AEVIS VICTORIA SA – Swiss Medical Network significantly improves its operating profitability in the first quarter of 2026

Press release

Fribourg, 6 May 2026

AEVIS VICTORIA SA (AEVS.SW) – Swiss Medical Network significantly improves its operating profitability in the first quarter of 2026

Swiss Medical Network Holding SA posted a solid first quarter in 2026, marked by steady growth in net revenue and a significant improvement in its operational indicators. These results confirm the initial positive effects of the restructuring measures initiated in 2025, as well as the Group’s ability to strengthen its profitability in a Swiss hospital environment that remains challenging.

As at 31 March 2026, total revenue for the Healthcare segment amounted to CHF 291.4 million, compared to CHF 258.6 million in the first quarter of 2025, representing an apparent increase of 12.7%. However, this trend should be interpreted with caution. It mainly reflects the gradual inclusion, during the 2025 financial year, of fees from independent physicians in revenue, following the introduction of new tariff agreements by complementary health insurers. This change in presentation has created comparison distortions between the two periods, as the new tariffs were introduced gradually throughout 2025. In 2026, the situation has now been standardized across all insurers and all Group entities.

In this context, net revenue is a more relevant indicator of the actual business performance. It reached CHF 226.0 million in the first quarter of 2026, compared to CHF 222.7 million a year earlier, representing a 1.5% increase.

Profitability improved much more markedly. EBITDAR reached CHF 49.3 million, compared to CHF 42.5 million in the first quarter of 2025, an increase of 16.0%. The EBITDAR margin thus improved from 19.1% to 21.8% of net revenue. EBITDA amounted to CHF 25.2 million, up 21.3%, with the EBITDA margin rising from 9.3% to 11.2%. EBIT increased by 47.4% to CHF 10.0 million, compared to CHF 6.8 million a year earlier.

This improvement reflects the first tangible effects of the restructuring measures initiated in 2025. These measures enabled better cost control and improved operational efficiency. Other operating expenses thus decreased by 16.0% to CHF 26.2 million, compared to CHF 31.1 million in the first quarter of 2025. Production costs also declined by 1.4%, despite overall stable to slightly positive activity.

Hospital operations contributed significantly to this momentum. The Hospitals Group reported net revenue of CHF 173.6 million, up 1.7%. Its EBITDAR increased by 12.4% to CHF 43.9 million, while EBITDA rose by 17.6% to CHF 24.8 million. The EBITDAR margin for hospital activities reached 25.3% (2025: 22.9%) and the EBITDA margin 14.3% (2025: 12.3%).

The integration of Spital Zofingen is progressing as planned. Swiss Medical Network continues the work required to establish its operational and administrative independence from Kantonsspital Aarau. This phase is expected to be completed by 1 January 2027, and will enable Zofingen to fully benefit from medical, operational and administrative synergies with Swiss Medical Network.

Swiss Medical Network has also announced the transfer of Privatklinik Lindberg’s operations to Privatklinik Bethanien in Zurich and Privatklinik Belair in Schaffhausen. This measure reflects the Group’s intention to focus its activities on sites with stronger medical, operational and economic potential. However, Lindberg will continue to weigh on Swiss Medical Network’s financial results until the end of September 2026, at which point the lease for the building – owned by Infracore SA – will be gradually taken over by Kantonsspital Winterthur.

The outpatient and primary care segment also continued its improvement trajectory. Net revenue reached CHF 27.7 million, up 0.8%. EBITDAR amounted to CHF 3.6 million, an increase of 69.6%, with a margin of 12.9%, significantly up from 7.7% a year earlier. EBITDA switched to positive territory at CHF 0.4 million, compared to a loss of CHF 1.1 million in the first quarter of 2025. The EBITDA margin confirms the recovery, reaching 1.5% compared to -3.9% in the same period of the previous year. This trend confirms the turnaround and growth potential of outpatient activities, which are set to play a central role in the evolution of the Swiss healthcare system.

The introduction of TARDOC appears, at this stage, to have an overall neutral impact on hospital activities. It supports the structural shift toward more outpatient care. Similarly, the implementation of EFAS should gradually strengthen incentives for better coordination between inpatient, outpatient and primary care. This development is fully in line with Swiss Medical Network’s strategy, which has been developing integrated care models for several years – models that are more efficient, closer to patients, and better aligned with the real needs of the healthcare system.

Fabrice Zumbrunnen, Delegate of the Board of Directors of Swiss Medical Network Holding, stated: «The first quarter of 2026 confirms that the decisions taken in 2025 are beginning to bear fruit. Beyond the presentation effects related to the new tariff agreements with complementary insurers, the growth in net revenue and, above all, the improvement in EBITDAR and EBITDA demonstrate that operational improvement is real. We are continuing the integration of Zofingen, the streamlining of our hospital portfolio, and the development of outpatient and primary care. Our objective remains unchanged: to build an integrated, sustainable, and economically responsible healthcare model. »

Swiss Medical Network enters the remainder of the 2026 financial year with confidence, while maintaining strict cost discipline and paying close attention to developments in the tariff framework. The Group will continue its efforts in operational optimization, integration of its facilities, and development of outpatient and integrated care, with the aim of sustainably consolidating its improved profitability.

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

About Swiss Medical Network
Swiss Medical Network is one of Switzerland's two leading private clinic and hospital groups. With a nationwide network of 19 clinics, hospitals and over 80 outpatient centres, the group covers a comprehensive range of medical services and offers patients access to high-quality care in 16 cantons. Swiss Medical Network is a pioneer in integrated care. With its VIVA healthcare plan and regional care networks, the group promotes coordinated, patient-centred treatment, setting new standards in Swiss healthcare.  Swiss Medical Network Holding is majority-owned by AEVIS VICTORIA SA, which is listed on the SIX Swiss Exchange. www.swissmedical.net.

About 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.