Clinica Baviera (CBAV) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached €80.2M, up 21% year-over-year, with growth across all geographies.

• Net income increased 4% to €12.9M compared to Q1 2024; excluding UK, proforma net income rose 18%.

• EBITDA grew 13% to €24.1M, with Spain and Germany as main contributors.

Financial highlights

• Operating expenses rose 25% to €56.1M, outpacing revenue growth.

• Operating income (EBIT) increased 9% to €18.4M year-over-year.

• Cash flow from operations was €24.3M, up from €20.3M in Q1 2024.

• Net financial position improved to €47.1M from €30.5M at year-end 2024.

Segment performance

• Spain generated 67% of revenue, up 21% year-over-year.

• Germany revenue rose 14%, Italy 17%, and UK 11% compared to Q1 2024.

• EBITDA margin in Italy declined 15%, while Spain and Germany saw double-digit EBITDA growth.

• Excluding UK, EBITDA increased 18% and net income 18% year-over-year.