AEVIS (AEVIS) H1 2026 earnings summary

Executive summary

• Investments are concentrated in healthcare (60%), hospitality (20%), and infrastructure, with new ventures in integrated care, innovation, and longevity sectors.

• Achieved stable revenues and higher margins in H1 2026, with net revenue up 0.2% year-over-year to CHF 547.0m and EBITDA up 7.1% to CHF 60.7m.

• Net profit attributable to shareholders rose 30.2% to CHF 5.4 million; operating cash flow increased to CHF 39.0 million from CHF 21.8 million.

• Four investment pillars: focused services to people, hard-to-replicate businesses, strong value creation track record, and a historically high discount to NAV over 50%.

• Major milestone: successful IPO of Infracore, reducing stake to 22.6% and enhancing transparency and liquidity.

Financial highlights

• NAV per share increased 6.8% year-over-year to CHF 26.75; discount to NAV widened to 54%.

• Consolidated gross revenue rose 8.7% year-over-year to CHF 675.5 million; net revenue up 0.2% to CHF 547.0 million.

• EBITDA margin improved to 11.1% (+70bps); EBITDAR margin at 20.5% (up 140bps); EBIT at CHF 19.0m (3.5% margin).

• Net profit increased to CHF 7.5m from CHF 5.1m in H1 2025.

• Net debt at CHF 846 million, with a conservative 45% loan-to-value ratio.

Outlook and guidance

• Continued focus on improving healthcare profitability through cost optimization, ramp-up of acquisitions, and integrated care initiatives.

• Organic growth targeted at 2–3% per annum, with further margin improvement expected from cost optimization and integrated care effects.

• Hospitality segment targets further profitability via land reserves, acquisitions, and enhanced commercial areas, despite market headwinds.

• Group to focus on long-term value creation in healthcare, hospitality, and infrastructure.

• Expectation to improve performance in H2 2026 compared to H2 2025, though seasonality affects results.