Interim report January-March 2026

• Revenue amounted to EUR 624.2 million (EUR 578.1 million), an increase of 8.0% with an organic growth of 10.3%.
• Operating profit (EBIT) was EUR 46.7 million (EUR 36.0 million), an increase of 30.0% representing an operating margin of 7.5% (6.2%).
• Net profit amounted to EUR 20.6 million (EUR 18.8 million), an increase of 9.9%, which represents a margin of 3.3% (3.3%).
• EBITDA was EUR 101.2 million (EUR 86.5 million), an increase of 17.0%. EBITDA margin was 16.2% (15.0%).
• EBITDAaL amounted to EUR 67.4 million (EUR 56.3 million), an increase by 19.9%, corresponding to an EBITDAaL margin of 10.8% (9.7%).
• Net cash flow from operating activities was EUR 72.7 million (EUR 87.5 million).
• Basic/diluted earnings per share were EUR 0.147 (EUR 0.134)/EUR 0.146 (EUR 0.133).

 
Revenue and earnings 

Definition and reconciliation of alternative performance measures are available at medicover.com
LTM: last twelve months (1 April 2025 - 31 March 2026)

CEO statement
We have continued our progress in the first quarter with increased capacity utilisation, good growth and pricing to market conditions enabling increased profitability, improved margins and solid cash flow. Particularly, pleasing is our development in India which sees strong double-digit growth reflecting our new openings and high levels of doctor recruitment.
It is encouraging to see revenue rise to EUR 624.2 million (EUR 578.1 million), a growth rate of 8.0%, with organic levels reaching 10.3% despite negative foreign exchange and poor weather conditions impacting consumer behaviour. Despite this we achieved a favourable EBIT increase of 30.0% to EUR 46.7 million (EUR 36.0 million), an operating margin of 7.5% (6.2%) with the Group's cash flow from operating activities being EUR 72.7 million.

Healthcare Services
During the quarter, we have seen a continued positive development mainly driven by the sport/wellness business in Poland and the Indian and Romanian hospitals. Our operations in India reported revenue growth of 14.3% for the quarter and a strong 34.4% in local currency supported by a new hospital opening in Hyderabad’s financial district during the quarter. The hospital is the tallest hospital building in India, with 550 beds, reflecting our focus on larger hospitals going forward.
Revenue for Healthcare Services increased by 7.2% to EUR 431.7 million (EUR 402.6 million), with an organic growth of 11.8%. Price represented approximately 6.8pp of this growth. EBITDA increased by 18.1% to EUR 74.3 million (EUR 62.9 million), a margin of 17.2% (15.6%).
The number of members amounted to 1.5 million, a slight decrease compared to previous year (excluding Hungary). However, the total number of customer relationships continues to grow and now stands at over 3.9 million.
Revenue from Fee-for-service and other services (FFS) increased by 14.8% and represented 54% of the division's revenue.

Diagnostic Services
We continue to see strong performance in Diagnostic Services, with FFS revenue increasing in all key markets, including Germany. The acquired businesses from SYNLAB have contributed to improved profitability as well as volume growth and test mix. Ukraine had a very strong year in 2025, however following the intensification of the war, faces challenging operating conditions, including electricity supply issues, which have affected the business and dampened growth. Additionally, other key markets have also been impacted by severe winter conditions. Despite these factors, the division delivered solid results.
Revenue increased by 9.9% to EUR 200.3 million (EUR 182.2 million). Organic growth was 7.2%, with price representing approximately 3.4pp of this growth. EBITDA amounted to EUR 41.7 million (EUR 35.9 million), an increase of 16.2%, a margin of 20.8% (19.7%).
FFS grew by 14.0% and represented 72% of divisional revenue.
The laboratory test volume increased by 9.5% to 39.8 million tests performed in the quarter (36.4 million) and we noticed a higher number of advanced tests.

The Group has in the first quarter been marked by a turbulent and complex geopolitical situation, as well as other external circumstances such as extreme weather conditions impacting healthcare visits in several CEE markets. Despite this, we continued to deliver solid organic growth, margin expansion and good operating cash flow from our business. This is driven by efficient execution across all of our teams and by focusing on the things we can influence, such as improving capacity utilisation, pricing and cost management which has delivered operational leverage. Looking ahead we are confident that we will continue these trends as we look to develop and grow the business in line with our mid-term targets. Thank you to all members of the team for another quarter of progress.

JohnStubbington
CEO

The chief executive officer declares that the interim report for January-March 2026 gives a fair overview of the parent company's and Group's operations, financial position and results of operations and describes significant risks and uncertainties facing the parent company and companies included in the Group.

Stockholm on 29 April 2026

John Stubbington
CEO

This report has not been subject to review by the Company’s auditor. For complete report, see attached pdf.
This interim report and other information about Medicover is available at medicover.com.
 
 Finansiell kalender

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E-post: hanna.bjellquist@medicover.com
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Adress
Medicover AB (publ) (Org nr: 559073-9487) Box 5283, 102 46 Stockholm
Besöksadress: Riddargatan 12A, 114 35 Stockholm, Sweden
Telefon: +46 8 400 17 600