AEVIS Victoria SA posted stronger-than-expected results for the first half of 2026, prompting its shares to climb 4.38% from $13.70 to $14.30, a new 52‑week high within a $11.50‑$14.30 range.
The group’s net asset value (NAV) rose to CHF 26.75 per share, up 6.9% year‑over‑year and 2.3% from the end of 2025. Management highlighted that the market discount to NAV now exceeds 50%, the widest on record for the company.
Consolidated net debt stood at CHF 846 million, with the bulk tied to Swiss Hotel Properties (SHP) mortgage financing. The real‑estate unit’s loan‑to‑value ratio improved to 45%, and interest expense fell 43% compared with the same period a year earlier.
Healthcare remained the dominant investment focus, accounting for roughly 60% of group capital. Swiss Medical Network delivered an EBITDA margin of 21.6%, up from 18.6% a year earlier, and the company reaffirmed its target of exceeding a 23% margin over the longer term, driven by 2‑3% annual organic growth.
Ambulatory services turned profitable for the first time, with EBITDA margin climbing from 7.1% to 11.8%. CFO Michel Keusch noted the shift from an EBITDA loss to a positive figure as a key driver of the improved results.
The hospitality segment recorded modest revenue growth of 1% year‑over‑year despite weaker demand from Asia and the Middle East, offset by stronger U.S. and European traffic. EBITDA margins remained stable, reflecting internal rent adjustments following an eight‑year capital‑expenditure cycle at properties such as Victoria‑Jungfrau.
Swiss Hotel Properties continued to generate high returns, posting EBITDA margins of 90‑91%. The unit’s profitability underpins the group’s overall debt reduction and cash‑flow generation.
Viva, the integrated care model, reported a 16% cost improvement in its second year. The venture aims to reach 10,000 members by the end of 2026 or early 2027 and plans to launch a fourth regional hub in Bern, with exploratory work in Ticino.
CEO Fabrice Zumbrunnen praised the cost improvements and market positioning, describing Viva’s performance as “best in class” and emphasizing the group’s capitation model as a competitive advantage.
Over the past 15 years, AEVIS Victoria’s share price has delivered an average annual return of more than 10%, outpacing the Swiss Performance Index’s 8% return over the same period.
