Medicover Ab Class B · OMXSTO:MCOV_B
Medicover Ab Class B — Q4 2025 Earnings Presentation
22 slides from Medicover Ab Class B's earnings presentation, Feb 10, 2026
Slide 1: Results presentation Q4
Results presentation Q4 q John Stubbington, CEO Anand Patel, CFO 10 February 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 – Q4
a > a MEDICOVER Business overview - Q4
Slide 4: Q4 highlights – continued strong performance and margin expansion
Q4 highlights – continued strong performance and margin expansion Performance remained strong, driven by continued Revenue Organic revenue growth demand across the markets, primarily from FFS, with improved margins and cost control. €611.7m 10.6%1 (+10.0%)1 Softness in certain lines as predicted
Slide 5: Solid growth in Poland, Romania and FFS
Solid growth in Poland, Romania and FFS Revenue breakdown Revenue by country1 Revenue by payer1 611.7 -7%2 +10.0% +19% 600 +2% 555.8 5% 19.5 +0%3 4% +20.3% 20% 500 461.9 9% +16.1% 397.7 400 13% 300 592.2 +12% 54% 60% 20% 200 +16% +2% 15% +16% 100 +0% 0 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Revenue Acquire
Slide 6: Healthcare Services – strong organic growth and margin expansion
Healthcare Services – strong organic growth and margin expansion Revenue Revenue by country1 Revenue growth at 8.5% with organic growth of 11.0%. Price accounted for approximately 6.2pp of the €426.8m +7% -40%3 5% increase. Total growth impacted by the exit from (+8.5%)1 11% +16% Hungary and fx ef
Slide 7: Diagnostic Services – consistent strong momentum across the business
Diagnostic Services – consistent strong momentum across the business Revenue Revenue by country1 Revenue increased by 13.5%, organic growth was 9.3%. Price accounted for approximately 2.5pp of the €192.0m +59% increase. (+13.5%)1 15% +20% +1% Double digit growth in all FFS markets, supported by
Slide 8: Business overview – 2025
a > a MEDICOVER Business overview —- 2025
Slide 9: 2025 a strong year
2025 a strong year 12.7% Strong track record - exceeded the financial targets (2023-2025) for the third time since the IPO. Navigated German reform well and emerged stronger. Strong organic growth supported by acquisitions. Average return on invested capital (ROIC)3 at 13.0% Organic revenue
Slide 10: Successful achievement of targets 2023-2025
Successful achievement of targets 2023-2025 Revenue, €m Adjusted EBITDA, €m 15.5% 3-year CAGR 2,329 16.4% 3-year CAGR 369 Leverage1 3.1x YE 25 ≤3.5x 2,092 300 1,510 1,746 234 254 Can exceed over shorter periods Dividend proposal 2022 base 2023 2024 Outcome 2025 2022 base 2023 2024 Outcome 2025 39%
Slide 11: Financial overview
Financial overview a > a MEDICOVER 11
Slide 12: Solid quarter with healthy growth and margin expansion
Solid quarter with healthy growth and margin expansion Revenue amounted to €611.7m (€555.8m), an Group revenue and EBITDA development by quarter increase of 10.0% with an organic growth of 10.6%. 700 18% Acquired revenue was €19.5m. EBIT was €35.2m (€23.3m), a margin of 5.7% (4.2%). 600 16% Ne
Slide 13: Healthcare Services – strong margin expansion primarily driven by Poland and Romania
Healthcare Services – strong margin expansion primarily driven by Poland and Romania Organic revenue growth of 11.0%, with price representing Revenue and EBITDA development by quarter approximately 6.2pp of this growth. 450 20% EBITDA grew by 23.1% to €72.5m (€59.0m), a margin of 400 18% 17.0% (
Slide 14: Diagnostic Services – solid volume growth & FFS supported profit improvement
Diagnostic Services – solid volume growth & FFS supported profit improvement Organic revenue growth of 9.3%, with price Revenue and EBITDA development by quarter representing approximately 2.5pp of this growth. 250 25% EBITDA of €33.3m (€27.2m), a margin of 17.3% (16.1%), a 1.2pp margin expansio
Slide 15: Strong year with solid growth and margin expansion
Strong year with solid growth and margin expansion Revenue amounted to €2,378.1m (€2,091.8m), an Group revenue and EBITDA development by year increase of 13.7% with an organic growth of 12.7%. Acquired revenue was €65.3m. 2,500 20% EBIT was €155.7m (€70.3m), a margin of 6.5% (3.4%). 2,000 16%
Slide 16: Other financial metrics
Other financial metrics Leverage1 decreased to 3.1x from 3.4x at YE 24. Effective tax rate at 26.1% (27.4%) at YE 25. In the quarter net cash flow from operating activities was €100.1m (€64.2m), up 56.0%. In the year, it increased by 31.2% to €343.7m (€261.9m). In the quarter, free recurring
Slide 17: Capex and investments
Capex and investments Free recurring cash flow and organic growth capex, €m Capex, €m 80 Maintenance Growth Healthcare Services Diagnostic Services 80 Free recurring cash flow Organic growth investment FR C/F % of revenue 9.4% 70 70 60 10% % of revenue 8.4% 9% 9.3% 60 60 50 7.6% 8% 50 50 7% 7.3% 40
Slide 18: New financial targets 2026-2028
New financial targets 2026-2028 - reflect our ambition and potential Organic revenue, €m Adj. organic EBITDA, €m Leverage1: ≤3.0x can exceed over shorter periods 3,250 600 2,378 388 Dividend: ≤50% share of net profit for the year 2025 base 2028 target 2025 base 2028 target Illustrative equivalen
Slide 19: Key takeaways
a > a MEDICOVER Key takeaways
Slide 20: Key takeaways
Key takeaways 2025 a strong year marking the successful achievement of exceeding the three-year financial targets. Organic growth and improved margins within both divisions driven by FFS. Room for continued growth and margin expansion with focus on network and product expansion, capacity utilisation
Slide 21: Medicover – caring for your health is all we do
MEDICOVER CARING FOR YOUR HEALTH IS ALL WE DO
Slide 22: Financial calendar
Financial calendar Date and time Investor Update Wednesday 11th February at 13.00 CET Silent period Monday 30th March Interim report Q1 / Webcast Wednesday 29th April at 07.45 CEST / 09.30 CEST Annual general meeting Wednesday 29th April at 13.00 CEST Silent period Tuesday 23rd June Interim report Q