Medicover (MCOV) ABGSC Investor Days summary

Business overview and market positioning

• Operates in healthcare and diagnostics, with 70% of revenue from healthcare services and the remainder from diagnostics, serving 13–14 million consultations annually.

• Focuses on countries with stretched public health systems, notably Poland, Germany, Romania, and India, targeting the growing middle class.

• Maintains high growth due to rising healthcare expenditure, increased health awareness, and expanded service capacity.

• Strong brand recognition and a diversified payer mix, including employer-funded, fee-for-service, and limited government funding.

• Differentiates itself in Poland by integrating healthcare and fitness offerings for employers, deepening relationships across demographics.

Financial performance and growth drivers

• Achieved 15.9% revenue growth in Q1, with 14.9% organic growth and robust margin expansion across all segments.

• EBITDA grew by 36.8% in Q1, driven by increased capacity utilization and focus on profitable lines.

• Recent acquisitions, including assets from SYNLAB and CityFit, are expected to enhance synergies and internalize costs.

• Added 300,000 sq m of capacity since 2022, now filling up and driving profitability; current run rate matches 2025 revenue guidance of EUR 2.2 billion.

• Leverage expected to temporarily rise due to acquisitions but projected to return to target levels as the year progresses.

Regional market dynamics and strategy

• Poland: Offers a full-service model from fertility to elder care, well-established with strong demand from a rising middle class.

• Romania: High demand for private services due to strained public funding; rapid hospital growth and ability to blend public and private payments.

• India: Focused on tier one cities, aiming for larger facilities and higher payments per bed; exploring a separate listing to accelerate expansion.

• Germany: Navigating government pricing pressures in lab services by driving operational efficiency; disruption seen as both a challenge and opportunity.