Investor Report 2024

Dear investors,
let us first thank you for your trust and cooperation, we appreciate your favour and we are glad that you are as interested in the spa industry and investment in it as we were many years ago. We would also like to thank the employees and management of all the companies in our portfolio and especially our colleagues from Františkovy Lázně AQUAFORUM a.s. for their full commitment and professional care for patients and clients. This is where real added value is created.

Results and activities in 2024

Met or exceeded targets in all key criteria
and achieved the expected performance.

In the past year, we have managed to achieve Evaluation investments made in the amount of 15,1* %.
Total cumulative evaluation since the establishment of the Fund already amounts to 25,7 % by the end of 2024.
The total value of assets under management exceeded CZK 650 million. CZK.
Subscription of new investment shares: in 2024, we exceeded our original plan in this respect, confirming the continued investor interest in the spa and healthcare segment.

Plans for 2025

This year, we will further increase our shareholding and strengthen our position in Františkovy Lázně AQUAFORUM a.s.
We will increase the added value in the portfolio of spa houses by implementing projects to upgrade and expand services in several spa facilities already owned by the Fund.
We are preparing to expand our portfolio to include new healthcare providers that will leverage synergies with spa treatments to strengthen our diversification in the healthcare sector.

*The fund's valuation was calculated by multiplying the indices of changes (value ratio) in the sub-fund's NAV in each decision period adjusted for new share subscriptions

IAB performance	k 31. 12. 2024	k 30. 4. 2025
Evaluation p. a.	7,31 %	2,22 %
Overall evaluation	9,69 %	9,69 %
Total value of assets	650+ miles. CZK	650+ miles. CZK

IAD performance	k 31. 12. 2024	k 30. 4. 2025
Evaluation p. a.	12,55 %	2,05 %
Overall evaluation	14,86 %	14,86 %
Total value of assets	650+ miles. CZK	650+ miles. CZK

The Spa Fund SICAV a.s. continues to pursue its investment strategy focused on the stable spa and healthcare sector, creating long-term value for our investors while contributing to the development of one of the traditional and highly valued sectors of the Czech economy.

Thank you again for your support so far. We look forward to our joint success in 2025.

Sincerely,
Management of the Spa Fund SICAV a.s.

Current portfolio

Spa hotel
Metropol

54 rooms with 89 beds

Františkovy Lázně
AQUAFORUM a.s.

One of the largest spa companies in the Czech Republic, it operates approximately 1200 beds

Spa complex
Luisa

Two connected buildings
with 160 beds

Spa complex
Dr. Adler

4 buildings in the city centre
with 305 beds

Operating company Františkovy Lázně AQUAFORUM a.s.

Last year, we acquired a majority stake in Františkovy Lázně AQUAFORUM a.s., one of the most important spa entities in the Czech Republic. It operates almost half of all spa beds in Františkovy Lázně, with an annual turnover exceeding CZK 580 million. CZK and more than 450 employees. Almost 30 thousand patients and guests use spa services here annually.

This investment fulfils our long-term strategy - in addition to investing in spa properties and real estate projects, we now directly own the operating company providing spa treatment. This strategy creates significant synergies that increase stability and profits for our investors.

one of the largest spa companies in the Czech Republic
in Františkovy Lázně operates approximately 1,200 beds in 7 spa resorts and hotels
serves 28,000 patients and guests per year
250,000 bed nights and over 500,000 treatments
operation is provided by a professional team of about 400 employees including doctors, therapists and other professional medical staff
operates a modern spa clinic and the largest balneotherapy centre in Františkovy Lázně in the historic building of the Imperial Spa
is an accredited treatment provider for 10 indication groups and 39 treatment programmes
has valid contracts with all health insurance companies in the Czech Republic and with the Techniker Krankenkasse insurance company from Germany
it has access to natural healing resources (sulphurous-iron peat, mineral springs, spring gas)
also operates the Aquaforum water park, which is part of the Spa Resort Pawlik - AQUAFORUM