Medicover (MCOV) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue grew 12.1% year-over-year to €591.6m, with organic growth of 12.4% and strong contributions from fee-for-service and recent acquisitions, especially in Poland and Romania.

• EBIT surged to €42.8m (7.2% margin), up from €6.7m, and net result turned positive at €18.6m (3.1% margin).

• Operating cash flow was €98.8m, up 36.7% year-over-year, and leverage normalized to 3.2x after major acquisitions.

• Both healthcare and diagnostic services delivered high organic growth, improved asset utilization, and benefited from efficiency programs and successful navigation of German reimbursement reforms.

• Greenhouse gas reduction targets were validated by SBTi.

Financial highlights

• Revenue rose to €591.6m in Q3, up 12.1% year-over-year, with organic growth at 12.4%.

• Adjusted EBITDA increased 32.0% to €102.0m (margin 17.2%), and EBIT was €42.8m (margin 7.2%).

• Net result improved to €18.6m (3.1% margin) from a loss of €-5.2m.

• Free recurring cash flow in Q3 was €55.4m (9.4% of revenue), and operating cash flow reached €98.8m.

• ROIC improved to 12.3% from 6.7% at 2024 year-end.

Outlook and guidance

• Full-year and 2025 guidance remain unchanged, with organic revenue expected to exceed €2.2bn and adjusted EBITDA above €350m; leverage target is below 3.5x.

• Q4 margins are expected to be lower than Q3 due to new hospital openings and strike impacts in India, with margin momentum moderating.

• Double-digit organic growth is expected to continue, adjusted for Hungary's exit, though some consumer caution and macroeconomic headwinds are noted.