Med Life Sa · BVB:M
Med Life Sa — Investor Presentation (December 2025)
51 slides from Med Life Sa's investor presentation, December 2025
Slide 1: MedLife Group
MedLife Group December 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 • MedLife Medical System • 2024 in a Glance History About • • Shareholder Structure • Q3 2025 Key messages Outlook Us • MedLife on BVB • • 2025 Budget • Corporate Governance 2 • MedLife Group • Maternities & Stem Cells Bank Our • MedLife Network • Laboratories Clinics • Dentistry Centers Network •
Slide 5: About Us
About Us • MedLife Medical System • History • Shareholder Structure • MedLife on BVB • Corporate Governance • 2024 in a Glance • Q3 2025 Key Messages • Outlook • 2025 FY Budget 1
Slide 6: 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 7: 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 Hospitals Hyperclinics Maternities MedLife Clinics Dentistry ecosystem Oncology Stem Cells Bank centers over Laboratories
Slide 8: History: Timeline
History: Timeline SGAM, part of MedLife plays a key Intense Further Group Soc. Gen. Launch of a Transaction of the expansion of consolidation of role in society and becomes new business year in the private presence and MedLife’s presence gains detached shareholder, line: Dentistry, healthcare servic
Slide 9: History: Selected Acquisitions
History: 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
Slide 10: History: Selected Acquisitions
History: Selected Acquisitions 2021 – 2025, intense national expansion and consolidation of units and services ≈ NeoLife – one of the largest medical players in the Oncology ≈ Nord Group – outpatient units, lab and a and a new segment in Romania multidisciplinary hospital unit in Bucharest ≈ Life Me
Slide 11: Shareholder structure as at September 2025
Shareholder structure as at 30 September 2025 Marcu Mihail, 12.88% Cristescu Mihaela Gabriela, 14.04% Marcu Nicolae, 9.87% NN Pensions Pillar 2, 13.24% 11 1. About Us 2. Our Network 3. Q3 2025 Financial Results 4. Financial Overview 5. Appendix
Slide 12: 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 Ana Maria Mihai Marcu Nicolae Marcu Dorin Preda Voicu Cheta Ovidiu Fer Pelinescu-Onciul Mihaescu ≈Independent ≈Independent Member Member ≈Memb
Slide 13: MedLife on BVB
MedLife on BVB 500 450 400 350 300 250 200 150 100 50 1/20 4/20 7/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 9/23 12/23 3/24 6/24 9/24 12/24 3/25 6/25 9/25 M BET BET-TR Trading Price Var. Volume AVDT Value AVDT performance Index inclusion Analyst coverage (%) (mn) (k) (RON mn)
Slide 14: 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 15: 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 16: Q3 2025 Key messages
Q3 2025 Key messages The Group achieved a consolidated pro-forma turnover of RON 2.36 billion in the first 9 months of the year, marking a 19.5% increase over the same period in 2024, driven by a robust demand for medical service, the gradual ramp-up of newly added capacities as well as the acquisit
Slide 17: Outlook
Outlook • In the short and medium term, we expect the Group to maintain a stable trajectory, adopting a prudent approach while capitalizing on the available resources and opportunities to sustain strategic investments and adapt to the evolving macroeconomic environment. • We continue to closely moni
Slide 18: 2025 Consolidated Budget
2025 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) (2,929,256,
Slide 19: Our Network
Our Network • MedLife Group • MedLife Network • Clinics • Hospitals • Maternities & Stem Cells Bank • Laboratories • Dentistry Centers • Pharmacies 2
Slide 20: 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 21: MedLife Network
MedLife Network CHIȘINAU Legend: Hospitals Clinics Maternities Laboratories Hyperclinics Oncology centers Pharmacies Dentistry Centers 21 1. About Us 2. Our Network 3. Q3 2025 Financial Results 4. Financial Overview 5. Appendix
Slide 22: Clinics
Clinics Hyperclinics ≈ One stop shop concept pioneered by the Group in Romania: includes medical outpatient specialties, providing in one single place, clinical examinations and imaging. ≈ Designed for larger urban areas, with a population over 175,000 inhabitants. ≈ High performance imaging investi
Slide 23: 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 being: ≈ 6 da Vinci Robotic Surgery Systems: enable high-precision, minimally invasiv
Slide 24: Maternities & Stem Cells Bank
Maternities & Stem Cells Bank ≈ MedLife Grivita Maternity is the 1st private maternity hospital in Bucharest accredited by UNICEF as Baby- Friendly Hospital. ≈ Maternities have birth blocks consisting of natural delivery rooms and cesarean delivery rooms. ≈ A&IC and Neonatology departments equipped
Slide 25: Laboratories
Laboratories ≈ One of the largest network of private laboratories in Romania, operating under the 2 Group’s brands, MedLife and Sfanta Maria. ≈ Equipped with modern equipment from world-renowned manufacturers, such as Abbott, Roche and Siemens, ensuring high execution speed and perfect accuracy of r
Slide 26: Dentistry Centers
Dentistry Centers Dent Estet by MedLife, the 1st dental network in Romania specialized in orthodontic services by age segment. 17 medical units with 3 acquisitions completed in Brasov, Cluj and Oradea, and 1 dentistry center in Budapest, Hungary. Highly specialized teams of doctors, with multiple ce
Slide 27: Pharmacies
Pharmacies ≈ Own laboratory, where clients can benefit from specific products. ≈ Strategically located in hyperclinics and hospitals, as well as nearby, to ensure maximum accessibility for the Groups’ patients. ≈ NHIH contracts for free and subsidized prescriptions. ≈ PharmaLife own laboratory & own
Slide 28: Q3 2025 Financial Results
Q3 2025 Financial Results • Consolidated P&L • Pro-forma Figures • QoQ Evolution • Operational KPIs • OPEX Evolution • Financial Position • Consolidated Cash Flow 3
Slide 29: Consolidated Profit and Loss
Consolidated Profit and Loss 9M 2024 9M 2025 Pro-forma 9M 2025 Consolidated Pro-forma turnover RON mn % var. % var. IFRS IFRS adjusted Pro-forma reached RON 2.36bn, reflecting a Gross sales 1,978.7 2,361.9 19.4% 2.3 2,364.2 19.5% 19.5% YoY growth, driven by strong Net sales (less NHP) 1,978.7 2,361.
Slide 30: Pro-forma Figures
Pro-forma Figures Pro-forma Revenues (RON mn) Pro-forma EBITDA (RON mn) 2,500.00 2,361.9 2,164.7 400.00 338.4 349.1 2,000.00 350.00 300.00 1,500.00 250.00 1,000.00 200.00 150.00 500.00 100.00 2.3 - 50.00 0.2 10.5 (500.00) 199.4 - 9m 2025 Acquisitions One-off expenses 9m 2025 9m 2025 Acquisitions Nat
Slide 31: QoQ Evolution
QoQ Evolution 120 EBITDA evolution (IFRS RON m vs % margin) 113.1 113.1 112.2 105.1 98.1 19.0% 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% 14.2% 14.2% 14.1% 13.8% 15.0% 60 13.5% 48.6 13.5% 14.4% 12.5% 12.2% 13.0% 40 20 10.3% 11.0% 0 9.0% Q1 '22 Q2 '22 Q3 '
Slide 32: Operational KPIs
Operational KPIs 9m 2024 9m 2025 % Total Business line Category % var. IFRS IFRS IFRS Sales Under IFRS, the Revenues recorded a 19.4% Revenue (RON m) 741.7 884.1 19.2% 37.4% increase, with 15.5% driven by organic growth. Clinics Visits (k) 3,181.1 3,615.9 13.7% Growth remained robust across the majo
Slide 33: OPEX Evolution
OPEX Evolution RON m % OPEX % Sales 9m ‘24 9m ‘25 9m ‘24 9m ‘25 9m ‘24 9m ‘25 % var. var. var. IFRS IFRS IFRS IFRS IFRS IFRS Consumable materials and repair materials 358.4 465.3 29.8% 19.1% 20.7% 1.5 p.p 18.1% 19.7% 1.6 p.p Commodities 167.0 159.1 (4.7)% 8.9% 7.1% (1.8)p.p 8.4% 6.7% (1.7)p.p Utilit
Slide 34: Financial Position
Financial Position Dec 31, Sep 30, Dec 31, Sep 30, RON m % var. % var. 2024 2025 2024 2025 Non-current assets 2,357.4 2,437.3 3.4% Leasing liabilities Current assets, excl. Cash and cash equivalents 546.1 520.2 (4.7)% Current portion 108.3 106.3 (1.8)% Cash and cash equivalents 112.8 185.3 64.3% TOT
Slide 35: Cash Flow Evolution
Cash Flow Evolution September 30, RON m IFRS 2024 2025 Net income before taxes 37.9 12.8 Adjustments for non-monetary items 255.6 328.4 Operating cash flow before working capital and other monetary changes 293.5 341.2 Cash used in working capital changes (19.7) (113.1) Other monetary changes (income
Slide 36: Financial Overview
Financial Overview • Sales & EBITDA annual evolution • Sales & EBITDA quarterly dynamics • Sources of revenues by business line • Sales by business lines • Key performance indicators by business line • Consolidated P&L • OPEX evolution • Financial Position • Consolidated Cash Flow 4
Slide 37: Sales & EBITDA annual evolution
Sales & EBITDA annual evolution Revenues & EBITDA (RON m) 25.0% 2,500 19.7% 20.0% 20.0% Revenues 2,000 14.5% 16.2% 13.7% 13.1% 15.0% EBITDA 1,500 2,716 2,561 1,000 2,210 10.0% EBITDA 1,795 1,427 margin% 500 1,077 5.0% 212 286 247 289 395 416 0 0.0% 2020 2021 2022 2023 2024 2024 IFRS IFRS IFRS IFRS I
Slide 38: Sales & EBITDA quarterly dynamics
Sales & EBITDA quarterly dynamics Revenues evolution (RON m) 737 778 796 788 583 647 664 668 471 529 537 561 385 419 442 464 301 307 338 340 365 264 205 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 202
Slide 39: Sources of revenues by business line
Sources of revenues by business line Clinics Hospitals 75.0% 74.0% 64.0% 67.0% 64.2% 60.0% 60.3% 60.7% 60.4% 53.1% 46.9% 40.0% 39.7% 39.3% 39.6% 36.0% 33.0% 35.8% 25.0% 26.0% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 NHIH Cash NHIH Cash Laboratories Pharmacies 79.0% 100.0% 88.0% 91.3% 85.9%
Slide 40: Sales by business lines
Sales by business lines % of Total Sales Chart Title 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% 1.4% 2020 28.6% 18.4% 18.4% 23.4% 5.7% 4.1% Clinics Hospitals Laborat
Slide 41: Key performance indicators by business line
Key performance indicators by business line Clinics Laboratories Dentistry Centers 5,000 4,334 688 350 45.0 140 800 1,000 3,834 4,500 38.1 675 655 676 1,022 4,000 300 33.7 40.0 120 604 700 3,206 30.2 31.8 31.1 122 126 800 3,500 35.0 100 119 600 831 250 3,000 258 295 30.0 2,280 500 600 2,500 200 231
Slide 42: Consolidated Profit and Loss
Consolidated Profit and Loss 2020 2021 2022 2023 2024 RON m IFRS IFRS IFRS IFRS IFRS Gross sales 1,077.4 1,427.2 1,795.4 2,210.4 2,715.6 Other operating income 9.3 10.4 14.1 11.3 8.9 OPERATING INCOME 1,086.7 1,437.6 1,809.6 2,221.7 2,724.4 OPERATING EXPENSES (977.6) (1,265.7) (1,715.3) (2,130.2) (2,
Slide 43: OPEX Evolution
OPEX Evolution 30% 29%30% % of Total OPEX 29% 29% 27% 27%27% 26%26% 19%19% 19% 18%18% 12% 11% 8% 10% 9% 9% 9% 9%10% 4% 4% 3% 2% 2% 2% 1% 1% 2% 2% 2% 1% 1% 2% 2% 1% 1% 1% 1% 1% 1% 1% 1% 0% 1% 1% 3rd party Salary & related Consumable & Commodities Depreciation Promotion Utilities Repairs Rent Other op
Slide 44: Financial Position
Financial Position Leasing liabilities (RON m) Financial debt (RON m) 2020 2021 2022 Net debt 2023 (RON m) 2024 29 1,600.0 4.6% 5.00% 30 127 1,400.0 3.9% 100 82 4.00% 108 1,200.0 28 2.8% 3.8% 56 1,000.0 77 3.00% 2.1% 800.0 1,461 1,573 27 25 1,135 41 53 1,041 2.00% 1,100 600.0 309 286 46 58 225 803 4
Slide 45: Cash Flow Evolution
Cash Flow Evolution December 31, RON m 2020 2021 2022 2023 2024 Net income before taxes 78.6 135.4 49.6 4.3 39.1 Adjustments for non-monetary items 146.2 151.7 195.9 288.1 364.9 Operating cash flow before working capital and other 224.7 287.1 245.5 292.4 404.1 monetary changes Cash used in working c
Slide 46: Appendix
Appendix • Romanian Healthcare System • Health spending in Romania • Top Romanian private healthcare providers 5
Slide 47: Romanian Healthcare System
Romanian Healthcare System ≈ In 2023, overall health expenditure accounted for EUR 18.5bn, i.e. 5.7% of GDP in Romania (half the European average), with 76% from public sources and 23% representing household out-of-pocket payments. ≈ Per capita spending on health in Romania was the lowest in the EU
Slide 48: Romanian Healthcare System
Romanian Healthcare System Major sources of financing of current healthcare expenditure, 2023 Share of people aged 16 years or over reporting unmet needs for (% of healthcare expenditure) medical examination or treatment, 2024 (%) Source: Eurostat. 48 1. About Us 2. Our Network 3. Q3 2025 Financial
Slide 49: Romanian Healthcare System
Romanian Healthcare System Healthcare expenditure by major providers, 2023 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 oth
Slide 50: Top Romanian private healthcare providers
Top Romanian private healthcare providers Top 5 Private Healthcare Providers in Romania 2024 Revenues Company (RON mn) MedLife 2,715.6 Regina Maria 2,310.3 Medicover 1,339.7 Sanador 746.9 Affidea 415.5 TOTAL 7,528.0 50 1. About Us 2. Our Network 3. Q3 2025 Financial Results 4. Financial Overview 5.
Slide 51: Thank you!
MedLife Group 365, Calea Grivitei, Bucharest investors@medlife.ro Thank you!
MedLife Group — Investor Presentation (December 2025) on 6ix