Slide 1: Results presentation Q2
Results presentation Q2 q John Stubbington, CEO Anand Patel, CFO 24 July 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
5 G : a ~~ > MEDICOVER Business overview
Slide 4: Q2 highlights – sustained high growth with strengthening profit margins
Q2 highlights – sustained high growth with strengthening profit margins Revenue growth of 17.1% - all main markets, FFS markets and Revenue Organic revenue growth recent acquisitions contributing to robust growth. €596.7m 13.9% Acquired revenue was €22.3m (+17.1%)1 Expanding margins across all
Slide 5: Strong momentum across markets and businesses
Strong momentum across markets and businesses Revenue breakdown Revenue by country1 Revenue by payer1 596,7 +35% +17.1% 600 +18% 22,3 +18% 7% +20.0% 509,4 +21% 4% 21% 500 +5% +18% +17.2% 424,7 8% 400 362,2 14% 51% 300 574,4 57% +25% 22% 200 16% +14% 100 +1% 0 Q2 2022 Q2 2023 Q2 2024 Q2 2025 Public F
Slide 6: Healthcare Services – Strong performance, Poland continues to drive
Healthcare Services – Strong performance, Poland continues to drive Strong organic revenue growth driven by majority of buisness Revenue Revenue by country1 lines. FFS* have performed well, mainly driven by ambulatory €414.3m +2% clinics, dental care and sports/wellness in Poland as well as +24% 8
Slide 7: Diagnostic Services – continued strong momentum in FFS
Diagnostic Services – continued strong momentum in FFS FFS revenue has performed well in the main markets, supported Revenue Revenue by country1 by Ukraine and the new acquisition. €189.0m +67% 14% +1% The local Synlab business were consolidated from 1 of April, (+16.1%)1 +21% adding 27 labs and
Slide 8: Financial overview
5 G : a ~~ > MEDICOVER Financial overview
Slide 9: Robust quarter with strong growth and margin expansion
Robust quarter with strong growth and margin expansion Revenue amounted to €596.7m (€509.4m), an increase of Group revenue and profitability development by quarter 17.1% with an organic growth of 13.9%. Acquired revenue was 700 18% €22.3m. 16% EBIT was €41.7m (€21.3m), up 96.5%, a margin of 7.0%
Slide 10: Healthcare Services – Significant margin expansion
Healthcare Services – Significant margin expansion Organic revenue growth of 15.6%, with price representing Revenue and EBITDA development by quarter approximately 8.7pp of this growth. EBITDA grew by 41.3% to €77.2m (€54.6m), a margin of 450 20% 18.6% (15.5%). 18% 400 EBITDAaL was €53.5m (€34
Slide 11: Diagnostic Services – boosted by FFS, price and solid volume growth
Diagnostic Services – boosted by FFS, price and solid volume growth Organic growth of 9.9%, with price representing approximately Revenue and EBITDA development by quarter 3.5pp of this growth. EBITDA of €33.5m (€26.4m), a margin of 17.7% (16.2%). 200 25% 180 EBITDAaL of €25.6m (€19.6m), a mar
Slide 12: Cash flow and financial position
Cash flow and financial position Leverage1) levels increased to 3.6x (3.4x @ YE24). Dividend per share (EUR) Increase in net debt by €178.2m, resulting from payment 0,15 for the acquisitions. Dividend of €22.5m (€18.0m). 0,12 0,12 0,12 Effective tax rate at 28.0% (26.0%). Net cash from ope
Slide 13: Capex and investments
Capex and investments Free recurring cash flow and organic growth capex, €m Capex, €m 40 40 Maintenance Growth Healthcare Services Diagnostic Services Free recurring cash flow Organic growth investment FR C/F % of revenue 50,0 9,0% % of revenue 45,0 7,6% 8,0% 30 30 4.5% 40,0 7,0% 5.0% 6,6% 35,0 6,0%
Slide 14: Financial targets 2023-2025
Financial targets 2023-2025 Revenue, €m Adjusted EBITDA, €m Leverage 3.6x Q2 25 ≤3.5x 2 200 Can exceed over 350 2 092 shorter periods 1 510 300 1 746 234 254 Dividend policy, share of net profit ≤50% 2022 base 2023 2024 Run rate 2025 target 2022 base 2023 2024 Run rate 2025 target H1 2025 H1 2025
Slide 15: Key takeaways
5 G : a ~~ > MEDICOVER Key takeaways
Slide 16: Key takeaways
Key takeaways Continued strong revenue growth and organic growth Significant margin expansion Good progress for the immature hospitals Leverage is temporarily above the target – expect to fall below in second half of the year Momentum is expected to continue – on track to achieve 2023-2025 targets 1
Slide 17: Medicover – Caring for your health is all we do
4G : ® ‘Wr > MEDICOVER CARING FOR YOUR HEALTH IS ALL WE DO
Slide 18: Financial calendar
Financial calendar Report Date Webcast Q3-report 5 November 2025, 07.45 CET 09.30 CET 18