Medicover (MCOV) ABGSC Investor Days summary

Business overview and market positioning

• Operates in healthcare and diagnostic services, with 70% of revenue from healthcare and the rest from diagnostics.

• Provides 13–14 million consultations annually, focusing on countries with stretched public health systems.

• Strong presence in Poland, Germany, Romania, and India, targeting growing middle classes and private healthcare demand.

• Maintains high growth due to rising health awareness, increased service options, and strong brand recognition.

• Recent expansion has added significant capacity, positioning for further growth and profitability.

Financial performance and guidance

• On track to meet or exceed 2025 targets: €2.2 billion revenue, €350 million EBITDA, leverage at 3.5.

• Q1 revenue grew 15.9% (14.9% organic), with robust margin expansion and strong performance across all segments.

• EBITDA increased by 36.8% in Q1, driven by filling new capacity and improved medical cost ratios.

• Recent acquisitions (SYNLAB assets, CityFit) are expected to enhance synergies and performance.

• CapEx and ROIC remain stable, with capacity expansion now translating into higher profitability.

Market-specific strategies and challenges

• Poland: Holistic model with full-service healthcare and fitness, well-established brand, and strong employer relationships.

• Romania: High demand for private services due to strained public funding, rapid hospital growth, and blended payment models.

• India: Focus on tier one cities, expanding bed capacity, and planning a separate listing to accelerate growth.

• Germany: Navigating government payment disruptions by improving lab efficiency, viewing disruption as both challenge and opportunity.