Medicover (MCOV) Q4 2025 earnings summary

Executive summary

• Achieved strong double-digit revenue and profit growth in Q4 and FY 2025, with margin expansion and robust cash flow generation, surpassing three-year financial targets through organic growth and acquisitions.

• Fee-for-service and sports/wellness segments, along with Healthcare and Diagnostic Services, were key contributors to growth and margin improvement, especially in Poland and Romania.

• Continued strong performance in core markets, with Poland, Germany, Romania, and India all showing positive trends despite challenges.

• Board proposed a dividend of €0.20 per share for 2025, up from €0.15, reflecting strong progress.

• Focus remains on network and product expansion, capacity utilization, and entering the next growth phase from a position of strength.

Financial highlights

• Q4 revenue reached €611.7m, up 10.0% year-over-year, with organic growth of 10.6%.

• Full-year 2025 revenue was €2,378.1m, up 13.7%, with organic growth of 12.7%.

• Q4 EBIT was €35.2m (margin 5.7%, up 150 bps YoY); net profit €17.3m (margin 2.8%).

• Full-year EBIT was €155.7m (margin 6.5%, up 310 bps); net profit €72.7m (margin 3.1%).

• Q4 EBITDA was €94.6m (margin 15.5%, up from 14.1%); full-year EBITDA €371.0m (margin 15.6%).

• Net operating cash flow for Q4 was €100.1m, up 56% YoY; full-year €343.7m, up 31%.

• Free recurring cash flow for the year was €168.9m (7.1% of revenue, up from 5.2%).

• EPS for FY 2025 was €0.514, up from €0.112 last year.

Outlook and guidance

• New 2026-2028 targets: organic revenue >€3.25bn and adjusted organic EBITDA >€600m by 2028.

• Leverage target set at or below 3.0x, with dividend payout up to 50% of net profit.

• Continued focus on organic growth, margin improvement, network expansion, and technology-driven efficiency.