Clinica Baviera (CBAV) Q4 2024 earnings summary

Executive summary

• Opened 12 new clinics and acquired 18 via Optimax in the UK, positioning in a new market with a €16M investment; expected return to profitability in under 2 years.

• Revenue grew 17% year-over-year (14% excluding UK); net profit up 12% (21% excluding UK).

• EBITDA margin at 29%, net profit margin at 16%, and ROI near 40%.

• 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.

• Spain, Germany, and Italy all posted double-digit revenue and EBITDA growth; UK contributed negatively to EBITDA due to integration costs.

• Cash flow from operations was €62.8M; net cash decreased by €16.7M due to investments and dividends.

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.

• No new debt planned (excluding lease liabilities); cumulative CAPEX of €70–80M by 2027.