Aevis Victoria increased its consolidated total revenue in 2025 by 14.3% to CHF 1.2 billion. Its holdings in the healthcare, hospitality, and real estate sectors delivered solid operating performance, according to a statement released Thursday.

Net revenue rose by 13.5% to CHF 1.1 billion. Growth was driven primarily by the hospital group Swiss Medical Network (SMN), which expanded its activities and significantly strengthened its position in the Swiss healthcare market. The hospitality and real estate subsidiaries also posted growth.

Consolidated EBITDAR declined to CHF 166.6 million from CHF 172 million the previous year. Consolidated EBITDA came in at CHF 72.5 million (2024: CHF 89.2 million). The group reported a consolidated loss of CHF 25.6 million for the financial year, compared to a loss of CHF 8.3 million in 2024. Aevis attributed the shortfall mainly to the lack of M&A transactions.

Progress in Strategy Execution

The company described 2025 as an important year marked by progress in executing its strategy and ongoing value creation. Investments in future growth temporarily impacted margins.

Over the course of the year, Aevis reduced net debt by CHF 113.3 million to CHF 838.9 million. The debt ratio declined from 53.4% to 49.8%, while the equity ratio improved to 29.1%. Overall, Aevis stated that its financial position remains solid, with about half of its liabilities tied to real estate or infrastructure assets.

Positive Outlook for Hospital Business

For 2026, SMN is expected to see “another positive development.” The company forecasts EBITDA of CHF 75–85 million for the current year, along with a return to net profit. No guidance was provided for the hospitality segment, citing the inherently limited predictability of that business.

No dividend will be paid.

In related news, Infracore, a real estate company affiliated with Aevis, made headlines this week after completing a sale-and-leaseback transaction with See-Spital in Horgen.