Press release

Fribourg, 27 March 2026

AEVIS VICTORIA SA (AEVS.SW) – Swiss Medical Network Holding SA publishes 2025 results and accelerates the expansion of its integrated care model

Swiss Medical Network Holding SA (SMN) closed the 2025 financial year with consolidated gross revenues of CHF 988.5 million, up 21.7% compared to 2024. Net revenues (excluding medical fees) reached CHF 835.1 million, up 21.9%, including 2% organic growth. EBITDAR amounted to CHF 133.0 million, an increase of 16.8%, while EBITDA reached CHF 45.6 million, up 17.0% year-on-year. The EBITDAR margin stood at 15.9% (2024: 16.6%), reflecting the temporary dilutive impact of acquisitions, notably Spital Zofingen and Centromedico. Excluding acquisitions, EBITDAR margin improved to 17.2% (2024: 16.6%), and reached 19.7% in the hospital division (2024: 19.0%). This level of profitability represents an average across all units, with margins ranging from 0% for recently acquired entities to 32% for the most mature hospitals, highlighting the significant upside potential from ramp-up cases. Cash flow from operations amounted to CHF 75.5 million, while Free Cash Flow reached CHF 130.6 million, which allowed the group to significantly deleverage its balance sheet and increase its financial flexibility, with net debt reduced by CHF 112.5 million.

SMN demonstrated strong resilience in profitability, alongside clear underlying improvement, despite several significant headwinds during the year. These included elevated one-off costs related to the integration of Spital Zofingen (notably linked to transitional service level agreements with the former owner Kantonsspital Aarau) and Centromedico; costs associated with the relocation of Montbrillant’s inpatient services to St-Imier and Neuchâtel; the implementation of the electronic health record; continued investments in the expansion of the integrated care model; persistently high electricity costs due to the hedging policy, which expired at year-end; as well as a series of cost optimization measures, with benefits expected from 2026 onwards (including restructuring measures, new IT and facility management contracts).

A transformative year driven by integration and network expansion
2025 was a milestone year for Swiss Medical Network, marked by the successful integration of Spital Zofingen and Centromedico, the latter operating 10 medical centers in Ticino. These acquisitions enabled the Group to strengthen its position as Switzerland’s second-largest private hospital network, expand its integrated care model with two new regions (Rete Sant’Anna in Ticino and Aare-Netz in the Aargau region) and welcome approximately 1’000 new employees.

« 2025 marks a decisive step in the deployment of our integrated care strategy. With the expansion into new regions and the strengthening of our ambulatory network, we are building a scalable and sustainable healthcare model for Switzerland. The number of people insured with VIVA has doubled to over 7’000 and is on track to double again by 2027, reaching critical mass », says Fabrice Zumbrunnen, Delegate of the Board of Directors of Swiss Medical Network Holding SA.

Hospital division: strong performance and international recognition
The hospital division delivered solid operational performance, with gross revenues of CHF 772.7 million and net revenues (excluding medical fees) of CHF 639.1 million, up 3.2%, entirely organic. EBITDAR reached CHF 126.0 million, corresponding to a strong 19.7% margin.

In 2025, Swiss Medical Network achieved a major milestone by joining the Mayo Clinic Care Network with seven institutions, becoming the first healthcare provider in Europe to do so. This partnership further enhances medical quality and provides access to leading international expertise.

Ambulatory care: a key pillar for the integrated care model
The ambulatory division continued its rapid expansion and plays a central role in the Group’s integrated care strategy. In 2025, gross revenues increased by 80.7% to CHF 118.5 million. Net revenues rose by 84% (including 4% organic growth) to CHF 103.6 million. EBITDAR amounted to CHF 6.8 million, corresponding to a 6.6% margin, a significant improvement compared to -5.3% in 2024, confirming the early stages of a turnaround. While profitability remains below the Group average, this reflects deliberate investments to build integrated care regions and prepare for the transition to uniform financing of healthcare services (EFAS). SMN is well positioned for this shift towards ambulatory care.

Outlook 2026: strong start driven by organic growth and improving profitability
In the first two months of 2026, consolidated gross revenue amounted to CHF 180.6 million, representing an increase of 3.3% compared to the same period last year, entirely driven by organic growth. Net revenues (excluding medical fees) amounted to CHF 138.5 million. This performance reflects the solid underlying momentum of the Group’s activities and confirms the resilience of its business model.

Swiss Medical Network expects to continue its positive trajectory in 2026, with a focus on improving profitability of recently acquired entities and further expanding integrated care regions. Based on current assessments, the Group expects no material impact from the newly introduced Swiss TARDOC tariff system. The Group targets organic growth of 2 to 3%, with EBITDAR margin expected to reach above 20.5% in 2026, as well as a further improvement of the EBITDAR margin to around 23% in the mid term. For 2026, SMN expects EBITDA in the range of CHF 75–85 million, with a return to positive net profit. 

For further information: 
AEVIS VICTORIA SA 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, hospitals and over 80 outpatient centres, 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 (30%, directly and indirectly), a real estate company 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.