Clinica Baviera (CBAV) Q4 2024 earnings summary

Executive summary

• Achieved record revenues of €262.6 million in 2024, up 17% year-over-year, with double-digit growth across all operating countries.

• Net profit reached €41.1 million, a 12% increase from 2023; excluding the UK acquisition, net profit was €45.4 million (+24%).

• EBITDA rose to €76.5 million (+14%), or €80.2 million (+20%) excluding UK and acquisition costs.

• Expanded to 137 clinics, including the acquisition of Eye Hospital Group (Optimax) in the UK, positioning in a new market with a €16M investment.

• Dividend increased to €25M (Pay-Out 62%), with a positive net cash position of €30.5M at year-end.

Financial highlights

• Consolidated revenue reached €262.6M, up 17% from €224.9M in 2023.

• EBITDA rose 14% to €76.5M; net profit increased 12% to €41.1M.

• Excluding UK and acquisition costs, proforma net profit was €45.4M, up 24% year-over-year.

• Earnings per share: €2.47 (2024) vs. €2.21 (2023).

• Net financial position: €30.5M, down from €47.2M due to UK acquisition, higher dividends, and increased capex.

Outlook and guidance

• Strategic plan targets 180 clinics by FY27, with double-digit sales CAGR and >25% EBITDA margin.

• Focus on expanding in current countries, leading presbyopia growth, and transitioning from B2B to B2C.

• Targeting a return to profitability for the UK business within two years post-acquisition.

• Continued focus on digitalisation, technological leadership, and operational excellence.