Clinica Baviera (CBAV) Q3 2025 earnings summary

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.