M1 Kliniken (M12) Q2 2026 earnings summary

Executive summary

• Completed strategic realignment to focus exclusively on high-margin aesthetic medicine after selling HAEMATO Pharm GmbH as of 31 January 2026, making prior-year comparisons limited.

• Beauty segment revenue grew 11.0% year-over-year to EUR 56.9 million, with EBIT up 23.8% to EUR 18.6 million and EBIT margin improving to 32.7%.

• Group turnover dropped to EUR 76.6 million from EUR 183.5 million due to the divestiture, but EBIT margin more than doubled to 20.4%.

• Adjusted EBIT (excluding one-off deconsolidation effect) was EUR 19.7 million, 9.5% above the previous year.

• Dividend of EUR 1.20 per share approved at the July 2026 AGM.

Financial highlights

• Group sales for Jan-Jun 2026: EUR 76.6 million (down from EUR 183.5 million year-over-year).

• EBIT: EUR 15.6 million (down from EUR 18.0 million), but EBIT margin rose to 20.4% from 9.8%.

• Net income: EUR 11.3 million (down from EUR 12.5 million).

• Gross profit increased 19.3% to EUR 44.5 million; gross margin improved from 20.3% to 58.1%.

• Cash and cash equivalents rose to EUR 60.5 million from EUR 37.8 million at year-end 2025.

Outlook and guidance

• Group turnover will be significantly lower in 2026 due to the sale of the retail division, but earnings quality is structurally improved.

• Beauty segment expected to see significant year-on-year growth in 2026, driven by higher utilisation and new centre openings.

• Medium-term target: annual turnover of EUR 200–300 million in Beauty segment with sustainable EBIT margin of at least 20%.

• Plans to expand national and international clinics to drive profitable growth and global market leadership in aesthetic medicine.