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Medicover (MCOV) investor relations material
Medicover Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
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.
How did Germany's lab reform affect margins?
Update on new hospital maturity and impact
How is debt leverage managed post-acquisitions?
India: What drives lower revenue per bed vs peers?
Q4/Q1 margin moderation factors
German reform: Evidence of less competition
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Frequently asked questions
Medicover AB is a holding company providing healthcare and diagnostic services in Germany, Sweden, Poland, Turkey, Belarus, Bulgaria, Georgia, Hungary, Serbia and Moldova. The Company’s segments are Diagnostics and Hospital Operations. Its diagnostics business includes providing specialized medical tests for patients in hospitals or their own homes. It offers diagnostic services to detect cancer and other serious diseases. Medicover AB is based in Stockholm, Sweden.
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