Med Life Sa · BVB:M
Med Life Sa — Investor Presentation (June 2025)
55 slides from Med Life Sa's investor presentation, June 2025
Slide 1: MedLife Group
MedLife Group June 2025 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. • Balanced and highly synergic business model, with 6 mutually reinforcing business lines and 2 distinct brands (MedLife and Sfânta Maria) that capture revenue from patients from all disposabl
Slide 4: Agenda
1 • History • Shareholder Structure About • • Selected Acquisitions Romanian Healthcare System • • Corporate Governance 2024 in a Glance Us • MedLife Medical System • Q1 2025 Key messages • MedLife on BVB • 2025 Outlook 2 • MedLife Network • Laboratories Our • Hyperclinics & Clinics • Dentistry Cent
Slide 5: About Us
About Us • History • Selected Acquisitions • Romanian Healthcare System • Romania Macroeconomic Data • MedLife Medical System • MedLife on BVB • Shareholder Structure • Corporate Governance • 2024 in a Glance • Q1 2025 Key Messages • 2025 Outlook 1
Slide 6: History
History MedLife plays a key role Further consolidation SGAM, part of Transaction of the in society and gains Intense expansion of presence and of MedLife’s presence Group Soc. Gen. Launch of a new year in the private detached leadership in services at national and portfolio of becomes business line:
Slide 7: Selected Acquisitions
Selected Acquisitions 2017 – 2020, the 1st healthcare provider listed on the local Stock Exchange 2010 – 2016, private healthcare provider ≈ Almina Trading - outpatient, imagistic and lab services in Ilfov county. ≈ Anima – one of the largest private outpatient services provider under ≈ PDR Group -
Slide 8: Selected Acquisitions
Selected Acquisitions 2021 – 2025, intense national expansion and consolidation of units and services ≈ Nord Group – outpatient units, lab and a and a new ≈ NeoLife – one of the largest medical players in the Oncology multidisciplinary hospital unit in Bucharest segment in Romania ≈ Sfantul Ilie and
Slide 9: Romanian Healthcare System
Romanian Healthcare System ≈ The Romanian health system is hospital-centric, with high bed capacity. Patients seeking timely care often bypass primary care facilities and go directly to hospitals. As a result, nearly half of all health financing goes towards inpatient care. Bypassing primary care is
Slide 10: Romanian Healthcare System: spending per capita
Romanian Healthcare System Health spending per capita in Romania remains the lowest among EU countries Source: OECD Health Statistics 2023 (data refer to 2021, except Malta (2020)). Note: The EU average is weighted. 10 1. About Us 2. Our Network 3. Q1 2025 Financial Results 4. Financial Overview
Slide 11: Romania spends less than the EU average in all areas
Romanian Healthcare System Romania spends less than the EU average in all areas Source: EC Romania Country Health Profile 2023 report, OECD Health Statistics 2023 (data refer to 2021). Notes: 1. Includes curative-rehabilitative care in hospital and other settings; 2. Includes only the outpatient mar
Slide 12: Healthcare expenditure
Romanian Healthcare System Healthcare expenditure Indicator 2019 2020 2021 2022 2023e 2024f 2025f 2026f 2027f 2028f Healthcare spending, USDbn 14.3 15.6 18.5e 17.8e 19.4 20.9 22.6 24.2 26.3 28 Healthcare spending, RONbn 60.5 66.3 76.8e 83.5e 88.7 97.5 106.8 114.3 120.8 128.2 Healthcare spending (% o
Slide 13: Top Private Healthcare Providers in Romania
Romanian Healthcare System Top 5 Private Healthcare Providers in Romania 2023 Revenues Company (RON mn)* MedLife 2,210 Regina Maria 1,900 Medicover 1,065 Sanador 707 Affidea 361 TOTAL 6,243 * Statista research: Leading private healthcare companies in Romania in 2023, by revenue and net profit. 13 1.
Slide 14: MedLife Medical System
MedLife Medical System Founded in 1996, MedLife is the leading private healthcare provider in Romania*, assisting over time more than 6.5 million unique patients. It operates the widest network of clinics and mono and multidisciplinary hospitals at national level, one of the largest networks of medi
Slide 15: Unique Revenue Capture Model
MedLife Medical System: Unique Revenue Capture Model Flow of Referrals Among Business Lines Hospitals Hyperclinics Maternities Clinics MedLife Dentistry ecosystem over Laboratories Stem Cells Bank 6.5 million Pharmacies unique patients 15 1. About Us 2. Our Network 3. Q1 2025 Financial Results 4. Fi
Slide 16: MedLife on BVB
MedLife on BVB 500 450 400 350 300 250 200 150 100 4/20 7/20 10/20 1/21 4/21 7/21 10/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 8/23 11/23 2/24 5/24 8/24 11/24 2/25 5/25 M BET As at 30 May 2025 Trading Price Var. Volume AVDT Value AVDT performance (%) (mn) (k) (RON mn) (RON mn) Analyst coverage Index i
Slide 17: Shareholder structure as at March 2025
Shareholder structure as at 31 March 2025 Marcu Mihail, 13.25% Cristescu Mihaela Gabriela, 14.04% Marcu Nicolae, 10.19% NN Pensions Pillar 2, 13.24% * Source: Romanian Central Depositary. **Source: Detailed Statement of Investments published by each pension fund. 17 1. About Us 2. Our Network 3. Q1
Slide 18: Corporate Governance
Corporate Governance Executive Team Mihai Marcu CEO Nicolae Marcu Dorin Preda Alina Irinoiu Chief Healthcare Deputy CEO CFO & COO Board of Directors Dimitrie Pelinescu- Ana Maria Mihai Marcu Nicolae Marcu Dorin Preda Voicu Cheta Ovidiu Fer Onciul Mihaeascu ≈Independent ≈Independent Member Member ≈Me
Slide 19: 2024 in a Glance
2024 in a Glance Despite Romania's notably slow macroeconomic growth of just 0.8%, the 2024 results demonstrate our ability to further deliver financial and operational strength. This underscores the success of our strategic approach to integrating companies into the Group, as well as the positive i
Slide 20: 2024 in a Glance: Organic growth
2024 in a Glance Organic growth MedLife Craiova Hospital Medici’s Hospital Timisoara • multidisciplinary hospital in the Oltenia region. • The 1st digitalized hospital in western Romania, and one of the most modern and performing private medical units in the country. • 3,400 square meter facility, r
Slide 21: Q1 2025 Key messages
Q1 2025 Key messages The Group reported a consolidated pro-forma turnover of RON 779 million, reflecting a 20% increase compared to the same period last year. Revenue grew organically by 16%, with strong demand for medical services, both in preventive care and complex medical procedures. In terms of
Slide 22: Q1 2025 Key messages
Q1 2025 Key messages Strategic investments in the Group’s hospital and Consolidation in the Corporate segment and laboratory divisions development of new products We have made significant progress in innovation and medical Regarding the Corporate division, we maintained a solid technology. portfolio
Slide 23: 2025 Outlook
2025 Outlook Strategic priorities • We are strengthening our position as technology-driven company in the private healthcare sector by integrating advanced solutions such as drones, surgical robots, artificial intelligence, and automation to meet patients' needs in the medium and long term; • We ann
Slide 24: Our Network
Our Network • MedLife Network • Hyperclinics & Clinics • Dentistry Centers • Hospitals • Maternities & Stem Cells Bank • Laboratories • Pharmacies 2
Slide 25: MedLife Group
MedLife Group Centrul Centrul Group Group Group Group Group Humanitas Pharmachem Medical Oncoteam Medical SanoPass Solomed Genesys Medici’s Neolife Polisano Sfanta Maria Hospital Panduri Sama Group Group Group Group Group Lotus Stem Cell Badea Personal Prima Sfatul Sweat Dent Pharmalife Polimed PDR
Slide 26: MedLife Network
MedLife Network CHIȘINAU Legend: Hospitals Maternities Hyperclinics Pharmacies Dentistry Centers Laboratories Clinics 26 1. About Us 2. Our Network 3. Q1 2025 Financial Results 4. Financial Overview
Slide 27: Hyperclinics & Clinics
Hyperclinics & Clinics Hyperclinics ≈ One stop shop concept pioneered by the Group in Romania: Hyperclinics includes medical outpatient specialties, providing in one single & Clinics place, clinical examinations and imaging. ≈ Designed for larger urban areas, with a population over 175,000 inhabitan
Slide 28: Hospitals
Hospitals Largest network of private hospitals in Romania, with approx. 1.500 beds, and a wide range of medical and surgical specialties. Equipped with cutting-edge technologies, among the most notable advancements Hyperclinics being: & Clinics ≈ 6 da Vinci Robotic Surgery Systems: enable high-preci
Slide 29: Maternities & Stem Cells Bank
Maternities & Stem Cells Bank Hyperclinics & Clinics ≈ MedLife Grivita Maternity is the 1st Dentistry private maternity hospital in Bucharest Centers accredited by UNICEF as Baby-Friendly Hospital. Hospitals ≈ Maternities have birth blocks consisting of natural delivery rooms and cesarean delivery r
Slide 30: Laboratories
Laboratories ≈ One of the largest network of private laboratories in Hyperclinics Romania, operating under the 2 Group’s brands, MedLife & Clinics and Sfanta Maria. ≈ Equipped with modern equipment from world-renowned manufacturers, such as Abbott, Roche and Siemens, Dentistry Centers ensuring high
Slide 31: Dentistry Centers
Dentistry Centers Dent Estet by MedLife, the 1st dental network in Romania specialized in orthodontic services by age segment. Hyperclinics & Clinics 17 medical units with 3 acquisitions completed in Brasov, Cluj and Oradea, and 1 dentistry center in Budapest, Hungary. Highly specialized teams of do
Slide 32: Pharmacies
Pharmacies Hyperclinics & Clinics ≈ Own laboratory, where clients can benefit from specific products. Dentistry Centers ≈ Strategically located in hyperclinics and hospitals, as well as nearby, to ensure maximum accessibility for the Groups’ Hospitals patients. ≈ NHIH contracts for free and subsidiz
Slide 33: Q1 2025 Financial Results
Q1 2025 Financial Results • Consolidated P&L • Pro-forma Figures • QoQ Evolution • Operational KPIs • OPEX Evolution • Consolidated Financial Position • Debt Position • Consolidated Cash Flow 33
Slide 34: Consolidated Statement of Profit and Loss
Consolidated Statement of Profit and Loss 3M 2024 3M 2025 Pro-forma 3M 2025 % var. % var. IFRS IFRS adjusted Pro-forma Consolidated Pro-forma turnover Gross sales 646,621,900 777,633,321 20.3 % 1,088,835 778,722,156 20.4 % Net sales (less NHP) 646,621,900 777,633,321 20.3 % (55,433,451) 722,199,871
Slide 35: Pro-forma Figures
Pro-forma Figures Pro-forma Revenues Pro-forma EBITDA 777,633,321 722,199,871 113,068,455 116,117,595 1,088,835 -56,522,286 144,088 2,905,051 3m 2025 Acquisitions National Program 3m 2025 3m 2025 Acquisitions One-off expenses 3m 2025 IFRS Reclass Pro-forma IFRS Pro-forma From IFRS Revenues to Pro-fo
Slide 36: QoQ Evolution
QoQ Evolution 120 113.1 EBITDA evolution (RON m vs % margin) 105.1 19.0% 98.1 95.1 96.7 100 17.2% 17.0% 72.2 74.7 75.8 80 71.2 15.2% 63.5 67.2 62.4 14.3% 14.5% 14.5% 14.1% 13.8% 15.0% 60 13.5% 13.5% 14.4% 48.6 12.5% 12.2% 13.0% 40 20 10.3% 11.0% 0 9.0% Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '2
Slide 37: Operational KPIs
Operational KPIs 3m 2024 3m 2025 % Total Business line Category IFRS IFRS % var. IFRS Sales Under IFRS, the Revenues recorded a solid 20% increase, with 16% driven by organic Revenue 247,277,200 290,650,198 17.5% 37.4% Clinics Visits 1,064,126 1,190,616 11.9% growth. Most business lines maintained t
Slide 38: OPEX Evolution
OPEX Evolution % OPEX % Sales 3m ‘24 3m ‘25 3m ‘24 3m ‘25 3m ‘24 3m ‘25 % var. var. var. IFRS IFRS IFRS IFRS IFRS IFRS Consumable materials and repair materials 112,319,796 145,495,140 29.5% 18.5% 19.8% 1.3 p.p 17.4% 18.7% 1.3 p.p Commodities 57,659,250 57,118,839 -0.9% 9.5% 7.8% -1.7 p.p 8.9% 7.3%
Slide 39: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position December 31, 2024 March 31, 2025 % var. IFRS IFRS Non-current assets 2,357,408,397 2,401,830,889 1.9% Current assets, excluding Cash and cash equivalents 546,097,224 538,901,299 -1.3% Cash and cash equivalents 112,808,224 141,210,153 25.2% TOTAL ASSETS 3,
Slide 40: Debt Position
Debt Position December 31, 2024 March 31, 2025 % var. IFRS IFRS Leasing liabilities Current portion – Leasing 108,288,263 110,617,336 2.2% Long term portion - leasing 286,025,347 288,559,134 0.9% Stability of the Net Debt / Pro- TOTAL 394,313,610 399,176,470 1.2% forma EBITDA ratio with 3.72x at Fin
Slide 41: Consolidated Statement of Cash Flow
Consolidated Statement of Cash Flow March 31, 2024 March 31, 2025 IFRS IFRS Net income before taxes 19,063,857 17,564,949 Adjustments for non-monetary items 80,668,958 97,005,319 Operating cash flow before working capital and other monetary changes 99,732,815 114,570,268 Cash used in working capital
Slide 42: Financial Overview
Financial Overview • Sales evolution • Business lines evolution • EBITDA evolution • Consolidated P&L • OPEX evolution • Consolidated Financial Position • Debt position • Consolidated Cash Flow • 2025 FY Budget • Annexes 3
Slide 43: Sales evolution
Sales evolution % Total Business 12m 2023 12m 2024 Total Sales evolution YoY (RON mn) Category % var. 2024 IFRS line IFRS IFRS Sales Revenue 831,236,066 1,022,354,056 23.0% 37.6% Clinics Visits 3,834,062 4,334,340 13.0% Average fee 216.8 235.9 8.8% Revenue 121,778,348 125,518,088 3.1% 4.6% 2,716 Den
Slide 44: Business lines evolution: Sales and Traffic
Business lines evolution: Sales and Traffic Clinics Laboratories Dentistry Centers 1,200 5,000 4,334 186 186 4,500 350 8.7 10.0 140 176 200 3,834 8.5 1,000 4,000 300 7.4 9.0 120 154 180 3,206 8.0 160 800 3,500 250 6.3 7.0 100 140 3,000 2,280 5.0 6.0 120 600 2,500 200 80 89 1,815 5.0 100 1,022 2,000
Slide 45: EBITDA evolution
EBITDA evolution EBITDA evolution YoY (RON mn) Revenues & EBITDA (RON mn) 400 16.2% 14.5% 3,000 18.0% 350 2,500 13.7% 13.1% 16.0% 14.0% 300 2,000 12.0% 250 1,500 10.0% 200 395 416 2,716 2,561 8.0% 2,210 1,795 1,000 6.0% 150 286 289 4.0% 247 500 100 212 247 289 395 416 2.0% 0 0.0% 50 2022 2023 2024 2
Slide 46: Consolidated Statement of Profit and Loss
Consolidated Statement of Profit and Loss 2023 2024 2024 % var. Pro-forma adjusted % var. IFRS IFRS Pro-forma Gross sales 2,210,435,349 2,715,574,711 22.9 % 44,946,349 2,760,521,060 24.9 % Net sales (less NHP) 2,210,435,349 2,715,574,711 22.9 % (154,808,504) 2,560,766,207 15.8 % Other operating inco
Slide 47: OPEX Evolution
OPEX Evolution % OPEX % Sales 2023 2024 2023 2024 2023 2024 % var. Change % var. IFRS IFRS IFRS IFRS IFRS IFRS Consumable materials and repair materials 389,887,326 499,578,757 28.1% 18.3% 19.3% 1 p.p 17.6% 18.4% 0.8 p.p Commodities 208,134,799 226,208,593 8.7% 9.8% 8.8% -1 p.p 9.4% 8.3% -1.1 p.p Ut
Slide 48: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position 31 December 2023 31 December 2024 % var. IFRS IFRS Non-current assets 2,102,828,820 2,357,408,397 12.1% Current assets, excluding Cash and cash equivalents 433,237,518 546,097,224 26.1% Cash and cash equivalents 100,271,093 112,808,224 12.5% TOTAL ASSETS
Slide 49: Debt Position
Debt Position 31 December 2023 31 December 2024 Leasing liabilities % var. IFRS IFRS Current portion 99,589,187 108,288,263 8.7% Long-term portion 309,158,946 286,025,347 -7.5% TOTAL 408,748,133 394,313,610 -3.5% 31 December 2023 31 December 2024 Financial debt % var. IFRS IFRS Overdraft 29,835,472
Slide 50: Consolidated Statement of Cash Flow
Consolidated Statement of Cash Flow 31 December 2023 31 December 2024 IFRS IFRS Net income before taxes 4,299,484 39,069,130 Adjustments for non-monetary items 288,138,632 364,997,002 Operating cash flow before working capital and other monetary changes 292,438,116 404,066,132 Cash used in working c
Slide 51: 2025 FY Consolidated Budget
2025 FY Consolidated Budget Financial Year 2024 2025 Variance IFRS, audited Budget Revenue from contracts with customers 2,715,574,711 3,100,291,625 14.2% Other operating revenues 8,850,263 8,578,508 -3.1% OPERATING INCOME 2,724,424,974 3,108,870,133 14.1% OPERATING EXPENSES (2,584,016,603) (2,929,2
Slide 52: Annexes: Statement of Financial Position
ASSETS 31 December 2023 31 December 2024 % var. Non-current Assets Annexes Goodwill 445,395,617 492,034,979 10.5% Intangible assets 118,906,011 120,974,820 1.7% Property, plant and equipment 1,101,015,115 1,303,969,853 18.4% Right-of-use asset 396,569,537 386,290,334 -2.6% Other financial assets 40,
Slide 53: Annexes: Comprehensive Income Statement
Annexes 31 December 2023 31 December 2024 % var. Revenue from contracts with customers 2,210,435,349 2,715,574,711 22.9% Other operating income 11,300,635 8,850,263 -21.7% Operating Income 2,221,735,984 2,724,424,974 22.6% Consolidated Consumable materials and repair materials (389,887,326) (499,578
Slide 54: Annexes: Consolidated Cash Flows
Annexes Profit before tax 31 December 2023 4,299,484 31 December 2024 39,069,130 Adjustments for Depreciation, amortization and impairment of fixed assets 197,390,915 254,592,721 Consolidated Provisions for liabilities and charges 838,338 4,727,712 Statement of Cash Interest revenue (3,423,077) (2,1
Slide 55: Thank you!
MedLife Group 365, Calea Grivitei, Bucharest investors@medlife.ro Thank you!