Medhelp Care (MEDHLP) Q2 2025 earnings summary

Executive summary

• Achieved record profitability in Q2 2025, with EBITDA margin rising to 19.0% from 11.6% year-over-year, driven by scalability and cost control.

• Revenue grew 3.5% year-over-year in Q2 2025, mainly from new customer additions.

• Strategic partnership signed with Terveystalo Healthcare, expected to drive 20% growth in 2026, contingent on a public takeover offer.

• All customers successfully migrated to Kry as the new healthcare advisory provider.

Financial highlights

• Q2 2025 net revenue: 20,826 TSEK (up 3.5% year-over-year); H1 2025: 43,032 TSEK (up 4.2%).

• Q2 gross margin reached a record 88.8% (88.0% last year); H1 gross margin 87.3% (86.1%).

• Q2 EBITDA: 3,952 TSEK (1,614 TSEK increase year-over-year); H1 EBITDA: 8,775 TSEK (up 4,447 TSEK).

• Q2 net income: 1,533 TSEK (vs. -624 TSEK last year); H1 net income: 3,270 TSEK (vs. -939 TSEK).

• Q2 operating cash flow: 5,235 TSEK (vs. 3,280 TSEK); H1: 10,262 TSEK (vs. 4,041 TSEK).

• Contracted Annual Recurring Revenue (CARR) at quarter-end: 83,115 TSEK (vs. 83,682 TSEK last year).

Outlook and guidance

• Partnership with Terveystalo expected to guarantee at least 20% growth in 2026, with further increases anticipated.

• Additional 10 new customers signed for H2 2025, on top of 15 added in H1.

• Management expresses strong confidence in continued profitability and growth prospects.