AEVIS (AEVIS) H2 2024 earnings summary

Executive summary

• Statutory net profit reached CHF 26.5m, reversing a prior year loss, reflecting a strong financial turnaround and value creation across segments.

• Equity rose to CHF 573.4m, now 70.1% of total assets, strengthening the capital base.

• Focus on healthcare, hospitality/lifestyle, and real estate, with value creation at the operating entity level.

• Significant portfolio growth, asset disposals, and deleveraging contributed to improved liquidity and reduced debt.

• Continued focus on integrated care in healthcare and premiumization in hospitality.

Financial highlights

• Net profit of CHF 26.5m in FY 2024, compared to a loss of CHF 8.8m in 2023.

• Total consolidated revenue grew to CHF 1,057.2m from CHF 953.0m year-over-year.

• EBITDA rose to CHF 89.2m (9.6% margin) from CHF 40.4m (4.8%).

• Book value of participations at CHF 655.9m, with sum-of-the-parts market value exceeding CHF 2bn.

• Market capitalization at CHF 1bn as of April 2025, reflecting a 50% discount to intrinsic value.

Outlook and guidance

• Swiss Medical Network revenue up 24.7% in the first two months of 2025, with 4% organic growth.

• Hospitality segment expects further improvement, supported by a strong winter season and premiumization strategy.

• Infrastructure segment anticipates positive tenant performance to be reflected in year-end valuations.

• Dividend payments expected to resume from 2025, with 2024 profits prioritized for deleveraging.

• No consolidated revenue or margin targets issued for 2025 due to macroeconomic uncertainties.