Medicover Ab Class B · OMXSTO:MCOV_B
Medicover Ab Class B — Q3 2026 Earnings Presentation
20 slides from Medicover Ab Class B's earnings presentation, Nov 4, 2026
Slide 1: Results presentation Q3
Results presentation Q3 John Stubbington CEO Anand Patel CFO 4 November 2026
Slide 2: Disclaimer regarding forward-looking statements
DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS This presentation may contain certain forward-looking statements and opinions. Forward-looking statements are statements that do not relate to historical facts and events and such statements and opinions pertaining to the future that, by example, conta
Slide 3: Business overview – Q3
Business overview – Q3 3
Slide 4: Medicover agreed to divest its Indian hospitals to KKR, receiving ~€0.74bn in cash
Medicover agreed to divest its Indian hospitals to KKR, receiving ~€0.74bn in cash €1.2bn 66.1% ~€0.74bn Q4 2026 Gross cash proceeds to Enterprise value Medicover ownership of MHI Expected closing Medicover¹ Medicover and local partners sell 100% of Medicover Hospitals India (MHI) to funds managed
Slide 5: Organic revenue growth of 8.0% and higher margins
Organic revenue growth of 8.0% and higher margins Revenue Organic revenue growth1 Organic revenue growth of 8.0%; reported growth of 6.0% included a 2.0% negative FX impact. €570.8m 8.0% (+6.0%)1 EBIT up 22.0% to €49.3m (€40.4m), a margin of 8.6% (7.5%). Facility network repurposed: less profi
Slide 6: Sound FFS growth and Poland performance drives growth
Sound FFS growth and Poland performance drives growth Revenue breakdown Revenue by country1 Revenue by payer1 +11% 600 +0% +6.0% 10% 570.8 +8% 21% 500 527.8 538.7 +1% 15% 400 440.5 57% 59% 300 +9% 200 16% 22% +5% -1% 100 0 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Group Revenue Continuing Revenue Poland Germa
Slide 7: Healthcare Services – Organic growth of 8.0% with margin expansion
Healthcare Services – Organic growth of 8.0% with margin expansion Revenue by country 1 Revenue -10% €374.7m -1% 12% 5% Revenue up 6.0%, organic growth 8.0%, of which price (+6.0%)1 approximately 6.3pp. FX impact of -1.9%. FFS and other services performed well, driven by 83% +8% sports/wellness
Slide 8: Diagnostic Services – Solid FFS growth and softer performance in Germany
Diagnostic Services – Solid FFS growth and softer performance in Germany Revenue by country1 Revenue +9% €203.8m 14% +2% (+6.3%)1 +17% 41% Revenue up 6.3%, organic growth 8.5%, of which price 12% approximately 4.3pp. FX impact of -2.2%. 14% +9% FFS revenue increased across all key markets, robus
Slide 9: 7.4 months earlier – Oncosentia MRD oncology portfolio expansion
EXPANSION OF THE ONCOLOGY PORTFOLIO · ONCOSENTIA MRD A simple blood test designed to detect early signs of lung cancer returning after treatment 7.4 months earlier 1 Treatment Blood test detects cancer Scan shows relapse Monitoring at No tumour tissue Monitors disease clinically relevant Built to ex
Slide 10: Financial overview – Q3
Financial overview – Q3 10
Slide 11: Organic revenue growth of 8.0% and margins expansion
Organic revenue growth of 8.0% and margins expansion Revenue, €m EBITDA margin +6.0% +0.5pp Revenue increased by 6.0% with an organic growth of 8.0%. 570.8 17.4% 538.7 16.9% EBIT was €49.3m (€40.4m), a margin of 8.6% (7.5%). Net profit amounted to €24.8m (€19.2m), a margin of 4.3% (3.6%). EB
Slide 12: Healthcare Services – margins expansion led by sports/wellness
Healthcare Services – margins expansion led by sports/wellness Revenue, €m EBITDA margin Organic revenue growth of 8.0%, with price representing +6.0% +0.7pp approximately 6.3pp of this growth. 374.7 19.8% 353.6 19.1% EBITDA grew by 9.6% to €74.0m (€67.6m), a margin of 19.8% (19.1%). EBITDAaL
Slide 13: Diagnostic Services – synergies partly offset softer performance in Germany
Diagnostic Services – synergies partly offset softer performance in Germany Revenue, €m EBITDA margin Organic revenue growth of 8.5%, with price representing approximately 4.3pp of this growth. +6.3% −0.2pp EBITDA grew by 5.5% to €37.8m (€35.8m), a margin of 203.8 18.7% 18.5% 18.5% (18.7%). 191.
Slide 14: Other financial metrics
Other financial metrics Leverage1 Effective tax rate, 9M 2.7x 28.0% Continuing operations ROIC2 Free recurring cash flow3 14.0% €50.3m Up from 13.0% at YE25 Down from €56.0m; 8.8% (10.4%) of revenue Net operating cash flow Group total Continuing and discontinued operations €93.8m Down 5.0% from €98.
Slide 15: Capex and investments
Capex and investments Free recurring cash flow and organic growth capex, €m Capex (Group total) Free recurring cash flow Organic growth investment FR C/F % of revenue 60 Maintenance Growth Healthcare Services Diagnostic Services 60 60 11% % of revenue 10.4% 50 7.8% 50 50 11% 40 23% 40 40 10% 5.1% 30
Slide 16: Financial targets 2026-2028, Group total
Financial targets 2026-2028, Group total Organic revenue, €m Adj. organic EBITDA, €m Leverage1: 3,250 600 2,378 2.7x2 388 ≤3.0x can exceed over shorter periods Dividend: ≤50% share of net profit for the year 2025 base 2028 target 2025 base 2028 target Organic revenue Adjusted organic EBITDA Illu
Slide 17: Key takeaways
Key takeaways 17
Slide 18: Key takeaways
Key takeaways Solid quarter with 8.0% organic revenue growth and EBIT up 22.0%. Margins improved from high comparable base, with EBITDA margin at 17.4% (16.9%) and EBIT margin at 8.6% (7.5%). FFS and sports/wellness drove growth, and acquisition synergies supported results. India divestment
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Slide 20: Financial calendar
Financial calendar Date and time Silent period Monday 11 January 2027 Interim report Year-end 2026 / Webcast Wednesday 10 February 2027, 07.45 / 09.30 CET Annual report Week 14 2027 Interim report January-March 2027 / Wednesday 28 April 2027, 07.45 / 09.30 CEST Webcast Annual general meeting 28 Apri