Medicover Ab Class B · OMXSTO:MCOV_B
Medicover Ab Class B — Q4 2024 Earnings Presentation
24 slides from Medicover Ab Class B's earnings presentation, Feb 12, 2025
Slide 1: Q4 and FY 2024 results presentation
Webcast presentation Q4 and FY 2024 results presentation Fredrik Rågmark, CEO & Anand Patel, CFO 12 February 2025
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
a > a MEDICOVER Business overview
Slide 4: Q4 highlights
Q4 highlights Continued revenue increase driven by double digit volume growth, coupled with strengthened margins in both reporting segments. Healthcare Services maintained robust organic growth and enhanced profitability, fueled by the strong Polish offering as well as Romanian businesses. Dia
Slide 5: Very strong organic growth with continued strong cash flow generation
Very strong organic growth with continued strong cash flow generation Commentary Revenue split per country / payer2 Consolidated revenue Revenue increased by 20.3% to +14% +15% 600 555,8 6% €555.8m (€461.9m), with +11% 4% +20.5%3 organic growth of 18.6%. 9% +23% 500 461,9 +19.5%3 13% +32% 51% 397,
Slide 6: Underlying profitability increased strongly
Underlying profitability increased strongly 80 25% EBITDA increased by 10.2% to €73.2m (€66.4m), a margin of 13.2% (14.4%). □ Adj. for prior year period exceptional credit of €6.9m* 20% EBITDA margin increased 0.3pp from 12.9% to 13.2%. 60 Adj EBITDA €78.2m (€68.3m), a margin of 14.1% 15% (14.8%
Slide 7: Healthcare Services – continued strong organic growth
Healthcare Services – continued strong organic growth Sales by country2 450 +10% Revenue Q4 grew by 21.3% to €393.4m +36% 8% +23% (€324.4m), with an organic growth of 19.2%, 400 11% price representing ~8.5pp of the growth. 350 14% +10% Revenue FY up 21.8% to €1,458.7m 300 67% (€1,197.7m), organi
Slide 8: Healthcare Services – strong performance in key geographies and improved profitability
Healthcare Services – strong performance in key geographies and improved profitability 70 25% EBITDA Q4 grew by 27.4% to €59.0m (€46.2m), a margin of 15.0% (14.3%). EBITDA FY amounted to €217.1m (€171.8m), grew by 26.4%, a margin of 60 14.9% (14.3%). 20% EBITDAaL Q4 was €37.1m (€27.1m), a marg
Slide 9: India hospital network – continued focus to mature facilities
India hospital network – continued focus to mature facilities Share of Maturity <18 revenue (LTM) months 2% 17% 2 hospitals Maturity 81% <36 months Share of 4 beds hospitals 4% 17% Maturity >36 months 79% 17 hospitals 9
Slide 10: Diagnostic Services – strong growth due to generally increased volumes
Diagnostic Services – strong growth due to generally increased volumes 200 Sales by country2 Revenue Q4 grew by 18.3% to €169.2m (€143.1m), with +20% an organic growth of 17.3%, with price representing 11% ~4.4pp. +16% +15% 11% 150 Revenue FY amounted to €658.0m (€571.2m), up 15.2% 47% with an o
Slide 11: Diagnostic Services – improved profitability due to overall strong demand and volume growth
Diagnostic Services – improved profitability due to overall strong demand and volume growth 60 35% EBITDA Q4 grew by 33.0% to €27.2m (€20.4m), a margin of 16.1% (14.3%). 30% 50 EBITDA FY was €110.7m (€88.1m), a margin of 16.8% (15.4%). 25% EBITDAaL Q4 was €20.0m (€14.0m), a margin of 11.8% (9.
Slide 12: 2024 Summary
2024 Summary Several strategic initiatives, including improved capacity utilisation, enhanced operational efficiency, broadened service offering, integrated facilities and cost and price management. In addition, the evaluation of a potential separate listing of the Indian hospital business was i
Slide 13: Full-year 2024
Full-year 2024 Revenue split per country / payer** Consolidated revenue 19.9% 5-year CAGR Revenue €2,091.8m +12% +10% 6% (€1,746.4m), up 19.8%, organic +9% 4% +24% 2000 growth of 16.7%. 10% +25% 13% 50% Acquired revenue €21.5m. 1500 17% +15% Fee-For-Service* (FFS) 1000 represented 56% (58%) of
Slide 14: Full-year 2024
Full-year 2024 300 20% EBITDA €284.9m (€243.8m), increased by 17%, a margin of 13.6% (14.0%). 250 □ Adj. for prior year period exceptional credit of €10.9m* EBITDA margin 16% increased 0.3pp from 13.3% to 13.6%. Adj EBITDA €300.0m (€253.9m), a margin of 14.3% (14.5%). 200 □ Adj. for prior year p
Slide 15: Financial overview
a > a MEDICOVER Financial overview
Slide 16: Financials
Financials Adjusted EBITDAaL (EBITDA after lease costs) – more like cash flow, as real estate lease costs are a recurring cashflow for the Group. Grew by 15.0% to €49.0m (€42.7m), a margin of 8.8% (9.2%). Excluding derecognition of contingent consideration payable in Q4 23, margin would have inc
Slide 17: Financials
Financials Leverage* levels increase to 3.4x (3.3x @ YE23 and 3.1x @ Q3 24) □ Increase in net debt by €136.1m in FY 2024, driven by additional financing facilities of €150.0m in the quarter □ More favourable financing terms with new lending secured at lower interest rates □ Acquisition of non-cont
Slide 18: Financials
Financials Capex in Q4 at €40.7m (€36.6m), 7.3% (7.9%) of revenue 909k m² medical space +58k m² LTM Capex, €m 140 140 Free recurring cash flow Organic growth investment FR C/F % of revenue Maintenance Growth Healthcare Diagnostic 5.8% 120 6,0% 120 % of revenue 120 6.3% 5,2% 100 5,0% 100 34% 100
Slide 19: Financial targets 2023-2025
Financial targets 2023-2025 Revenue, €m Adjusted EBITDA, €m Leverage 3.4x YE 2024 ≤3.5x Can exceed over 2 200 350 shorter periods 2 092 1 510 300 1 746 234 254 Dividend policy, share of net profit ≤50% 2022 base 2023 2024 2025 target 2022 base 2023 2024 2025 target Covid-19 Covid-19 Illustrative
Slide 20: Key takeaways
Key takeaways Several strategic priorities have contributed to continued strong organic revenue growth in both reporting segments with significantly strengthened margins in both segments. By the year-end 2024, organic revenue amounted to just above €2bn with an adjusted EBITDA of €300m. Strong
Slide 21: Thank you!
me > a MEDICOVER Thank you! CARING FOR YOUR HEALTH IS ALL WE DO
Slide 22: Appendix: Items affecting comparability impacting profit measures
Appendix: Items affecting comparability impacting profit measures Medicover, €m Q4 24 Q4 23 Variance Medicover, €m Q4 24 Q4 23 Variance EBITDA 73.2 66.4 10% EBITA 27.1 23.3 16% EBITDA margin 13.2% 14.4% -1.2pp EBITA margin 4.9% 5.1% -0.2pp EBITDA excl derecognition 73.2 59.5 23% EBITA excl derecogni
Slide 23: Appendix: Items affecting comparability impacting profit measures
Appendix: Items affecting comparability impacting profit measures Medicover, €m FY 24 FY 23 Variance Medicover, €m FY 24 FY 23 Variance EBITDA 284.9 243.8 17% EBITA 104.7 82.6 27% EBITDA margin 13.6% 14.0% -0.4pp EBITA margin 5.0% 4.7% 0.3pp EBITDA excl derecognition 284.9 232.9 22% EBITA excl derec
Slide 24: Financial calendar
Financial calendar Report Date Webcast Annual report Week 13, 2025 Q1-report 29 April 2025, 07.45 CEST 09.30 CEST Annual general meeting 29 April 2025 Q2-report 24 July 2025, 07.45 CEST 09.30 CEST Q3-report 5 November 2025, 07.45 CET 09.30 CET 24