AEVIS VICTORIA SA – Swiss Medical Network Holding continues to improve profitability: EBITDAR up 17.3% and EBITDA up 41.0% in the first nine months of 2026

Press release

Fribourg, 4 November 2026

AEVIS VICTORIA SA – Swiss Medical Network Holding continues to improve profitability: EBITDAR up 17.3% and EBITDA up 41.0% in the first nine months of 2026

Swiss Medical Network Holding, a subsidiary of AEVIS VICTORIA SA, confirms, over the first nine month of 2026, the positive profitability trend observed in the first half of the year. Gross revenue reached CHF 804.2 million, up 11.3% and net revenue amounted to CHF 620.9 million (+1.2%). EBITDAR increased by 17.3% to CHF 113.8 million, representing a margin of 18.3% (15.8% in the same period of 2025) and EBITDA rose by 41.0% to CHF 41.6 million. EBIT improved by CHF 7.8 million to CHF -5.3 million.

The increase in gross revenue mainly reflects the change in the presentation of independent physicians’ fees, introduced in 2025. Organic net revenue growth, excluding the impact of the first-time consolidation of Radiologia Ticino as of 1 January 2026, stood at 0.5% (1.6% excluding the impact of the restructuring of Privatklinik Lindberg). The improvement in profitability was primarily organic: on a like-for-like basis, EBITDAR increased by 15.6% and EBITDA by 36.1%.

Operating cash flow from the healthcare division reached CHF 55.1 million, compared with CHF 42.4 million a year earlier (+30.1%).

Hospital network: EBITDAR margin exceeds 21%
Gross revenue in the hospital division amounted to CHF 632.9 million (+12.2%), while net revenue stood at CHF 466.3 million, down slightly by 0.5% (up 0.8% excluding the impact of the restructuring of Privatklinik Lindberg). EBITDAR increased by 11.5% to CHF 99.7 million, bringing the margin to 21.4% (19.1% in 2025). EBITDA rose by 22.0% to CHF 42.7 million (a margin of 9.2%, compared with 7.5%), while EBIT returned to positive territory at CHF 1.3 million (CHF -1.9 million in 2025).

The transfer of medical activities from Privatklinik Lindberg to Privatklinik Bethanien (Zurich) and Privatklinik Belair (Schaffhausen) has been completed, and Kantonsspital Winterthur took over the premises on 1 October 2026. The full benefits of this measure will be reflected in the 2027 financial year.

Outpatient and primary care: continued recovery
Net revenue in the outpatient division increased by 5.2% to CHF 80.0 million, including CHF 4.4 million contributed by Radiologia Ticino, consolidated since 1 January 2026. EBITDAR rose by 34.3% to CHF 6.9 million, representing a margin of 8.7% (6.8% in 2025) and the EBITDA loss narrowed to CHF 2.8 million (CHF -4.4 million in 2025). Excluding Radiologia Ticino, EBITDAR increased by 3.0%.

Financing and outlook
The continued improvement in profitability over the first nine months of the year, together with the restructuring measures implemented, provides a solid foundation for the remainder of 2026 and for 2027.

Swiss Medical Network has extended its CHF 150 million syndicated credit facility until 25 April 2028, with an Option to extend it by a further year and has benefited from a 100-basis-point reduction in its financing margin since 30 September 2026.

Swiss Medical Network continues to roll out its integrated care model, bringing together hospitals, outpatient and primary care centres, and partner insurers within regional healthcare networks, while further developing the VIVA health plan.

For further information:
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 and hospitals, 80 outpatient centres and 22 eye clinics, 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

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 (22.6%, directly and indirectly), a listed real estate company (INFRAC.SW) 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