Slide 1: Results presentation Q3
Results presentation Q3 q John Stubbington, CEO Anand Patel, CFO 5 November 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: Q3 highlights – solid growth and continued profitability improvements
Q3 highlights – solid growth and continued profitability improvements Organic growth of 12.4% - good growth in all main markets, Revenue Organic revenue growth with primary contribution from FFS and recent acquisitions. €591.6m 12.4% Continued high organic growth and profitability (+12.1%)1 impr
Slide 5: Strong performance across markets and businesses
Strong performance across markets and businesses Revenue breakdown Revenue by country1 Revenue by payer1 +12.1% 591.6 -8%2) 600 +26% 527.8 20.3 5% +9% +19.8% -2%3) 4% 500 21% +19.5% 440.5 9% 400 368.6 300 +20% 14% 571.3 52% +17% +17% 58% 21% 200 +2%2) 100 16% +4% 0 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Re
Slide 6: Healthcare Services – solid organic growth and profitability
Healthcare Services – solid organic growth and profitability Revenue Revenue by country1 Revenue growth at 9.6% with organic growth of 12.4%. Total €406.5m -39% 3) growth impacted by the exit from Hungary and fx effects. 5% +16% Sport/wellness and ambulatory clinics in Poland contributed to (+9.
Slide 7: Diagnostic Services – consistent strong momentum across the business
Diagnostic Services – consistent strong momentum across the business Revenue Revenue by country1 Revenue increased by 17.8%, organic growth was 12.4%. €191.7m +62% 14% (+17.8%)1 +27% Strong demand for FFS in all markets, supported by public 11% 42% +5% customers buying additional services in Ukr
Slide 8: Financial overview
5 G : a ~~ > MEDICOVER Financial overview
Slide 9: Solid quarter with healthy growth and margin expansion
Solid quarter with healthy growth and margin expansion Revenue amounted to €591.6m (€527.8m), an increase of Group revenue and EBITDA development by quarter 12.1% with an organic growth of 12.4%. Acquired revenue was 700 18% €20.3m. 16% 600 EBIT was €42.8m (€6.7m), a margin of 7.2% (1.3%). 14%
Slide 10: Healthcare Services – significant margin expansion
Healthcare Services – significant margin expansion Organic revenue growth of 12.4%, with price representing Revenue and EBITDA development by quarter approximately 7.5pp of this growth. 450 20% EBITDA grew by 30.3% to €75.0m (€57.5m), a margin of 400 18% 18.4% (15.5%), a 2.9pp margin expansion.
Slide 11: Diagnostic Services – solid volume growth, price, efficiency initiative & FFS supported profit improvement
Diagnostic Services – solid volume growth, price, efficiency initiative & FFS supported profit improvement Organic growth of 12.4%, with price representing Revenue and EBITDA development by quarter approximately 2.9pp of this growth. 250 25% EBITDA of €35.8m (€26.9m), a margin of 18.7% (16.5%),
Slide 12: Other financial metrics
Other financial metrics Leverage1) levels decreased to 3.2x from 3.6x at Q2 (3.4x @ YE24). Effective tax rate at 28.0% (26.0%). Net cash flow from operating activities was €98.8m (€72.3m). Free recurring cash flow2) increased to €55.4m (€34.8m), being 9.4% (6.6%) of revenue. Average return
Slide 13: Capex and investments
Capex and investments Free recurring cash flow and organic growth capex, €m Capex, €m 60 60 Maintenance Growth Healthcare Services Diagnostic Services Free recurring cash flow Organic growth investment FR C/F % of revenue 60 9.4% 10,0% 50 50 7.8% 9,0% % of revenue 50 7.6% 40 23% 40 8,0% 6.6% 7,0% 40
Slide 14: Financial targets 2023-2025
Financial targets 2023-2025 Revenue, €m Adjusted EBITDA, €m Leverage 3.2x Q3 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 9M 2025 9M 2025
Slide 15: Key takeaways
5 G : a ~~ > MEDICOVER Key takeaways
Slide 16: Key takeaways
Key takeaways Continued to deliver solid organic growth driven by both divisions Consistent margin expansion driven by improved utilisation as well as successful efficiency initiatives Increased utilisation and maturity in the network with progress from immature hospitals Leverage normalised and wit
Slide 17: Medicover – Caring for your health is all we do
4G : 6 ~~ > MEDICOVER CARING FOR YOUR HEALTH IS ALL WE DO