Clinica Baviera (CBAV) Q2 2025 earnings summary

Executive summary

• Achieved solid progress in European strategic growth, consolidating sector leadership despite negative UK results.

• Total revenues rose 18% year-over-year to €154.7 million, with core markets driving growth.

• EBITDA increased 6% to €44.5 million; adjusted EBITDA excluding UK up 13%.

• Net profit reached €22.8 million; pro-forma net profit excluding UK was €26.8 million, up 12%.

Financial highlights

• Revenues: €154.7 million (+18% year-over-year); Spain +12%, Germany +11%, Italy +6%, UK contributed €8.4 million.

• EBITDA: €44.5 million (+6%); Spain +18%, Germany +5%, Italy -24%, UK negative.

• Net income: €22.8 million (-5%); pro-forma net income excluding UK: €26.8 million (+12%).

• Operating expenses increased 23% to €110.2 million.

• EBIT: €33.1 million (+2%); profit before taxes stable at €32.4 million.

Outlook and guidance

• UK expansion expected to require significant initial investment and gradual maturation.

• Italian EBITDA decline attributed to non-recurring B2B-to-B2C transition costs, expected to improve efficiency long-term.