Medicover AB (publ) (MCOV_B) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Morning, everybody. Welcome to our Q1 presentation. I think we've had a good first quarter. It's been a consistent and solid sort of position. We've got good momentum going on in the business with strong organic growth of 10.3%. This is our fifth consecutive quarter of improved margins year on year, which we're delighted with. There's been a few negative headwinds that have hit us. I don't think we need to talk about that too much. I think as a team, we've sort of navigated that well. And it shows the strength of our model. So it's pleasing to see the position that we've come out with despite all of that. India has shown some strong momentum. We expected that. We talked about that a lot in previous quarters in terms of what we've done to be able to get a bigger level of growth and more momentum as we go towards IPO. So we're very positive with that particular result in the quarter. And we fully expect as we go through coming quarters. Very robust performance in diagnostic services. Very pleased for the team, done an excellent job and our fee for service development is increasing in all markets, which is exactly what we want to achieve. Leverage has come down to 2.9. We expected that. We talked again about that in previous quarters. So it's good to see that going in the right direction. As we move on to the right hand side, you can see revenue 624.2 million. Organic growth of 10.3. Adjusted EBITDA 104.6. A nice increase there of 15.4%. Adjusted EBITDA 16.8%. And again, 15.7 previously. So we're seeing strong momentum in terms of our operating model as we see the operational leverage drop through as we develop the business. Pretty good cash flow. I'll let Anand talk through the mix of that because that's got a little bit of change and as discussed before, leverage comi...