Medicover Ab Class B · OMXSTO:MCOV_B
Medicover Ab Class B — Investor Day (2026)
74 slides from Medicover Ab Class B's investor day presentation, Feb 11, 2026
Slide 1: Investor Update
Investor Update Medicover AB
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: Agenda
Agenda 13.00-14.00 Business overview John Stubbington, CEO 60 min 14.00-14.15 Q&A John Stubbington, CEO 15 min 14.15-14.30 Break 15 min 14.30-14.50 Financial overview Anand Patel, CFO 20 min John Stubbington, CEO 14.50-15.20 Q&A 30 min Anand Patel, CFO John Stubbington, CEO 15.20 Wrap-up ~5 min Anan
Slide 4: Medicover: a story of growth
Medicover: a story of growth John Stubbington, CEO 4
Slide 5: Delivering consistent double-digit growth
MEDICOVER Story of growth Delivering consistent double-digit growth A 19% revenue CAGR since the IPO, driven by both organic growth and M&A 3.8 2016 – 2025 x growth 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue Organic M&A Revenue 2022 growth1 growth1 2025 12023-2025 Organic growth not a
Slide 6: We exceeded our targets 2023-2025
MEDICOVER Story of growth We exceeded our targets 2023-2025 Organic revenue, €m Adj. organic EBITDA, €m ▪ Leverage1: 3.1x vs. targeted ≤ 3.5x as of year-end 2025 2,329 369 2,200 350 ▪ Dividend: 39%2 of net profit (target ≤50%) 1,510 234 Illustrative equivalent to: ▪ Adj. EBITDAaL: €260m vs. €235m 20
Slide 7: Medicover is a fast-growing healthcare and diagnostics provider
MEDICOVER Story of growth Medicover is a fast-growing healthcare and diagnostics provider Healthcare Revenue €2.4bn Diagnostic Services 69% Services 31% 187 Clinics 135 Laboratories 176 Gyms 41 Hospitals 6.1k Hospital beds 1,046 Blood-drawing points (BDPs), 36 Clinics 14.4 million Medical visits >15
Slide 8: Poland, Germany, Romania and India represent 90% of the business
MEDICOVER Story of growth Poland, Germany, Romania and India represent 90% of the business Sustained strong growth in key markets highlighted by Poland’s exceptional performance Revenue split by geography and 3-year CAGR 13% 10% +7%1 9% India: a strong regional hospital group in investment phase 11%
Slide 9: Presence in markets with high growth outlook
MEDICOVER Story of growth Presence in markets with high growth outlook Health expenditure grows Key indicators (CAGR 2025-2028 forecast) consistently higher than GDP Healthcare spend 1 Real GDP growth 2 as % of GDP1 ✓ Demand: Illness burden increases as population ages, 12.3% which also triggers hig
Slide 10: Long-term relationships lead to better understanding of patient needs
MEDICOVER Story of growth Long-term relationships lead to better understanding of patient needs More convenience Digital experience Focus on prevention in access to health & hybrid care & longevity Customers prioritise efficiency, Consumers expect seamless digital Shift toward proactive health flexi
Slide 11: Technology is at the core - valued by patients, focused on impact
MEDICOVER Story of growth Technology is at the core - valued by patients, focused on impact Strong digital orientation Technology areas delivering impact Engagement ▪ We launch innovative tools which score highly tools Acquisition, loyalty & lifetime value Scaled & growing (App Store rating1: 4.6)
Slide 12: Medicover delivers high health impact and improved access to care
MEDICOVER Story of growth Medicover delivers high health impact and improved access to care €1 €2.74 We 1 every A medical visit medical visit 2 seconds deliver of of positive resources impact every second (every working day) € 330 330 million HEALTH IMPACT 4 Lab tests net positive health 11 lab test
Slide 13: Next phase for continued growth and operational leverage
Next phase for continued growth and operational leverage 13
Slide 14: New financial targets 2026-2028 reflect our ambition and potential
MEDICOVER Story of growth New financial targets 2026-2028 reflect our ambition and potential Organic revenue, €m Adj. organic EBITDA, €m ▪ Leverage1: ≤3.0x 3,250 600 can exceed over shorter periods 2,378 388 ▪ Dividend: ≤50% share of net profit for the year Illustrative equivalent to: ▪ Adj. EBITDAa
Slide 15: Four key areas to unlock potential over the next 3 years
MEDICOVER Story of growth Four key areas to unlock potential over the next 3 years • Strong healthcare fundamentals across our core markets Market growth • Attractive long-term demand tailwinds Network & product • Better network utilisation and network expansion expansion • Evolving revenue mix and
Slide 16: Revenue Bridge 2025-2028
MEDICOVER Story of growth Revenue Bridge 2025-2028* All core markets delivering solid contribution to 2028 financial targets 2025 Poland Germany Romania India 2028 *Illustrative visualisation of growth by country 16
Slide 17: Poland
POLAND Norway Sweden HEADQUARTERS Revenue share (2025) India 52% Denmark Revenue CAGR Poland (2022-2025) Germany ~24% Ukraine Revenue split Slovenia (2025) Romania Croatia B&H Diagnostic Services 8% Bulgaria Georgia Georgia North Macedonia 92% Greece Turkey Healthcare Services Cyprus 17
Slide 18: Polish model is highly synergistic thanks to broad proposition & flexible payor models
POLAND Polish model is highly synergistic thanks to broad proposition & flexible payor models 1 2 3 4 5 Member Providing Offering Expanding Intragroup acquisition care in own comprehensive services synergies and retention facilities solutions to patients Acquire members Deliver core Offer members Al
Slide 19: Prospects for healthcare & fitness markets continue to be very favourable in Poland
POLAND Market growth Prospects for healthcare & fitness markets continue to be very favourable in Poland Healthcare and fitness are Share of 50+ population Key insights high-growth markets constantly increasing Growth rates CAGR 2025-2028 Age structure of Polish population Private healthcare market:
Slide 20: Major market for investment in capacity meaning a lot of growth still to come
POLAND Expansion Major market for investment in capacity meaning a lot of growth still to come Our footprint increased as Sales density will grow Current capacity utilisation we reinvested as new assets mature Since 2022 2025 600 2 Healthcare +98k 487k CAPACITY space (m2) % 500 1.8 Members +100k 1.3
Slide 21: Strong network across Poland but still a lot of build-up potential
POLAND Expansion Strong network across Poland but still a lot of build-up potential available Strong market position Countrywide presence Massive space to grow Integrated labs, clinics and hospitals, Dense national footprint in Holistic proposition strong #2 position in private healthcare ambulatory
Slide 22: Continuous product innovation – from pure healthcare into comprehensive wellbeing
POLAND Expansion Continuous product innovation – from pure healthcare into comprehensive wellbeing High revenue growth from integrated Healthy Courage programme wellbeing solutions for B2B segment – a new solution for employers -13% lower risk of major cardiovascular events Illustrative presentation
Slide 23: Large base of relationships with customers who have high spending power
POLAND Synergies & productivity Large base of relationships with customers who have high spending power Customer relationships1 Strong FFS spend per capita in Poland (€)2 Medicover 3.5m revenue per customer is 1.4x higher than FFS spend per capita in Poland 2022 2025 2028 2022 2025 2028 Growing FFS
Slide 24: Digital tools in place to showcase proposition & monetise relationships
POLAND Synergies & productivity Digital tools in place to showcase proposition & monetise relationships 1. Acquire into loyalty programme 2. Showcase full online proposition Free loyalty programme open to everyone (not just Online marketplace which allows consumers to discover, Medicover users), off
Slide 25: Asset base which allows for a low-capex extension of distribution & provision
POLAND Synergies & productivity Asset base which allows for a low-capex extension of distribution & provision Utilise assets across multiple product lines to drive revenue and utilisation Transform BDPs into healthcare Extend services at gyms ► hubs with consultation rooms ► to become wellness hubs
Slide 26: Poland – key takeaways
POLAND A story of growth Poland – key takeaways ▪ Market with attractive growth dynamics ▪ Ample space to expand presence ▪ Constantly developing proposition ▪ Highly synergistic business model 2025 Poland Germany Romania India 2028 Illustrative visualisation of growth by country 26
Slide 27: Germany
GERMANY Norway Sweden HEADQUARTERS Revenue share (2025) 16% India Denmark Revenue CAGR (2022-2025) Poland 6% Germany Ukraine Revenue split (2025) Slovenia Romania Healthcare Services Croatia B&H 15% Bulgaria Georgia Georgia North Macedonia 85% Diagnostic Greece Services Turkey Cyprus
Slide 28: Germany is a key component of our diagnostic platform
GERMANY Germany is a key component of our diagnostic platform 2000s ▸ Growth of diagnostics in Romania Core ▸ Expansion to Poland, Ukraine, Serbia markets Distribution markets 2007-09 ▸ Opened a central lab in Bucharest Future ▸ Acquired specialised lab testing in Germany, development products intro
Slide 29: Germany is a big, stable and profitable market with very high per capita spend
GERMANY Market growth Germany is a big, stable and profitable market with very high per capita spend Stable market growth High healthcare spend Key insights in Germany (2025-2028 CAGR) Health expenditure per capita (USDk PPP) Lab diagnostics market: €5.1bn 9.4 CAGR 2025-2028F: 4.2% 4.4% 4.2% Market
Slide 30: From a regional routine lab into a multi-national provider of specialised lab testing
GERMANY Expansion From a regional routine lab into a multi- national provider of specialised lab testing Current presence Customers Synergistic model Regional ▪ Routine testing – leading lab Local labs distribute specialised ▪ ~95% of revenue from network in North-East Germany, with 1/3 lab testing
Slide 31: Highly profitable regional position in classic labs despite regulatory headwinds
GERMANY Expansion Highly profitable regional position in classic labs despite regulatory headwinds Top market positions1 in Very resilient business Well placed to grow North-East Germany and strong performance Growth rates 2025 / 20232 Transformation in progress Mecklenburg ✓ neutralise regulatory h
Slide 32: Our specialised lab testing proposition benefits from dynamic market trends
GERMANY Expansion Our specialised lab testing proposition benefits from dynamic market trends Key market trends Fast-growing testing categories Growth rates in Germany 15.0% ▪ Increased health awareness and (2025-2030 CAGR) focus on prevention 12.0% ▪ Individualised medicine & nutritional medicine ▪
Slide 33: Leveraging strong capabilities to drive further growth in Germany and beyond
GERMANY Expansion Leveraging strong capabilities to drive further growth in Germany and beyond Specialised lab testing Genetics ▪ Functional / preventive medicine, holistic health check-ups ▪ Clinical genetics for oncology, pediatrics, cardiology Application ▪ Complex immune system disorders ▪ Preve
Slide 34: Germany – key takeaways
Germany – key takeaways ▪ Expand customer base ▪ Broaden test portfolio ▪ Drive specialised lab testing in Germany and internationally 2025 Poland Germany Romania India 2028 Illustrative visualisation of growth by country 34
Slide 35: Romania
ROMANIA Norway Sweden HEADQUARTERS Revenue share (2025) India 13% Denmark Revenue CAGR (2022-2025) Poland ~22% Germany Ukraine Revenue split (2025) Slovenia Romania Diagnostic Croatia B&H Services Bulgaria 43% Georgia Georgia 57% North Macedonia Healthcare Services Greece Turkey Cyprus 35
Slide 36: Medicover platforms in Romania are distinctly positioned towards FFS segment
ROMANIA Medicover platforms in Romania are distinctly positioned towards FFS segment Diagnostic Services Healthcare Services Key enablers Commercial strength Hospital-led growth Digital ecosystem Balanced doctor-driven Romanian healthcare and patient-driven system is based FFS lab market on hospital
Slide 37: Strong market outlook and visible shift towards private healthcare segment
ROMANIA Market growth Strong market outlook and visible shift towards private healthcare segment Private segment Big gap in healthcare Key insights outgrowing overall market spending in Romania (2025-2028 CAGR) Health expenditure per capita (2024, USDk PPP) Private healthcare market: €6bn CAGR 2025-
Slide 38: Major investments completed with significant upside yet to come
ROMANIA Expansion Major investments completed with significant upside yet to come Increased footprint Healthcare space Current capacity as we reinvest and revenue per m2 utilisation Since 2022 2025 Healthcare space (m2) +17k 76k CAPACITY +43k 0.3m 100 3.5 % Members 90 3 Clinics +2 68 80 70 2.5 Hospi
Slide 39: Presence in key regions but several white spaces to expand into with healthcare
ROMANIA Expansion Presence in key regions but several white spaces to expand into with healthcare Market still largely National scale with clear Multiple scalable growth fragmented expansion white spots opportunities Top 3 private healthcare player with scale, Dense core presence combined with • Fra
Slide 40: Lab diagnostics – market leader with clear growth direction
ROMANIA Expansion Lab diagnostics – market leader with clear growth direction Top market position in lab Good operating leverage Clear growth objectives diagnostics in Romania thanks to increasing scale Further drive FFS revenues CAGR 2022-20251 ✓ Development of BDPs and online tools Test volume >5%
Slide 41: Regional diagnostic hub driving growth and efficiency across SEE platform
ROMANIA Expansion Regional diagnostic hub driving growth and efficiency across SEE platform 2009 2025 Platform benefits: Acquisition of specialised lab testing in Certain advanced diagnostic capabilities Leadership position with strong, tech- Germany boosted capacity in terms of have been transferre
Slide 42: Romania – key takeaways
ROMANIA Story of Growth Romania – key takeaways ▪ Attractive healthcare market with strong FFS segment ▪ Healthcare coming out of investment phase ▪ Diagnostics driving FFS agenda and scaling in SEE region 2025 Poland Germany Romania India 2028 Illustrative visualisation of growth by country 42
Slide 43: India
INDIA Norway Sweden HEADQUARTERS Revenue share India (2025) Denmark 9% Revenue CAGR Poland (2022-2025) Germany ~7% Ukraine Revenue split Slovenia Romania (2025) Croatia B&H 100% North Bulgaria Georgia Georgia Healthcare Services Macedonia Greece Turkey Cyprus 43
Slide 44: Healthcare market in a sharp growth phase
INDIA Market growth Healthcare market in a sharp growth phase High growth outlook for Massive gap in health Key insights private hospitals market spend per capita in India (2025-2028 CAGR) Health expenditure per capita (2024, USDk PPP) Private healthcare market: €68bn 13.0% 13.0% 6.0 CAGR 2025-2028F
Slide 45: Affluent segment continues to gain importance
INDIA Market growth Affluent segment continues to gain importance Disposable incomes are rising Ageing demographics expanding middle class & increasing affordability 30% of population 45+ by 2030 Annual income split of the population (%)1 India demographic structure by age (%) 4% 8% >48k 6% 7% 10% 1
Slide 46: Investment phase in progress: adding new capacity and ramping up assets
INDIA Expansion Investment phase in progress: adding new capacity and ramping up assets Our footprint increases Medical space Current capacity as we reinvest and revenue per m2 utilisation Since 2022 2025 CAPACITY 400.0 0.7 Healthcare +66k 340k % 350.0 space (m2) (-10.5k) 0.6 300.0 0.5 Hospitals +3
Slide 47: Significant growth potential driven by shortfall in inpatient services
INDIA Expansion Significant growth potential driven by shortfall in inpatient services Very fragmented market Focused presence Massive gap in provision 4.6 Number of hospital beds in India (m) 2.5 4 states un c o n s o li d a t e d where present 2.1 No of No of operational Revenue hospitals1 beds1 (
Slide 48: Deliberate strategy to prioritise larger cities and drive improvement in ARPOB
INDIA Expansion Deliberate strategy to prioritise larger cities and drive improvement in ARPOB More bed capacity added Tier▪ We can operationalize more beds in ARPOB6 – Medicover vs peers 5 749 in tier 1 1 tier 1 cities, where higher ARPOB 300 and better volume growth upfront 549 4 900 Tier▪ Tier 2/
Slide 49: Digital platform enabling scalable growth
INDIA Technology Digital platform enabling scalable growth Tech-powered hospital Enabling superior Value creation through environment care delivery digital-enabled platform Zero computers Revenue ➢ Complete patient view at 100% mobile doctors’ fingertips Reduce lead leakage and improve conversion Al
Slide 50: India – key takeaways
India – key takeaways ▪ Stellar market opportunities topped up with favourable demographic ▪ Filling up the capacity in current hospital network ▪ Continue expanding hospital network 2025 Poland Germany Romania India 2028 Illustrative visualisation of growth by country 50
Slide 51: Technology
MEDICOVER Technology 51
Slide 52: Technology as a long-term enabler of trust, scale and loyalty
MEDICOVER Technology Technology as a long-term enabler of trust, scale and loyalty Long-term Medicover has built digital capabilities over decades Since 1995, continuously integrating technology into care delivery and patient digital foundations relationships Trust Strong brand trust translates into
Slide 53: Digital solutions driving sales and efficiency
MEDICOVER Technology Digital solutions driving sales and efficiency Strong and consistent track record in Proof of adoption Key advantages technology adoption & engagement ▸Electronic medical records 2007 88% ▸Online patient portal Stronger retention 2008 ▸Lab test results online ▸Prescription order
Slide 54: A scalable platform to accelerate next-generation solutions
MEDICOVER Technology A scalable platform to accelerate next-generation solutions Impact areas for future digital solutions Strong foundations to scale digital innovation Patients, ▪ Digital health assistants & insights ▪ Remote monitoring and care members, coordination ▪ Built-in adoption customers
Slide 55: Business update - key takeaways
Business update - key takeaways 55
Slide 56: Clear growth agenda for 2028
MEDICOVER Story of growth Clear growth agenda for 2028 Poland Germany Romania India ▪ Market with ▪ Expand ▪ Attractive ▪ Stellar market attractive customer base healthcare market opportunities growth dynamics with strong FFS topped up with ▪ Broaden test segment favourable ▪ Ample space to portfoli
Slide 57: Q&A
MEDICOVER Q&A 57
Slide 58: Break
MEDICOVER Break 58
Slide 59: Financial update
Financial update Anand Patel, CFO 59
Slide 60: We exceeded our targets 2023-2025
MEDICOVER Story of growth We exceeded our targets 2023-2025 Organic revenue, €m Adj. organic EBITDA, €m ▪ Leverage1: 3.1x vs. targeted ≤ 3.5x as of year-end 2025 2,329 369 2,200 350 ▪ Dividend: 39%2 of net profit (target ≤50%) 1,510 234 Illustrative equivalent to: ▪ Adj. EBITDAaL: €260m vs. €235m 20
Slide 61: From guidance to results
MEDICOVER Financial update From guidance to results we do what we say Adj. EBITDA development 2022-2025, €m ✓ We said we would accelerate growth and margins - and we did. org. CAGR +16.4% ✓ FY’25 revenue grew +23% 350 double-digits with EBITDA up strongly and margin expanding, +18% supported by disc
Slide 62: As our network matured, margins expanded
MEDICOVER Financial update As our network matured, margins expanded Adj. EBITDA margin progression vs development of medical space, €m 16.3% 15.5% 14.5% 14.3% 62 9.3% 6.3% 6.7% 5.8% 821 852 909 924 2022 2023 2024 2025 Organicsqm Organic m2 ininKK Inorganic sqm Inorganic m2 ininKK Adjusted EBITDA mar
Slide 63: We faced headwinds and emerged stronger
MEDICOVER Financial update We faced headwinds and emerged stronger Headwinds Key cost and efficiency initiatives Driving EBITDA through administration and medical cost reduction 2022-2025 ▪ Inflation & consumer Revenue Mix & Funding Automation & Workforce pressure Diversification Optimisation ▪ Work
Slide 64: Capital allocation stayed disciplined
MEDICOVER Financial update Capital allocation stayed disciplined Our cash engine has strengthened 8.0% 180 7.1% 7.0% ▪ We are investing 160 consistently and converting 6.0% 140 5.2% more of our earnings into 120 5.0% cash. 4.1% 100 4.0% 3.2% ▪ FRCF rose, keeping room 80 3.0% for future investments.
Slide 65: Invested capital worked harder
MEDICOVER Financial update Invested capital worked harder Return On Invested Capital trends up Value-creating: 2025 ROIC ≈ 13%. 13.0% Big step up from 2022: ROIC ~x2 single-digit in 2022 almost doubled in 2025. 6.8% The uplift comes from assets working harder, not investment cuts. We expect ROIC imp
Slide 66: Shareholder returns were strengthened
MEDICOVER Financial update Shareholder returns were strengthened EPS performance supported a solid DPS 25.0 0.6 0.51 0.5 20.0 Dividend EPS 0.4 15.0 0.3 10.0 0.2 0.12 5.0 0.08 0.1 0.11 0.0 0 2022 2023 2024 2025 DPS (€) 0.12 0.12 0.15 0.20* * 2025 dividend subject to approval by the AGM 66
Slide 67: Financial discipline
MEDICOVER Financial update Financial discipline Kept leverage within strategic limits ≤ 3.5x 3.4x 3.3x 3.2x 3.1x 2022 2023 2024 2025 Target Leverage Definition of Leverage: The ratio of loans payable net of cash and cash equivalents and liquid short-term investments to adjusted EBITDAaL for the last
Slide 68: Performance proven its readiness for the future
MEDICOVER Financial update Performance proven its readiness for the future We consistently delivered on our promises achieving double-digit growth in revenue and EBITDA with expanding margins. CAPEX was kept around 6% of revenue, supporting profitable growth and ongoing capacity expansion. The compa
Slide 69: Accelerating forward
MEDICOVER Financial update Accelerating forward Scaling efficiently, expanding margins and elevating ROIC ✓ New product development ✓ Cross-country synergies Targeting double-digit revenue ✓ Operational leverage Driving further growth ✓ Assets ramping-up Raising ROIC through margin expansion Improve
Slide 70: New financial targets 2026-2028 reflect our ambition and potential
MEDICOVER Story of growth New financial targets 2026-2028 reflect our ambition and potential Organic revenue, €m Adj. organic EBITDA, €m ▪ Leverage1: 3.0x 3,250 600 can exceed over shorter periods 2,378 388 ▪ Dividend: ≤50% share of net profit for the year Illustrative equivalent to: ▪ Adj. EBITDAaL
Slide 71: Q&A
MEDICOVER Q&A 71
Slide 72: Investor Update - key takeaways
Investor Update - key takeaways 72
Slide 73: Investor Update – key takeaways
Investor Update – key takeaways We will sustain double-digit growth in our four key markets while achieving significant improvements in profit margins Growth levers Profit levers Robust market growth Strong revenue growth Better capacity utilisation as assets mature Better capacity utilisati
Slide 74: Thank you!
MEDICOVER CARING FOR YOUR HEALTH Is ALL WE DO