Fourth quarter
- Revenue amounted to €611.7m (€555.8m), an increase of 10.0% with an organic growth of 10.6%.
- Operating profit (EBIT) was €35.2m (€23.3m), an increase of 50.3% representing an operating margin of 5.7% (4.2%).
- Net profit amounted to €17.3m (€7.4m), an increase of 131.1%, which represents a margin of 2.8% (1.3%).
- EBITDA was €90.1m (€73.2m), an increase of 23.1%. EBITDA margin was 14.7% (13.2%).
- EBITDAaL amounted to €57.0m (€44.0m), an increase by 29.6%, corresponding to an EBITDAaL margin of 9.3% (7.9%).
- Net cash flow from operating activities was €100.1m (€64.2m).
- Basic/diluted earnings per share were €0.124 (€0.058).
Full year
- Revenue amounted to €2,378.1m (€2,091.8m), an increase of 13.7% with an organic growth of 12.7%.
- Operating profit (EBIT) was €155.7m (€70.3m), an increase of 121.3% representing an operating margin of 6.5% (3.4%).
- Net profit amounted to €72.7m (€14.6m), a nearly five-fold increase which represents a margin of 3.1% (0.7%).
- EBITDA was €371.0m (€284.9m), an increase of 30.2%. EBITDA margin was 15.6% (13.6%).
- EBITDAaL amounted to €243.1m (€173.0m), an increase by 40.5%, corresponding to an EBITDAaL margin of 10.2% (8.3%).
- Net cash flow from operating activities was €343.7m (€261.9m).
- Basic/diluted earnings per share were €0.514 (€0.112)/€0.513 (€0.112).
- The board of directors proposes a dividend for 2025 of €0.20 (€0.15) per share.
REVENUE AND EARNINGS
| € millions (€m) | Q4 2025 | Q4 2024 | Growth | FY 2025 | FY 2024 | Growth |
| Revenue | 611.7 | 555.8 | 10% | 2,378.1 | 2,091.8 | 14% |
| Operating profit (EBIT) | 35.2 | 23.3 | 50% | 155.7 | 70.3 | 121% |
| Operating profit margin | 5.7% | 4.2% | 6.5% | 3.4% | ||
| Net profit | 17.3 | 7.4 | 131% | 72.7 | 14.6 | 397% |
| Net profit margin | 2.8% | 1.3% | 3.1% | 0.7% | ||
| Basic earnings per share, € | 0.124 | 0.058 | 114% | 0.514 | 0.112 | 359% |
| Diluted earnings per share, € | 0.124 | 0.058 | 114% | 0.513 | 0.112 | 358% |
| EBITDA | 90.1 | 73.2 | 23% | 371.0 | 284.9 | 30% |
| EBITDA margin | 14.7% | 13.2% | 15.6% | 13.6% | ||
| Adjusted EBITDA | 94.6 | 78.2 | 21% | 388.1 | 300.0 | 29% |
| Adjusted EBITDA margin | 15.5% | 14.1% | 16.3% | 14.3% | ||
| EBITDAaL | 57.0 | 44.0 | 30% | 243.1 | 173.0 | 40% |
| EBITDAaL margin | 9.3% | 7.9% | 10.2% | 8.3% | ||
| Adjusted EBITDAaL | 61.5 | 49.0 | 25% | 260.2 | 188.1 | 38% |
| Adjusted EBITDAaL margin | 10.1% | 8.8% | 10.9% | 9.0% | ||
| EBITA | 38.5 | 27.1 | 42% | 170.6 | 104.7 | 63% |
| EBITA margin | 6.3% | 4.9% | 7.2% | 5.0% |
Definition and reconciliation of alternative performance measures are available at www.medicover.com/financial-information.
CEO Statement
2025 was a strong year for Medicover, marking both the successful achievement of our three-year financial targets for 2023-2025 and my first year as a CEO. During the year, we delivered strong revenue growth driven by both organic expansion and acquisitions with continued demand for high-quality healthcare and diagnostic services across our markets. At the same time we improved profitability and operating cash flow, reflecting solid and efficient execution across the organisation, truly demonstrating our operational leverage. We also completed two strategic acquisitions strengthening our divisions, expanding our geographic footprint and enhancing our service offering.
Performance during the fourth quarter remained strong, driven by continued demand across our markets with improved margins and cost control. However softness as predicted was seen in certain lines, although we see promising signs of recovery. Integration of the aforementioned acquisitions progressed well, and operating cash flow continued to strengthen, reinforcing our financial position.
Revenue for the quarter amounted to €611.7m (€555.8m), an increase of 10.0%, with organic growth at 10.6%. Operating profit (EBIT) was €35.2m (€23.3m), an increase of 50.3% representing an operating margin of 5.7% (4.2%). EBITDA increased by 23.1% to €90.1m (€73.2m), corresponding to a margin of 14.7% (13.2%). Adjusted EBITDA amounted to €94.6m (€78.2 m), a margin of 15.5% (14.1%). The Group's cash flow from operating activities increased by 56.0% to €100.1m.
Healthcare Services
Revenue grew by 8.5% to €426.8m (€393.4m), with an organic growth of 11.0%, with price representing approximately 6.2pp of this growth. EBITDA grew by 23.1% to €72.5m (€59.0m), a margin of 17.0% (15.0%).
The sports/wellness operations in Poland were the main contributor to both revenue and profit together with the ambulatory business in Poland that showed a continuing good performance. India grew revenue double digit in local currency, although flat in euro however continue to show encouraging trends with steadily increasing capacity utilisation. The EBITDAaL loss from the immature hospitals in India and Romania was €-3.1m (€-3.3m) in the quarter, an increase since Q3 (€-2.7m) reflecting the hospital opened in the third quarter and one opening at the beginning of 2026.
We achieved a 2% growth in our funded revenue and ended the quarter with 1.5 million members, slightly up compared to year-end 2024. This development is pleasing considering the Hungarian exit earlier in the year. Last quarter I talked about total customer relationships (other membership for example sports/wellness, employee benefits, NFZ and other loyalty members) for the first time and what is even more encouraging is that we now have more than 3.8 million customer relationships that we leverage daily, up from 3.6 million at the end of the third quarter. Fee-for-service and other services (FFS) revenue increased by 13.5% and represented 55% of the division's revenue.
Diagnostic Services
Revenue amounted to €192.0m (€169.2m), an increase of 13.5%, with an organic growth of 9.3%, with price representing approximately 2.5pp of this growth. EBITDA amounted to €33.3m (€27.2m), an increase of 22.2%, a margin of 17.3% (16.1%).
All FFS markets showed double digit growth in the quarter and was supported by the acquisition from SYNLAB in the second quarter. In Germany, growing FFS share in addition to efficiency measures helped to mitigate the public reimbursement reform. Ukraine especially given its circumstances showed strong performance and was a contributor to both revenue and profit. FFS revenue grew by 20.9% and represented 72% of divisional revenue.
We have seen strong test volume growth and the laboratory test volume increased by 17.6% to 39.1 million tests performed in the quarter (33.2 million), primarily driven by FFS markets.
Looking ahead
During 2023-2025, we have grown organic revenue to €2.3bn from €1.5bn and adjusted organic EBITDA to €369m corresponding to a compound annual growth of 16.4% since 2022, or a margin of 15.8%. This journey has been made with a leverage ratio within our target. This is a clear testament to the commitment, professionalism and dedication of our employees across all markets and functions. I would like to thank all colleagues for their hard work, adaptability and continued focus on delivering value to patients, customers and shareholders.
As I reflect on my first year as CEO, I am confident and excited by Medicover's strategic direction and long-term potential. With a strong platform, across attractive markets, we are well positioned to continuing to grow organically and expanding margins. We will continue expanding our network, increase capacity utilisation and drive synergies across countries and divisions. In parallel, we will accelerate technology initiatives to drive efficiency and further enhance quality of care. As such, we have announced new 3-year financial targets 2026-2028, where we target organic revenue exceeding €3.25 billion in 2028 and adjusted organic EBITDA in excess of €600 million, alongside financial discipline demonstrated by our leverage[1] target of =3.0x.
Looking ahead, Medicover enters the next phase from a position of strength.
John Stubbington
CEO
This report has not been subject to review by the Company's auditor.
The complete year-end report is attached to this press release and other information about Medicover is available at medicover.com
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 2025, Medicover had revenue of €2,378 million and more than 49,000 employees. For more information, go to www.medicover.com
| Financial calendar Investor update - 11 February 2026, 13.00 CET Annual report - week 14 2026 Interim report January-March 2026 - 29 April 2026, 7.45 CEST Annual general meeting - 29 April 2026, 13.00 CEST Interim report April-June 2026 - 22 July 2026, 7.45 CEST Interim report July-September 2026 - 4 November 2026, 7.45 CET - New date 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 CET. 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. Investor update: Will be held Wednesday 11 February at 13.00 CET. For further information and live stream link, see the company's website. 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 |
[1] Loans payable net of cash and liquid short-term investments / adjusted EBITDAaL for the last twelve months
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 2026-02-10 07:45 CET.
