AEVIS (AEVIS) H2 2025 earnings summary

Executive summary

• Consolidated turnover/net revenues increased by 13.5% year-over-year to CHF 1,055.1 million, driven by acquisitions and strong healthcare and hospitality performance.

• Net asset value (NAV) per share rose 7.8% to CHF 26.15, with the share price trading at a record 49–51% discount to NAV.

• Strategic focus on integrated care, value-based healthcare, M&A, and operational optimization to drive future profitability.

• Continued deleveraging, reducing net debt by CHF 113 million and improving leverage and equity ratios.

• Achieved strong value creation and solid operational performance across portfolio companies, despite temporary margin pressure from investments.

Financial highlights

• EBITDA margin declined due to lower-margin acquisitions and investments, with EBITDA at CHF 72.4–72.5 million and margin at 6.9%.

• Free cash flow reached CHF 128.6–129 million, enabling debt reduction.

• Real estate segment (Swiss Hotel Properties) market value increased 2.3% to CHF 900–901.8 million, with EBITDA up 52%.

• Infracore (30% stake): Market value CHF 1.41–1.412 billion (+6%), strong EBITDA margin, LTV at 44.5%.

• Leverage ratio reduced from 53.4% to 49.8–49.9%; equity ratio improved to 29.1%.

Outlook and guidance

• Swiss Medical Network targets 2–3% organic growth per annum and EBITDAR margin above 20.5% in 2026, with EBITDA expected between CHF 75–85 million and a return to positive net profit.

• Margin improvement drivers include normalization of electricity costs, cost optimization, and turnaround of acquired hospitals.

• Hospitality segment started the year well, but no specific guidance provided due to limited visibility.

• Infracore plans to expand infrastructure offerings and is considering broadening its capital base, potentially via IPO.