Third quarter
- Revenue amounted to €591.6m (€527.8m), an increase of 12.1% with an organic growth of 12.4%.
- Operating profit (EBIT) was €42.8m (€6.7m), representing an operating margin of 7.2% (1.3%).
- Net result amounted to €18.6m (€-5.2m), which represents a margin of 3.1% (-1.0%).
- EBITDA was €98.2m (€73.9m), an increase of 32.9%. EBITDA margin was 16.6% (14.0%).
- EBITDAaL amounted to €65.3m (€45.1m), an increase by 44.6%, corresponding to an EBITDAaL margin of 11.0% (8.6%).
- Net cash flow from operating activities was €98.8m (€72.3m).
- Basic/diluted earnings per share were €0.129 (€-0.030).
Nine months
- Revenue amounted to €1,766.4m (€1,536.0m), an increase of 15.0% with an organic growth of 13.4%.
- Operating profit (EBIT) was €120.5m (€47.0m), an increase of 156.7% representing an operating margin of 6.8% (3.1%).
- Net profit amounted to €55.4m (€7.2m), which represents a margin of 3.1% (0.5%).
- EBITDA was €280.9m (€211.7m), an increase of 32.7%. EBITDA margin was 15.9% (13.8%).
- EBITDAaL amounted to €186.1m (€129.0m), an increase by 44.2%, corresponding to an EBITDAaL margin of 10.5% (8.4%).
- Net cash flow from operating activities was €243.6m (€197.7m).
- Basic/diluted earnings per share were €0.390 (€0.053)/€0.389 (€0.053).
REVENUE AND EARNINGS
| € millions (€m) | Q3 2025 | Q3 2024 | Growth | 9M 2025 | 9M 2024 | Growth | LTM1) | FY 2024 |
| Revenue | 591.6 | 527.8 | 12% | 1,766.4 | 1,536.0 | 15% | 2,322.2 | 2,091.8 |
| Operating profit (EBIT) | 42.8 | 6.7 | 544% | 120.5 | 47.0 | 157% | 143.8 | 70.3 |
| Operating profit margin | 7.2% | 1.3% | 6.8% | 3.1% | 6.2% | 3.4% | ||
| Net result | 18.6 | -5.2 | N/M | 55.4 | 7.2 | 677% | 62.8 | 14.6 |
| Net result margin | 3.1% | -1.0% | 3.1% | 0.5% | 2.7% | 0.7% | ||
| Basic earnings/(loss) per share, € | 0.129 | -0.030 | N/M | 0.390 | 0.053 | 636% | 0.448 | 0.112 |
| Diluted earnings/(loss) per share, € | 0.129 | -0.030 | N/M | 0.389 | 0.053 | 634% | 0.448 | 0.112 |
| EBITDA | 98.2 | 73.9 | 33% | 280.9 | 211.7 | 33% | 354.1 | 284.9 |
| EBITDA margin | 16.6% | 14.0% | 15.9% | 13.8% | 15.2% | 13.6% | ||
| Adjusted EBITDA | 102.0 | 77.3 | 32% | 293.5 | 221.8 | 32% | 371.7 | 300.0 |
| Adjusted EBITDA margin | 17.2% | 14.6% | 16.6% | 14.4% | 16.0% | 14.3% | ||
| EBITDAaL | 65.3 | 45.1 | 45% | 186.1 | 129.0 | 44% | 230.1 | 173.0 |
| EBITDAaL margin | 11.0% | 8.6% | 10.5% | 8.4% | 9.9% | 8.3% | ||
| Adjusted EBITDAaL | 69.1 | 48.5 | 42% | 198.7 | 139.1 | 43% | 247.7 | 188.1 |
| Adjusted EBITDAaL margin | 11.7% | 9.2% | 11.2% | 9.1% | 10.7% | 9.0% | ||
| EBITA | 47.2 | 27.6 | 71% | 132.1 | 77.6 | 70% | 159.2 | 104.7 |
| EBITA margin | 8.0% | 5.2% | 7.5% | 5.1% | 6.9% | 5.0% |
Definition and reconciliation of alternative performance measures are available at www.medicover.com/financial-information.
1) LTM: last twelve months (1 October 2024 - 30 September 2025)
CEO Statement
The third quarter continued to deliver solid growth, but above all, we are seeing a significantly improved profitability in the business. This is a clear result of increased utilisation and maturity in our network, as well as managing the reimbursement reform in Germany well, supported by the efficiency programmes initiated before and after the reform.
Revenue increased by 12.1% to €591.6m (€527.8m), and organic growth was 12.4%. Operating profit (EBIT) rose sharply to €42.8m (€6.7m), with a margin of 7.2% (1.3%). EBITDA increased by 32.9% to €98.2m (€73.9m). The EBITDA margin amounted to 16.6% (14.0%). Adjusted EBITDA amounted to €102.0m (€77.3m), corresponding to a margin of 17.2% (14.6%). The Group's cash flow from operating activities increased during the quarter by 36.7% to €98.8m.
Healthcare Services
Revenue increased by 9.6% to €406.5m (€370.9m) where the exit of the Hungarian business impacted comparability. Organic growth was stronger at 12.4%, of which price representing approximately 7.5 percentage points. EBITDA increased by 30.3% to €75.0m (€57.5m), reflecting a margin of 18.4% (15.5%).
The ambulatory clinics and sport/wellness operations in Poland have made a strong contribution to both revenue and profit. In addition, we have seen strong performance from hospital services in Romania, improving utilisation rates and thereby our profitability. India was affected by exchange rate fluctuations and saw 8.8% revenue growth in local currency, but negative growth in euros. We have made conscious mix changes with less public funding which have impacted overall numbers in the third quarter. However, we see underlying positive trends, and especially within doctor recruitments where full effect will be seen in coming quarters. We have also continued to increase capacity utilisation in our immature hospitals in India and Romania, translating into an EBITDAaL loss remaining at €-2.7m (€-4.7m), which is in line with the second quarter. Additionally, we expanded our network with the opening of a new hospital during the quarter and a second hospital will open during Q4.
The number of members at the end of the quarter was 1.5 million, an increase of 2.0% (excluding Hungary). Combined with our other memberships within for example sport/wellness, benefits, NFZ, loyalty networks we have more than 3.6 million relationships that we leverage on a daily basis, which demonstrates the scale in our business. Fee-for-service and other services (FFS) increased by 13.3% and represented 53% of the division's revenue.
Diagnostic Services
Revenue increased strongly by 17.8% to €191.7m (€162.8m). Organic growth was 12.4%, with price representing approximately 2.9 percentage points. EBITDA increased by 33.6% to €35.8m (€26.9m), corresponding to a margin of 18.7% (16.5%).
All major FFS markets performed well, supported by Ukraine where public customers have purchased additional private services, as well as the acquisition of local operations from Synlab, which was completed in the second quarter. FFS increased by 24.9% and represented 71% of the division's revenue.
Demand for privately paid services has been strong in all markets, including Germany, and have, together with efficiency programmes, volume growth, and price, contributed to improved profitability. The number of laboratory tests during the quarter amounted to 38.2 million (32.6 million), an increase of 17.4%.
It is gratifying to see that our consistent efforts to increase occupancy and maturity in the business are yielding results. We have achieved notable margin growth this year, largely thanks to strong operational leverage. However, as we progress into Q4 and next couple of quarters, we anticipate this momentum will moderate somewhat. This is due to early indications of more cautious consumer behaviour and the launch of two major hospitals in India, which will take time to mature. These are typical cycle-related developments that we have successfully managed many times before. Overall, I am very proud of our team's efforts during the quarter and look confidently to the future.
John Stubbington
CEO
For the complete report, see attached press release.
Financial calendar
Interim report Year-end 2025, 10 February 2026, 7.45 CET
Annual report, week 14 2026
Interim report January-March 2026, 29 April 2026, 7.45 CEST
Annual general meeting, 29 April 2026
Interim report April-June 2026, 22 July 2026, 7.45 CEST
Interim report July-September 2026, 29 October 2026, 7.45 CET
For further information, please contact:
Hanna Bjellquist, Head of Investor Relations
Phone: +46 70 303 32 72
E-mail: hanna.bjellquist@medicover.com
Conference call: A conference call for analysts and investors will be held today at 09.30 CEST. If you wish to participate via webcast please register here. Via the webcast you can ask written questions. If you wish to participate via teleconference, please register here. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
Address
Medicover AB (publ) (Org nr: 559073-9487)
P.O. Box 5283, SE-102 46 Stockholm
Visiting address: Riddargatan 12A, SE-114 35 Stockholm, Sweden
Phone: +46 8 400 17 600
Medicover is a leading international healthcare and diagnostic services company and was founded in 1995. Medicover operates a large number of ambulatory clinics, hospitals, specialty-care facilities, laboratories and blood-drawing points and the largest markets are Poland, Germany, Romania and India. In 2024, Medicover had revenue of €2,092 million and more than 47,000 employees. For more information, go to www.medicover.com
This information is information that Medicover AB (Publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-11-05 07:45 CET.