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Clinica Baviera (CBAV) investor relations material
Clinica Baviera Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary25 Nov, 2025
Executive summary
Revenue grew 16% year-over-year to €220.0 million in 3Q 2025, with all countries contributing to growth.
Net income increased slightly by 1% to €28.3 million, reflecting higher operating expenses and acquisition costs.
EBITDA rose 12% to €59.4 million, with margin improvements in Spain and ongoing transformation in the UK.
Seven new clinics opened year-to-date, with seven more planned for 4Q 2025.
Financial highlights
Operating expenses increased 18% year-over-year, outpacing revenue growth.
EBITDA margin improved in Spain due to cost management and absence of prior year non-recurring expenses.
Excluding UK and acquisition costs, net income rose 10% to €33.7 million.
Cash flow from operations reached €56.7 million, up from €47.1 million in 3Q 2024.
Outlook and guidance
Multiple transformation initiatives underway in the UK to align operations and increase patient numbers.
Seven additional clinic openings projected for 4Q 2025, supporting further growth.
UK profitability outlook given transformation costs?
Italy B2C model: When will EBITDA improve?
Explain the 1% net income growth vs. 12% EBITDA.
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Next Clinica Baviera earnings date
Q4 202526 Feb, 2026
Next Clinica Baviera earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Clínica Baviera SA operates a network of medical clinics specializing in ophthalmology services across Europe. The company provides a range of eye care treatments, including vision correction surgeries like LASIK, cataract surgery, and treatments for retinal and corneal conditions. Clínica Baviera’s clinics are equipped with advanced technology to support diagnostic and surgical procedures, aiming to offer high-quality care and improve visual health for patients. Its services are available to both private individuals and through insurance partnerships. The company is headquartered in Madrid, Spain, and its shares are listed on the Bolsa de Madrid.
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