Medicover Ab Class B · OMXSTO:MCOV_B
Medicover Ab Class B — Q1 2025 Earnings Presentation
21 slides from Medicover Ab Class B's earnings presentation, Apr 29, 2025
Slide 1: Q1 2025 results presentation
Webcast presentation Q1 2025 results presentation Fredrik Rågmark, CEO & Anand Patel, CFO 29 April 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: Strong performance with high growth and robust margin expansion
Strong performance with high growth and robust margin expansion Continued strong growth of 15.9%, organic growth of 14.1%. Robust margin expansion with adj. EBITDA margin up by 1.6pp to 15.7% (14.1%). EBIT margin grew by 2.4pp to 6.2% (3.8%). Healthcare Services maintained robust organic growt
Slide 5: Continued strong organic growth
Continued strong organic growth Commentary Revenue split per country / payer2 Consolidated revenue Revenue €578.1m (€498.8m), +11% 578,1 +22% 600 up 15.9%, organic growth of +1% 4% 6% +22% +15.9% 3,2 14.1%. 8% +18.9% 498,8 500 +19% 13% 419,3 Acquired revenue €3.2m. 52% 400 4.6 17% Fee-For-Serv
Slide 6: Improved profitability and margin expansion
Improved profitability and margin expansion 100 25% EBITDA €86.5m (€67.2m), increased by 28.7%, a margin of 15.0% (13.5%), driven by both divisions. 80 20% Adj. EBITDA €90.6m (€70.1m), a margin of 15.7% (14.1%). 60 15% Adj. EBITDAaL €60.4m (€43.5m), a margin of 10.5% (8.7%). 40 10% EBIT incr
Slide 7: Healthcare Services – strong growth continues
Healthcare Services – strong growth continues Sales by country2 450 25% +10% Revenue was €402.6m (€341.8 m), up 17.8% +22% 8% 400 with an organic growth of 15.1%, price 11% +22% representing ~8.6pp of the growth. 350 20% 12% +1% 300 69% FFS* represented 50% of divisional revenue, 15% grew by 14.
Slide 8: Healthcare Services - and with strong margin expansion
Healthcare Services - and with strong margin expansion 70 25% EBITDA grew by 36.8% to €62.9m (€46.0m), a margin of 15.6% (13.5%). 60 20% EBITDAaL was €40.0m (€26.1m), a margin of 9.9% 50 (7.6%). 15% 40 EBIT grew by 133.9% to €27.0m (€11.5m), a margin of 6.7% (3.4%). 30 10% Six immature hospi
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 3% 14% 2 hospitals Maturity 83% <36 months Share of 2 beds hospitals 5% 9% Maturity >36 months 18 86% hospitals 9
Slide 10: Diagnostic Services - delivering double digit organic growth
Diagnostic Services - delivering double digit organic growth Sales by country2 60 35% +13% Revenue was €182.2m (€163.1m), up 11.7% with 30% +22% 10% +6% an organic growth of 11.8%, price representing 50 11% ~3.2pp of this growth. 46% 25% 40 15% Good performance across all major markets and +18%
Slide 11: Diagnostic Services – also with strong margin expansion
Diagnostic Services – also with strong margin expansion 60 35% EBITDA of €35.9m (€30.2m), a margin of 19.7% 30% (18.5%). 50 25% EBITDAaL of €28.7m (€23.6m), a margin of 15.7% 40 (14.5%). 20% 30 EBIT grew by 28.1% to €22.0m (€17.1m), a margin 15% of 12.1% (10.5%). 20 10% Number of BDPs amount
Slide 12: Synlab acquisition
Synlab acquisition Medicover acquired SYNLAB Group’s businesses in Romania, Turkey, Cyprus, Slovenia, Croatia and North Macedonia. Key highlights: 2024 Revenue: €48m. Transaction value: €71.3m for 100% of share capital including assumed net debt. The consideration was €69.4m, settled in cash.
Slide 13: Cityfit acquisition
Cityfit acquisition Medicover acquired CityFit, a leading operator of fitness clubs in Poland. Key highlights: 2024 Revenue: €32m. Transaction value: PLN 565m (approximately €131m) for 100% of share capital including assumed net debt. The consideration was €107.0m, settled in cash. Synergies
Slide 14: Financial overview
5 G : a ~~ > MEDICOVER Financial overview
Slide 15: 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 38.9% to €60.4m (€43.5m), a margin of 10.5% (8.7%). HS – EBITDAaL of €40.0m (€26.1m), margin of 9.9% (7.6%), flow through on price increases
Slide 16: Financials
Financials Leverage1) levels decreased to 3.0x (3.4x @ YE24). □ Decrease in net debt by €19.1m, resulting from a higher cash position. Effective tax rate at 28% (26%). Net cash from operating activities up 11.6% at €87.5m (€78.5m). Free recurring cash flow2) increased to €44.2m (€42.6m), bei
Slide 17: Financials
Financials Capex at €28.1m (€27.8m), 4.9% (5.5%) of revenue 915k m² medical space +54k m² LTM +303k m² since 2022 Free recurring cash flow and organic growth capex, €m 40 Capex, €m 40 Free recurring cash flow Organic growth investment FR C/F % of revenue Maintenance Growth Healthcare Svcs Diagno
Slide 18: Financial targets 2023-2025
Financial targets 2023-2025 Revenue, €m Adjusted EBITDA, €m Leverage 3.0x Q1 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 Q1 2025 Q1 2025
Slide 19: Key takeaways
Key takeaways Continued strong growth of 15.9%, organic growth of 14.1%. Annualised quarterly revenue exceeded year end 2025 targets of €2.2bn, adjusted organic EBITDA of €350m, as well as adjusted EBITDAaL in excess of €235m and EBIT of more than €140m. Solid margin expansion in both division
Slide 20: Financial calendar
Financial calendar Report Date Webcast Annual general meeting 29 April 2025, 13.00 CEST Q2-report 24 July 2025, 07.45 CEST 09.30 CEST Q3-report 5 November 2025, 07.45 CET 09.30 CET 20
Slide 21: Medicover – Caring for your health is all we do
4G : 6 ~~ > MEDICOVER CARING FOR YOUR HEALTH IS ALL WE DO