Med Life Sa · BVB:M
Med Life Sa — Investor Presentation (September 2026)
48 slides from Med Life Sa's investor presentation, September 2026
Slide 1: MedLife Group
MedLife Group September 2026 www.medlife.ro www.medlife.ro
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of Med Life S.A.’s securities, or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy Med Life S.A.’s securities. Neither this prese
Slide 3: MedLife at a glance
MedLife at a glance • Leading private healthcare provider in Romania and one of the largest players in CEE. • 24.1% revenue CAGR over the past 5 years, underpinned by both organic growth and M&A. • Balanced and highly synergistic business model, with 6 mutually reinforcing business lines and 2 disti
Slide 4: Contents
1 • MedLife Medical System • 2025 at a Glance About • History • 2026 Outlook Us • Corporate Governance Structure • 2026 Consolidated Budget • MedLife on BVB 2 • MedLife Network • Dentistry Centers Our • Clinics • Pharmacies Network • Hospitals • Corporate and Others • Laboratories CONTENTS 3 • Opera
Slide 5: About Us
About Us • MedLife Medical System • History • Corporate Governance Structure • MedLife on BVB • 2025 at a Glance • 2026 Outlook • 2026 Consolidated Budget 1
Slide 6: MedLife Medical System: Unique Revenue Capture Model
MedLife Medical System: Unique Revenue Capture Model Balanced and highly synergic business model, with mutually reinforcing business lines Flow of Referrals Among Business Lines Founded in 1996, MedLife is the leading private healthcare provider in Romania (by Sales figures, number of medical units,
Slide 7: History: Timeline
History: Timeline MedLife plays a key role in Further Continued Transaction of society and Intense consolidation of M&A and SGAM, part Launch of a the year in expansion of MedLife’s gains detached organic of Group SG new business the private presence and presence and leadership in expansion, becomes
Slide 8: Corporate Governance Structure
Corporate Governance Structure Executive Team Mihai Marcu CEO Nicolae Marcu Dorin Preda Alina Irinoiu Chief Healthcare Deputy CEO CFO & COO Board of Directors Mihai Marcu Nicolae Dimitrie Ana Maria Voicu Cheta Ovidiu Fer Marcu Pelinescu-Onciul Dorin Preda Mihaescu ≈Independent ≈Independent Member Me
Slide 9: MedLife on BVB
MedLife on BVB M BET BET-TR Shareholder structure as at 30 June 2026 550 450 350 250 150 Marcu Mihail, 50 12.5% 12/20 7/21 1/22 7/22 1/23 7/23 2/24 8/24 2/25 8/25 2/26 8/26 Price Trading perf. AVDT Var. Analyst coverage Cristescu (as at 31 Aug’26) (RON mn) (%) Mihaela 2025 77.2 1.2 BCR Caius Roa Rap
Slide 10: 2025 at a Glance
2025 at a Glance The Group recorded a consolidated pro-forma turnover of RON 3.17 billion in 2025, representing an increase of nearly 17% versus 2024 (out of which organic revenue growth of 14.14%), driven by a constat demand for medical service, the gradual ramp-up of the newly added capacities, as
Slide 11: 2026 Outlook
2026 Outlook • Consumer spending has remained subdued in 2026, continuing the softer consumption trends observed since the end of last year. Nevertheless, healthcare continues to be a constant priority for Romanian consumers, with demand for quality medical services remaining resilient despite the b
Slide 12: 2026 Consolidated Budget
2026 Consolidated Budget Financial year 2025 2026 (RON) Variance IFRS, audited Budget Revenue from contracts with customers 3,173,518,743 3,528,888,010 11.2% Other operating revenues 13,006,001 9,138,121 (29.7)% OPERATING INCOME 3,186,524,744 3,538,026,132 11.0% OPERATING EXPENSES (3,027,530,014) (3
Slide 13: Our Network
Our Network • MedLife Network • Clinics • Hospitals • Laboratories • Dentistry Centers • Pharmacies • Corporate and Others 2
Slide 14: MedLife Network
MedLife Network CHIȘINAU Legend: Clinics Hospitals Hyperclinics Maternities Oncology centers Laboratories Pharmacies Dentistry Centers 14
Slide 15: Clinics
Clinics Hyperclinics Integrated “one-stop-shop” medical centers in large urban areas with populations above 175,000 inhabitants, a pioneer concept developed by MedLife in Romania. Combine consultations across over than 40 specialties with advanced imaging such as MRI, CT, radiology, ultrasound, and
Slide 16: Hospitals
Hospitals Largest private hospital network in Romania, operating 18 hospitals with over 1,600 beds, 64 operating theatres, and 152 ICU beds. Nationwide presence across major Romanian cities through a mix of multidisciplinary and specialty hospitals. Strong technological advantage supported by: ≈ 6 d
Slide 17: Laboratories
Laboratories One of the largest private laboratory networks in Romania, operating under the MedLife and Sfânta Maria brands, forming a key pillar of the Group’s diagnostic services. Equipped with state-of-the-art technology from leading global manufacturers such as Abbott, Roche, and Siemens, ensuri
Slide 18: Dentistry Centers
Dentistry Centers Dent Estet by MedLife is the 1st dental network in Romania specialized in orthodontic services segmented by age groups, with medical units and expansions through acquisitions throughout the country, and one center in Budapest. Teams are highly specialized, with multiple certificati
Slide 19: Pharmacies
Pharmacies The Pharmacies business line supports MedLife’s integrated healthcare model by providing quick and convenient access to pharmaceutical products. The pharmacies operated by the Group are strategically located within and near hyperclinics and hospitals, ensuring direct connection between me
Slide 20: Corporate and Others
Corporate and Others Corporate Pharmaceutical Distribution Focused on delivering Healthcare Prevention & Prophylaxis (HPP) packages for corporate clients, integrated into employee benefits The Group operates one of Romania’s leading programs. pharmaceutical distribution businesses, Pharmachem. Servi
Slide 21: H1 2026 Financial Results
H1 2026 Financial Results • Key Messages & Outlook • Consolidated P&L • Pro-forma Figures • QoQ Evolution • Operational KPIs • OPEX Evolution • Financial Position • Consolidated Cash Flow 3
Slide 22: Key messages
Key messages M&As and Organic Growth H1 2026 Performance Overview • MedLife Genesys opened its 4th medical unit in Arad, • Strong H1 performance, with pro forma consolidated further expanding regional capacity across 17+ specialties revenue up 10.7% YoY (9.5% organic growth) to RON and comprehensive
Slide 23: Key messages: Developments and Outlook
Key messages Developments • The Corporate division continued its genomic sequencing towards the strong growth trajectory, supported by integration of genetic, microbiome and • We continued to expand our new products and tailored service clinical data. The first technology-driven healthcare offering,
Slide 24: Consolidated Profit and Loss
Consolidated Profit and Loss Consolidated Pro forma turnover reached RON 1.74bn, reflecting a 6M 2025 6M 2026 Pro forma 6M 2026 10.7% YoY growth, driven by strong RON m % var. % var. increase in the corporate segment, IFRS IFRS adjusted Pro forma and solid demand in clinics, Gross sales 1,574.0 1,73
Slide 25: Pro-forma Figures
Pro-forma Figures Pro-forma Revenues (RON m) Pro-forma EBITDA (RON m) 2,000 1,739.0 300.00 1,575.5 258.9 250.00 242.0 1,500 200.00 1,000 150.00 500 100.00 3.0 0 50.00 16.8 -166.5 0.1 -500 0.00 6m 2026 Acquisitions National Program 6m 2026 6m 2026 Acquisitions One-off 6m 2026 IFRS Reclass Pro forma I
Slide 26: QoQ Evolution
QoQ Evolution 140 EBITDA evolution (IFRS RON m vs % margin) 130.0 119.8 122.2 113.1 113.1 112.2 19.0% 120 17.2% 105.1 106.4 98.1 95.1 96.7 100 17.0% 72.2 74.7 75.8 71.2 80 63.5 62.4 67.2 15.0% 15.2% 60 14.4% 48.6 14.3% 14.5% 14.5% 14.2% 14.2% 14.7% 14.1% 13.8% 14.0% 13.8% 13.0% 40 13.5% 13.5% 13.1%
Slide 27: Operational KPIs
Operational KPIs Under IFRS, revenues increased by % Total 10.5%, with organic growth Business line Category 6m 2025 6m 2026 % var. Sales contributing 9.5%. Revenue (RON m) 586.62 674.99 15.1% 38.8% Core business segments maintained solid growth, with Corporate services Clinics Visits (k) 2.37 2.66
Slide 28: OPEX Evolution
OPEX Evolution % OPEX % Sales RON m 6M 2025 6M 2026 % var. 6M 2025 6M 2026 var. 6M 2025 6M 2026 var. Consumable materials and repair materials 305.57 355.15 16.2% 20.4% 21.5% 1.1 p.p 19.4% 20.4% 1 p.p Commodities 108.83 104.54 (3.9)% 7.3% 6.3% (0.9)p.p 6.9% 6.0% (0.9) p.p Utilities 20.87 24.69 18.3%
Slide 29: Financial Position
Financial Position Dec 31, Jun 30, Dec 31, Jun 30, RON m % var. RON m % var. 2025 2026 2025 2026 Non-current assets 2,558.04 2,589.61 1.2% Leasing liabilities Current assets 526.71 611.86 16.2% Current portion 112.05 125.78 12.3% (excl. Cash and cash equiv.) Long term portion 298.87 302.33 1.2% Cash
Slide 30: Consolidated Cash Flow
Consolidated Cash Flow Net cash from operating Jun 30, Jun 30, RON m activities increased by 2025 2026 40% compared to same Net income before taxes 0.90 (23.33) period of 2025, mainly as Adjustments for non-monetary items 227.02 273.03 a result of stronger Operating cash flow before working capital
Slide 31: Financial Overview
Financial Overview • Revenues by business lines • Revenues & EBITDA annual evolution • Revenues & EBITDA quarterly dynamics • Sources of revenues by business line • KPIs by business line • Consolidated P&L • OPEX composition • Financial position • Consolidated Cash Flow 4
Slide 32: Revenues by business lines
Revenues by business lines % of Total Sales 2.5% 2025 37.3% 27.8% 11.1% 9.7% 3.9% 7.7% 2.5% 2024 37.6% 24.4% 10.9% 10.9% 4.6% 9.1% 2.7% 2023 37.6% 21.7% 10.5% 11.7% 5.5% 10.3% 2022 34.1% 20.9% 11.1% 12.2% 6.6% 4.5% 10.6% 2021 28.5% 22.2% 18.1% 14.4% 6.5% 4.2% 6.1% 2020 28.6% 18.4% 18.4% 23.4% 5.7% 4
Slide 33: Revenues & EBITDA annual evolution
Revenues & EBITDA annual evolution Revenues & EBITDA (RON m) 3,500 3,174 3,176 25.0% 3,000 19.7% 20.0% 2,716 2,210 15.8% 20.0% Revenues 14.0% 2,500 13.7% 14.5% 2,000 13.1% 15.0% 1,427 1,500 1,077 1,795 10.0% 1,000 EBITDA 5.0% 212 286 247 289 395 445 460 500 0 0.0% 2020 2021 2022 2023 2024 2025 2025
Slide 34: Revenues & EBITDA quarterly dynamics
Revenues & EBITDA quarterly dynamics Revenues evolution (RON m) 778 796 788 812 537 561 583 647 664 668 737 529 385 419 442 464 471 264 205 301 307 338 340 365 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '20 '20 '20 '20 '21 '21 '21 '21 '22 '22 '22 '22 '23 '23 '23 '23 '24
Slide 35: Sources of revenues by business line
Sources of revenues by business line Clinics NHIH Hospitals 75% 74% Cash 64% 67% 64% 60% 60% 61% 60% 59% 53% 49%51% 47% 40% 40% 39% 40% 41% 36% 33% 36% 25% 26% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Laboratories Pharmacies 100% 79% 88% 91% 86% 78% 66% 73% 57% 55% 53% 54% 43% 45%
Slide 36: KPIs by business line
KPIs by business line Clinics Laboratories Dentistry Centers 4,334 4,853 38.1 32.4 1,300 5,000 688 140 800 400 33.7 40.0 675 655 676 688 3,834 4,500 1,100 1,184 30.2 31.8 31.1 35.0 120 604 700 4,000 350 122 126 122 3,206 352 30.0 119 600 900 1,022 3,500 300 25.0 100 3,000 250 500 700 2,280 831 2,500
Slide 37: Consolidated Profit and Loss
Consolidated Profit and Loss 2020 2021 2022 2023 2024 2025 RON m IFRS IFRS IFRS IFRS IFRS IFRS Gross sales 1,077.4 1,427.2 1,795.4 2,210.4 2,715.6 3,173.5 Other operating income 9.3 10.4 14.1 11.3 8.9 13.0 OPERATING INCOME 1,086.7 1,437.6 1,809.6 2,221.7 2,724.4 3,186.5 OPERATING EXPENSES (977.6) (1
Slide 38: OPEX Composition
OPEX Composition Main Operating expenses 2020 29 30 29 30 30 29 2021 27 27 27 26 26 26 (% of Total OPEX) 2022 21 2023 19 19 18 18 19 2024 12 2025 11 9 10 9 10 9 9 9 8 8 7 7 7 7 7 7 4 3rd party expenses Salary & related Consumable & Depreciation Commodities Other operating (incl. doctors (incl. repai
Slide 39: Financial Position
Financial Position Leasing liabilities (RON m) Financial debt (RON m) Net debt (RON m) 1,755 12.00 39 1,800.0 1,573 1,600.0 1,461 100 108 112 29 72 1,400.0 10.00 30 1,100 127 1,200.0 8.00 77 28 82 1,000.0 56 6.00 41 53 27 25 1,410 800.0 595 591 309 286 299 1,135 225 46 58 1,041 600.0 4.61 4.00 147 1
Slide 40: Cash Flow Evolution
Cash Flow Evolution December 31, RON m 2020 2021 2022 2023 2024 2025 Net income before taxes 78.6 135.4 49.6 4.3 39.1 19.1 Adjustments for non-monetary items 146.2 151.7 195.9 288.1 364.9 426.8 Operating cash flow before working capital and other 224.7 287.1 245.5 292.4 404.1 445.9 monetary changes
Slide 41: Romanian Healthcare System
Romanian Healthcare System • Healthcare expenditure and GDP • Healthcare expenditure by financing scheme • Healthcare expenditure by health provider • Government and compulsory insurance spending • Out-of-pocket spending • Top Romanian private healthcare providers 5
Slide 42: Romanian Healthcare System
Romanian Healthcare System 5,414 Healthcare expenditure - (PPS) per inhabitant, 2023 4,901 4,848 4,688 4,570 4,567 4,474 4,360 4,173 3,995 3,835 3,563 3,137 3,121 3,086 3,001 2,925 2,795 2,415 2,240 2,191 2,145 2,088 2,032 1,971 1,925 1,776 DE AT NL SE BE LU IE FR DK FI EU MT ES SI IT PT CZ CY LT PL
Slide 43: Romanian Healthcare System
Romanian Healthcare System Healthcare expenditure by financing scheme (%), 2023 0.3 1.7 0.0 0.7 0.6 0.1 1.2 2.7 0.9 1.8 2.0 1.5 0.2 1.2 1.4 0.1 0.8 0.4 0.9 0.1 0.7 1.0 0.5 0.1 13.0 11.1 9.4 14.6 9.3 14.0 12.0 14.1 20.2 15.8 16.5 11.3 23.0 12.4 20.9 22.1 23.1 21.5 23.6 31.0 0.6 1.3 5.7 5.8 10.6 13.3
Slide 44: Romanian Healthcare System
Romanian Healthcare System Healthcare expenditure by health provider (% of GDP), 2023 4.7 4.0 4.2 3.9 2.9 3.5 3.5 2.7 2.8 4.5 3.4 2.9 3.4 2.9 2.3 2.2 1.8 2.9 2.7 2.9 4.0 3.4 2.2 2.8 2.5 2.3 2.1 2.1 2.9 2.4 3.8 3.6 2.8 2.1 2.4 2.2 2.0 2.1 2.3 1.7 1.7 2.3 2.5 2.1 2.0 1.4 2.3 1.8 1.6 1.9 2.4 2.4 1.4 1.
Slide 45: Romanian Healthcare System
Romanian Healthcare System Government and compulsory insurance spending as % of total health spending, 2023 0.8 0.5 0.7 0.7 0.6 0.8 0.4 0.6 0.7 0.4 0.7 0.7 0.7 0.5 0.6 0.5 0.5 0.4 0.5 0.6 0.4 0.7 0.4 0.8 0.5 0.7 0.7 0.2 0.4 0.3 0.3 0.4 0.4 0.3 0.1 0.4 0.3 0.1 0.4 0.5 0.0 0.6 0.9 0.9 0.9 0.9 0.9 0.8
Slide 46: Romanian Healthcare System
Romanian Healthcare System Out-of-pocket spending as % of final household consumption, 2023 4.9 4.9 4.6 4.4 4.3 4.0 3.7 3.5 3.5 3.3 3.2 3.1 3.1 3.0 2.7 2.7 2.6 2.6 2.5 2.3 2.1 2.0 2.0 1.2 BG PT BE LV GR LT AT ES IT SE EE HU DE FI NL IE CZ SK DE SI RO FR PL HR Composition of out-of-pocket spending on
Slide 47: Top Romanian private healthcare providers
Top Romanian private healthcare providers Top 5 Private Healthcare Providers in Romania Revenues, RON m Company 2023 2024 2025 MedLife 2,210.0 2,715.6 3,173.5 Regina Maria 1,900.0 2,310.3 2,505.1 Medicover 1,065.0 1,339.7 1,611.3 Sanador 707.0 746.9 789.5 Affidea 361.0 415.5 750.0 TOTAL 6,243.0 7,52
Slide 48: Thank you!
MedLife Group 365, Calea Grivitei, Bucharest investors@medlife.ro Thank you!
Med Life S.A. (MedLife Group) — Investor Presentation (September 2026) on 6ix