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EarningsQ2 2026 Earnings Report
CH:AEVS Q2 2026 EPS Results
Actual EPSCHF0.06
Consensus EPSCHF0.18
Beat/MissMissed by -CHF0.12
One Year Ago EPSCHF0.05
CH:AEVS Q2 2026 Revenue Results
Actual RevenueCHF639.10M
Expected RevenueCHF577.00M
Beat/MissBeat by +CHF62.10M
YoY Revenue Growth+10.81%
Earnings Announcement Details
QuarterQ2 2026
Date09/17/2026
TimeBefore Open
Conference CallThursday, September 17, 2026
CH:AEVS Upcoming Earnings
AEVIS VICTORIA SA's next earnings date is estimated for April 7, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive. Management reported NAV growth, stronger profitability, significant margin expansion at Swiss Medical Network and ambulatory services, lower interest expense, deleveraging, progress in integrated care, and confidence in Viva's membership and breakeven targets. The main challenges were the more-than-50% NAV discount, geopolitical and regional hospitality pressures, loss-making ventures, and short-term profitability declines at turnaround hospitals and Réseau de l'Arc.Company Guidance
Healthcare-Focused Investment Portfolio
Around 60% of AEVIS VICTORIA's investments are in healthcare, with hospitality representing 20% and infrastructure representing a bit more. The portfolio also includes Viva for integrated care, Genolier Innovation Hub for innovation, and Nescens for longevity.
Focused, Hard-to-Replicate Businesses
The company emphasized its focused investment approach in services to people and its leading positions in hard-to-replicate businesses, including Switzerland's leading and only accountable care organization and the leading Swiss luxury hotel group.
Long-Term Value Creation Track Record
Over the past 15 years, AEVIS VICTORIA shares returned more than 10% per annum on average, versus 8% for the SPI. The sum of the parts increased by a factor of 19x from 2011 to 2026.
Net Asset Value Growth
H1 2026 NAV was CHF 26.75, an increase of almost 7% versus the prior year and 2.3% versus the last year-end level.
Improved Consolidated Profitability
The company reported a strong increase in net profit, very good EBITDA, and improvement in consolidated margins at both the EBITDA and EBIT levels.
Value-Crystallization and Investor-Relations Catalysts
AEVIS VICTORIA is evaluating sales of stakes to strategic shareholders across its portfolio, including a search for strategic investors in Swiss Medical Network. The company is also increasing roadshows, capital markets days, and financial transparency.
Nearly Quintupled Share Liquidity
Average daily liquidity has nearly quintupled over the past two years, according to management.
Swiss Medical Network Margin Expansion
Swiss Medical Network delivered resilient growth and increased its EBITDA margin from 18.6% to 21.6%. Management attributed the improvement to ramping up previously unprofitable hospitals and maintaining strong control over material and personnel costs.
Ambulatory Services Turned EBITDA Positive
Ambulatory-services EBITDA margin improved strongly from 7.1% to 11.8%, and the business was EBITDA-positive for the first time. Management described ambulatory services as a strategic segment for integrated care.
Resilient Hospitality Performance
Despite a challenging environment and tensions in the Middle East, hospitality delivered 1% growth with a stable EBITDA margin. Management said the performance was resilient and that the group was better than the overall industry.
Underlying Real-Estate Growth and Conservative Leverage
Although reported real-estate revenue and EBITDA declined because the prior year included CHF 10 million of nonrecurring profits from property sales in Zermatt apartments, management said the underlying business is growing, with margins consistently at 90%-91%. Market value improved, debt declined, and loan-to-value fell to 45%.
Lower Interest Expense
Interest expenses declined 43% year on year, supported by lower interest rates and reduced debt.
Sound Financial Framework
Consolidated net debt was CHF 846 million, with the bulk held under Swiss Hotel Properties as mortgage-based debt at a 45% loan-to-value ratio. Swiss Medical Network's net debt-to-EBITDA was around 2.2x-2.3x, following deleveraging over the past two years.
Healthcare Profitability Improvement Plan
Management outlined a path to increase healthcare profitability from 16% to more than 20%, with a target of 23% margin and organic growth of 2%-3% per year. More than 50% of hospitals are mature hospitals that could reach EBITDA margins above 25%-26%, while ramp-up hospitals were at approximately 10%-20% EBITDA and had shown good progress over the past six months.
Integrated-Care Expansion
AEVIS VICTORIA operates three integrated-care regions and plans to open a new region in the Bern area next year. The model achieved a 16% cost improvement in its second year, has already reached the medium-term 15%-20% goal, and has long-term potential of 25%-30%. Management aims to double membership every year and said the business is ahead of plan.
Hospitality Growth Opportunities
Management cited existing land reserves, potential acquisitions, and opportunities to improve the profitability of commercial rental and retail areas. Initiatives such as gastronomy and spa offerings are helping attract guests during lower seasons.
Guest-Mix Diversification
A strong decline in guests from Asia and the Middle East was compensated by increased guests from the U.S. and Europe. Management said the iconic hotels remained resilient and that the seasonal gap was already smaller than two years ago.
Improved RevPAR Strategy
There is no formal occupancy target; management is focused on increasing RevPAR, primarily through pricing while avoiding an adverse effect on occupancy. Occupancy was described as roughly flat at approximately 55%, and management said it could improve pricing in both Zermatt and Interlaken.
Portfolio Monetization Progress
Management highlighted the recent IPO of Infracore and said it sees significant potential for the business. It also reported interest from potential investors in Swiss Medical Network, Nescens longevity, and innovation-related activities.
Viva Membership and Breakeven Confidence
Management expressed confidence in reaching the breakeven point of 10,000 members by the end of 2026 or early 2027. It expects to double the member population, cited strong interest in the Bern area and Ticino, and said performance was even better than planned, with positive feedback from people with chronic diseases.
CH:AEVS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed