Clinica Baviera (CBAV) Q2 2026 earnings summary

Executive summary

• Revenue grew 10% year-over-year to €169.9 million in H1 2026, with all countries contributing to growth.

• Net income increased 17% to €26.7 million compared to H1 2025.

• EBITDA rose 14% to €50.6 million, with margin improvements in Spain and Italy.

• Expansion continued with new clinics in Spain, Germany, and Italy, supporting sales growth.

Financial highlights

• Operating expenses increased 8% year-over-year, reaching €119.4 million.

• EBIT grew 12% to €37.1 million, while profit before taxes rose 14% to €37.1 million.

• Cash flow from operations was stable at €42.9 million.

• CAPEX totaled €12.4 million, mainly for new openings and renovations.

Outlook and guidance

• New clinics in Spain, Germany, and Italy are expected to drive further growth.

• The Rome clinic in Italy is set to begin operations in September, supporting continued expansion.