Medicover (MCOV) Q2 2025 earnings summary

Executive summary

• Revenue grew 17.1% year-over-year to €596.7m, with organic growth of 13.9% and strong contributions from recent acquisitions.

• Net profit more than tripled to €18.0m, with margin rising to 3.0%; EPS increased to €0.127.

• Margin expansion and improved profit metrics, especially in Poland and maturing Romanian hospitals.

• Robust cash flow from operations and continued margin expansion across all profit measures.

• All main markets, FFS markets, and recent acquisitions contributed to robust growth.

Financial highlights

• EBIT nearly doubled to €41.7m, with margin expansion to 7.0%.

• EBITDA rose 36.3% to €96.2m, margin at 16.1%; adjusted EBITDA at €100.9m, margin 16.9%.

• Operating cash flow increased 20.5% to €57.3m.

• Dividend of €0.05 per share paid, totaling just under €23 million in Q2.

• Basic/diluted EPS was €0.127, up from €0.042.

Outlook and guidance

• On track to exceed 2025 targets, with revenue expected above €2.2 billion and adjusted organic EBITDA above €350 million.

• Leverage expected to decrease from 3.6x to below 3.5x, closer to 3x by year-end.

• Margin expansion expected to continue, though at a moderated pace in H2.

• Guidance for CapEx spend remains at 5.5%-6% of revenue, with H2 being backloaded.

• Capacity utilization and maturing operations in India and Romania present further growth opportunities.