the NAV.

Michel Keusch: Not in every detail, but I will try to give you the highlights. First, and this is our key indicator at the Aevis Group level, the NAV. The NAV for H1 2026 is CHF 26.75. This is an increase of almost 7% versus last year. If we compare it to the last year-end level, it is +2.3%. The discount to NAV, as you see on the right side, is now more than 50%. These are the consolidated figures. As you see, it is going in the right direction with improvement in margins and on the EBITDA and EBIT level. As Fabri said before, for an investment company, it is not the best indicator. It is much better to look at the different segments, which are showing the true operating performance. On the healthcare side, you see Swiss Medical Network, very good performance.

Speaker #4: So the NAV for H1 26 is 26.75 Swiss francs. This is an increase of almost 7% versus last year, and if we compare it to the last year-end level, it's plus 2.3%.

Michel Keusch: The discount to NAV, as you see on the right side, is now more than 50%. These are the consolidated figures. As you see, it is going in the right direction with improvement in margins and on the EBITDA and EBIT level. As Fabri said before, for an investment company, it is not the best indicator. It is much better to look at the different segments, which are showing the true operating performance. On the healthcare side, you see Swiss Medical Network, very good performance.

Speaker #4: The discount to NAV, as you see on the right side, is now more than 50%. These are the consolidated figures. As you see, it's going in the right direction, with improvement in margins and at the EBITDA and EBIT level.

Speaker #4: As Fabrice said before, for an investment company, this is not the best indicator. It's much better to look at the different segments, which show the true operating performance.

Speaker #4: On the healthcare side, you see Swiss Medical Network—very good performance. First, resilient growth, but also a strong improvement in margins, from 18.6% to 21.6% EBITDA margin.

Michel Keusch: First, resilient growth, but also a strong improvement in margins from 18.6% to 21.6% EBITDA margin. This is obviously achieved in a difficult environment for the industry. The key driver for this is the ramping up of unprofitable hospitals in our group. We were also having the cost very much under control, material costs, also personal costs. This is the reason for this performance. One point to mention quickly, if we split the healthcare between hospitals on the upper side of the slide and ambulatory services on the lower side, you see that margins are improving in all segments. What is to be noted is a strong improvement in ambulatory services for EBITDA, which is moving up strongly from 7.1% to 11.8%. But also the fact that on the EBITDA level for ambulatory, we are for the first time in the black figures.

Speaker #4: And this is obviously achieved in a difficult environment for the industry. The key driver for this is the ramping up of unprofitable hospitals in our group.

Speaker #4: We were also having the cost very much under control—material costs, also personnel costs. This is the reason why for this performance. One point to mention quickly: if we split the healthcare between hospitals, on the upper side of the slide, and ambulatory services, on the lower side, you see that margins are improving in all segments.

Speaker #4: What is to be noted is the strong improvement in ambulatory services. For EBITDA, which is moving up strongly from 7.1% to 11.8%, but also the fact that on the EBITDA level for ambulatory, we are for the first time in the black figures.

Speaker #4: So this is not an EBITDA loss business anymore. As you know, this is a strategic segment for us. Ambulatory—we need that for the integrated care.

Michel Keusch: This is not an EBITDA loss business anymore. As you know, this is a strategic segment for us, ambulatory. We need that for the integrated care. It is diluting margin on the first hand, but we still see the possibility to make this business profitable. This big improvement is, I think, one of the key highlights of this set of figures. Hospitality, there is not much to say. It is a challenging environment with what we saw with the tensions in the Middle East. Nevertheless, we had a very resilient performance on the growth side, 1% growth. EBITDA margin stable. What you see on the EBITDA margin is not a reason for concern. You see a decrease of EBITDA margin. This is simply related to the fact that we increased the rent for several hotels.

Speaker #4: It's diluting margin on the one hand, but we still see the possibility to make this business profitable. And here are the key highlights of this set of figures.

Speaker #4: Hospitality—there is not much to say. It's a challenging environment with what we saw with the tensions in the Middle East. Nevertheless, we had very resilient performance on the growth side: 1% growth.

Speaker #4: EBITDA margin is stable. What you see on the EBITDA margin is not a reason for concern. You see a decrease in EBITDA margin; this is simply related to the fact that we increased the rent for several hotels.

Speaker #4: But as you know, the hotels are owned by Swiss Hotel Property, which is 100% owned by Aevis. So, it's going from one pocket to the other.

Michel Keusch: But, as you know, the hotels are owned by Swiss Hotel Properties, which is 100% owned by Aevis. So it is going from one pocket to the other. So there is absolutely no impact. The fact that we are increasing rent is absolutely normal from time to time. Whenever one hotel is at the end of a CapEx cycle, this was, for example, for the Victoria-Jungfrau after eight years of CapEx cycle, then we have the arguments to increase the rent. So you have some adjustments from time to time. Real estate. This is the Swiss Hotel Properties business. Here again, you see optically a decline in revenues and EBITDA, but this is only due to the fact that the gray part you see last year we had sale of properties in Zermatt apartments. So we had CHF 10 million extraordinary profits, which is not recurring this year.

Speaker #4: So there is absolutely no impact. And the fact that we are increasing rent is absolutely normal from time to time. Whenever one hotel is at the end of a capex cycle—this was, for example, the Victoria Jungfrau after eight years of a capex cycle—then we have the arguments to increase the rent.

Speaker #4: So you have some adjustments from time to time. Real estate—so this is the Swiss hotel properties business. Here again, you see an optical decline in revenues and EBITDA, but this is only due to the fact that, as shown in the gray part, last year we had the sale of properties in Zermatt apartments.

Speaker #4: So we had CHF 10 million in extraordinary profits, which are not recurring this year. That’s why, optically, you see a decline. However, the underlying business is growing, and margins remain consistently at a level of 90 to 91%.

Michel Keusch: That is why optically you have a decline. However, on an underlying business, it is growing, and the margins are always at the level of 90%, 91%. So this is a cash cow, which is not without any variation. Also on that real estate segment, you see the improvement of the market value. The debt has been reduced and LTV has been reduced as well. So we have now a 45% loan-to-value ratio, which is very conservative for this business. We are benefiting from the decline in interest rates as well and the decline of the debt. Basically, I forgot to mention on the previous slide, in terms of interest expenses, we saw a decline of 43% year-on-year. Last segment, the others segment. This is where we put all our ventures, all our startups. So it is mainly the Genolier Innovation Hub and Nescens.

Speaker #4: So, this is a cash cow, which is not without any variation. Also, on that real estate segment, you see the improvement of the market value.

Speaker #4: The debt has been reduced, and LTV has been reduced as well. So we now have a 45% loan-to-value ratio, which is very, very conservative for this business.

Speaker #4: We're benefiting from the decline in interest rates as well, and the decline of the debt. So basically, I forgot to mention on the previous slide, in terms of interest expenses, we saw a decline of 43%.

Speaker #4: Year on year. Last segment, the Others segment. This is where we put all our ventures, all our startups. So it's mainly the Journalier Innovation Hub and Nissans.

Speaker #4: As you see, these are still loss-making businesses, obviously, for the time being. However, the loss is narrowing, so it’s going in the right direction.

Michel Keusch: As you see, these are still loss-making businesses, obviously, for the time being. However, the loss is narrowing, so it is going in the right direction, and Fabrice will tell you more about the evolution of Nescens later on. Just to finish on the financial framework point of view, this is a slide we show now every quarter since two years. You see that the debt situation is improving year after year. The point which is important in this slide is that out of the CHF 846 million net debt at the consolidated level, you see that the bulk of this debt is under SHP, which is purely mortgage-based and with an LTV of 45%. So it is very solid.

Speaker #4: And Fabrice will tell you more about the evolution of Nissans later on. Just to finish on the financial framework point of view, this is the slide we show now every quarter since two years.

Speaker #4: You see that the debt situation is improving year after year. The point which is important in this slide is that, out of the CHF 846 million net debt at the consolidated level, you see that the bulk of this debt is under SHP.

Speaker #4: So, which is purely mortgage-based, and with an LTV of 45%. So, it's very solid. If you look at the debt on the Swiss Medical Network side, on the left side, you see that this is now relating to a net debt to EBITDA of around 2.2, 2.3 times.

Michel Keusch: If you look at the debt on the Swiss Medical Network side, on the left side, you see that this is now relating to a net debt to EBITDA of around 2.2.3 times, you see at the bottom of the chart. So we are in very good hands now in terms of financial framework. After the deleveraging of the past two years, we are in a very sound situation. Finally, this is the sum of the parts where you see that the NAV is now as indicated initially, 26.75, which shows a discount of about 50% currently. Last slide on my side is the historical perspective on this sum of the parts evolution, where we see a factor of 19 times over the past 15 years, from 2011 to 2026. Now I pass to Fabrice, who will talk to you about the outlook and the initiatives.

Speaker #4: You see at the bottom of the chart that we are now in very good hands in terms of our financial framework after the deleveraging of the past two years.

Speaker #4: We're in a very sound situation. And finally, this is the sum of the parts, where you see that the NAV is now, as indicated initially, 26.75, which shows a discount of about 50% currently.

Speaker #4: And the last slide on my side is the historical evolution, where you see a factor of 19 times over the past 15 years, from 2011 to 2026.

Speaker #4: Now I pass to Fabrice, who will talk to you about the outlook and the initiatives.

Speaker #1: Thank you, Michel. I would like to conclude this short presentation with a next date in our value creation journey. And we are here, free of our most important initiatives.

Fabrice Tuchschmid: Thank you, Michel. I would like to conclude this short presentation with an update in our value creation journey. We have here three of our most important initiatives. Healthcare, in this business, we would like to further improve profitability. You have seen we are on a very good track, but there is still room for improvements. Integrated care, maybe the most relevant initiative in the long run with very encouraging results. Last but not least, hospitality. We have iconic hotels in iconic destination, and it is a very resilient business, but there is even more potential than many maybe think. So let us start with the healthcare, with the improvement of our profitability. Here you can see the pillars or the leverage possibility that we could reach, activated, and will help us to improve the profitability in the next years.

Fabrice Zumbrunnen: Thank you, Michel. I would like to conclude this short presentation with an update in our value creation journey. We have here three of our most important initiatives. Healthcare, in this business, we would like to further improve profitability. You have seen we are on a very good track, but there is still room for improvements. Integrated care, maybe the most relevant initiative in the long run with very encouraging results. Last but not least, hospitality. We have iconic hotels in iconic destination, and it is a very resilient business, but there is even more potential than many maybe think. So let us start with the healthcare, with the improvement of our profitability. Here you can see the pillars or the leverage possibility that we could reach, activated, and will help us to improve the profitability in the next years.

Speaker #1: Healthcare: in this business, we would like to further improve profitability. You have seen we are on a very good track, but there is still room for improvement.

Speaker #1: Integrated care may be the most relevant initiative in the long run, with very encouraging results. And last but not least, hospitality: we have iconic hotels in iconic destinations, and it's a very resilient business. But there is even more potential than many may think.

Speaker #1: So, let's start with healthcare and the improvement of our profitability. Here you can see the pillars, or the leverage possibilities, that we could reach, activated and which will help us to improve profitability in the next years.

Speaker #1: So, I think the most important things are the cost optimization programs, the fact that we can ramp up our recent acquisitions, and of course, we will have in the long run—but even now, and that's the good news—a very positive effect of our integrated care initiative.

Fabrice Tuchschmid: I think the most important are the cost optimizations programs, the fact that we can ramp up our recent acquisitions, and of course, we will have in the long run, but even now, that is the good news, a very positive effect of our integrated care initiative. So you see from 16% to more than 20%, and the goal that we have to reach 23% margin, and this with an organic growth of 2% to 3% a year. So that is an overview of our different hospitals. You see three categories. We have mature hospitals. More than 50% of our hospitals could and can reach more than the 25%, 26% EBITDA margin. We have the so-called ramp-up hospitals with very good progress in the last six months. Here we are around an EBITDA of 10% to 20%, as I have said, with an already good improvement.

Fabrice Zumbrunnen: I think the most important are the cost optimizations programs, the fact that we can ramp up our recent acquisitions, and of course, we will have in the long run, but even now, that is the good news, a very positive effect of our integrated care initiative. So you see from 16% to more than 20%, and the goal that we have to reach 23% margin, and this with an organic growth of 2% to 3% a year. So that is an overview of our different hospitals. You see three categories. We have mature hospitals. More than 50% of our hospitals could and can reach more than the 25%, 26% EBITDA margin. We have the so-called ramp-up hospitals with very good progress in the last six months. Here we are around an EBITDA of 10% to 20%, as I have said, with an already good improvement.

Speaker #1: So, you see from 16% to more than 20%, and the goal that we have is to reach a 23% margin. And this, with organic growth of 2% to 3% a year.

Speaker #1: So that's an overview of our different hospitals. You see three categories. We have major hospitals—more than 50% of our hospitals could and can reach more than a 20 to 25%, or 26%, EBITDA margin.

Speaker #1: And while the so-called ramp-up hospitals have made very good progress in the last six months, we are now around an EBITDA of 10% to 20%, as I've said, with already good improvement.

Speaker #1: And we have the new acquisitions, or the turnaround hospitals, and you can see, if I take the example of Lindbergh, that we have taken very important decisions. One of these is to stop our activities.

Fabrice Tuchschmid: We have the new acquisitions or the turnaround hospitals. You can see, if I take the example of Hirslanden, that we have taken very important decisions to cease to stop our activities. We could have a very good deal with the hospital Winterthur, and it will automatically improve our financial performance in the next months. Obviously, next year, we will see all the positive effects. We have a very clear program to follow that path and to prove profitability. As I have said, we are on a good track, but we are working very hard to improve in the future and to have all our acquisition or hospital in the right area of this rentability chart here. Second initiative, integrated care. We would like to scale our very unique capitation model in Switzerland.

Fabrice Zumbrunnen: We have the new acquisitions or the turnaround hospitals. You can see, if I take the example of Hirslanden, that we have taken very important decisions to cease to stop our activities. We could have a very good deal with the hospital Winterthur, and it will automatically improve our financial performance in the next months. Obviously, next year, we will see all the positive effects. We have a very clear program to follow that path and to prove profitability. As I have said, we are on a good track, but we are working very hard to improve in the future and to have all our acquisition or hospital in the right area of this rentability chart here. Second initiative, integrated care. We would like to scale our very unique capitation model in Switzerland.

Speaker #1: We could have a very good deal with the hospital Vintertoor, and it will automatically improve our financial performance in the next months. Obviously, next year we will see all the positive effects.

Speaker #1: And we have a very very clear program to follow that path to and to prove profitability. So as I've said on good track we're on a good track but we are working very hard to improve in the future and to have all our acquisition or hospital in the right area of this rentability chart here.

Speaker #1: Second initiative: integrated care. We would like to scale our very unique capitation model in Switzerland, which is our country. We already have three integrated care regions, and next year we will open a new integrated care region in the Bern area. We are very pleased with this experience. We have been able to reach the first results, and we are very proud of this. In the second year, we achieved a 16% cost improvement—a very, very good performance, the best in class in the market. Our goals are very clear: in the medium term, 15% to 20%. We have already reached these figures, and in the long run, we think that we have the potential to reach 25% to 30%, depending on the different realities of the regions. Our aim is to double the number of members every year. We are absolutely on track with our business plan—in fact, even better—and we see this as a transformation project but also as a new source of revenues, which will improve the overall performance of our healthcare business.

Fabrice Tuchschmid: This is our country, and we have already three integrated care regions. We will open next year in the Bern area, a new integrated care region. We are very pleased with this experience, and we could reach the first results. We are very proud of this second year, 16% cost improvement, a very good performance, the best in class in the market. Our goals are very clear. On the medium term, 15% to 20%. We have already reached these figures. In the long run, we think that we have the potential to reach 25% to 30%, depending on the different realities of the regions. Our aim is to double the amount of members every year. We are absolutely on track with our business plan. In fact, even better.

Fabrice Zumbrunnen: This is our country, and we have already three integrated care regions. We will open next year in the Bern area, a new integrated care region. We are very pleased with this experience, and we could reach the first results. We are very proud of this second year, 16% cost improvement, a very good performance, the best in class in the market. Our goals are very clear. On the medium term, 15% to 20%. We have already reached these figures. In the long run, we think that we have the potential to reach 25% to 30%, depending on the different realities of the regions. Our aim is to double the amount of members every year. We are absolutely on track with our business plan. In fact, even better.

Fabrice Tuchschmid: We see this as a transformation project, but also as a new source of revenues, which will improve the whole performance of our healthcare business. Last but not least, hospitality. We have the extreme privilege to have iconic destination, iconic hotels. We still believe that we can reach more than this. We have existing land reserves. We have the possibility to make acquisitions and improving also the profitability of our commercial rental retail areas. There is something very interesting here happening. As you know, this year was not so easy. We had a very strong decline in the turnover of our guests coming from Asia and Middle East, but we could compensate this with more guests from USA and Europe.

Fabrice Zumbrunnen: We see this as a transformation project, but also as a new source of revenues, which will improve the whole performance of our healthcare business. Last but not least, hospitality. We have the extreme privilege to have iconic destination, iconic hotels. We still believe that we can reach more than this. We have existing land reserves. We have the possibility to make acquisitions and improving also the profitability of our commercial rental retail areas. There is something very interesting here happening. As you know, this year was not so easy. We had a very strong decline in the turnover of our guests coming from Asia and Middle East, but we could compensate this with more guests from USA and Europe.

Speaker #1: And last but not least, hospitality. We have the extreme privilege to have iconic destinations, iconic hotels, but we still believe that we can reach more than this. We have existing land reserves, we have the possibility to make acquisitions, and we are also improving the profitability of our commercial rental retail areas.

Speaker #1: So there is very something very interesting here happening. As you know this year was not so easy. We had a very strong decline in the turnover of our guests coming from Asia and Middle East but we could compensate this with more guests from USA and Europe and in fact we are very we are better than the market when the whole industry and chose that our iconic hotels are very very resilient are below destinations and we are working hard to reinforce even in the future years the attractivity of our hotels.

Fabrice Tuchschmid: In fact, we are better than the market, than the whole industry. It shows that our iconic hotels are very resilient, are beloved destinations, and we are working hard to reinforce, even in the future years, the attractivity of our hotels. I come now to the conclusion. These are really our main goals. As Michel already mentioned, this strong focus on crystallizing value across the portfolio. I think that the recent IPO of Infracore was a very good project. We are very proud to make it happen, and there is a very big potential for Infracore. In the other business areas, I think of healthcare, we are absolutely convinced that we will have new investor who will help us to reach our strategic goals. We are very happy with Visana, but we think that there is room for other key partners for us.

Fabrice Zumbrunnen: In fact, we are better than the market, than the whole industry. It shows that our iconic hotels are very resilient, are beloved destinations, and we are working hard to reinforce, even in the future years, the attractivity of our hotels. I come now to the conclusion. These are really our main goals. As Michel already mentioned, this strong focus on crystallizing value across the portfolio. I think that the recent IPO of Infracore was a very good project. We are very proud to make it happen, and there is a very big potential for Infracore. In the other business areas, I think of healthcare, we are absolutely convinced that we will have new investor who will help us to reach our strategic goals. We are very happy with Visana, but we think that there is room for other key partners for us.

Speaker #1: And two, I come now to the conclusion. These are really our main goals, as Michel already mentioned: this strong focus on crystallizing value across the portfolio.

Speaker #1: I think that the recent IPO of Infracore was a very good project. We're very proud to make it happen, and there's very, very, very big potential for Infracore.

Speaker #1: Over business areas—when I think of healthcare, we are absolutely convinced that we will have new investors. They will help us to reach our strategic goals.

Speaker #1: So we are very happy with Visana, but we think that there is room for other key partners for us. I can also speak of Nessence Longevity.

Fabrice Tuchschmid: I can also speak of Nescens, Longevity. There is a very strong interest for many investors to be part of it. Innovation could be also another option for us. We have this very important goal to crystallizing value across the portfolio. As I have said, even if you are the best in class in Switzerland, there is still room for improvement to improve the profitability in healthcare, and the scaling up of our capitation model is absolute key. Key for us, key, I think for the whole industry, we are market leaders. We inspire many of our competitors, but we are still ahead, and we have a very unique competition model. For the rest, we will continue to focus on our value creations teams, and if it is about new opportunities and options, I think we have plenty of them.

Fabrice Zumbrunnen: I can also speak of Nescens, Longevity. There is a very strong interest for many investors to be part of it. Innovation could be also another option for us. We have this very important goal to crystallizing value across the portfolio. As I have said, even if you are the best in class in Switzerland, there is still room for improvement to improve the profitability in healthcare, and the scaling up of our capitation model is absolute key. Key for us, key, I think for the whole industry, we are market leaders. We inspire many of our competitors, but we are still ahead, and we have a very unique competition model. For the rest, we will continue to focus on our value creations teams, and if it is about new opportunities and options, I think we have plenty of them.

Speaker #1: There is a very strong interest from many investors to be part of it. Also, innovation could be another option for us.

Speaker #1: So we have this very, very important goal to crystallize value across the portfolio. And as I've said, even if you are the best in class in Switzerland, there is still room for improvement—to improve the profitability in healthcare. And the scaling up of our capitation model is absolutely key for us; key, I think, for the whole industry.

Speaker #1: We are market leaders. We inspire many of our competitors, but we are still ahead, and we have a very unique capitation model.

Speaker #1: And for the rest you will continue to focus on our value creations teams and if it's about new opportunities and options I think we are very we have plenty of them and to conclude we are very pleased that we could reach good results in the this first half of 2026 but we have I hope that I could convince you that there is room for improvement and it's only the beginning of our very long track to improve profitability to grow and I would like to thank all my colleagues for achieving this very good results in the first year of 2026.

Fabrice Tuchschmid: To conclude, we are very pleased that we could reach good results in this H1 of 2026. I hope that I could convince you that there is room for improvement, and it is only the beginning of our very long track to improve profitability, to grow. I would like to thank all my colleagues for achieving these very good results in the H1 of 2026. I think that was our idea, just a short presentation, and we are very happy to answer your questions. I hand over to the organizer for the Q&A.

Fabrice Zumbrunnen: To conclude, we are very pleased that we could reach good results in this H1 of 2026. I hope that I could convince you that there is room for improvement, and it is only the beginning of our very long track to improve profitability, to grow. I would like to thank all my colleagues for achieving these very good results in the H1 of 2026. I think that was our idea, just a short presentation, and we are very happy to answer your questions. I hand over to the organizer for the Q&A.

Speaker #1: So I think that was our idea. Just a short presentation, and we are very happy to answer your questions. I'll hand over to the organizer for the Q&A.

Speaker #2: Thank you very much. Ladies and gentlemen, if you would like to ask a question, please press star 9 and the pound key on your telephone keypad.

Operator: Thank you very much. Ladies and gentlemen, if you would like to ask a question, please press star 9 and pound key on your telephone keypad. If you would like to revoke your question, press star 3 and pound key. You can also use the dial-in function in the webcast and raise your hand if you would like to ask a question by phone. I repeat, to ask a question, please press star 9 and pound key on your telephone keypad. The first question is from Arthur Kunz from AlphaValue. The floor is yours.

Speaker #2: If you would like to revoke your question, press star 3 and the pound key. You can also use the dial-in function in the webcast and raise your hand if you would like to ask a question by phone.

Speaker #2: I repeat, to ask a question, please press star 9 and the pound key on your telephone keypad. The first question is from Arthur Kunz from Alpha Value.

Speaker #2: The floor is yours.

Arthur Kunz: Hi. Thank you. Thank you for your presentation, and congratulations on your H1 results. I have two question, if I may. It is regarding the slide 25 on the hospitals and ramp-ups and turnarounds. Comparing to the slide you presented in May in the turnaround buckets, we saw that it is moving the right way regarding mature hospitals and that EBITDA margin is improving. On the turnaround hospital, it is moving from 5.4 to 4.4, and I would like to know if you could break out what is driving that. Is it some residual drag from Lindenhof before the transfer, or is it Zofingen or Siloah, and which stay in the turnaround? I can add a question.

Arthur Kuntz: Hi. Thank you. Thank you for your presentation, and congratulations on your H1 results. I have two question, if I may. It is regarding the slide 25 on the hospitals and ramp-ups and turnarounds. Comparing to the slide you presented in May in the turnaround buckets, we saw that it is moving the right way regarding mature hospitals and that EBITDA margin is improving. On the turnaround hospital, it is moving from 5.4 to 4.4, and I would like to know if you could break out what is driving that. Is it some residual drag from Lindenhof before the transfer, or is it Zofingen or Siloah, and which stay in the turnaround? I can add a question.

Speaker #1: Hi, thank you for your presentation and congratulations on your first half. I have two questions, if I may. They are regarding slide 25 on the hospitals and ramp-ups and turnarounds.

Speaker #1: Comparing to the slide you presented in May, in the turnaround buckets we saw that it's moving the right way regarding Matter hospitals, and that EBITDA margin is improving.

Speaker #1: But on the turnaround hospital, it's moving from 5.4 to 4.4. And I'd like to know if you could break out what's driving that. Is it some residual drag from Lindbergh before the transfer, or is it Zonvingen or Siloa?

Speaker #1: And which stay in the turnaround? And I can add a question. I'd like to point out that Réseau de l'Arc is now at the lower point of the slope in the investment spot, and I would like to know if you could give us more color on that, on this investment specifically for Réseau de l'Arc.

Arthur Kunz: I'd like to point out that Réseau de l'Arc is now in the lower point of the sub in the investment part. I would like to know if you could give us more color on these investments specifically for Réseau de l'Arc. Finally, I had another question regarding your hotels, and it was on slide 30. You mentioned that further opportunities to reduce seasonal pricing gaps are engaged. I'd like to know if you could be a bit more specific about it. Thank you very much.

Arthur Kuntz: I'd like to point out that Réseau de l'Arc is now in the lower point of the sub in the investment part. I would like to know if you could give us more color on these investments specifically for Réseau de l'Arc. Finally, I had another question regarding your hotels, and it was on slide 30. You mentioned that further opportunities to reduce seasonal pricing gaps are engaged. I'd like to know if you could be a bit more specific about it. Thank you very much.

Speaker #1: And finally, I had another question regarding your hotels. It was on slide 30—you mentioned that there are further opportunities to reduce seasonal pricing gaps or engage, and I'd like to know if you could be a bit more specific about that.

Speaker #1: Thank you very much.

Speaker #3: Okay, thank you for your question. To your first question, you are perfectly right. We could, in fact, improve the rentability if we—you see all the hotels.

Fabrice Tuchschmid: Okay. Thank you for your question. To your first question, you are perfectly right. We could improve, in fact, the rentability if you see all the hotels. You're also perfectly right that there was a decrease of profitability by Montbrillant and Lindenhof. The reason is very simple. We decided to stop our activities, and from the moment that you communicate this, you have a very strong decrease of your activities. It's a very short-term effect. As I've mentioned, next year, you will see that they were a very good decision which will improve the profitability. So the reason is the decision. The case of Réseau de l'Arc is a very particular one. It's because of the change of the canton from Canton Bern to Canton Jura.

Fabrice Zumbrunnen: Okay. Thank you for your question. To your first question, you are perfectly right. We could improve, in fact, the rentability if you see all the hotels. You're also perfectly right that there was a decrease of profitability by Montbrillant and Lindenhof. The reason is very simple. We decided to stop our activities, and from the moment that you communicate this, you have a very strong decrease of your activities. It's a very short-term effect. As I've mentioned, next year, you will see that they were a very good decision which will improve the profitability. So the reason is the decision. The case of Réseau de l'Arc is a very particular one. It's because of the change of the canton from Canton Bern to Canton Jura.

Speaker #3: But you are also perfectly right that there is profitability by Montbrillant and Lindbergh. The reason is very simple: we decided to stop our activities, and from the moment that you communicate this, you have a very strong decrease of your activities.

Speaker #3: It's a very short-term effect. As I've mentioned, next year you will see that there were very good decisions, which will improve the profitability.

Speaker #3: So, the reason is the decision. The case of Réseau de l'Arc is a very particular one; it's because of the change of the canton, from canton Bern to canton Jura.

Speaker #3: And there are over-tariffs realities. There is oversale, and we perfectly knew that, and we have to face a decrease of profitability without having the problem of decreasing numbers of patients, etc.

Fabrice Tuchschmid: There are over tariffs reality, there are over sale, and we perfectly knew that. We have to face a decrease of profitability without having the problem of decreasing numbers of patients, et cetera. That's not automatic. It's the pleasure to have a confederation with different realities in canton, and obviously, Canton Jura is the poorest canton in Switzerland, and it's our job now to improve the profitability. In fact, I can say that in July and August, we could make very strong progress, but it's not something you can reach or the kind of improvement you can reach on the short-term. So we have decided to improve our efficiency. I think that Réseau de l'Arc will be in the positive field at the end of this year. Yes, it was not such an easy step for us to go from Canton Vaud to Canton Jura.

Fabrice Zumbrunnen: There are over tariffs reality, there are over sale, and we perfectly knew that. We have to face a decrease of profitability without having the problem of decreasing numbers of patients, et cetera. That's not automatic. It's the pleasure to have a confederation with different realities in canton, and obviously, Canton Jura is the poorest canton in Switzerland, and it's our job now to improve the profitability. In fact, I can say that in July and August, we could make very strong progress, but it's not something you can reach or the kind of improvement you can reach on the short-term. So we have decided to improve our efficiency. I think that Réseau de l'Arc will be in the positive field at the end of this year. Yes, it was not such an easy step for us to go from Canton Vaud to Canton Jura.

Speaker #3: That's not automatic. It's a pleasure to have a conference with different realities in the canton, and obviously, Canton Jura is the poorest canton in Switzerland. It's our job now to improve profitability.

Speaker #3: In fact, I can say that in July and August we could make very strong progress, but it's not something you can reach, or the kind of improvement you can achieve, in the short term.

Speaker #3: So we had decided to improve our efficiency, and I think that brought a positive field. At the end of this year—but yes, it was not such an easy step for us to go from canton Bern to canton Jura.

Speaker #3: I think that answers your questions on the hotels. Sorry—about the hotels, yes. I think seasonality is something very important; in fact, I've mentioned Interlaken and Zermatt.

Fabrice Tuchschmid: I think that's one way of your questions and to your-

Fabrice Zumbrunnen: I think that's one way of your questions and to your-

Arthur Kunz: About the hotels.

Arthur Kuntz: About the hotels.

Fabrice Tuchschmid: Oh, the hotels. Sorry. About the hotels. Yes, I think seasonality is something very important. In fact, I mentioned Interlaken and Zermatt. Interlaken, the good season, the high season is summer, and in the winter, it is not exactly at the same level. You have the other situation, the opposite situation with Zermatt. It is very interesting because we see a very strong increase of the attractivity of the destinations, not only because of us in the low seasons, but I think that our initiative, for example, gastronomy to our spa are very attractive points to stay in our hotels. The other aspect is to focus on individuals. As I have mentioned, we could compensate the loss of many guests from Asia and the Middle East with very interesting guests from the USA.

Fabrice Zumbrunnen: Oh, the hotels. Sorry. About the hotels. Yes, I think seasonality is something very important. In fact, I mentioned Interlaken and Zermatt. Interlaken, the good season, the high season is summer, and in the winter, it is not exactly at the same level. You have the other situation, the opposite situation with Zermatt. It is very interesting because we see a very strong increase of the attractivity of the destinations, not only because of us in the low seasons, but I think that our initiative, for example, gastronomy to our spa are very attractive points to stay in our hotels. The other aspect is to focus on individuals. As I have mentioned, we could compensate the loss of many guests from Asia and the Middle East with very interesting guests from the USA.

Speaker #3: Interlaken the good season the high season is summer and in the winter it's not exactly at the same level and obviously you have the other situation the opposite situation with Zermatt.

Speaker #3: And it's very interesting because we see a very strong increase in the attractiveness of the destinations, not only because of us, in the low seasons, but I think that our initiatives, for example gastronomy or our spa, are very attractive points to stay in our hotels. And the other aspect is to focus on individuals.

Speaker #3: And we as I have mentioned we could compensate the loss of many many guests from Asia and the Middle East with very very interesting guests from the USA and we see that these guests are very pleased to stay in our hotels and so we are working very hard to compensate but you will in the future have always a very high season and a low season but we are very confident that the gap will be smaller it's already smaller than two years ago so we are on a very good track.

Fabrice Tuchschmid: We see that these guests are very pleased to stay in our hotels, so we are working very hard to compensate. You will, in the future, have always a very high season and a low season. We are very confident that the gap will be smaller. It is already smaller than two years ago, so we are on a very good track.

Fabrice Zumbrunnen: We see that these guests are very pleased to stay in our hotels, so we are working very hard to compensate. You will, in the future, have always a very high season and a low season. We are very confident that the gap will be smaller. It is already smaller than two years ago, so we are on a very good track.

Speaker #1: Thank you very much.

Arthur Kunz: Thank you very much.

Arthur Kuntz: Thank you very much.

Speaker #3: You're welcome.

Fabrice Tuchschmid: You are welcome.

Fabrice Zumbrunnen: You are welcome.

Operator: At the moment, there seems to be no more question. I repeat, if you would like to ask a question, please press star nine and pound key on your telephone keypad. You could also use the dial-in function in the webcast and raise your hand if you would like to ask a question by phone. Mr. Kunz is back on the line, AlphaValue. Please go ahead.

Speaker #2: At the moment, there seem to be no more questions. I'll repeat, if you would like to ask a question, please press star 9 and the pound key on your telephone keypad.

Speaker #2: You could also use the dial-in function in the webcast and raise your hand if you would like to ask a question by phone. Oh, Mr. Koontz is back on the line also now.

Speaker #2: Please go ahead.

Speaker #1: Yeah, thank you. If I may, I have another question, also related to hotels. In this improvement, you say you don't plan on expanding that much in the hotel segment and are focusing, as you mentioned, on individuals.

Arthur Kunz: Yeah, thank you. If I may, maybe I have another question also related to hotels. In this improvement, you say you don't plan on expanding that much in the hotel and focusing, as you mentioned, on individuals. We saw it with the numbers that the pricing is improving. I'd like to know if there's an occupancy target attached to this. I know that the occupancy is roughly flat towards roughly 55%. I'd like to know if there is a target that will be attached to this improvement in the seasonality mix. Thank you.

Arthur Kuntz: Yeah, thank you. If I may, maybe I have another question also related to hotels. In this improvement, you say you don't plan on expanding that much in the hotel and focusing, as you mentioned, on individuals. We saw it with the numbers that the pricing is improving. I'd like to know if there's an occupancy target attached to this. I know that the occupancy is roughly flat towards roughly 55%. I'd like to know if there is a target that will be attached to this improvement in the seasonality mix. Thank you.

Speaker #1: So, and we saw it with the numbers, that the pricing is improving, and I'd like to know if there's an occupancy target attached to this.

Speaker #1: Is the occupancy roughly flat, around 55%? And I would like to know if there is a target that will be attached to this improvement in the seasonality mix.

Speaker #1: Thank you.

Speaker #3: Yeah, no, no, there is no occupancy target. Obviously, it's always a trade-off between occupancy and pricing. So, we think in terms of RevPAR. We want to increase the RevPAR. Obviously, the main component, because of this pricing gap, will be the pricing.

Fabrice Tuchschmid: Yeah. No, there is no occupancy target. Obviously, it's always a trade-off between occupancy and pricing. So we think in terms of RevPAR, we want to increase the RevPAR. Obviously, the main component because of this pricing gap will be the pricing. We have to be careful. It's never at the expense of the occupancy. So typically, if we can keep occupancy levels as they are currently and improve the pricing, it's good. In some cases, we can even improve both. We do it very carefully and step by step. We have to check what the local competition is doing and so on. We are in a very good position strategically in those two destinations because we are very strong in the two destinations.

Fabrice Zumbrunnen: Yeah. No, there is no occupancy target. Obviously, it's always a trade-off between occupancy and pricing. So we think in terms of RevPAR, we want to increase the RevPAR. Obviously, the main component because of this pricing gap will be the pricing. We have to be careful. It's never at the expense of the occupancy. So typically, if we can keep occupancy levels as they are currently and improve the pricing, it's good. In some cases, we can even improve both. We do it very carefully and step by step. We have to check what the local competition is doing and so on. We are in a very good position strategically in those two destinations because we are very strong in the two destinations.

Speaker #3: But we have to be careful it's never at the expense of the occupancy. So typically, if we can keep occupancy levels as they are currently and improve your pricing, it's good.

Speaker #3: In some cases, we can even improve both, but we do it very carefully and step by step. We have to check what the local competition is doing, and so on.

Speaker #3: We are in a very good position strategically in those two destinations because we are very strong in the two destinations. So we can not only manage our hotels but also shape the future of the destination in a way.

Fabrice Tuchschmid: We can not only manage our hotels but also shape the future of the destination in a way, like in Zermatt, where we control most of the retail store, for example. Actually, they are renting to us in a way. We can upgrade the shopping experience. This is attracting a new clientele for the summer, and it helps us improve the pricing of the hotels in the summer because of this new clientele. The same in Interlaken, where we are so strong that we can also shape a bit the winter destination or do partnerships locally. It is a long game, but in both destinations, we can certainly improve this pricing for summer and winter. Let us say, pricing is more important than occupancy at this stage.

Fabrice Zumbrunnen: We can not only manage our hotels but also shape the future of the destination in a way, like in Zermatt, where we control most of the retail store, for example. Actually, they are renting to us in a way. We can upgrade the shopping experience. This is attracting a new clientele for the summer, and it helps us improve the pricing of the hotels in the summer because of this new clientele. The same in Interlaken, where we are so strong that we can also shape a bit the winter destination or do partnerships locally. It is a long game, but in both destinations, we can certainly improve this pricing for summer and winter. Let us say, pricing is more important than occupancy at this stage.

Speaker #3: Like in Zermatt, where we control most of the retail stores, for example. Actually, they're renting to us in a way, so we can upgrade the shopping experience, and this is attracting a new clientele for the summer.

Speaker #3: And it helps us improve the pricing of the hotels in the summer because of this new clientele. The same in Interlaken, where we are so strong that we can also shape a bit the winter destination, or do partnerships locally too.

Speaker #3: So it's a long game, but in both destinations we can certainly improve this pricing for summer and winter. But let's say pricing is more important than occupancy.

Speaker #3: At this stage.

Speaker #1: Okay, thank you very much. Maybe, if there's room for one last question—it's on a totally different topic. It's concerning Viva. Are you confident about reaching the break-even point of 10,000 members by the end of 2026 or early 2027?

Arthur Kunz: Okay, thank you very much. Maybe if there is space for one last question, it is on a totally different end. It is concerning Viva. Are you confident toward reaching the breakeven point of 10,000 members by the end of 2026 or early 2027?

Arthur Kuntz: Okay, thank you very much. Maybe if there is space for one last question, it is on a totally different end. It is concerning Viva. Are you confident toward reaching the breakeven point of 10,000 members by the end of 2026 or early 2027?

Speaker #3: Yes, we are. Because of the new region and because of the potential in, in fact, all four regions. So we are very confident that we will double our members' population—or members population—but the Bern area is a very interesting one.

Fabrice Tuchschmid: Yes, we are, because of the new region and because of the potential on impact all the four regions. We are very confident that we will double our members population, but Bern area is a very interesting one, and we already feel a very strong interest in Ticino. In fact, without knowing the new premiums, there are already many people who have already chosen to be part of our venture, to be part of Viva. I think it is a new offer, and it is absolutely logical, but you need time. As I have said, it was exactly what we had in mind as we talked about our business plan. In fact, we are even better than we thought. I would like to enlighten the very good performance, not only on the efficiency, et cetera, but also on the quality.

Fabrice Zumbrunnen: Yes, we are, because of the new region and because of the potential on impact all the four regions. We are very confident that we will double our members population, but Bern area is a very interesting one, and we already feel a very strong interest in Ticino. In fact, without knowing the new premiums, there are already many people who have already chosen to be part of our venture, to be part of Viva. I think it is a new offer, and it is absolutely logical, but you need time. As I have said, it was exactly what we had in mind as we talked about our business plan. In fact, we are even better than we thought. I would like to enlighten the very good performance, not only on the efficiency, et cetera, but also on the quality.

Speaker #3: And we already feel a very strong interest in Ticino. In fact, even without knowing the new premiums, there are already many people who have chosen to be part of our venture, to be part of Viva. And I think it's a new offer, and it's absolutely logical that you need time. As I said, it was exactly what we had in mind when we talked about our business plan.

Speaker #3: In fact, we are even better than we thought, and I would like to highlight the very good performance, not only on the efficiency, etcetera, but also on the quality. And we have very, very positive feedback, for example, from people suffering from chronic disease who told us, 'It's the best product, the best service; we dreamt of this level of service.'

Fabrice Tuchschmid: We have very, very positive feedbacks of, for example, people suffering from chronic disease who told us it is the best product, the best service, that we dreamt of its level of service. I think that it will help us to reach new heights and absolutely combining both effects, efficiency on one side and the fact that we have certainly, I hope, more than doubled our members population. We will certainly reach the goal that we have always set for the fourth year.

Fabrice Zumbrunnen: We have very, very positive feedbacks of, for example, people suffering from chronic disease who told us it is the best product, the best service, that we dreamt of its level of service. I think that it will help us to reach new heights and absolutely combining both effects, efficiency on one side and the fact that we have certainly, I hope, more than doubled our members population. We will certainly reach the goal that we have always set for the fourth year.

Speaker #3: So I think that with it will help us to reach new heights and absolutely combining both effects efficiency on one side and the fact that we certainly I hope more than doubled the population our members population we will certainly reach the goal that we have always set for the fourth year.

Speaker #1: Thank you very much.

Arthur Kunz: Thank you very much.

Arthur Kuntz: Thank you very much.

Speaker #3: You're welcome.

Fabrice Tuchschmid: You are welcome.

Fabrice Zumbrunnen: You are welcome.

Operator: Seems to be no further questions. I would repeat, if you would like to ask a question, you could press the star nine and pound key on your telephone keypad or use the dial-in function in the webcast and raise your hand. I will wait a little bit to see if anyone has any questions. Yes, Matthias Huber from Virium AG. Floor is yours.

Speaker #2: It seems there are no further questions. I would repeat, if you would like to ask a question, you can press star 9 and the pound key on your telephone keypad, or use the dial-in function in the webcast and raise your hand.

Speaker #2: I'll wait a little bit to see if anyone has any questions. Yes, Matthias Huber from Verium AG, the floor is yours.

Speaker #4: Yes, hello. I hope you can hear me. I have a question regarding some of the parts of the valuation, and specifically for the Swiss Medical Network. You showed CHF 1.5 billion.

Matthias Huber: Yes. Hello. I hope you can hear me. I have a question to the sum of the parts valuation, and specifically for the Swiss Medical Network, you showed CHF 1.5 billion. Can you elaborate a little bit what are the underlying multiples and EBITDA assumptions you used for this calculation?

Speaker #4: Can you elaborate a little bit on what the underlying multiples and EBITDA assumptions were that you used for this calculation?

Speaker #3: Sure. This was made on the Swiss Medical Network side. It was made in the previous transaction. So, we took the existing transactions when Visa now took a stake in Swiss Medical Network—when the company paid, how much they paid, and so on.

Fabrice Tuchschmid: Sure. This was made on the Swiss Medical Network side. It was made on the previous transaction. We took the existing transactions, when Visana took a stake in Swiss Medical Network, when the Kantonsspital Aarau, how much they paid and so on. We took the real transaction, and this is how we calculated that. I can elaborate more directly if you want, to give you the details of the amount that was paid and so on separately. But this is the approach. Typically for the sum of the part, for each segment, it is rather related to the balance sheets, like an accounting NAV, if you want, or, in the case of the hotels, the operating part, it is based on DCF, and for the SMN part, it is based on this transaction. Now, obviously, you can relate it indirectly to multiples, looking at the EBITDA.

Fabrice Zumbrunnen: Sure. This was made on the Swiss Medical Network side. It was made on the previous transaction. We took the existing transactions, when Visana took a stake in Swiss Medical Network, when the Kantonsspital Aarau, how much they paid and so on. We took the real transaction, and this is how we calculated that. I can elaborate more directly if you want, to give you the details of the amount that was paid and so on separately. But this is the approach. Typically for the sum of the part, for each segment, it is rather related to the balance sheets, like an accounting NAV, if you want, or, in the case of the hotels, the operating part, it is based on DCF, and for the SMN part, it is based on this transaction. Now, obviously, you can relate it indirectly to multiples, looking at the EBITDA.

Speaker #3: So, we took the real transaction, and this is how we calculated that. I can elaborate more directly if you want, to give you the details of the amount that was paid, and so on.

Speaker #3: Separately, yeah. But this is the approach. Typically, for the sum of the parts for each segment, it's rather related to the balance sheets.

Speaker #3: Like an accounting NAV, if you want. Or, in the case of the hotels, the operating part is based on DCF, and for the SMN part, it's based on this transaction.

Speaker #3: Now, obviously you can relate it indirectly to multiples by looking at the EBITDA. So then somebody could check what would be the implied EBITDA or EV/EBITDA multiples for this.

Michel Keusch: Somebody could check what would be the implied EBITDA or easy EBITDA multiples for this. But this is something that can be derived indirectly if you want. It was not the starting point. Doing this, obviously, you would see multiples which are certainly high because it is capturing also the strong growth we expect looking forward in the next couple of years in EBITDA, and also the growth which is coming from the Viva project. Which, as you know, was costing money until now, and now is turning breakeven, and from now on will be scalable, actually, and highly profitable. This in itself has also a big value.

Speaker #3: But this is something that can be derived indirectly, if you want. It was not the starting point. Doing this, obviously you would see multiples, which are certainly high because it’s also capturing the strong growth we expect looking forward in the next couple of years in EBITDA.

Speaker #3: And also the growth which is coming from the Viva project, which as you know was costing money until now and now is turning break-even.

Speaker #3: And from now on, it will actually be scalable and highly profitable. So this, in itself, also has significant value.

Speaker #4: So does that mean that you expect a better result in the Swiss Medical Network with respect to EBITDA in the second half of the year compared to the first half, and also in the coming years as well?

Matthias Huber: Does that mean that you expect for the H2 of the year a better result in Swiss Medical Network in respect to EBITDA than in the H1 and the coming years as well?

Fabrice Tuchschmid: Why do you say that? A better H2 than H1?

Fabrice Zumbrunnen: Why do you say that? A better H2 than H1?

Speaker #3: Why do you say that? Is H2 better than H1?

Speaker #4: No. Last year, the result was weaker in half two than in half one in the Swiss Medical Network. So, this year you expect a better result than in half one.

Matthias Huber: No, last year, the result was weaker in H2 than in H1 in the Swiss Medical Network. So this year, you expect a better result than in H1.

Fabrice Tuchschmid: I think we can say so. In fact, the second part of the year is a bit weaker, but we are very confident that we will improve our performance comparing it with the H2 of 2025. But per se, I do not think that it will be better than the H1 of that. But we are, as I have mentioned, on the right track, in good track, and there is no reason that we would stop the improvements. So in this way, yes, we are confident, but there is also a certain seasonality, not so obvious than in the hospitality business, but there is also a small seasonality effect here in the healthcare business. But we will certainly improve our performance comparing to the H2 of last year.

Fabrice Zumbrunnen: I think we can say so. In fact, the second part of the year is a bit weaker, but we are very confident that we will improve our performance comparing it with the H2 of 2025. But per se, I do not think that it will be better than the H1 of that. But we are, as I have mentioned, on the right track, in good track, and there is no reason that we would stop the improvements. So in this way, yes, we are confident, but there is also a certain seasonality, not so obvious than in the hospitality business, but there is also a small seasonality effect here in the healthcare business. But we will certainly improve our performance comparing to the H2 of last year.

Speaker #3: I think we can't say so. In fact, the second part of the area is a bit weaker, but we are very confident that we will improve our performance in comparison, comparing it with the second half year of 2025.

Speaker #3: If it's the... but the per se, I don't think that it will be better than the first after that. But we are, as I've mentioned, on the right track and on a good track, and we are very—there is no reason that we would stop the improvements.

Speaker #3: So, in this way, yes, we are confident, but there is also a certain seasonality—not as obvious as in the hospitality business—but there is a small seasonality effect here in the healthcare business as well.

Speaker #3: But we will certainly improve our performance compared to the second half of last year.

Speaker #4: Okay. Thank you.

Matthias Huber: Okay. Thank you.

Speaker #3: You're welcome.

Fabrice Tuchschmid: You are welcome.

Fabrice Zumbrunnen: You are welcome.

Speaker #2: There should be no further questions. With that, I would like to hand over to your host for the closing remarks.

Operator: There will be no further questions. With that, I would like to hand over to your host for the closing remarks.

Speaker #3: So I would like to thank you for your interest in our company. I was very pleased that you asked us questions that also shows that you are very interested in what we are doing, as I've said.

Fabrice Tuchschmid: I would like to thank you for your interest in our company. I was very pleased that you asked us questions. That also shows that you are very interested in what we are doing. As I have said, we are on good track. We are looking forward to the next steps, and we are always pleased to answer your questions in one-to-one. Please don't hesitate to contact us if you need more information. Thank you very much for this very interesting session today. Bye.

Fabrice Zumbrunnen: I would like to thank you for your interest in our company. I was very pleased that you asked us questions. That also shows that you are very interested in what we are doing. As I have said, we are on good track. We are looking forward to the next steps, and we are always pleased to answer your questions in one-to-one. Please don't hesitate to contact us if you need more information. Thank you very much for this very interesting session today. Bye.

Speaker #3: We are on a good track. We are looking forward to the next steps, and we are always pleased to answer your questions one-on-one. Please don't hesitate to contact us if you need more information.

Browse all earnings call transcripts

Half Year 2026 Aevis Victoria SA Earnings Call

Request TrialDemo

Aevis Victoria

Earnings