Slide 1: Web cast presentation - Q3 results presentation
Web cast presentation Q3 results presentation Fredrik Rågmark, CEO & Joe Ryan, CFO 3 November 2023
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: Delivering according to plan
Delivering according to plan Continued strong organic growth 14.9%. Profitability improving, EBITDA margin expanded 140bps. Early stage investments are maturing, but still drag on profitability and margin. Organic capital investments normalise. Indian hospital business EBITDA margin accret
Slide 4: Revenue Q3 – strong growth
Revenue Q3 – strong growth Revenue split per country / payer** Consolidated revenue -15% Revenue €440.5m (€368.6m), +30% 6% 500 up 19.5%, organic growth of 4% 440.5 +8% 14.9%. 11% +19.5% 21.2 +31% 400 48% 368.6 Replaced prior year Covid-19 +27% 13% 335.0 14.2 revenue and revenue from the 49,8 +2
Slide 5: Maturing units and strengthened profitability
Maturing units and strengthened profitability EBITDA €64.8m (€48.8m), increased by 80 25% 32.6%, a margin of 14.7% (13.3%). 20% Adj EBITDA €67.1m (€52.8m), a margin of 60 15.2% (14.4%). 15% Adj EBITDAaL €41.9m (€30.9m), a margin of 40 9.5% (8.4%). 10% EBIT increased strongly by 101.5% to €18
Slide 6: Healthcare Services – impressive growth
Healthcare Services – impressive growth 350 300 Revenue was €304.7m (€230.5m), up 32.2% 250 with an organic growth of 21.9%, price 200 representing ~11.5pp of the growth. 150 100 50 Acquired revenue was €20.0m. 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 2020 2021 2021 2021 2021 2022 2022 2022
Slide 7: Healthcare Services – strong development
Healthcare Services – strong development EBITDA of €46.6m (€32.3m), grew by 44.2%, a 50 25% margin of 15.3% (14.0%). 45 40 20% Margin in MHI has increased by just under 100bps vs Q3 2022, and is accretive to EBITDA 35 in the Q. 30 15% EBITDAaL of €27.8m (€16.7m), a margin of 25 9.1% (7.3%). 20
Slide 8: Strong growth in India's economy and high M&A activity in the healthcare sector
Strong growth in India’s economy and high M&A activity in the healthcare sector 8
Slide 9: Diagnostic Services – healthy development
Diagnostic Services – healthy development 200 Revenue was €140.9m (€142.7m), with an organic growth of 3.5%. 150 100 Organic growth excl Covid-19 was strong at 14.7%, price representing ~4pp. 50 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FFS* represented 67% of divisional revenue. 2020 2020 2021
Slide 10: Diagnostic Services – strong organic development in underlying EBITDA
Diagnostic Services – strong organic development in underlying EBITDA EBITDA of €20.9m (€22.6m), a margin of 60 35% 14.8% (15.9%). 30% 50 EBITDAaL of €14.6m (€16.3m), a margin of 25% 10.3% (11.4%). 40 20% 30 Performed very well, managed to replace 15% nearly all of the Covid-19 contribution wi
Slide 11: Financial overview
a > a MEDICOVER Financial overview
Slide 12: Financials
Financials Adjusted EBITDAaL (EBITDA adjusted for lease costs) – more like cashflow. Very strong growth. Qualitatively significant improvement – C19 replaced by organic recurring revenue. HCS – very clear in margin 9.4%(7.7%). DX – still drag to replace high margin C19 10.7% (11.9%). Dra
Slide 13: Financials
Financials Net debt static, internal cash generation funding new investments & dividend, leverage level coming down. Interest cost increases against backdrop of higher rates, IFRS16 interest charges rates fixed, 3rd party debt part fixed part floating, all in cost effectively 5.5% (incl internal
Slide 14: Financials
Financials Capex reduces to normalised levels. Still at levels which drive superior growth. % of revenue Hospital facilities (RO, IN, PL) approximately 1/3rd for Q and 9M. Lease additions €67.1m. 850k m2 medical space +238k m2 since end 2021, +39%. 14
Slide 15: Financial targets 2023-2025
Financial targets 2023-2025 Revenue, €m Adjusted EBITDA (organic), €m Leverage 2 200 350 1 510 234 ≤3.5x Can exceed over shorter periods Dividend policy, 2022 2025 target 2022 2025 target share of net profit Organic revenue exceeding An adjusted organic EBITDA ≤50% in excess of €2.2bn €350m A 13.4%
Slide 16: Thank you!
=~ MEDICOVER Thank you! CARING FOR YOUR HEALTH IS ALL WE DO
Slide 17: Financial calendar
Financial calendar Report Date Webcast Q4 and year-end-report 9 February 2024, 07.45 CET 09.30 CET Q1-report 26 April 2024, 07.45 CEST 09.30 CEST AGM 26 April 2024 Q2-report 25 July 2024, 07.45 CEST 09.30 CEST Q3-report 30 October 2024, 07.45 CET 09.30 CET 17