MedLife (M) Q3 2025 earnings summary

Executive summary

• Consolidated pro forma turnover for the first nine months of 2025 reached RON 2.36 billion, up 19.5% year-over-year, with organic growth at 15.5% and acquisitions contributing 4%.

• Pro forma EBITDA increased by 20.4% to RON 349.1 million, with hospitals and clinics leading performance.

• Recent investments in equipment, new facilities, and medical teams contributed to improved results.

• Expansion included a new operating theater in Craiova and a multidisciplinary hyperclinic in Pitești.

• Major acquisitions included Routine Med, All Clinic, and Medstar, expanding the regional footprint.

Financial highlights

• Net sales (excluding National Health Program drugs) rose 9.4% to RON 2.16 billion.

• Operating profit increased by 18.1% to RON 133 million.

• Pro forma net result was RON 2.5 million, down 88% year-over-year, mainly due to FX depreciation.

• Operating expenses rose 9.1% to RON 2 billion.

• Net cash from operating activities was RON 168 million, a 22% decrease year-over-year, mainly due to working capital changes.

Outlook and guidance

• Stable trend expected in the short and medium term, with a prudent approach to investments and focus on operational efficiency.

• CapEx for Q4 is low, with future investments to be carefully assessed based on market conditions.

• New projects include the Neolife Oncology and Radiotherapy Center in Bacău (Q4 2025) and a hyperclinic in Arad (Q1 2026).

• No broad price increases planned for the remainder of 2025; price adjustments for 2026 under consideration.

• Management confirmed sufficient liquidity for at least twelve months and ongoing focus on organic growth and acquisitions.