Swiss Medical Network Holding SA, the healthcare subsidiary of AEVIS VICTORIA SA («AEVIS»), recorded a strong improvement in profitability in the first half of 2026. EBITDAR increased by 18.8% to CHF 94.0 million and EBITDA by 32.6% to CHF 46.0 million, driven by continued operational improvements across the hospital network and the further development of ambulatory and primary care activities.
Total revenue of the Healthcare segment increased by 12.4% to CHF 563.5 million in the first six months of 2026, compared with CHF 501.4 million in the prior-year period. As previously communicated with the first-quarter results, the increase in reported total revenue mainly reflects the changed presentation of independent physicians’ fees introduced in 2025. Net revenue, which provides a more meaningful measure of the underlying development of activity, increased by 2.1% to CHF 435.0 million. On an organic basis, net revenue increased by 1.4%.
Profitability developed significantly faster than revenue. EBITDAR increased by 18.8% to CHF 94.0 million, corresponding to a margin of 21.6%, compared with CHF 79.2 million and 18.6% in the first half of 2025. EBITDA rose by 32.6% to CHF 46.0 million, with the margin increasing to 10.6% from 8.1% last year. EBIT more than doubled to CHF 15.1 million, compared with CHF 6.3 million in the prior year period. On an organic basis, EBITDAR and EBITDA increased by 17.5% and 30.0%, respectively.
Strong performance of the hospital network
The hospital activities remained the main contributor to the improvement. Total revenue of the Hospitals Group increased by 13.5% to CHF 447.6 million. Net revenue reached CHF 330.3 million, up 0.6%. EBITDAR increased by 13.4% to CHF 82.9 million, with the margin improving to 25.1% from 22.3%. EBITDA rose by 21.0% to CHF 44.9 million, representing a margin of 13.6%, compared with 11.3% in the first half of 2025.
These results still include the negative impact related to Privatklinik Lindberg of close to CHF 2 million on EBITDA level during the first half of 2026. Following the transfer of its medical activities to Privatklinik Bethanien in Zurich and Privatklinik Belair in Schaffhausen, the Lindberg premises will be taken over by Kantonsspital Winterthur as of 1 October 2026. The restructuring will therefore only have a limited positive effect on the 2026 results, while its full impact will become visible in 2027.
Ambulatory and primary care activities continue to improve
The ambulatory and primary care activities continued their positive development. Net revenue increased by 7.0% to CHF 54.9 million, while EBITDAR rose by 77.0% to CHF 6.5 million. The EBITDAR margin increased to 11.8%, compared with 7.1% in the prior year period. EBITDA reached break-even at CHF 0.1 million, compared with a loss of CHF 2.7 million in the first half of 2025.
The first-time consolidation of Radiologia Ticino contributed CHF 2.8 million to net revenue and CHF 1.0 million to EBITDAR during the period. Excluding this change in scope, ambulatory net revenue grew organically by 1.5%, while EBITDAR increased organically by 48.6%.
Integrated care strategy progressing
Swiss Medical Network continues to implement its integrated healthcare strategy, combining hospitals, ambulatory and primary care facilities and insurance partners within regional healthcare networks. The objective remains to improve the quality and coordination of care while creating a structurally more efficient healthcare delivery model.
The strong first-half performance, the continued improvement of the ambulatory platform and the measures already implemented within the hospital network provide a solid basis for the further development of Swiss Medical Network in the second half of 2026 and into 2027.
AEVIS will publish its full Half-Year Report 2026, including detailed information on Swiss Medical Network and its other participations, on 17 September 2026.
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